AdvisorNet Financial, Inc

MINNETONKA, MN · CIK 1409362 · 13F filing filed 2023-07-14

SEC-registered investment adviser since 2012 · corporation

Assets managed$3.1bn
Staff131 · 68 in investment roles
Main clients (by assets)High net worth individuals 72%, Individuals 28%
Websitefsaadvisors.com
Form ADV · 2026-03-25SEC adviser record

Kindwealth
Others nearbyHopkins, MN, Minneapolis, MN, Mokena, IL, Exton, PA, Denver, CO, Carmel, IN

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Minnetonka, MN (main office)United States	United States	about 21
Minneapolis, MN2 officesUnited States	United States	11
Edina, MN2 officesUnited States	United States	6
Mokena, ILUnited States	United States	6
Exton, PAUnited States	United States	4
Bloomington, MNUnited States	United States	3
Carmel, INUnited States	United States	2
Fort Collins, COUnited States	United States	2
Lakewood, COUnited States	United States	2
Rapid City, SDUnited States	United States	2
Bayport, MNUnited States	United States	1
Clifton Park, NYUnited States	United States	1

7 more cities

Frederick, MDUnited States	United States	1
Lake Elmo, MNUnited States	United States	1
Madison, WIUnited States	United States	1
Omaha, NEUnited States	United States	1
San Luis Obispo, CAUnited States	United States	1
Shoreview, MNUnited States	United States	1
St. Peter, MNUnited States	United States	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$1.2bn reported value +6.9% vs Q1 2023

2,346positions

20.8%in top 10

151 new 761 added 855 reduced 202 sold out vs Q1 2023

Options: 4 call positions ($366 notional), 2 put positions ($657 notional) – listed below, not included above.

Also in the report of:

Dorsey & Whitney Trust CO LLC – $369.7k of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	GOLDMAN SACHS ETF TR ACTIVEBETA US LG GSLC	GSLC	585,583	$51.1m4.37%	4.37%	Added +4.5k	+4,518 0.8%
2	APPLE INC COM AAPL	AAPL	218,430	$42.4m3.62%	3.62%	Reduced -2.8k	-2,776 -1.2%
3	MICROSOFT CORP COM MSFT	MSFT	70,573	$24.0m2.06%	2.06%	Reduced -926	-926 -1.3%
4	VANGUARD MALVERN FDS STRM INFPROIDX VTIP	VTIP	493,255	$23.4m2.00%	2.00%	Added +20.1k	+20,081 4.2%
5	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	40,191	$17.8m1.52%	1.52%	Added +3.0k	+2,964 8.0%
6	VANGUARD INDEX FDS SMALL CP ETF VB	VB	89,569	$17.8m1.52%	1.52%	Added +2.9k	+2,859 3.3%
7	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	41,384	$16.9m1.44%	1.44%	Added +968	+968 2.4%
8	ISHARES TR CORE INTL AGGR IAGG	IAGG	336,693	$16.6m1.42%	1.42%	Added +14.8k	+14,785 4.6%
9	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	75,247	$16.6m1.42%	1.42%	Added +20.7k	+20,743 38.1%
10	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	405,478	$16.5m1.41%	1.41%	Added +19.4k	+19,425 5.0%
11	SPDR SERIES TRUST PORTFOLI S&P1500 SPTM	SPTM	299,075	$16.3m1.39%	1.39%	Added +9.3k	+9,346 3.2%
12	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	346,395	$16.0m1.37%	1.37%	Added +15.2k	+15,226 4.6%
13	DIMENSIONAL ETF TRUST US CORE EQUITY 2 DFAC	DFAC	545,969	$14.8m1.27%	1.27%	Reduced -34.0k	-33,965 -5.9%
14	DIMENSIONAL ETF TRUST US SMALL CAP ETF DFAS	DFAS	263,547	$14.4m1.24%	1.24%	Added +6.0k	+5,972 2.3%
15	SPDR SER TR SSGA US LRG ETF LGLV	LGLV	102,299	$14.4m1.23%	1.23%	Added +3.7k	+3,651 3.7%
16	AMERICAN CENTY ETF TR US EQT ETF AVUS	AVUS	188,648	$14.2m1.21%	1.21%	Added +7.9k	+7,869 4.3%
17	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	255,381	$13.3m1.14%	1.14%	Added +4.2k	+4,229 1.7%
18	ISHARES INC MSCI GBL MIN VOL ACWV	ACWV	134,698	$13.2m1.13%	1.13%	Added +4.6k	+4,555 3.5%
19	ISHARES TR TIPS BD ETF TIP	TIP	118,762	$12.8m1.09%	1.09%	Added +4.2k	+4,229 3.7%
20	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	121,906	$11.8m1.01%	1.01%	Added +11.3k	+11,268 10.2%
21	VANGUARD INDEX FDS MID CAP ETF VO	VO	53,100	$11.7m1.00%	1.00%	Added +1.7k	+1,728 3.4%
22	DIMENSIONAL ETF TRUST US CORE EQT MKT DFAU	DFAU	376,414	$11.7m1.00%	1.00%	Reduced -1.2k	-1,184 -0.3%
23	INVESCO EXCH TRADED FD TR II S&P MIDCP LOW XMLV	XMLV	190,660	$9.9m0.84%	0.84%	Added +9.2k	+9,197 5.1%
24	EXXON MOBIL CORP COM XOM	XOM	89,325	$9.6m0.82%	0.82%	Added +558	+558 0.6%
25	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	31,877	$9.0m0.77%	0.77%	Reduced -458	-458 -1.4%
26	SCHWAB STRATEGIC TR SHT TM US TRES SCHO	SCHO	187,333	$9.0m0.77%	0.77%	Added +52.6k	+52,554 39.0%
27	AMERICAN CENTY ETF TR INTL EQT ETF AVDE	AVDE	156,699	$9.0m0.77%	0.77%	Added +6.6k	+6,569 4.4%
28	SPDR INDEX SHS FDS PORTFOLIO DEVLPD SPDW	SPDW	258,486	$8.4m0.72%	0.72%	Reduced -4.1k	-4,109 -1.6%
29	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	192,023	$8.3m0.71%	0.71%	Added +7.4k	+7,365 4.0%
30	ISHARES TR INVESTMENT GRADE IGEB	IGEB	183,431	$8.1m0.69%	0.69%	Added +7.9k	+7,927 4.5%
31	SCHWAB STRATEGIC TR US SML CAP ETF SCHA	SCHA	183,550	$8.0m0.69%	0.69%	Added +17.2k	+17,248 10.4%
32	ISHARES TR CORE 1 5 YR USD ISTB	ISTB	172,110	$8.0m0.69%	0.69%	Added +7.9k	+7,910 4.8%
33	ISHARES TR S&P 500 GRWT ETF IVW	IVW	105,589	$7.4m0.64%	0.64%	Added +633	+633 0.6%
34	ISHARES TR S&P 500 VAL ETF IVE	IVE	45,834	$7.4m0.63%	0.63%	Added +5	+5 0.0%
35	DIMENSIONAL ETF TRUST EMERGING MKTS CO DFEM	DFEM	300,965	$7.2m0.62%	0.62%	Reduced -295	-295 -0.1%
36	SPDR SER TR SSGA US SMAL ETF SMLV	SMLV	60,930	$6.3m0.54%	0.54%	Added +2.6k	+2,608 4.5%
37	NVIDIA CORPORATION COM NVDA	NVDA	14,661	$6.2m0.53%	0.53%	Reduced -1.4k	-1,358 -8.5%
38	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	83,442	$6.1m0.52%	0.52%	Added +11.9k	+11,891 16.6%
39	ISHARES TR CORE US AGGBD ET AGG	AGG	60,840	$6.0m0.51%	0.51%	Reduced -34.8k	-34,804 -36.4%
40	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	15,841	$5.9m0.50%	0.50%	Added +658	+658 4.3%
41	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	11,187	$5.8m0.50%	0.50%	Added +53	+53 0.5%
42	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	43,128	$5.8m0.50%	0.50%	Added +457	+457 1.1%
43	ISHARES TR EAFE SML CP ETF SCZ	SCZ	97,484	$5.7m0.49%	0.49%	Reduced -3.4k	-3,361 -3.3%
44	DIMENSIONAL ETF TRUST INTL CORE EQUITY DFIC	DFIC	236,828	$5.7m0.49%	0.49%	Reduced -7.2k	-7,159 -2.9%
45	ISHARES TR CORE S&P500 ETF IVV	IVV	12,849	$5.7m0.49%	0.49%	Added +1.6k	+1,554 13.8%
46	ISHARES TR CORE MSCI TOTAL IXUS	IXUS	91,414	$5.7m0.49%	0.49%	Reduced -60.3k	-60,301 -39.8%
47	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	32,345	$5.6m0.48%	0.48%	Added +484	+484 1.5%
48	ABBOTT LABS COM ABT	ABT	51,108	$5.6m0.48%	0.48%	Added +1.5k	+1,500 3.0%
49	AMAZON COM INC COM AMZN	AMZN	41,977	$5.5m0.47%	0.47%	Reduced -532	-532 -1.2%
50	VANGUARD INDEX FDS VALUE ETF VTV	VTV	37,688	$5.4m0.46%	0.46%	Reduced -467	-467 -1.2%
51	DIMENSIONAL ETF TRUST INTL CORE EQT MK DFAI	DFAI	185,014	$5.1m0.43%	0.43%	Added +9.3k	+9,263 5.3%
52	TESLA INC COM TSLA	TSLA	19,304	$5.1m0.43%	0.43%	Added +87	+87 0.5%
53	JPMORGAN CHASE & CO COM JPM	JPM	33,830	$4.9m0.42%	0.42%	Reduced -42	-42 -0.1%
54	J P MORGAN EXCHANGE TRADED F ULTRA SHRT ETF JPST	JPST	95,044	$4.8m0.41%	0.41%	Added +20.1k	+20,085 26.8%
55	INNOVATOR ETFS TRUST GRWT100 PWR BF NJAN	NJAN	119,023	$4.8m0.41%	0.41%	Reduced -2.0k	-1,961 -1.6%
56	ISHARES TR RUS 1000 GRW ETF IWF	IWF	17,283	$4.8m0.41%	0.41%	Added +8.9k	+8,895 106.0%
57	ISHARES TR MSCI INTL QUALTY IQLT	IQLT	131,437	$4.7m0.40%	0.40%	Added +115.3k	+115,256 712.3%
58	CSX CORP COM CSX	CSX	136,314	$4.6m0.40%	0.40%	Added +12.5k	+12,474 10.1%
59	AMERICAN CENTY ETF TR AVANTIS EMGMKT AVEM	AVEM	85,928	$4.6m0.40%	0.40%	Added +2.0k	+1,951 2.3%
60	JOHNSON & JOHNSON COM JNJ	JNJ	27,824	$4.6m0.39%	0.39%	Reduced -219	-219 -0.8%
61	MERCK & CO INC COM MRK	MRK	39,582	$4.6m0.39%	0.39%	Reduced -1.0k	-1,023 -2.5%
62	ISHARES INC CORE MSCI EMKT IEMG	IEMG	92,414	$4.6m0.39%	0.39%	Reduced -38.6k	-38,618 -29.5%
63	ISHARES TR ESG AWR MSCI USA ESGU	ESGU	46,170	$4.5m0.38%	0.38%	Reduced -985	-985 -2.1%
64	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	13,161	$4.5m0.38%	0.38%	Reduced -284	-284 -2.1%
65	ISHARES TR EAFE GRWTH ETF EFG	EFG	46,751	$4.5m0.38%	0.38%	Added +120	+120 0.3%
66	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	86,916	$4.4m0.38%	0.38%	Added +10.6k	+10,599 13.9%
67	GILEAD SCIENCES INC COM GILD	GILD	57,274	$4.4m0.38%	0.38%	Added +114	+114 0.2%
68	SSGA ACTIVE ETF TR MULT ASS RLRTN RLY	RLY	162,869	$4.3m0.37%	0.37%	Reduced -2.7k	-2,749 -1.7%
69	CAPITAL GROUP INTL FOCUS EQT SHS CREATION UNI CGXU	CGXU	184,110	$4.3m0.37%	0.37%	Added +16.6k	+16,557 9.9%
70	ISHARES TR CORE S&P TTL STK ITOT	ITOT	43,975	$4.3m0.37%	0.37%	Added +7.4k	+7,414 20.3%
71	CARRIER GLOBAL CORPORATION COM CARR	CARR	85,638	$4.3m0.36%	0.36%	Added +4.9k	+4,887 6.0%
72	INNOVATOR ETFS TRUST INTRNL DEV JAN IJAN	IJAN	143,439	$4.2m0.36%	0.36%	Reduced -850	-850 -0.6%
73	UNITEDHEALTH GROUP INC COM UNH	UNH	8,691	$4.2m0.36%	0.36%	Added +251	+251 3.0%
74	HONEYWELL INTL INC COM COM		19,640	$4.1m0.35%	0.35%	Reduced -2.0k	-2,007 -9.3%
75	WP CAREY INC COM WPC	WPC	60,228	$4.1m0.35%	0.35%	Added +2.1k	+2,086 3.6%
76	PROCTER AND GAMBLE CO COM PG	PG	26,769	$4.1m0.35%	0.35%	Added +357	+357 1.4%
77	ISHARES GOLD TR ISHARES NEW IAU	IAU	110,996	$4.0m0.35%	0.35%	Reduced -1.7k	-1,657 -1.5%
78	ESSENTIAL UTILS INC COM WTRG	WTRG	100,412	$4.0m0.34%	0.34%	Reduced -123	-123 -0.1%
79	PHILIP MORRIS INTL INC COM PM	PM	39,420	$3.8m0.33%	0.33%	Added +637	+637 1.6%
80	LOCKHEED MARTIN CORP COM LMT	LMT	8,197	$3.8m0.32%	0.32%	Reduced -262	-262 -3.1%
81	INNOVATOR ETFS TRUST US SML CP PWR B KJAN	KJAN	116,942	$3.7m0.32%	0.32%	Reduced -738	-738 -0.6%
82	ISHARES TR EAFE VALUE ETF EFV	EFV	75,681	$3.7m0.32%	0.32%	Reduced -4.3k	-4,259 -5.3%
83	META PLATFORMS INC CL A META	META	12,882	$3.7m0.32%	0.32%	Reduced -406	-406 -3.1%
84	VANGUARD INDEX FDS SM CP VAL ETF VBR	VBR	22,309	$3.7m0.32%	0.32%	Added +1.6k	+1,639 7.9%
85	ISHARES TR US TREAS BD ETF GOVT	GOVT	160,898	$3.7m0.32%	0.32%	Added +61.7k	+61,699 62.2%
86	XCEL ENERGY INC COM XEL	XEL	59,023	$3.7m0.31%	0.31%	Reduced -1.8k	-1,772 -2.9%
87	SCHWAB STRATEGIC TR US AGGREGATE B SCHZ	SCHZ	76,575	$3.5m0.30%	0.30%	Added +1.1k	+1,051 1.4%
88	ECOLAB INC COM ECL	ECL	17,748	$3.3m0.28%	0.28%	Reduced -506	-506 -2.8%
89	ISHARES TR RUS 1000 VAL ETF IWD	IWD	20,471	$3.2m0.28%	0.28%	Reduced -236	-236 -1.1%
90	CME GROUP INC COM CME	CME	17,410	$3.2m0.28%	0.28%	Added +792	+792 4.8%
91	ISHARES TR CORE TOTAL USD IUSB	IUSB	70,823	$3.2m0.28%	0.28%	Added +591	+591 0.8%
92	FIDELITY COVINGTON TRUST HIGH DIVID ETF FDVV	FDVV	80,699	$3.2m0.27%	0.27%	Added +8.0k	+8,037 11.1%
93	NORTHROP GRUMMAN CORP COM NOC	NOC	6,959	$3.2m0.27%	0.27%	Reduced -132	-132 -1.9%
94	ISHARES TR MBS ETF MBB	MBB	33,491	$3.1m0.27%	0.27%	Added +6.8k	+6,791 25.4%
95	ISHARES TR RUS MDCP VAL ETF IWS	IWS	28,112	$3.1m0.26%	0.26%	Reduced -1.2k	-1,231 -4.2%
96	ISHARES TR NATIONAL MUN ETF MUB	MUB	28,813	$3.1m0.26%	0.26%	Reduced -1.0k	-1,030 -3.5%
97	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	22,835	$3.0m0.26%	0.26%	Added +155	+155 0.7%
98	SCHWAB STRATEGIC TR US TIPS ETF SCHP	SCHP	55,747	$2.9m0.25%	0.25%	Added +1.9k	+1,912 3.5%
99	SSGA ACTIVE ETF TR SPDR TR TACTIC TOTL	TOTL	69,739	$2.8m0.24%	0.24%	Added +1.3k	+1,319 1.9%
100	ALPHABET INC CAP STK CL A GOOGL	GOOGL	23,483	$2.8m0.24%	0.24%	Reduced -412	-412 -1.7%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
ISHARES TR IBTE	IBTE	4,793	$115.1k4.8k shares
SPDR SER TR KRE	KRE	1,964	$86.1k2.0k shares
FIRST TR EXCHNG TRADED FD VI DDEC	DDEC	2,649	$84.7k2.6k shares
ABB LTD ABBNY	ABBNY	2,300	$78.9k2.3k shares
INVESCO EXCH TRADED FD TR II IFLN	IFLN	4,484	$78.5k4.5k shares
HESKA CORP HSKA	HSKA	670	$65.4k670 shares
CARRIAGE SVCS INC CSV	CSV	2,069	$63.2k2.1k shares
DIREXION SHS ETF TR AAPD	AAPD	1,700	$40.2k1.7k shares
GOLDMAN SACHS ETF TR GINN	GINN	810	$37.6k810 shares
HA SUSTAINABLE INFRA CAP INC HASI	HASI	1,300	$37.2k1.3k shares
FIRST TR EXCHNG TRADED FD VI FJAN	FJAN	1,000	$34.9k1.0k shares
SIMPLIFY EXCHANGE TRADED FUN PFIX	PFIX	504	$30.7k504 shares
MANITOWOC CO INC MTW	MTW	1,600	$27.3k1.6k shares
INVESCO EXCH TRD SLF IDX FD ISDX	ISDX	965	$25.6k965 shares
YAMANA GOLD INC YRI	YRI	4,141	$24.2k4.1k shares
INVESCO EXCH TRD SLF IDX FD IUSS	IUSS	704	$23.6k704 shares
THOMSON REUTERS CORP.		177	$23.0k177 shares
R1 RCM INC		1,237	$18.6k1.2k shares
FIDELITY COVINGTON TRUST FHLC	FHLC	300	$18.4k300 shares
MIZUHO FINANCIAL GROUP INC MFG	MFG	5,424	$15.3k5.4k shares
WISDOMTREE TR DTD	DTD	243	$14.7k243 shares
FIRST REP BK SAN FRANCISCO C FRCB	FRCB	1,020	$14.3k1.0k shares
BARCLAYS BANK PLC		459	$13.3k459 shares
ARCHROCK INC AROC	AROC	1,314	$12.8k1.3k shares
ARMOUR RESIDENTIAL REIT INC ARR	ARR	2,194	$11.5k2.2k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,100	$4871.1k shares	Added
META PLATFORMS INC META · Call	META	Call	600	$172600 shares	Reduced
NVIDIA CORPORATION NVDA · Put	NVDA	Put	400	$170400 shares	New
MOLINA HEALTHCARE INC MOH · Call	MOH	Call	500	$150500 shares	Unchanged
APELLIS PHARMACEUTICALS INC APLS · Call	APLS	Call	300	$27300 shares	New
ENPHASE ENERGY INC ENPH · Call	ENPH	Call	100	$17100 shares	Unchanged