Milestone Investment Advisors provides financial planning, portfolio management for individuals and small businesses, pension consulting, and estate planning. Financial planning was provided to 101–250 clients last fiscal year.
Milestone Investment Advisors reports 414 clients. They include 218 high-net-worth individuals, 190 individual clients, and 6 pension and profit-sharing plans. Of its assets, 90.7% ($796M across 1,258 accounts) are managed with discretion; $81.2M across 6 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 46% | 9% |
| High-net-worth individuals | 53% | 82% |
| Pension and profit-sharing plans | 1% | 9% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 190 | $77.7M | 8.8% | $409K |
| High-net-worth individuals | 218 | $719M | 81.9% | $3.3M |
| Pension and profit-sharing plans | 6 | $81.2M | 9.3% | $13.5M |
| Total | 414 | $878M | 100% | $2.12M |
- Clients
- 190
- Regulatory AUM
- $77.7M
- AUM share
- 8.8%
- Avg. per client
- $409K
- Clients
- 218
- Regulatory AUM
- $719M
- AUM share
- 81.9%
- Avg. per client
- $3.3M
- Clients
- 6
- Regulatory AUM
- $81.2M
- AUM share
- 9.3%
- Avg. per client
- $13.5M
Total
- Clients
- 414
- Regulatory AUM
- $878M
- AUM share
- 100%
- Avg. per client
- $2.12M
- 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
Milestone Investment Advisors charges 0.40%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in arrears and has a $2,500 annual minimum. The brochure also prices one other service, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$1M | 1.00% |
| $1M–$3M | 0.60% |
| $3M and above | 0.40% |
Fee details and sources
Other fees
- Financial Consulting
- Hourly rate of $300, which may be negotiated; one-half of the estimated fee is due at the start of the project.
Robert Armstrong owns 25% to 50% of Milestone Investment Advisors. It has 7 employees.
Staff
- 7 employees
- 7 in advisory functions
- 7 state-registered reps
- Owns 25% to 50% of Milestone Investment Advisors, LLC
Robert Armstrong
Control person · since July 2013
- Owns 25% to 50% of Milestone Investment Advisors, LLC
Daniel Kauper
Control person · since March 2017
- Owns 25% to 50% of Milestone Investment Advisors, LLC
Angel McClarey
Control person · since March 2017
Milestone Investment Advisors’ regulatory assets grew from $610M (February 2021) to $878M (May 2026); clients rose from 377 to 414 and employees from 5 to 7.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| May 2026May 2026 | $878M | 414 | 7 | 1 |
| Feb 2025February 2025 | $824M | 408 | 8 | 1 |
| Jun 2024June 2024 | $783M | 396 | 6 | 1 |
| Feb 2023February 2023 | $681M | 383 | 5 | 1 |
| Mar 2022March 2022 | $737M | 376 | 5 | 1 |
| Feb 2021February 2021 | $610M | 377 | 5 | 1 |
Besides its headquarters, Milestone Investment Advisors has 0 offices, with 1 listed address in 1 state.
Wisconsin · 1 listed address
- 6702 Stonefield Road, Suite 201, MiddletonHQ
Contact and registration details
- Legal name
- Milestone Investment Advisors, LLC
- Headquarters
- 6702 Stonefield Road, Suite 201, Middleton, WI 53562
- Website
- milestoneia.com
- Phone
- 608-826-5730
- SEC file
- 801-78337
- Founded
- 2013
- Structure
- Wisconsin LLC
- Fiscal year end
- December
Milestone Investment Advisors’ named custodians for separately managed accounts are Charles Schwab ($865M, 99%), Tiaa-Cref Individual & Institutional Services ($7.37M, 1%) and Fidelity ($4.79M, 1%). Milestone Investment Advisors has custody of $42M for 14 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $865M99%
- FidelityFidelity Brokerage Services LLC · Boston, MA · $4.79M1%
- Tiaa-Cref Individual & Institutional ServicesTiaa-Cref Individual & Institutional Services, LLC · New York, NY · $7.37M1%
At year end, Milestone Investment Advisors’ separately managed accounts were mostly in funds (93%). Its reported 13F holdings for the quarter ended 30 June 2026 total $463M across 141 positions; the largest are Invesco Exchange Traded FD T (10.4%), Schwab Strategic TR (7.3%) and Schwab Strategic TR (6.4%).
What the accounts hold
- Stocks4%
- Funds93%
- Bonds1%
- Cash1%
- Other1%
- Variable annuities (no load).1%
How many clients does Milestone Investment Advisors have?
Milestone Investment Advisors has 414 clients and manages $878 million for them, as of May 2026. They include 218 high-net-worth individuals, 190 individual clients, and 6 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 12 May 2026
What services does Milestone Investment Advisors offer?
Milestone Investment Advisors provides financial planning, portfolio management for individuals and small businesses, pension consulting, and estate 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 Milestone Investment Advisors charge?
Milestone Investment Advisors charges 0.40%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in arrears and has a $2,500 annual minimum.
Source: ADV PART 2A, filed 12 May 2026
Which custodians does Milestone Investment Advisors use?
Milestone Investment Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $865M, Tiaa-Cref Individual & Institutional Services, LLC (New York, NY), with $7.37M and Fidelity Brokerage Services LLC (Boston, MA), with $4.79M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 12 May 2026
How many financial advisors does Milestone Investment Advisors have?
Milestone Investment Advisors has 7 investment adviser representatives registered with state securities authorities, out of 7 employees, and 7 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 Milestone Investment Advisors invest in?
At the end of its last fiscal year, Milestone Investment Advisors’ separately managed accounts held 93% registered funds (mutual funds, ETFs, BDCs), 4% exchange-traded equities, 1% U.S. government and agency bonds, 1% cash and equivalents and 1% other. The 1% other category is described as: Variable Annuities (No Load).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Milestone Investment Advisors?
Milestone Investment Advisors’ direct owners are Robert Armstrong, Daniel Kauper and Angel McClarey, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 12 May 2026
How does Milestone Investment Advisors get paid?
Milestone Investment 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 Milestone Investment Advisors?
Milestone Investment Advisors’ main office is at 6702 Stonefield Road, Suite 201, Middleton, WI 53562. Its phone number is 608-826-5730. Its website is milestoneia.com.