{
  "crd_number": 153873,
  "slug": "cladis-investment-advisory-llc-billings-mt-153873",
  "primary_business_name": "CLADIS INVESTMENT ADVISORY LLC",
  "legal_name": "CLADIS INVESTMENT ADVISORY LLC",
  "dbas": [],
  "city": "Billings",
  "state": "MT",
  "country": "United States",
  "cbsa_code": "13740",
  "metro": {
    "cbsa_code": "13740",
    "common_name": "Billings",
    "msa_name": "Billings, MT",
    "path": "/advisors/mt/billings"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2022-07-21",
  "years_registered": 4,
  "period": "2026-10-01",
  "filing_date": "2026-03-05",
  "carried_forward": false,
  "raum_total": 242614579.0,
  "raum_discretionary": 241964339.0,
  "raum_non_discretionary": 650240.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 3,
  "advisory_employees": 3,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 51752355.0,
      "count": 5
    },
    "individuals": {
      "raum": 27309310.0,
      "count": 68
    },
    "high_net_worth_individuals": {
      "raum": 123736846.0,
      "count": 46
    },
    "corporations_other_businesses": {
      "raum": 39816068.0,
      "count": null,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "other",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "MT",
    "NE"
  ],
  "websites": [
    "https://cladisadvisory.com",
    "https://linkedin.com/in/nick-cladis-9a8aa936",
    "https://linkedin.com/in/tracy-hawbaker-383b2b95"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/153873",
  "city_as_filed": "BILLINGS",
  "url": "https://advisorcensus.com/firm/cladis-investment-advisory-llc-billings-mt-153873",
  "display_name": "Cladis Investment Advisory LLC",
  "summary": "Cladis Investment Advisory LLC is an SEC-registered investment advisory firm in Billings, MT, registered since 2022, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 5, 2026.",
  "citation": "AdvisorCensus. Cladis Investment Advisory LLC (CRD 153873): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Cladis Investment Advisory LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Cladis Investment Advisory LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees)."
    },
    {
      "q": "What does Cladis Investment Advisory LLC's brochure say about its fees?",
      "a": "Its Form ADV Part 2A brochure dated March 5, 2026 states: Up to $999,999: 1.25% a year; $1,000,000 to $2,499,999: 1% a year; $2,500,000 to $4,999,999: 0.9% a year; $5,000,000 to $10,000,000: 0.75% a year; Above $10,000,000: see the brochure. Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Cladis Investment Advisory LLC located?",
      "a": "Cladis Investment Advisory LLC's principal office is in Billings, MT, according to its Form ADV."
    },
    {
      "q": "Is Cladis Investment Advisory LLC registered with the SEC or a state?",
      "a": "Cladis Investment Advisory LLC is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 153873."
    },
    {
      "q": "How much does Cladis Investment Advisory LLC manage?",
      "a": "Cladis Investment Advisory LLC reports $242,614,579 in regulatory assets under management in its Form ADV filing dated March 5, 2026 (100% discretionary)."
    },
    {
      "q": "How have Cladis Investment Advisory LLC's assets and staff changed since 2022?",
      "a": "In the Form ADV data for Cladis Investment Advisory LLC: Regulatory assets under management: $111,701,416 in the October 2022 data and $242,614,579 in the October 2026 data, up 117%. Total employees: 2 in October 2022 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Cladis Investment Advisory LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (68); high net worth individuals (46); charitable organizations (5)."
    },
    {
      "q": "Which custodians does Cladis Investment Advisory LLC use?",
      "a": "Cladis Investment Advisory LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists J.P. Morgan Securities LLC and Wells Fargo Clearing Services, LLC as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Cladis Investment Advisory LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/153873"
    },
    {
      "q": "What changed in Cladis Investment Advisory LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 2 to 3. Regulatory assets under management went from $206,599,567 to $242,614,579 (+17%)."
    }
  ],
  "filing_history": [
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 111701416.0,
      "total_employees": 2,
      "filing_date": "2022-09-28"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 104921621.0,
      "total_employees": 2,
      "filing_date": "2023-04-04"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 139940781.0,
      "total_employees": 2,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 206599567.0,
      "total_employees": 2,
      "filing_date": "2025-03-18"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 242614579.0,
      "total_employees": 3,
      "filing_date": "2026-03-05"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 2 to 3.",
        "Regulatory assets under management went from $206,599,567 to $242,614,579 (+17%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 5, 2026",
    "tiers": [
      {
        "band": "Up to $999,999",
        "rate": "1.25%"
      },
      {
        "band": "$1,000,000 to $2,499,999",
        "rate": "1%"
      },
      {
        "band": "$2,500,000 to $4,999,999",
        "rate": "0.9%"
      },
      {
        "band": "$5,000,000 to $10,000,000",
        "rate": "0.75%"
      },
      {
        "band": "Above $10,000,000",
        "rate": null,
        "note": "Not stated in this schedule; see the brochure."
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "Up to $999,999: 1.25% a year",
          "$1,000,000 to $2,499,999: 1% a year",
          "$2,500,000 to $4,999,999: 0.9% a year",
          "$5,000,000 to $10,000,000: 0.75% a year",
          "Above $10,000,000: see the brochure"
        ],
        "quotes": [
          "Market Value of Assets Managed  Annual Fee\n$999,999 or less            1.25%\n$1,000,000 to $2,499,999       1.00%\n$2,500,000 to $4,999,999         .90%\n$5,000,000 to $10,000,000         .75%\nAbove $10,000,000    Negotiable"
        ]
      }
    ],
    "quotes": [
      "Market Value of Assets Managed  Annual Fee\n$999,999 or less            1.25%\n$1,000,000 to $2,499,999       1.00%\n$2,500,000 to $4,999,999         .90%\n$5,000,000 to $10,000,000         .75%\nAbove $10,000,000    Negotiable"
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "J.P. Morgan Securities LLC",
      "name_as_filed": "J.P. MORGAN SECURITIES LLC",
      "affiliated": false
    },
    {
      "name": "Wells Fargo Clearing Services, LLC",
      "name_as_filed": "WELLS FARGO CLEARING SERVICES, LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/cladis-investment-advisory-llc-billings-mt-153873.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 68,
      "fewer_than_5": false,
      "raum": 27309310.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 46,
      "fewer_than_5": false,
      "raum": 123736846.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 5,
      "fewer_than_5": false,
      "raum": 51752355.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": null,
      "fewer_than_5": true,
      "raum": 39816068.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/153873",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}