Allied Investment Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and publishing newsletters. Financial planning was provided to 101–250 clients last fiscal year.
Allied Investment Advisors reports 1,071 clients. They include 646 individual clients, 307 high-net-worth individuals, and 77 pension and profit-sharing plans. Of its assets, 98.6% ($1.47B across 2,388 accounts) are managed with discretion; $20.5M across 23 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 60% | 12% |
| High-net-worth individuals | 29% | 53% |
| Pension and profit-sharing plans | 7% | 24% |
| Charitable organizations | 1% | 6% |
| Corporations and other businesses | 3% | 5% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 646 | $183M | 12.3% | $283K |
| High-net-worth individuals | 307 | $786M | 52.8% | $2.56M |
| Pension and profit-sharing plans | 77 | $354M | 23.8% | $4.59M |
| Charitable organizations | 14 | $95.9M | 6.4% | $6.85M |
| Corporations and other businesses | 27 | $69.8M | 4.7% | $2.59M |
| Total | 1,071 | $1.49B | 100% | $1.39M |
- Clients
- 646
- Regulatory AUM
- $183M
- AUM share
- 12.3%
- Avg. per client
- $283K
- Clients
- 307
- Regulatory AUM
- $786M
- AUM share
- 52.8%
- Avg. per client
- $2.56M
- Clients
- 77
- Regulatory AUM
- $354M
- AUM share
- 23.8%
- Avg. per client
- $4.59M
- Clients
- 14
- Regulatory AUM
- $95.9M
- AUM share
- 6.4%
- Avg. per client
- $6.85M
- Clients
- 27
- Regulatory AUM
- $69.8M
- AUM share
- 4.7%
- Avg. per client
- $2.59M
Total
- Clients
- 1,071
- Regulatory AUM
- $1.49B
- AUM share
- 100%
- Avg. per client
- $1.39M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 101–250
Allied Investment Advisors charges up to 1.50% a year for its Asset Management Services. The fee is billed in advance or in arrears, is negotiable and has a $3,000 annual minimum. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Certified Divorce Financial Analysis
- Certified Divorce Financial Analysis is billed at an hourly fee of $75 to $200, negotiated with the client in advance.
Gary Lucas owns 50% to 75% of Allied Investment Advisors. The leadership team of Allied Investment Advisors includes Chief Investment Officer Eric Vermulm and Chief Compliance Officer John Galt. It has 12 employees, 11 of them in advisory roles.
Leadership
- Eric VermulmChief Investment Officer and Chief Operating Officer, Member
- John GaltChief Compliance Officer
- Tyler ElkinMember
- Kellie HirschMember
- Sarah SideriusMember
- Gary LucasManaging Member
- Bart AbyMember
Investment adviser representatives
12 representatives listed in the SEC register as of 9 October 2026.
- Bart William Aby
- Brock Owen Baker
- Keith Bushnell
- Tyler Martin Crennen
- Tyler Ronald Elkin
- John Elton Galt
- Brady Lee Goyn
- Gabe Walter Gundlach
- Kellie Rose Hirsch
- Gary Robert Lucas
- Sarah Lynn Siderius
- Eric Allen Vermulm
Staff
- 12 employees
- 11 in advisory functions
- 11 state-registered reps
- 2 soliciting firms
- Owns 50% to 75% of Allied Investment Advisors LLC
Gary Lucas
Control person · since August 2011
- Owns 10% to 25% of Allied Investment Advisors LLC
Bart Aby
Control person · since August 2011
- Owns 10% to 25% of Allied Investment Advisors LLC
Daniel M Kelly Rev Trust
since January 2022
Daniel Kelly
Trustee · since December 2021
- Owns 5% to 10% of Allied Investment Advisors LLC
Eric Vermulm
Control person · since February 2018
Allied Investment Advisors’ regulatory assets grew 3.0× from $496M (April 2021) to $1.49B (July 2026); clients rose from 603 to 1,071 and employees from 7 to 12.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| July 2026 | $1.49B | 1,071 | 12 | 3 |
| March 2025 | $1.13B | 950 | 10 | 3 |
| February 2024 | $912M | 876 | 12 | 2 |
| April 2023 | $734M | 774 | 12 | 2 |
| March 2022 | $667M | 678 | 10 | 2 |
| April 2021 | $496M | 603 | 7 | 2 |
Besides its headquarters, Allied Investment Advisors has 2 offices (1 private residence, listed without an address), with 2 listed addresses in Montana.
Montana · 2 listed addresses
- 3409 Transtech Way, Suite A, BillingsHQ
- 314 South Main Street, Conrad
Contact and registration details
- Legal name
- Allied Investment Advisors LLC
- Headquarters
- 3409 Transtech Way, Suite A, Billings, MT 59102
- Website
- alliedinvest.net
- Phone
- 406-839-2037
- @allied-investment-advisors
- SEC file
- 801-79202
- Structure
- Montana LLC
- Fiscal year end
- December
Allied Investment Advisors uses Charles Schwab ($1.16B) as custodian for its separately managed accounts. Allied Investment Advisors does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $1.16B100%
At year end, Allied Investment Advisors’ separately managed accounts were mostly in stocks (60%) and funds (32%). Its reported 13F holdings for the quarter ended 30 June 2026 total $797M across 110 positions; the largest are Schwab US Dividend Equity ETF (7.5%), Vanguard Health Care ETF (6.8%) and Microsoft Corp. (3.2%).
What the accounts hold
- Stocks60%
- Funds32%
- Bonds4%
- U.S. government and agency bonds3%
- State and local bonds1%
- Cash4%
Reported 13F holdings
- $797M
- Reported 13F value
- 110
- Positions
- 35.8%
- In the 10 largest
- +14.2%
- Value vs. prior quarter
- Schwab US Dividend Equity ETFETF7.5%
- Vanguard Health Care ETFETF6.8%
- Microsoft Corp.3.2%
- JPMORGAN Chase & CO2.9%
- Caterpillar Inc.2.7%
- Vanguard Short-term Bond ETFETF2.7%
- State Str Corp.2.6%
- Goldman Sachs Group Inc.2.6%
- Johnson & Johnson2.4%
- Rtx Corporation2.4%
Together, the ten largest are 35.8% of reported value.
How many clients does Allied Investment Advisors have?
Allied Investment Advisors has 1,071 clients and manages $1.49 billion for them, as of July 2026. They include 646 individual clients, 307 high-net-worth individuals, and 77 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 29 July 2026
What services does Allied Investment Advisors offer?
Allied Investment Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and publishing newsletters.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Allied Investment Advisors charge?
Allied Investment Advisors charges up to 1.50% a year for its Asset Management Services. The fee is billed in advance or in arrears, is negotiable and has a $3,000 annual minimum.
Which custodians does Allied Investment Advisors use?
Allied Investment Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $1.16B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 29 July 2026
How many financial advisors does Allied Investment Advisors have?
Allied Investment Advisors has 11 investment adviser representatives registered with state securities authorities, out of 12 employees, and 11 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Allied Investment Advisors invest in?
At the end of its last fiscal year, Allied Investment Advisors’ separately managed accounts held 60% exchange-traded equities, 32% registered funds (mutual funds, ETFs, BDCs), 4% cash and equivalents, 3% U.S. government and agency bonds and 1% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Allied Investment Advisors?
Allied Investment Advisors’ direct owners are Gary Lucas (50% to 75%), Bart Aby (10% to 25%), Eric Vermulm (5% to 10%) and Daniel M Kelly Rev Trust (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 29 July 2026
How does Allied Investment Advisors get paid?
Allied Investment Advisors is paid through a percentage of assets under management, hourly charges and subscription fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Allied Investment Advisors?
Allied Investment Advisors’ main office is at 3409 Transtech Way, Suite A, Billings, MT 59102. Its phone number is 406-839-2037. Its website is alliedinvest.net.