{"url":"https://nivawealth.com/firms/keystate-advisory-156226","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/156226","regulatoryAum":16594783593,"crd":"156226","secFileNumber":"801-72123","legalName":"Keystate Advisory, LLC","displayName":"Keystate Advisory","website":"https://www.key-state.com/investment-subsidiary-portfolio-management/","founded":null,"organization":"Nevada limited liability company","fiscalYearEnd":"December","headquarters":{"street":"3883 Howard Hughes Pkwy, Suite 500","city":"Las Vegas","state":"NV","stateName":"Nevada","country":"United States","postalCode":"89169"},"tradeNames":[],"registration":{"secApproved":"19 January 2011","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":8,"advisory":8,"brokerDealerReps":0,"insuranceAgents":0,"promoters":1},"aum":{"discretionary":11307718513,"discretionaryAccounts":65,"nonDiscretionary":5287065080,"nonDiscretionaryAccounts":15,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":80},"clientTypes":[{"label":"Banking or thrift institutions","clients":58,"regulatoryAum":16497221500},{"label":"Insurance companies","clients":22,"regulatoryAum":97562093}],"fees":[],"feeNotes":[],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"Bankers' Bank","shortName":"Bankers' Bank","location":"Madison, WI","smaAssets":6163077258},{"name":"Principal Financial Group","shortName":"Principal Financial Group","location":"Wauwatosa, WI","smaAssets":8631718305}],"custodyNote":"Keystate Advisory does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Ivan Farris","title":"Senior Vice President","crd":"5690899"},{"name":"Larry Wood","title":"Executive Vice President","crd":"5193775"},{"name":"Gayle Espinosa","title":"Chief Financial Officer","crd":"7603253"},{"name":"Brian Amend","title":"Chief Operating Officer","crd":"6913613"},{"name":"Joshua Miller","title":"Chief Compliance Officer & CEO","crd":"5878557"},{"name":"Monte Miller","title":"Executive Chairman","crd":"5878558"}],"ownership":[{"label":"Keystate Holdings, LLC","detail":"Managing member in the 75% or more ownership band and a control person, since October 2011."},{"label":"JNM Holdings, Inc.","detail":"Indirect owner: a member of Keystate Holdings, LLC in the 75% or more band and a control person, since October 2011.","parent":"Keystate Holdings, LLC"},{"label":"Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee","detail":"Indirect owner: controlling shareholder of JNM Holdings, Inc., since October 2011.","parent":"JNM Holdings, Inc."},{"label":"Joshua C. Miller 1996 Irrevocable Trust - Complex, Joshua C. Miller Trustee","detail":"Indirect owner: a shareholder of JCM CT Holdings, LLC in the 75% or more band and a control person, since December 2020.","parent":"JCM CT Holdings, LLC"},{"label":"Nicholas R. Miller 1996 Irrevocable Trust - Complex, Nicholas R. Miller, Trustee","detail":"Indirect owner: a shareholder of NRM CT Holdings, LLC in the 75% or more band and a control person, since December 2020.","parent":"NRM CT Holdings, LLC"},{"label":"Monte Miller","detail":"Indirect owner: a trustee of Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee in the 75% or more band and a control person, since December 1996.","parent":"Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee"},{"label":"Joshua Miller","detail":"Indirect owner: a trustee of Joshua C. Miller 1996 Irrevocable Trust - Complex, Joshua C. Miller Trustee in the 75% or more band and a control person, since January 1996.","parent":"Joshua C. Miller 1996 Irrevocable Trust - Complex, Joshua C. Miller Trustee"},{"label":"Nicholas Miller","detail":"Indirect owner: a trustee of Nicholas R. Miller 1996 Irrevocable Trust - Complex, Nicholas R. Miller, Trustee in the 75% or more band and a control person, since January 1996.","parent":"Nicholas R. Miller 1996 Irrevocable Trust - Complex, Nicholas R. Miller, Trustee"},{"label":"JCM CT Holdings, LLC","detail":"Indirect owner: a shareholder of JNM Holdings, Inc. in the 50% to 75% band and a control person, since June 2021.","parent":"JNM Holdings, Inc."},{"label":"NRM CT Holdings, LLC","detail":"Indirect owner: a shareholder of JNM Holdings, Inc. in the 50% to 75% band and a control person, since May 2021.","parent":"JNM Holdings, Inc."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":1,"privateResidences":0},"listedOfficeAddresses":2,"officesByState":[{"state":"Delaware","offices":1,"addresses":[{"street":"919 N. Market Street","city":"Wilmington"}]},{"state":"Nevada","offices":1,"addresses":[{"street":"3883 Howard Hughes Pkwy, Suite 500","city":"Las Vegas","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"702-598-3738","stateRegisteredReps":8,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Fixed fees (other than subscription fees)"],"activities":["Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"U.S. government/agency bonds","percent":49},{"label":"U.S. state and local bonds","percent":48},{"label":"Investment grade corporate bonds","percent":1},{"label":"Cash and cash equivalents","percent":2}],"privateFunds":0},"sources":{"adv1FilingDate":"24 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/156226/PDF/156226.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Keystate Advisory have?","answer":"Keystate Advisory has 80 clients and manages $16.6 billion for them, as of March 2026. They include 58 banking or thrift institutions and 22 insurance companies.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Keystate Advisory offer?","answer":"Keystate Advisory provides portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Keystate Advisory use?","answer":"Keystate Advisory’s separately managed account assets are held at Principal Financial Group (Wauwatosa, WI), with $8,631,718,305 and Bankers' Bank (Madison, WI), with $6,163,077,258. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Keystate Advisory have?","answer":"Keystate Advisory has 8 investment adviser representatives registered with state securities authorities, out of 8 employees, and 8 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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Keystate Advisory invest in?","answer":"At the end of its last fiscal year, Keystate Advisory’s separately managed accounts held 49% U.S. government and agency bonds, 48% state and local bonds, 2% cash and equivalents and 1% investment grade corporate bonds. It advises no private funds of its own.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Keystate Advisory?","answer":"Keystate Advisory is owned through a chain of holding companies by Monte Miller, Joshua Miller and Nicholas Miller. Its direct owner is Keystate Holdings, LLC (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Keystate Advisory get paid?","answer":"Keystate Advisory is paid through a percentage of assets under management and fixed 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","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}