# First National Advisers, LLC

> First National Advisers, LLC is an SEC-registered investment advisory firm in Omaha, NE, registered since 2015, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 16, 2026.

- CRD: 277146
- Filed as: FIRST NATIONAL ADVISERS, LLC
- Also doing business as: PRIVATE WEALTH RESERVE
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Omaha, NE
- Filing period: October 2026
- Form ADV filing dated: June 16, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/277146
- AdvisorCensus page: https://advisorcensus.com/firm/first-national-advisers-llc-omaha-ne-277146

## Quick answers

**How is First National Advisers, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), First National Advisers, LLC reports these compensation arrangements: a percentage of assets under its management.

**Where is First National Advisers, LLC located?**
First National Advisers, LLC's principal office is in Omaha, NE, according to its Form ADV; the July 2026 filing also lists 4 other offices (Schedule D, Section 1.F).

**Is First National Advisers, LLC registered with the SEC or a state?**
First National Advisers, LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 277146.

**How much does First National Advisers, LLC manage?**
First National Advisers, LLC reports $7,369,671,462 in regulatory assets under management in its Form ADV filing dated June 16, 2026 (100% discretionary).

**How have First National Advisers, LLC's assets and staff changed since 2021?**
In the Form ADV data for First National Advisers, LLC: Regulatory assets under management: $189,294,719 in the October 2021 data and $7,369,671,462 in the October 2026 data, up 3793%. Total employees: 15 in October 2021 and 35 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does First National Advisers, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (797); high net worth individuals (315); corporations or other businesses not listed above (28).

**Which custodians does First National Advisers, LLC use?**
First National Advisers, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists First National Bank of Omaha (affiliated with the firm), FNN Trust Company, LLC (affiliated with the firm) and Raymond James & Associates, Inc. as custodians holding 10% or more of its separately managed account assets.

**Does First National Advisers, LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.D(1) (another regulator's finding of a false statement or omission, or of dishonest, unfair, or unethical conduct), 11.D(2) (another regulator's finding of a violation), and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/277146

**What changed in First National Advisers, LLC's recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Custodians (Schedule D, Section 5.K(3))
- First National Bank of Omaha (affiliated with the firm)
- FNN Trust Company, LLC (affiliated with the firm)
- Raymond James & Associates, Inc.

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: $7,369,671,462
- Discretionary: $7,369,671,462
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 797 | $242,539,149 |
| High net worth individuals | 315 | $1,434,584,092 |
| Banking or thrift institutions | Fewer than 5 | $5,138,406,416 |
| Investment companies | 1 | $527,127,191 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 4 | $3,364,796 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 28 | $23,649,818 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2015 (11 years)
- Employees: 35 total, 20 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AR, AZ, CA, CO, FL, GA, HI, IA, IL, KS, LA, MD, MI, MN, MO, MT, NE, NJ, NM, OH, OR, PR, SD, TX, VT, WA, WY
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/277146

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Boulder, CO
- Fort Collins, CO
- Greeley, CO
- Lincoln, NE

### Websites listed on Form ADV (Item 1.I)
- fnbo.com/wealth/private-wealth-reserve

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $189,294,719 | 15 | August 26, 2021 |
| October 2022 | $1,069,846,852 | 25 | September 19, 2022 |
| October 2023 | $2,420,210,912 | 37 | September 13, 2023 |
| October 2024 | $6,237,040,948 | 37 | March 28, 2024 |
| October 2025 | $6,571,419,555 | 37 | April 9, 2025 |
| October 2026 | $7,369,671,462 | 35 | June 16, 2026 |

Regulatory assets under management: $189,294,719 in the October 2021 data and $7,369,671,462 in the October 2026 data, up 3793%.
Total employees: 15 in October 2021 and 35 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 28 to 20.
- Regulatory assets under management went from $6,571,419,555 to $7,369,671,462 (+12%).
- Added an office in Boulder, CO.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First National Advisers, LLC (CRD 277146): Form ADV filing data as of October 2026.