{"url":"https://nivawealth.com/firms/keystone-wealth-advisors-153418","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/153418","regulatoryAum":201352666,"crd":"153418","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"2816493","suffix":null,"lastName":"CARLSON","firstName":"STEVEN","middleName":"DOUGLAS"},{"crd":"7853901","suffix":null,"lastName":"Mattson","firstName":"Angela","middleName":"Marie"},{"crd":"2954239","suffix":"III","lastName":"OLSEN","firstName":"BERTHEL","middleName":"ANDREW"}],"total":3,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-06-15","regulatoryAum":100061000,"clients":70,"employees":2,"offices":2},{"filedOn":"2022-06-13","regulatoryAum":124987029,"clients":64,"employees":3,"offices":3},{"filedOn":"2023-07-06","regulatoryAum":156885245,"clients":75,"employees":3,"offices":3},{"filedOn":"2024-06-06","regulatoryAum":147837321,"clients":71,"employees":4,"offices":4},{"filedOn":"2025-07-01","regulatoryAum":191425402,"clients":64,"employees":4,"offices":4},{"filedOn":"2026-06-11","regulatoryAum":201352666,"clients":66,"employees":3,"offices":4}],"secFileNumber":"801-71355","legalName":"Keystone Wealth Advisors, Incorporated","displayName":"Keystone Wealth Advisors","slug":"keystone-wealth-advisors-153418","website":"https://keystonewa.com/","classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"founded":"2010","organization":"Minnesota corporation","fiscalYearEnd":"April","headquarters":{"street":"2640 Eagan Woods Drive","city":"Eagan","state":"MN","stateName":"Minnesota","country":"United States","postalCode":"55121"},"tradeNames":[],"registration":{"secApproved":"30 April 2010","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":3050797.9696969697,"staff":{"employees":3,"advisory":3,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":201352666,"discretionary":0,"discretionaryAccounts":0,"nonDiscretionary":201352666,"nonDiscretionaryAccounts":66,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"Individuals (other than HNW)","clients":41,"regulatoryAum":41900833},{"label":"High-net-worth individuals","clients":25,"regulatoryAum":159451833}],"feePrograms":[{"role":"main","program":"Asset Management","feeBasis":"marginal","fee_tiers":[{"to":500000,"pct":1.5,"from":0},{"to":3000000,"pct":1,"from":500000},{"to":6000000,"pct":0.75,"from":3000000},{"to":null,"pct":0.5,"from":6000000}],"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1048094","versionId":1048094,"ratePeriod":"annual","fee_billing":"advance","submittedOn":"2026-06-11","documentName":"FORM ADV PART 2A AND 2B OLSEN AND CARLSON","fee_rate_low":0.5,"fee_rate_high":1.5,"fee_negotiable":true,"minimum_account":1000000,"feeMinimumPeriod":null,"fee_minimum_annual":null},{"role":"other","program":"ERISA Plan Services","summary":"Annual fee of 0.15% to 1.00% of plan assets under the ERISA plan services agreement.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1048094","versionId":1048094,"submittedOn":"2026-06-11","documentName":"FORM ADV PART 2A AND 2B OLSEN AND CARLSON"},{"role":"other","program":"Financial Planning and Consulting","summary":"Hourly fees between $150 and $300, negotiable, paid in arrears on completion.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1048094","versionId":1048094,"submittedOn":"2026-06-11","documentName":"FORM ADV PART 2A AND 2B OLSEN AND CARLSON"}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T14:06:35.211499+00:00","documents":[{"name":"FORM ADV PART 2A AND 2B OLSEN AND CARLSON","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1048094","versionId":1048094,"submittedOn":"2026-06-11"}]},"custodians":[{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"San Francisco, CA","smaAssets":201352666}],"custodyNote":"Keystone Wealth Advisors does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Berthel Olsen","title":"President","crd":"2954239"},{"name":"Steven Carlson","title":"CEO/Chief Compliance Officer","crd":"2816493"}],"ownership":[{"label":"Steven Carlson","detail":"Ceo/chief compliance officer in the 50% to 75% ownership band and a control person, since April 2010."},{"label":"Berthel Olsen","detail":"President in the 50% to 75% ownership band and a control person, since April 2010."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":3,"privateResidences":2},"listedOfficeAddresses":2,"foreignOffices":[],"officesByState":[{"state":"Minnesota","offices":2,"addresses":[{"street":"2640 Eagan Woods Drive","city":"Eagan","headquarters":true},{"street":"14 7th Ave N","city":"St. Cloud"}]}],"brochureServices":["education planning","estate planning","insurance","tax planning"],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"612-465-8118","stateRegisteredReps":3,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Hourly charges"],"activities":["Financial planning services","Portfolio management for individuals and/or small businesses","Portfolio management for businesses (other than small businesses) or institutional clients","Pension consulting services","Selection of other advisers (including private fund managers)"],"financialPlanningClients":"11-25","assetMix":[{"label":"Exchange-traded equity securities","percent":52},{"label":"U.S. government/agency bonds","percent":1},{"label":"U.S. state and local bonds","percent":1},{"label":"Investment grade corporate bonds","percent":6},{"label":"Securities issued by registered investment companies or business development companies","percent":37},{"label":"Cash and cash equivalents","percent":3}],"privateFunds":0},"sources":{"adv1FilingDate":"11 June 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/153418/PDF/153418.pdf","brochureDate":"11 June 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1048094","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Keystone Wealth Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Keystone Wealth Advisors offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Keystone Wealth Advisors charge?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Keystone Wealth Advisors use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Keystone Wealth Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Keystone Wealth Advisors invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Does Keystone Wealth Advisors have a minimum investment?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Who owns Keystone Wealth Advisors?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Keystone Wealth Advisors get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Keystone Wealth Advisors?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 11 June 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"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 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."}