State Farm Investment Management is a investment adviser based in Bloomington, IL, that holds a 81.0/100 Fidelon TransparencyScore (26th percentile among SEC-registered advisers), with 6,922 registered advisors. Score based on public SEC and FINRA filings.
State Farm Investment Management
State Farm Investment Management CORP. · CRD #3487
A registered investment adviser held to a fiduciary standard.
Fidelon Fact Sheet
State Farm Investment Management CORP. is an SEC-registered investment adviser in Bloomington, IL. It has 6,922 registered advisors. It manages $12.9 billion across 2,160 client accounts. It charges a percentage of the money it manages for you, and it does not report earning commissions. Its services include financial planning and retirement plan consulting for employers. It has court cases on file.
Peer Context
7,990th of 10,815
SEC-registered advisers
Bottom 26%
296th of 419
SEC-registered advisers in IL
Bottom 29%
2nd of 3
SEC-registered advisers in Bloomington, IL
Bottom 33%
How This Firm Works
Registration & Standard of Care
Investment Adviser — this firm is a registered investment adviser, held to a fiduciary standard — legally required to act in clients' best interests.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Does not earn commissions on product sales
What you’d pay
Your balance falls in the All accounts band, charged at 1.25% on the full amount.
This fee is negotiable
“If the entire value of your Account plus the entire value of any account assets in any other account managed by us for you is $10,000,000 or above, you may negotiate with us to pay a customized Advisory Fee ("Customized Advisory Fee") instead of the Advisory Fee set forth in the chart below.”
From their Form ADV Part 2A. Most investors never ask.
Estimated from the firm’s Form ADV Part 2A brochure — not a quote. Actual fees are set in your agreement and may differ. Costs charged by others (custodians, fund managers) are not included.
What This Firm Charges
| Account Size | Annual Fee |
|---|---|
| All accounts | 1.25% |
Billed quarterly in arrears
Extracted from Form ADV Part 2A brochure
Specializations
Extracted from Form ADV Part 2A brochure
Key Findings
Strengths
- Fee-only compensation — no commission income reported
- Registered as investment adviser with fiduciary obligation
- No broker-dealer registration — advisory services only
- Transparent fee structure — charges advisory fees, no commissions
Things You Should Know
- 1 regulatory complaint in public regulatory filings
Conflict Audit
Zero material conflicts identified in regulatory filings.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
What this firm says about how it gets paid
“IAR agents, who are independent contractors, receive, on an ongoing basis, part of the annual advisory fee you pay to us.”
Source: the firm’s own Form CRS, filed 2026-03-06 — quoted directly
Regulatory Track Record
1
Disclosures
$0
Total Fines
Clean record — no fines found
Regulatory Events
TransparencyScore Dimensions
Disclosure Record
Customer complaints, arbitrations, and fines. Frequency and recency matter.
97/100
Strong
Avg for investment adviser firms: 82.6 | Top 10%: 99.5
Filing Quality
How clearly the firm describes services, fees, and investment approach in regulatory filings.
65/100
Fair
Avg for investment adviser firms: 84.1 | Top 10%: 100
Conflict Disclosure
How openly the firm explains who pays it and what it's paid to sell. The conflict isn't the problem — hiding it is.
70/100
Fair
Avg for investment adviser firms: 54 | Top 10%: 67
Enforcement History
Self-reported legal and disciplinary history from Form ADV Item 11.
70/100
Fair
Avg for investment adviser firms: 99.7 | Top 10%: 100
Their two-page relationship summary
The SEC requires every SEC-registered investment adviser to hand you this summary, called a Form CRS, and says what it must cover. We checked this firm's against that list. What is a Form CRS?
- Does it include everything the SEC requires?
- Required sections
- 93/100
- Does it explain how the firm's conflicts affect you?
- Conflicts of interest
- 83/100
- Can you tell what you would pay?
- What you pay
- 65/100
- Is it written in plain English?
- Plain language
- 92/100
This firm's Form CRS averages 83 out of 100. It adds 5.81 points once the firm's filings and record score 90 on their own; they score 81.05 today.
What their brochure tells you
The firm must give you this brochure, Form ADV Part 2A, before you sign. We read it against the SEC's own instructions, item by item. Quotes are the firm's own words; page numbers refer to the filed brochure. What is in a brochure?
Can you tell what you'd pay and when?Brochure Fee ClarityNot applicable
Not applicable: fee terms are in a wrap-fee appendix, which this check does not read
Does it explain each conflict of interest and what it could cost you?Brochure Conflict Specificity70/100
The SEC asks the brochure to name each way the firm gets paid besides your fee, what that tempts the firm to do, and what it can cost you.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
If it uses an affiliated broker-dealer, does it explain what that means for you?
An affiliated broker-dealer
- Does the brochure name this conflict where the SEC requires?CoveredItems 10/11/12.B/14
A conflict named in the right place is one the firm has thought about; one buried elsewhere is easy to miss.
Since SFVPMC serves as the introducing broker-dealer in connection with the Program, Adviser has a conflict of interest.p. 11
- Does it explain what this arrangement tempts the firm to do?CoveredStaff Bulletin Q11
You can only judge advice when you know which way it is being pulled.
Each of the foregoing revenue streams creates a conflict of interest for Adviser and your IAR because multiple revenue streams will be paid by customer and received by Adviser and SFVPMC, which in turn creates an incentive for Adviser and IAR to recommend the Program to customers.p. 12
- Does it describe what the arrangement actually is?Not found in the brochureStaff Bulletin Q11
A conflict described in one vague sentence tells you it exists but not how it works.
What to askAsk the advisor to explain this arrangement in plain terms, including who pays whom.
- Does it say what the firm is paid for it?Not found in the brochureStaff Bulletin Q11
The size of the payment tells you how strong the pull is.
What to askAsk how much the firm or its people receive from this arrangement in a typical year.
- Does it say how the firm comes out ahead?CoveredStaff Bulletin Q11
Benefits that are not cash, like free services or referrals, still shape advice.
The creation of such a relationship results in a benefit to SFVPMC, which may seek to expand the brokerage relationship with the customer beyond the Account and receive compensation for any such expansion in the relationship.p. 12
- Does it say what it can cost you?Not found in the brochureStaff Bulletin Q11
Every conflict has a price; the question is whether the brochure puts it in your hands.
What to askAsk what this arrangement can cost you, in fees, returns or choices you do not get.
- Does it say how the firm keeps this conflict in check?Not assessed yetItems 10.C-D, 11.B-D, 14.A
A conflict with no control on it is left to the advisor's goodwill.
What to askAsk whether your trades or products go through a company the firm owns or is tied to, and what that costs.
Do they earn commissions on products, and do they say so?Brochure Sales CompensationNot applicable
Not applicable: the brochure describes no product-sales commissions
Do they get free research or services from brokers, and does it affect you?Brochure Soft DollarsNot applicable
Not applicable: the brochure describes no research or services from brokers
A point not found is not a finding against the firm; many points apply only when the firm has that arrangement, and state-registered firms file the same brochure form.
Next Steps
Advisor Roster
6,922 advisors
| Advisor | CRD | Score | Grade |
|---|---|---|---|
| Terence Christian Madsen | 2083226 | — | — |
| Cathleen Dana Espos | 3033141 | — | — |
| John Todd McFarland | 3038183 | — | — |
| Timothy Wayne Boyd | 3046174 | — | — |
| Bradley Wayne Campbell | 3053272 | — | — |
| Ronald Scot Stewart | 4153580 | — | — |
| Joseph Russell Sitters Jr | 4332035 | — | — |
| Michael Ray Moyer | 3017299 | — | — |
| Anthony Luther Brown | 3038488 | — | — |
| Gregory Todd Dorsey | 4758480 | — | — |
Marketing Brands120 brands
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Frequently Asked Questions
What does the TransparencyScore measure?
The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.
Where does this data come from?
All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.
Does a low score mean they're a bad advisor?
Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.
How often is this data updated?
Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.
Can an advisor or firm improve their score?
Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.
Data Sources
Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.
Verify on SEC IAPD
Last scored: · Score version: 3.15 · CRD #3487