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Horace Mann Investors Review (2026): Fees and SEC Registration

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Updated September 28, 2026. Quick answer: Horace Mann Investors is registered with the SEC as an investment adviser (CRD #11643, confirmed ACTIVE this session via SEC IAPD). Per its own current fee brochure, a $500,000 account would run $8,000 a year under its published fee schedule. Already a client and thinking about leaving? Budget $95 to $175 in the first year (BNY Portfolios and Programs). This review covers what its own fee brochure and current SEC registration confirm today; this firm also has a fiduciary-status page and minimum-investment page on this site.

Horace Mann Investors at a glance

FactWhat Horace Mann Investors’ own pages say
Legal entityHorace Mann Investors, Inc.
RegistrationHorace Mann Investors, Inc. is registered with the SEC as an investment adviser (CRD #11643, confirmed ACTIVE this session via SEC IAPD).
Fee on a $500,000 account$8,000 a year, per its own current brochure
Minimum to open an accountSee the minimum-investment page for Horace Mann Investors
Cost to leave (exit fee)$95 to $175 in the first year (BNY Portfolios and Programs)

What Horace Mann Investors’ own fee schedule charges

CRD 11643 is ACTIVE and SEC registered per a live IAPD lookup performed this session (isSECRegistered: Y, iaScope: ACTIVE). HMII reports $0 direct regulatory assets under management because it does not directly manage client assets itself; its brochure separately discloses that HMII clients had $68,613,476 invested in its model portfolio programs as of December 31, 2025. The priced schedule is for the BNY AdvisorFlex Portfolios program, one of several co-advisory model portfolio programs HMII offers through sub-adviser BNY Mellon; the brochure states these BNY program fees are billed on a marginal basis as assets cross each threshold, unlike the firm’s Envestnet-based programs, which are closed to new investors.

“BNY ADVISORFLEX PORTFOLIOS Aggregate AUM Maximum Annualized Fee First $500,000 1.60% $500,001-$1,000,001 1.40% Over $1,000,001 1.20%”

BNY AdvisorFlex Portfolios bills on a marginal basis, so each slice of the balance is charged at that slice’s own rate rather than the whole balance moving to a single rate: 1.60% on the first $500,000, 1.40% on the next slice up to $1,000,000, and 1.20% on anything above that. No dollar minimum annual fee is disclosed for this program.

Account balanceAnnual fee
$250,000$4,000
$500,000$8,000
$1,000,000$15,000
$2,000,000$27,000

See the full breakdown, including how the figure is calculated, on Horace Mann Investors’ own fee page.

Registration

Horace Mann Investors, Inc. is registered with the SEC as an investment adviser (CRD #11643, confirmed ACTIVE this session via SEC IAPD).

This is a registration confirmation only, not a fiduciary-standard verdict (a registered investment adviser can still be a dual registrant with a broker-dealer, which changes which standard applies in each capacity). For the fiduciary-standard question itself, see the fiduciary-status page for Horace Mann Investors.

What it costs to leave

Horace Mann Investors, Inc.’s Form ADV Part 2A states “The following applies only to accounts utilizing BNY Portfolios and Programs: BNY may charge a termination fee ranging from $95.00 to $175.00 for a termination occurring in the first year after and account is opened. After the first year, BNY may rebate a prorated (unused) portion of quarterly Advisory Fees if an account is terminated prior to the end of the previously billed quarter.” Horace Mann Investors, Inc. does not name a brand-name custodian elsewhere in its brochure, so this figure is scoped narrowly to accounts on that one named platform rather than asserted as a general custodian transfer-out fee.

The full steps are on our how to leave Horace Mann Investors page; the general mechanics of switching financial advisors and a dated termination letter apply regardless of firm.

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Sources

Methodology. This page was built September 28, 2026, drawing directly on Horace Mann Investors’ own current fee brochure, cited in Sources below, and a fresh SEC IAPD registration check run the same day. As of September 28, 2026, this site publishes a fiduciary-status page and a minimum-investment page for Horace Mann Investors; where the exit-fee facts above are cited, they were independently verified against the same primary source. Any fact we could not independently confirm is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading Horace Mann Investors’ own Form ADV Part 2A and Form CRS. We have not used Horace Mann Investors as a client. Horace Mann Investors did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.

Comparing firms? See all 182 advisor firm reviews in one table, with each firm’s type and its fee on a $500,000 account.