# Cladis Investment Advisory LLC

> 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.

- CRD: 153873
- Filed as: CLADIS INVESTMENT ADVISORY LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Billings, MT
- Filing period: October 2026
- Form ADV filing dated: March 5, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/153873
- AdvisorCensus page: https://advisorcensus.com/firm/cladis-investment-advisory-llc-billings-mt-153873

## Quick answers

**How is Cladis Investment Advisory LLC compensated?**
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).

**How much does Cladis Investment Advisory LLC charge?**
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.

**Where is Cladis Investment Advisory LLC located?**
Cladis Investment Advisory LLC's principal office is in Billings, MT, according to its Form ADV.

**Is Cladis Investment Advisory LLC registered with the SEC or a state?**
Cladis Investment Advisory LLC is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 153873.

**How much does Cladis Investment Advisory LLC manage?**
Cladis Investment Advisory LLC reports $242,614,579 in regulatory assets under management in its Form ADV filing dated March 5, 2026 (100% discretionary).

**How have Cladis Investment Advisory LLC's assets and staff changed since 2022?**
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.

**What types of clients does Cladis Investment Advisory LLC serve?**
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).

**Which custodians does Cladis Investment Advisory LLC use?**
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.

**Does Cladis Investment Advisory LLC report any disciplinary disclosures?**
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

**What changed in Cladis Investment Advisory LLC's recent Form ADV filings?**
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%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated March 5, 2026)

- 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

> Market Value of Assets Managed Annual Fee $999,999 or less 1.25% $1,000,000 to $2,499,999 1.00% $2,500,000 to $4,999,999 .90% $5,000,000 to $10,000,000 .75% Above $10,000,000 Negotiable

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- J.P. Morgan Securities LLC
- Wells Fargo Clearing Services, LLC

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.

### Regulatory assets under management (Item 5.F)
- Total: $242,614,579
- Discretionary: $241,964,339
- Non-discretionary: $650,240

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 68 | $27,309,310 |
| High net worth individuals | 46 | $123,736,846 |
| Charitable organizations | 5 | $51,752,355 |
| Corporations or other businesses not listed above | Fewer than 5 | $39,816,068 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Other

### Firm details
- Registered since: 2022 (4 years)
- Employees: 3 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MT, NE
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- cladisadvisory.com
- LinkedIn @nick-cladis-9a8aa936
- LinkedIn @tracy-hawbaker-383b2b95

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | $111,701,416 | 2 | September 28, 2022 |
| October 2023 | $104,921,621 | 2 | April 4, 2023 |
| October 2024 | $139,940,781 | 2 | March 28, 2024 |
| October 2025 | $206,599,567 | 2 | March 18, 2025 |
| October 2026 | $242,614,579 | 3 | March 5, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 2 to 3.
- Regulatory assets under management went from $206,599,567 to $242,614,579 (+17%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cladis Investment Advisory LLC (CRD 153873): Form ADV filing data as of October 2026.