ACCREDITED INVESTORS WEALTH MANAGEMENT

Part 2A of Form ADV: Firm Brochure 5200 W. 73rd Street Edina, MN 55439 Telephone: 952-841-2222 Web Address: www.accredited.com March 11th, 2026 This brochure provides information about the qualifications and business practices of Accredited Investors Wealth Management (“Accredited”). If you have any questions about the contents of this brochure, please contact us at 952-841- 2222. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Accredited Investors Wealth Management is also available on the SEC’s website at www.adviserinfo.sec.gov. You can search this site by a unique identifying number, known as a CRD number. Our firm's CRD number is 105439.  Item 2 Material Changes Accredited Investors Wealth Management has no material changes to report since our last annual update dated 3/25/25. Clients will receive a summary of any material changes to this and subsequent Brochures by April 30th of each year. Furthermore, we will provide you with interim summary disclosures promptly when certain information becomes materially inaccurate. - 2 -  Item 3 Table of Contents Page Item 1 Cover Page Item 2 Material Changes 2 Item 3 Table of Contents 3 Item 4 Advisory Business 4 Item 5 Fees and Compensation 6 Item 6 Performance-Based Fees and Side-By-Side Management 7 Item 7 Types of Clients 8 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss 8 Item 9 Disciplinary Information 12 Item 10 Other Financial Industry Activities and Affiliations 12 Item 11 Code of Ethics, Participation or Interest in Client Transactions 13 and Personal Trading Item 12 Brokerage Practices 14 Item 13 Review of Accounts 16 Item 14 Client Referrals and Other Compensation 17 Item 15 Custody 18 Item 16 Investment Discretion 18 Item 17 Voting Client Securities 19 Item 18 Financial Information 20 Item 19 Other Information 20 - 3 -  Item 4 Advisory Business Accredited Investors Wealth Management is an independently owned firm based in Edina, Minnesota, founded in 1987 and wholly owned by employee shareholders. Advisory services are provided pursuant to written agreements and may include some or all of the following: WEALTH MANAGEMENT SERVICES Accredited provides personalized, fee-only wealth management tailored to each client’s needs and circumstances. Our work is based on Ross Levin’s book, Implementing the Wealth Management Index, published by Bloomberg Press. Our approach is values-driven, collaborative, and client-driven, with clients actively involved in decisions. Each client works with a dedicated team of advisors to meet their individual wealth management needs. Rather than creating a one-time financial plan, we evaluate and track progress across key areas of a client’s financial life. Our wealth management generally includes the following: ASSET PROTECTION focuses on preserving wealth and managing risk, primarily through insurance planning such as life, long-term care, property and casualty, and health insurance. DISABILITY & INCOME MANAGEMENT addresses income planning and taxes, including protecting future income, evaluating cash needs, and income tax planning. DEBT MANAGEMENT involves tracking and analysis of personal debt and net worth, including mortgages, home equity lines, personal loans, and business debt. - 4 -  ESTATE PLANNING focuses on planning for the transfer of assets at death and tracking estate-related documents such as beneficiary designations, trusts, wills, as well as charitable and gifting strategies. INVESTMENT PLANNING addresses the ownership, management, and coordination of assets on a client’s balance sheet, including savings, managed investment accounts, retirement plans, business and real estate interests, and other assets. At different points in clients’ lives, the relative importance of these areas ebb and flow, and we regularly review how these components work together as part of each client’s overall planning strategy. INVESTMENT ADVISORY SERVICES We provide investment advice based on each client’s goals and circumstances. Through ongoing discussions, we establish objectives and develop an investment policy, then build and manage a portfolio aligned to that policy. We assess time horizon, risk tolerance, liquidity needs, legacy goals, and relevant personal and financial background. Our advice is not limited to specific products and will generally include mutual funds, exchange-traded funds (“ETFs”), closed end funds, individual equity securities, individual fixed income securities, limited partnerships, and third-party separately managed accounts. Clients can set portfolio guidelines or restrictions. Examples include applying Environmental/Social/Governance (ESG) mandates to a certain portion of a portfolio or restricting investments in the securities of a client’s employer. We can customize many aspects of a client’s portfolio to meet their preferences or requirements. With client authorization, Accredited engages third party managers for portions of client accounts. Accredited conducts due diligence and monitors these accounts to ensure compliance with the client’s investment management agreement. Investments involving higher - 5 -  risks are recommended only when aligned with the client's objectives, risk tolerance, liquidity needs, and suitability. AMOUNT OF MANAGED ASSETS As of 12/31/2025, we were actively managing $4,026,538,759 of clients' assets on a discretionary basis plus $386,347,479 of clients' assets on a non-discretionary basis. Item 5 Fees and Compensation Accredited is a fee only firm. We do not receive commissions, referral fees, or reimbursements from our recommendations. Our advisory fee is based on a percentage of assets we actively manage, using a tiered schedule: Up to $5,000,000 – 1% $5,000,000 - $10,000,000 – 0.75% (plus fees from prior tiers) $10,000,000 - $15,000,000 – 0.50% (plus fees from prior tiers) Over $15,000,000 – 0.25% (plus fees from prior tiers) We charge only against assets we manage. Certain assets such as cash reserves, some individual securities, 529 education accounts, and others, are not billed. A list of clients’ unmanaged assets (as applicable) is found within the client’s portal. Fees are calculated annually based on the client’s anniversary date. They are billed quarterly in advance and adjusted for applicable asset flows. Accredited aggregates accounts of a client’s spouse or partner and minor children for billing purposes, a practice referred to as “householding.” Accredited also offers clients the option to aggregate account values of fee- paying parents and adult children for billing purposes, referred to as “family billing.” Please refer to the written advisory agreement for additional information. - 6 -  Fees for the first month under management will be prorated. Typically, a client will authorize its custodian to deduct Accredited’s fee directly from their account. Upon request, Accredited will send an invoice directly to the client. Our fee schedule is non-negotiable and subject to a $50,000 minimum annual fee. The minimum fee can be modified at Accredited’s sole discretion. There are limited exceptions to the minimum annual fee that are considered by Accredited, including but not limited to family relationships, life phase, anticipated liquidity events and/or composition of wealth. We honor any legacy fee arrangements already in place. You may cancel the agreement at any time with written notice. Any pre-paid, unearned fees will be refunded on a prorated basis. Fees paid to Accredited for advisory services are separate from those charged by mutual funds or ETFs, as outlined in each fund’s prospectus. These typically include management and other fund expenses. Clients could invest directly in publicly-traded securities without our services but would not receive our guidance in selecting investments suited to their financial goals. When Accredited recommends a third-party manager, that manager’s fee is in addition to our advisory fee. Clients should review all applicable fees- fund, manager, and Accredited- to understand total costs and evaluate the value of our services. Clients are also responsible for custodian and broker- dealer charges, including transaction fees. Please refer to the "Brokerage Practices" section (Item 12) of this Form ADV for additional information. Item 6 Performance-Based Fees and Side-By-Side Management Accredited Investors Wealth Management does not charge performance-based fees. Refer to Item 5 for our fee and compensation practices. - 7 -  Item 7 Types of Clients Accredited Investors Wealth Management provides advisory services to the following types of clients: Individuals and families • • Trusts • Foundations and endowments • Charitable organizations • Corporations or other businesses not listed above Item 8 Methods of Analysis, Investment Strategies and Risk of Loss At Accredited Investors Wealth Management, our investment decisions are guided by the theory of mean reversion. This investment theory states that while valuations and returns for various assets may vary substantially, over time valuations tend to return to their long-term average. This leads to a clear-cut investment principle: buy low and sell high. While in concept this philosophy is quite straightforward, its implementation requires a disciplined approach. We tend to not chase investment returns or move capital to “hot” sectors or assets. We focus on long-term results by allocating capital to areas of the market where we perceive the most attractive relative valuations and therefore the greatest potential returns. The Investment Committee (“The IC”), which is led by our Chief Investment Officer, incorporates this approach into our portfolio construction process. Individual client portfolio allocations are tailored based on specific objectives and risk tolerances, and are constructed from a mix of appropriate assets, titled in clients’ own names, and held at third party custodians or directly with private investment funds. - 8 -  PORTFOLIO CONSTRUCTION STRATEGIC The firm currently has strategic asset allocations which vary based on risk and return. The mix is determined by the long-term historical characteristics of each asset class and is therefore rarely altered. A strategic asset allocation is selected for each client based on factors such as risk tolerance, portfolio liquidity needs, and time horizon. TACTICAL Using the strategic asset allocation as a framework, the IC then looks to tactically deploy capital based on factors such as current valuations relative to historic averages, comparisons across asset classes, anticipated economic and market conditions, and business and financial fundamentals. INVESTMENT SELECTION Finally, the IC decides on the specific investment vehicle to represent the strategic and tactical asset allocations. CASH MANAGEMENT For clients with known liquidity needs, we recommend maintaining cash or cash equivalents outside their investment portfolio to fund near-terms expenses. This approach helps reduce portfolio risk by avoiding forced sales at unfavorable valuations. The recommended reserve typically equals 12-36 months of spending needs, with the exact amount determined by the Investment Committee based on market conditions and the client’s circumstances and preferences. EXCHANGE-TRADED FUNDS AND MUTUAL FUNDS The majority of the firm’s assets are held in the form of Exchange-Traded Funds (ETFs) and mutual funds, both actively and passively managed. Although the factors change based on - 9 -  market conditions and asset class, general considerations are expense ratios, fund size, firm size, risk and return metrics, performance history, compensation practices, and style biases. We only purchase mutual funds that we can buy without sales charges. Our asset base often allows access to institutional share classes, which can include trading costs but usually feature lower internal fund expenses compared to other share classes. PRIVATE INVESTMENT FUNDS Accredited integrates private investments into client portfolios when appropriate and when certain investment characteristics are unavailable through traditional public fund structures. These investments are typically accessed through Limited Partnerships and are selected based on factors such as client objectives, portfolio composition, liquidity needs, and time horizon. Examples of private investment strategies include seed-stage venture capital, lower middle market private equity, Small Business Administration licensed mezzanine debt, niche commercial real estate, litigation finance, and secondary funds. SEPARATELY MANAGED ACCOUNTS (SMAs) As an alternative to traditional ETF or mutual fund formats, Accredited utilizes third-party managed SMAs in various asset classes when appropriate to client circumstances. These accounts, held directly in client names, may range from more conservative to more aggressive depending upon the strategy deployed. Examples of SMA strategies include equity direct index accounts, municipal bond ladder accounts, and tax aware leveraged long/short equity accounts. OTHER INVESTMENT OPTIONS In specific client situations, the firm also utilizes other investment options, such as certificates of deposit, or variable or immediate annuities. - 10 -  INVESTMENT RISKS Investing in securities involves the risk of loss, including the possible risk of principal. Clients should be prepared to bear this risk. No investment strategy, allocation, or recommendation can guarantee profits or protect against losses in all market conditions. Investment returns are affected by many factors, including general economic conditions, interest rate changes, inflation, market volatility, liquidity constraints, company-specific earnings and earnings expectations, political and regulatory developments, and changes in laws. Investment can also be impacted by currency fluctuations and global events. MUTUAL FUND, ETF, AND FIXED INCOME RISKS Mutual funds and exchange-traded funds (ETFs) are subject to the risks of the underlying securities they hold, as well as management risk, tracking error risk, and, in some cases, liquidity risk. ETFs can trade at prices above or below their net asset value. Individual fixed income securities are subject to interest rate risk, credit risk, and inflation risk. Their market value can decline due to changes in interest rates or the issuer’s financial condition. Certain bonds are also subject to call, prepayment, or extension risk, which can affect yield return. PRIVATE INVESTMENT RISKS Private investment funds and limited partnership interests involve additional risks, including limited liquidity, long investment horizons, lack of transparency, valuation uncertainty, and reduced regulatory oversight. These investments may not be suitable for all clients and can result in the loss of a substantial portion or all of the invested capital. - 11 -  SEPARATELY MANAGED ACCOUNT RISKS Separately managed accounts can involve higher minimum investment requirements, increased concentration risk, and higher transaction costs compared to pooled investment vehicles. Performance can vary significantly based on the manager selected and market conditions. LEVERAGE AND ILLIQUIDITY RISKS Some third-party managers employ strategies that use leverage or invest in illiquid securities. These approaches can magnify losses and increase volatility, particularly during adverse market conditions. NO GUARANTEE OF RESULTS All investments involve risk, and no assurance can be given that any investment objective will be achieved. Item 9 Disciplinary Information Accredited Investors Wealth Management and its employees do not have legal or disciplinary events to disclose. Item 10 Other Financial Industry Activities and Affiliations Certain employees of Accredited Investors Wealth Management may serve on boards of directors or committees of for-profit or not-for-profit organizations. These activities do not involve providing investment advice or other financial services or compensation and are reviewed and approved by Compliance to address potential conflicts of interest. - 12 -  Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Accredited Investors Wealth Management has adopted a Code of Ethics (“the Code”) which sets forth ethical standards of conduct required of our employees, including compliance with applicable federal securities laws. The purpose of the Code is to preclude activities which may lead to or give the appearance of unethical business conduct. The Code is designed to provide reasonable assurance that employees’ personal securities transactions, activities and interests do not interfere with acting in the best interests of advisory clients. Our firm and associated persons buy and sell securities for personal accounts that are the same as or different from those recommended to clients. In some instances, related persons transact in a security at or near the same time it is recommended or purchased for a client. A conflict of interest exists in such cases because employees could trade ahead of clients and potentially receive more favorable prices. To address this risk, employees must report personal investment holdings and transactions and obtain prior approval before acquiring securities in initial public offerings or limited offerings, such as private investments. Accredited reviews this information for compliance with the Code. Accredited staff engage in business activities outside of Accredited. For example, staff serve on committees and boards of for-profit and not-for-profit companies. Some of these organizations are clients, service providers, or professional organizations that do business with Accredited. All opportunities are approved by Compliance to ensure they are in the interest of the firm and its clients. A copy of our Code of Ethics is available to current and prospective clients upon request by calling 952-841-2222. - 13 -  Item 12 Brokerage Practices Accredited Investors Wealth Management will endeavor to select those brokers or dealers which will provide the best services at the lowest possible cost. Brokers and dealers are selected based on stability, reputation, ability to provide professional services, competitive commission rates and prices, research, trading platform, and other services. Accredited recommends the brokerage and custodial services of Charles Schwab & Co., Inc. (“Schwab” or “Schwab Institutional”), a FINRA-registered broker-dealer, member SIPC, to maintain custody of clients’ assets and to effect trades for their accounts. Accredited recommends Schwab based on a number of factors including service, fees, financial strength, execution, and pricing. While we usually recommend clients establish accounts at Schwab, we also have relationships with Fidelity Brokerage Services LLC (“Fidelity”) and Pershing LLC (“Pershing”). It is the client’s decision to custody assets at a given custodian. Accredited is independently owned and operated and not affiliated with any broker dealers. RESEARCH AND SOFT DOLLAR ARRANGEMENTS Accredited does not maintain any arrangements with broker-dealers or third parties for “soft dollar benefits” in connection with client securities transactions. Accredited receives benefits for maintaining a certain dollar threshold of client assets at a given custodian. Unlike soft dollar benefits, these benefits do not depend on the amount of brokerage transactions directed to the custodian. Accredited receives some or all of the benefits listed below: • access to client account data (such as trade confirmations and account statements) facilitate trade execution and allocate aggregated trade orders for multiple client • accounts - 14 -  • provide pricing and other market data facilitate payment of Accredited Investors Wealth Management’s fees from client • accounts • assist with back-office functions, record keeping and client reporting research related products and tools • technology, compliance, legal, and business consulting • • educational conferences and events • publications and conferences on practice management and business succession • access to employee benefits providers, human capital consultants, and insurance providers While these products and services do not come at any direct cost to client accounts, these benefits create a potential conflict of interest. Accredited manages this potential conflict of interest by periodically comparing the fees charged and services offered by its custodians with those offered by other custodians. TRADE EXECUTION Transactions in client accounts are typically executed at the affiliated brokerage entity or division of the custodian that holds the client’s assets. Transactions executed by a different broker-dealer are charged a “prime broker” or “trade away” fee. Because of this, in order to minimize trading costs, Accredited executes most trades with the client’s custodian. TRADE AGGREGATION AND ALLOCATION Due to the nature of the securities in which we actively trade (specifically, mutual funds and ETFs), securities held in client accounts are generally traded on an individual basis. In the situation that Accredited decides to purchase or sell the same securities for several clients at approximately the same time, Accredited may (but is not obligated to) aggregate or “block - 15 -  trade” those orders. Accredited aggregates orders if, in its judgement, such aggregation will reasonably likely result in an overall economic benefit to the accounts. TRADE ERRORS As a fiduciary, Accredited is responsible for completing orders accurately, promptly and in the best interests of clients. When a transaction error occurs due to Accredited’s actions, inaction, or the actions of others, Accredited seeks to identify and correct the error as promptly as possible without disadvantaging the client or benefiting Accredited in any way. When a trade error results in a loss, the transaction is corrected and the client is fully reimbursed. If a trade error results in a gain, the gain is retained by either the client or the custodian, consistent with the custodian’s trade error correction practices. Accredited maintains policies and controls designed to provide reasonable assurance that trade errors are properly addressed. Item 13 Review of Accounts WEALTH MANAGEMENT SERVICES Each client’s financial situation is reviewed on a regular and as needed basis. The frequency of client meetings is determined through discussion with the client, based on their situation and preferences. Client meetings are used to gather information, present analysis, and discuss recommendations. However, much of the planning and implementation work is performed in between meetings. Once meeting frequency is set, agendas are established to identify key focus areas for the coming year. These agendas are flexible, and change based on the needs of the client and what is most relevant to them at that time. - 16 -  Reports and other deliverables are reviewed during meetings to help reinforce concepts and illustrate key findings. In addition, each client typically receives a post meeting letter summarizing client goals, next steps, and action items. INVESTMENT ADVISORY SERVICES Investment activity in client portfolios is driven by deposits, withdrawals, transfers, changes from target asset allocations, and financial planning considerations. Investment activity also occurs when client objectives or risk tolerance change, requiring updated allocation targets. Accounts are reviewed at least semi-annually by the Investment Management group in coordination with the client’s Wealth Management team. The Investment Committee regularly reviews the performance, valuation, and fundamentals of of asset classes and specific investment, and can make changes at any time. Accredited provides clients with investment reports quarterly and during scheduled meetings. Reports are delivered electronically, in writing, or both, based on client preference. Clients also have access to their investment information through Accredited’s secure, online client portal. Item 14 Client Referrals and Other Compensation It is Accredited’s policy not to accept or allow our related persons to accept any form of compensation, including cash, sales awards or other prizes, from a non-client in conjunction with the advisory services we provide to our clients. It is Accredited Investors Wealth Management's policy not to engage solicitors or to pay related or non-related persons for referring potential clients to our firm. As described in Item 12, Accredited receives services from the clients’ custodians in consideration of client assets held at the custodian. - 17 -  Item 15 Custody Under government regulations, custody is not limited to physically holding clients’ funds and/or securities. Advisers are deemed to have custody if they have the ability to control or access client funds and/or securities. As such, Accredited is deemed to have custody of client funds and securities in situations where a client: • Authorizes Accredited to deduct advisory fees directly from their account. • Signs a Standing Letter of Authorization allowing Accredited to move client assets to a third party. • Provides Accredited with username and password information to access held away accounts directly on the custodian’s website. In these cases, clients receive monthly or quarterly account statements directly from the independent, qualified custodians where their assets are held. Accredited urges clients to carefully review these statements and compare those statements with statements they receive from Accredited. Item 16 Investment Discretion Clients hire us to provide discretionary asset management services, in which case we place trades in a client's account without contacting the client prior to each trade to obtain the client's permission. Our discretionary authority includes the ability to do the following without contacting the client: • Determine the security to buy or sell; and/or • Determine the amount of the security to buy or sell - 18 -  Clients give us discretionary authority when they sign a discretionary agreement with our firm and can limit this authority by giving us written instructions. Clients can change/amend such limitations by once again providing us with written instructions. Item 17 Voting Client Securities Accredited Investors Wealth Management maintains policies and procedures to ensure proxies are voted in the best interests of clients and to address potential conflicts of interest. When Accredited has proxy voting authority, it votes on matters including corporate governance, executive compensations plans, social responsibility issues, mergers and acquisitions, tender offers, bankruptcies, and similar events. For mutual funds, proxy voting includes items such as advisory contracts, distribution plans, and mergers. If a potential conflict of interest arises in connection with a proxy vote, the client is notified and given the option to vote their own shares. Accredited uses a third-party provider to support proxy voting administration, including electronic ballot delivery, online voting, and recordkeeping. Proxies for investments purchased by Accredited as part of the client’s investment policy are reviewed and voted by the Investment Committee. Proxies for other securities owned by the client but not recommended by Accredited are voted in accordance with the issuer’s senior management recommendations. When a client does not authorize Accredited to vote proxies, proxy materials are sent directly to the client. Copies of Accredited’s proxy voting policies and information on how a specific proxy was voted is available upon request. - 19 -  Item 18 Financial Information Accredited Investors Wealth Management is financially capable of meeting all contractual commitments to clients. Accredited Investors Wealth Management has never been the subject of a bankruptcy petition. Item 19 Other Information Class Actions and Other Legal Proceedings Accredited Investors Wealth Management does not participate in legal proceedings, including class actions, on behalf of its clients. Recommending Service Providers As described in Item 14, Accredited does not have referral arrangements; however, we recommend third-party professionals such as attorneys and accountants. Some of these professionals are clients, individuals, or companies that do business with Accredited, which creates a potential conflict of interest. To manage this risk, Accredited maintains relationships with multiple professionals and does not provide preferential treatment. We also work with professionals the client already uses. All professionals are subject to the same selection, oversight, and monitoring processes, regardless of any existing relationship with Accredited. - 20 -