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
The Millstone Evans Group, LLC
Latest filing Jul 8, 2026
First filing on the tape Oct 29, 2020 · 28 filings
SEC status approved since Nov 30, 2020
RAUM
$893M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
98%
$873M individuals and HNW
Advisors
7
registered through the firm on IAPD
RAUM per advisor
$128M
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
28 filings and snapshots on the tape
RAUM$893M as of Jul 8, 2026
Mar 26, 2021$651M then
HNW client RAUM$742M as of Jul 8, 2026
Mar 26, 2021$502M then
State-registered IARs (5.B.3)8 as of Jul 8, 2026
Mar 26, 202110 then
Employees (5.A)8 as of Jul 8, 2026
Mar 26, 202111 then
Private funds: no history
RAUM +15% over the last fiscal year+13% a year over threeIARs 7 to 8offices 3 to 1
Practice profile
derived from the filing of Jul 8, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
- RAUM per advisor
- $128MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 90derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.5MderivedHNW RAUM over HNW clients
- Average account
- $333,711derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 1.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.1derivedItem 5.A over advisors
- Advisors per office
- 3.5derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- +15%derivedbetween the last two annual amendments
- Advisor growth, one year
- +14%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +4.8%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, selection of other advisers, publications, educational seminars, otherreportedItem 5.G
- Wrap fee program
- $893MreportedItem 5.I
- Custody
- $22.3M, 27 clientsreportedItem 9.A
- 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
- is an insurance broker or agent (6.A.6)
- buys or sells securities as principal to or from clients (8.A.2)
- 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$742M83%
- Individuals$132M15%
- Charitable organizations$11.0M1.2%
- Corporations and businesses$9.3M1.0%
- Individual clients
- 420reported
- HNW clients
- 210reported
- Pension plan clients
- n/areported
- Charitable clients
- 12reported
- Accounts
- 2,677reported
- Financial planning clients
- 51-100reported
- Wrap fee programs
- $0 sponsored, $0 managedreported
- Custody of client assets
- $22.3M for 27 clientsreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.98 fund_share=0.0 institutional_share=0.01 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
7 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Toni Ann Noto | Denver, Co | Jan 7, 2021 | 38 y | 3 |
| Sacha Millstone | Boulder, Co | Jan 11, 2022 | 41 y | 1 |
| Madeline Marie Stutz | Boulder, Co | Nov 16, 2023 | 13 y | 0 |
| Joseph Douglas Morris | Boulder, Co | Apr 1, 2025 | 12 y | 0 |
| Byron Keith Wilson | Boulder, Co | Nov 25, 2025 | 26 y | 3 |
| Anna Sergeeva Todorova | Boulder, Co | May 6, 2026 | 12 y | 3 |
| Sydney Leigh Tyler | Boulder, Co | Aug 4, 2026 | 10 y | 0 |
Advisor movement
3 left, 2 joined in 12 months
net -1 in 12 months1 left in 90 days0 joined in 90 daysdeparture rate 43% of current headcount5 left over 36 months
Left, latest
- Ryan Albert Rudolph Kern to Florida Financial Advisors, LLCJul 8, 2026 · RIA to affiliated broker-dealer or bank
- William Leonard Kowalski to Brightward Financial LLCMar 12, 2026 · RIA to a state-registered adviser
- Benjamin D Kirby to Brightward Financial LLCFeb 2, 2026 · RIA to a state-registered adviser
- Bradley Ross Michalchuk to Wells Fargo AdvisorsMay 9, 2025 · RIA to wirehouse
- Riley John Thoubboron to FpfocoDec 15, 2023 · RIA to RIA
- Jarrett Ian Sharp to Sharper Image Financial Services, LLCJul 28, 2023 · RIA to a state-registered adviser
Joined, latest
- Anna Sergeeva Todorova from Ima Advisory Services, Inc.May 6, 2026 · RIA to RIA
- Byron Keith Wilson from Curian Capital, LLCNov 25, 2025 · Other
- Bradley Ross Michalchuk from Maia WealthFeb 12, 2022 · RIA to RIA
- Sacha Millstone from Raymond James & Associates, Inc.Jan 11, 2022 · Affiliated broker-dealer or bank to independent RIA
- Toni Ann Noto from Raymond James & Associates, Inc.Jan 7, 2021 · Affiliated broker-dealer or bank to a newly registered adviser
- William Leonard Kowalski from Raymond James & Associates, Inc.Jan 4, 2021 · Affiliated broker-dealer or bank to a newly registered adviser
- Riley John Thoubboron from Raymond James & Associates, Inc.Jan 4, 2021 · Affiliated broker-dealer or bank to a newly registered adviser
Teams: two or more advisors moving together within fourteen days, from one state
- 3 joined from Raymond James & Associates, Inc.Dec 31, 2020 · Boulder, Co
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Blair Gregory Evans · Ownercontrolsince 05/2020 · owns 25% to 50%
- Sacha Millstone · Owner, Elected Managercontrolsince 05/2020 · owns 50% to 75%
- Renee Michele Duvall · Chief Compliance Officersince 12/2023 · owns less than 5%
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 |
|---|---|---|---|---|---|
| Boulder, Co · principal | 7 | 3 | 3 | ||
| Denver, Co | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Denver, CO1 employees
- , 1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- employee count dropChange between filings · filing Apr 27, 2026employees (Item 5.A) moved from 13.0 to 8.0 (-38.0%) between the annual amendments of 2025-04-22 and 2026-04-27; the peer median change was 0.0% (596 comparable advisers, 1.0th percentile of changes)peers: independent wealth managers, $500M to $1B (596) · 0.7% percentile
What changed
consecutive filings, newest first
- Other offices · 2 to 1May 6, 2026 to Jul 8, 2026
- Accounts · 2,314 to 2,677Feb 12, 2026 to Mar 23, 2026
- HNW clients · 201 to 210Feb 12, 2026 to Mar 23, 2026
- Individual clients · 400 to 420Feb 12, 2026 to Mar 23, 2026
- Assets in custody · $62.7M to $22.3MFeb 12, 2026 to Mar 23, 2026
- Employees · 13 to 8Feb 12, 2026 to Mar 23, 2026
- State-registered IARs · 7 to 8Feb 12, 2026 to Mar 23, 2026
- Discretionary RAUM · $766M to $893MFeb 12, 2026 to Mar 23, 2026
- HNW RAUM · $646M to $742MFeb 12, 2026 to Mar 23, 2026
- Individual RAUM · $116M to $132MFeb 12, 2026 to Mar 23, 2026
- Non-discretionary RAUM · $11.7M to $0Feb 12, 2026 to Mar 23, 2026
- RAUM · $778M to $893MFeb 12, 2026 to Mar 23, 2026
- Financial planning clients · 51-100 to 51-100Apr 22, 2025 to May 13, 2025
- Other offices · 3 to 2Apr 22, 2025 to May 13, 2025
- Accounts · 3,002 to 2,314Nov 5, 2024 to Apr 22, 2025
- Advisory employees · 4 to 8Nov 5, 2024 to Apr 22, 2025
- Charity clients · 11 to 12Nov 5, 2024 to Apr 22, 2025
- Corporate clients · unset to 12.0Nov 5, 2024 to Apr 22, 2025
- HNW clients · 269 to 201Nov 5, 2024 to Apr 22, 2025
- Individual clients · 519 to 400Nov 5, 2024 to Apr 22, 2025
- Assets in custody · $8.8M to $62.7MNov 5, 2024 to Apr 22, 2025
- Employees · 10 to 13Nov 5, 2024 to Apr 22, 2025
- Financial planning clients · 26-50 to 51-100Nov 5, 2024 to Apr 22, 2025
- State-registered IARs · 8 to 7Nov 5, 2024 to Apr 22, 2025
- Discretionary RAUM · $565M to $766MNov 5, 2024 to Apr 22, 2025
- HNW RAUM · $545M to $646MNov 5, 2024 to Apr 22, 2025
- Individual RAUM · $143M to $116MNov 5, 2024 to Apr 22, 2025
- Non-discretionary RAUM · $136M to $11.7MNov 5, 2024 to Apr 22, 2025
- RAUM · $700M to $778MNov 5, 2024 to Apr 22, 2025
- Accounts · 2,245 to 3,002Feb 22, 2024 to Mar 28, 2024
- Advisory employees · 8 to 4Feb 22, 2024 to Mar 28, 2024
- Charity clients · 9 to 11Feb 22, 2024 to Mar 28, 2024
- Corporate clients · 2.0 to unsetFeb 22, 2024 to Mar 28, 2024
- HNW clients · 157 to 269Feb 22, 2024 to Mar 28, 2024
- Individual clients · 419 to 519Feb 22, 2024 to Mar 28, 2024
- Pension plan clients · 0.0 to unsetFeb 22, 2024 to Mar 28, 2024
- Pooled vehicle clients · 0.0 to unsetFeb 22, 2024 to Mar 28, 2024
- Assets in custody · $4.3M to $8.8MFeb 22, 2024 to Mar 28, 2024
- Employees · 11 to 10Feb 22, 2024 to Mar 28, 2024
- Other offices · 1 to 3Feb 22, 2024 to Mar 28, 2024
Signals
9 dated events
- Ryan Albert Rudolph Kern left The Millstone Evans Group, Llc for Florida Financial Advisors, Llc (registered 2026-07-14)Jul 8, 2026 · Advisor changed firm · fact
- William Leonard Kowalski left The Millstone Evans Group, Llc for Brightward Financial Llc (registered 2026-03-27)Mar 12, 2026 · Advisor changed firm · fact
- Benjamin D Kirby left The Millstone Evans Group, Llc for Brightward Financial Llc (registered 2026-03-27)Feb 2, 2026 · Advisor changed firm · fact
- Bradley Ross Michalchuk left The Millstone Evans Group, Llc for Wells Fargo Advisors (registered 2025-04-25)May 9, 2025 · Advisor changed firm · fact
- Riley John Thoubboron left The Millstone Evans Group, Llc for Fpfoco (registered 2023-12-19)Dec 15, 2023 · Advisor changed firm · fact
- John Riley Thoubboron (Chief Compliance Officer) no longer on Schedule A of The Millstone Evans Group, Llc (listed 2023-07-28, absent 2023-11-28)Nov 28, 2023 · Control person left · inference
- Jarrett Ian Sharp left The Millstone Evans Group, Llc for Sharper Image Financial Services, Llc (registered 2024-02-25)Jul 28, 2023 · Advisor changed firm · fact
- The Millstone Evans Group, Llc reported 10 state-registered advisory representatives, up from 0 (2021-01-28 to 2021-03-26)Mar 26, 2021 · Advisor headcount change · derived
- The Millstone Evans Group, Llc filed its initial SEC registration (Form ADV)Oct 29, 2020 · First SEC registration · fact
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
- Business email
- martial@millstoneevansgroup.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 720-728-2801reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 800-201-4554reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 866-522-9588reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- LINKEDIN.COM/COMPANY/THE-MILLSTONE-EVANS-GROUP/MYCOMPANYreportedpublic record, Form ADV, Sep 17, 2026
- Website
- MILLSTONEEVANSGROUP.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 720-728-2801reportedpublic record, Form ADV, Jul 8, 2026
- Contact form
- MILLSTONEEVANSGROUP.COM/connectreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- MILLSTONEEVANSGROUP.COM/engage/professionals-entrepreneurs-treportedpublished by the firm, firm site, Sep 15, 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
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $128Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026