Keystone Wealth Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, education planning, estate planning, insurance, and tax planning. Financial planning was provided to 11–25 clients last fiscal year.
Keystone Wealth Advisors reports 66 clients. They include 41 individual clients and 25 high-net-worth individuals. Of its assets, 0.0% ($0 across 0 accounts) are managed with discretion; $201M across 66 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 62% | 21% |
| High-net-worth individuals | 38% | 79% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 41 | $41.9M | 20.8% | $1.02M |
| High-net-worth individuals | 25 | $159M | 79.2% | $6.38M |
| Total | 66 | $201M | 100% | $3.05M |
- Clients
- 41
- Regulatory AUM
- $41.9M
- AUM share
- 20.8%
- Avg. per client
- $1.02M
- Clients
- 25
- Regulatory AUM
- $159M
- AUM share
- 79.2%
- Avg. per client
- $6.38M
Total
- Clients
- 66
- Regulatory AUM
- $201M
- AUM share
- 100%
- Avg. per client
- $3.05M
- 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
- 11–25
Keystone Wealth Advisors charges 0.50%–1.50% a year for its Asset Management. Each asset band is charged at its own rate. The fee is billed in advance, is negotiable and requires an account of at least $1,000,000. The brochure also prices 2 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.50% |
| $500K–$3M | 1.00% |
| $3M–$6M | 0.75% |
| $6M and above | 0.50% |
Fee details and sources
Other fees
- ERISA Plan Services
- Annual fee of 0.15% to 1.00% of plan assets under the ERISA plan services agreement.
- Financial Planning and Consulting
- Hourly fees between $150 and $300, negotiable, paid in arrears on completion.
Steven Carlson owns 50% to 75% of Keystone Wealth Advisors. The leadership team of Keystone Wealth Advisors includes President Berthel Olsen and Chief Compliance Officer Steven Carlson. It has 3 employees.
Leadership
- Berthel OlsenPresident
- Steven CarlsonCEO/Chief Compliance Officer
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 3 employees
- 3 in advisory functions
- 3 state-registered reps
- Owns 50% to 75% of Keystone Wealth Advisors, Incorporated
Steven Carlson
Control person · since April 2010
- Owns 50% to 75% of Keystone Wealth Advisors, Incorporated
Berthel Olsen
Control person · since April 2010
Keystone Wealth Advisors’ regulatory assets grew 2.0× from $100M (June 2021) to $201M (June 2026); clients fell from 70 to 66 and employees rose from 2 to 3.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $201M | 66 | 3 | 4 |
| July 2025 | $191M | 64 | 4 | 4 |
| June 2024 | $148M | 71 | 4 | 4 |
| July 2023 | $157M | 75 | 3 | 3 |
| June 2022 | $125M | 64 | 3 | 3 |
| June 2021 | $100M | 70 | 2 | 2 |
Besides its headquarters, Keystone Wealth Advisors has 3 offices (2 private residences, listed without an address), with 2 listed addresses in Minnesota.
Minnesota · 2 listed addresses
- 2640 Eagan Woods Drive, EaganHQ
- 14 7th Ave N, St. Cloud
Contact and registration details
- Legal name
- Keystone Wealth Advisors, Incorporated
- Headquarters
- 2640 Eagan Woods Drive, Eagan, MN 55121
- Website
- keystonewa.com
- Phone
- 612-465-8118
- SEC file
- 801-71355
- Founded
- 2010
- Structure
- Minnesota corporation
- Fiscal year end
- April
Keystone Wealth Advisors uses Charles Schwab ($201M) as custodian for its separately managed accounts. Keystone Wealth Advisors does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $201M100%
At year end, Keystone Wealth Advisors’ separately managed accounts were mostly in stocks (52%) and funds (37%).
What the accounts hold
- Stocks52%
- Funds37%
- Bonds8%
- Investment grade corporate bonds6%
- U.S. government and agency bonds1%
- State and local bonds1%
- Cash3%
How many clients does Keystone Wealth Advisors have?
Keystone Wealth Advisors has 66 clients and manages $201 million for them, as of June 2026. They include 41 individual clients and 25 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 11 June 2026
What services does Keystone Wealth Advisors offer?
Keystone Wealth Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, education planning, estate planning, insurance, and tax planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Keystone Wealth Advisors charge?
Keystone Wealth Advisors charges 0.50%–1.50% a year for its Asset Management. Each asset band is charged at its own rate. The fee is billed in advance, is negotiable and requires an account of at least $1,000,000.
Source: FORM ADV PART 2A AND 2B OLSEN AND CARLSON, filed 11 June 2026
Which custodians does Keystone Wealth Advisors use?
Keystone Wealth Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $201M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 11 June 2026
How many financial advisors does Keystone Wealth Advisors have?
Keystone Wealth Advisors has 3 investment adviser representatives registered with state securities authorities, out of 3 employees, and 3 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 Keystone Wealth Advisors invest in?
At the end of its last fiscal year, Keystone Wealth Advisors’ separately managed accounts held 52% exchange-traded equities, 37% registered funds (mutual funds, ETFs, BDCs), 6% investment grade corporate bonds, 3% cash and equivalents, 1% 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
Does Keystone Wealth Advisors have a minimum investment?
Yes, Keystone Wealth Advisors’ minimum account size for its Asset Management is $1M.
Source: FORM ADV PART 2A AND 2B OLSEN AND CARLSON, filed 11 June 2026
Who owns Keystone Wealth Advisors?
Keystone Wealth Advisors’ direct owners are Steven Carlson (50% to 75%) and Berthel Olsen (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 11 June 2026
How does Keystone Wealth Advisors get paid?
Keystone Wealth Advisors is paid through a percentage of assets under management and hourly charges. 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 Keystone Wealth Advisors?
Keystone Wealth Advisors’ main office is at 2640 Eagan Woods Drive, Eagan, MN 55121. Its phone number is 612-465-8118. Its website is keystonewa.com.