DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Keystate Advisory, LLC
Latest filing Mar 24, 2026
First filing on the tape Nov 11, 2011 · 24 filings
SEC status approved since Jan 19, 2011
RAUM
$17B
reported, Item 5.F
Discretionary
68%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
9
registered through the firm on IAPD
RAUM per advisor
$1.8B
derived; firm RAUM over IAPD count
Employees
8
8 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
24 filings and snapshots on the tape
RAUM$17B as of Mar 24, 2026
Mar 30, 2012$1.2B then
HNW client RAUM: no history
State-registered IARs (5.B.3)8 as of Mar 24, 2026
Mar 30, 20120 then
Employees (5.A)8 as of Mar 24, 2026
Mar 27, 20134 then
Private funds: no history
RAUM -8.6% over the last fiscal year-0.1% a year over threeIARs 8 to 8
Practice profile
derived from the filing of Mar 24, 2026; every figure names its basis
- RAUM per advisor
- $1.8BderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $207MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 68%derivedof RAUM
- Institutional
- 0.6%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 0.9derivedItem 5.A over advisors
- Advisors per office
- 4.5derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- -8.6%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutionsreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Banks and thrifts$16B99%
- Insurance companies$97.6M0.6%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 80reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.0 fund_share=0.0 institutional_share=0.01 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
9 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Joshua Cael Miller | Las Vegas, Nv | Feb 4, 2011 | 28 y | 1 |
| Larry Merrell Wood | Las Vegas, Nv | Feb 11, 2011 | 20 y | 2 |
| Monte Lynn Miller | Las Vegas, Nv | Jun 23, 2011 | 32 y | 1 |
| Ivan Shawn Farris | Las Vegas, Nv | Mar 24, 2016 | 14 y | 1 |
| Patrick Michael Hidden | Las Vegas, Nv | Feb 26, 2018 | 13 y | 1 |
| Brian James Amend | Wilmington, De | Jan 18, 2019 | 18 y | 1 |
| Ronald Vincent Samuels | Wilmington, De | May 11, 2022 | 23 y | 0 |
| David Israel OcegueraChartered Financial Analyst | Las Vegas, Nv | Mar 24, 2023 | 11 y | 0 |
| Riley James Littlefield | Las Vegas, Nv | Nov 15, 2024 | 11 y | 2 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- Riley James Littlefield from Meeder Public Funds, Inc.Nov 15, 2024 · Other
- Larry Merrell Wood from Transwestern Capital Advisors, LLCFeb 11, 2011 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Cael Joshua Miller · Chief Compliance Officer & Ceocontrolsince 01/2011 · owns less than 5%
- Lynn Monte Miller · Executive Chairmancontrolsince 01/2011 · owns less than 5%
- Merrell Larry Wood · Executive Vice Presidentcontrolsince 01/2011 · owns less than 5%
- Cael Joshua Miller · Trusteecontrolsince 01/1996 · owns 75% or more of Joshua C. Miller 1996 Irrevocable Trust - Complex, Joshua C. Miller Trustee
- Lynn Monte Miller · Trusteecontrolsince 12/1996 · owns 75% or more of Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee
- Ryan Nicholas Miller · Trusteecontrolsince 01/1996 · owns 75% or more of Nicholas R. Miller 1996 Irrevocable Trust - Complex, Nicholas R. Miller, Trustee
- Shawn Ivan Farris · Senior Vice Presidentsince 10/2011 · owns less than 5%
Entity owners
- Keystate Holdings, LLC · Managing Memberdirect · owns 75% or more
- Jcm Ct Holdings, LLC · Shareholderindirect · owns 50% to 75% of Jnm Holdings, Inc.
- Jnm Holdings, Inc. · Memberindirect · owns 75% or more of Keystate Holdings, LLC
- Joshua C. Miller 1996 Irrevocable Trust - Complex, Joshua C. Miller Trustee · Shareholderindirect · owns 75% or more of Jcm Ct Holdings, LLC
- Nicholas R. Miller 1996 Irrevocable Trust - Complex, Nicholas R. Miller, Trustee · Shareholderindirect · owns 75% or more of Nrm Ct Holdings, LLC
- Nrm Ct Holdings, LLC · Shareholderindirect · owns 50% to 75% of Jnm Holdings, Inc.
- Susan J. Miller 1996 Irrevocable Trust · Memberdirect · owns less than 5%
- Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee · Controlling Shareholderindirect · owns F of Jnm Holdings, Inc.
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Las Vegas, Nv · principal | 9 | 0 | 0 | ||
| Wilmington, De | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Wilmington, DE1 employees
What changed
consecutive filings, newest first
- Accounts · 82 to 80Mar 19, 2025 to Mar 24, 2026
- Discretionary RAUM · $11B to $11BMar 19, 2025 to Mar 24, 2026
- Non-discretionary RAUM · $7.3B to $5.3BMar 19, 2025 to Mar 24, 2026
- RAUM · $18B to $17BMar 19, 2025 to Mar 24, 2026
- Accounts · 83 to 82Mar 8, 2024 to Mar 19, 2025
- Financial planning clients · unset to Mar 8, 2024 to Mar 19, 2025
- Discretionary RAUM · $9.7B to $11BMar 8, 2024 to Mar 19, 2025
- Non-discretionary RAUM · $7.3B to $7.3BMar 8, 2024 to Mar 19, 2025
- RAUM · $17B to $18BMar 8, 2024 to Mar 19, 2025
- Accounts · 127 to 83Mar 29, 2023 to Mar 8, 2024
- Advisory activities · 2 to 1Mar 29, 2023 to Mar 8, 2024
- Discretionary RAUM · $10B to $9.7BMar 29, 2023 to Mar 8, 2024
- Non-discretionary RAUM · $6.5B to $7.3BMar 29, 2023 to Mar 8, 2024
- RAUM · $17B to $17BMar 29, 2023 to Mar 8, 2024
- Accounts · 115 to 127Mar 23, 2022 to Mar 29, 2023
- Discretionary RAUM · $12B to $10BMar 23, 2022 to Mar 29, 2023
- Non-discretionary RAUM · $0 to $6.5BMar 23, 2022 to Mar 29, 2023
- RAUM · $12B to $17BMar 23, 2022 to Mar 29, 2023
- Accounts · 120 to 115Mar 25, 2021 to Mar 23, 2022
- Advisory employees · 7 to 8Mar 25, 2021 to Mar 23, 2022
- Employees · 7 to 8Mar 25, 2021 to Mar 23, 2022
- State-registered IARs · 0 to 8Mar 25, 2021 to Mar 23, 2022
- Discretionary RAUM · $9.7B to $12BMar 25, 2021 to Mar 23, 2022
- RAUM · $9.7B to $12BMar 25, 2021 to Mar 23, 2022
- Accounts · 121 to 120Apr 1, 2020 to Mar 25, 2021
- Discretionary RAUM · $7.5B to $9.7BApr 1, 2020 to Mar 25, 2021
- RAUM · $7.5B to $9.7BApr 1, 2020 to Mar 25, 2021
- Accounts · 122 to 121Apr 5, 2019 to Mar 20, 2020
- Discretionary RAUM · $5.7B to $7.5BApr 5, 2019 to Mar 20, 2020
- RAUM · $5.7B to $7.5BApr 5, 2019 to Mar 20, 2020
- Accounts · 123 to 122Apr 2, 2018 to Mar 29, 2019
- Discretionary RAUM · $4.0B to $5.7BApr 2, 2018 to Mar 29, 2019
- Non-discretionary RAUM · $1.1B to $0Apr 2, 2018 to Mar 29, 2019
- RAUM · $5.1B to $5.7BApr 2, 2018 to Mar 29, 2019
- Discretionary RAUM · $4.0B to $4.0BFeb 23, 2018 to Apr 2, 2018
- RAUM · $5.1B to $5.1BFeb 23, 2018 to Apr 2, 2018
- Accounts · 130 to 123Mar 22, 2017 to Feb 23, 2018
- Advisory employees · 6 to 7Mar 22, 2017 to Feb 23, 2018
- Employees · 6 to 7Mar 22, 2017 to Feb 23, 2018
- Other offices · unset to 1.0Mar 22, 2017 to Feb 23, 2018
Signals
5 dated events
- Keystate Advisory, Llc reported RAUM $16.7B, up 37% from $12.2B (2022-03-23 to 2023-03-29)Mar 29, 2023 · RAUM change · derived
- Keystate Advisory, Llc reported RAUM $12.2B, up 26% from $9.7B (2021-03-25 to 2022-03-23)Mar 23, 2022 · RAUM change · derived
- Keystate Advisory, Llc reported RAUM $9.7B, up 30% from $7.5B (2020-04-01 to 2021-03-25)Mar 25, 2021 · RAUM change · derived
- Ryan Nicholas Miller (Trustee) appeared on Schedule A of Keystate Advisory, LlcApr 1, 2020 · Control person joined · fact
- Keystate Advisory, Llc reported RAUM $7.5B, up 30% from $5.7B (2019-04-05 to 2020-03-20)Mar 20, 2020 · RAUM change · derived
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Website
- key-state.com/investment-subsidiary-portfolio-managementreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 702-598-3738reportedpublic record, Form ADV, Mar 24, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Other adviserderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $1.8Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026