{
  "crd_number": 122166,
  "slug": "investment-management-group-billings-mt-122166",
  "primary_business_name": "INVESTMENT MANAGEMENT GROUP",
  "legal_name": "STOCKMAN WEALTH MANAGEMENT, INC.",
  "dbas": [
    "INVESTMENT MANAGEMENT GROUP"
  ],
  "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": "2002-11-08",
  "years_registered": 23,
  "period": "2026-10-01",
  "filing_date": "2026-07-20",
  "carried_forward": false,
  "raum_total": 5235996694.0,
  "raum_discretionary": 1753202838.0,
  "raum_non_discretionary": 3482793856.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 30,
  "advisory_employees": 23,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 15201225.0,
      "count": 15,
      "description": "NOT FOR PROFITS-NON-CHARITABLE"
    },
    "charitable": {
      "raum": 229004978.0,
      "count": 64
    },
    "individuals": {
      "raum": 303259558.0,
      "count": 960
    },
    "banking_thrift": {
      "raum": 3009173761.0,
      "count": 8
    },
    "state_municipal": {
      "raum": 165459714.0,
      "count": 12
    },
    "insurance_companies": {
      "raum": 23405641.0,
      "count": 3
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 266610877.0,
      "count": 25
    },
    "high_net_worth_individuals": {
      "raum": 1037803283.0,
      "count": 379
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 186077657.0,
      "count": 66
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "other",
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "FL",
    "ID",
    "MN",
    "MT",
    "ND",
    "NH",
    "NV",
    "NY",
    "OR",
    "SD",
    "TX",
    "WA",
    "WI",
    "WY"
  ],
  "websites": [
    "https://linkedin.com/company/stockman-wealth-management",
    "https://stockmanbank.com/wealth-management"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/122166",
  "city_as_filed": "BILLINGS",
  "url": "https://advisorcensus.com/firm/investment-management-group-billings-mt-122166",
  "display_name": "Investment Management Group",
  "summary": "Investment Management Group is an SEC-registered investment advisory firm in Billings, MT, registered since 2002, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 20, 2026.",
  "citation": "AdvisorCensus. Investment Management Group (CRD 122166): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Other"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Pension consulting services",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Investment Management Group compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Investment Management Group reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other."
    },
    {
      "q": "Where is Investment Management Group located?",
      "a": "Investment Management Group's principal office is in Billings, MT, according to its Form ADV; the August 2026 filing also lists 8 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Investment Management Group registered with the SEC or a state?",
      "a": "Investment Management Group is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 122166."
    },
    {
      "q": "How much does Investment Management Group manage?",
      "a": "Investment Management Group reports $5,235,996,694 in regulatory assets under management in its Form ADV filing dated July 20, 2026 (33% discretionary)."
    },
    {
      "q": "How have Investment Management Group's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Investment Management Group: Regulatory assets under management: $4,391,732,852 in the October 2021 data and $5,235,996,694 in the October 2026 data, up 19%. Total employees: 24 in October 2021 and 30 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Investment Management Group serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (960); high net worth individuals (379); corporations or other businesses not listed above (66)."
    },
    {
      "q": "Which custodians does Investment Management Group use?",
      "a": "Investment Management Group's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Investment Management Group 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/122166"
    },
    {
      "q": "What changed in Investment Management Group's recent Form ADV filings?",
      "a": "In the August 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 4391732852.0,
      "total_employees": 24,
      "filing_date": "2021-09-16"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 5729989821.0,
      "total_employees": 25,
      "filing_date": "2022-08-08"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 4470755002.0,
      "total_employees": 26,
      "filing_date": "2023-10-03"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 4779207780.0,
      "total_employees": 31,
      "filing_date": "2024-08-26"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 5065457259.0,
      "total_employees": 30,
      "filing_date": "2025-03-03"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 5235996694.0,
      "total_employees": 30,
      "filing_date": "2026-07-20"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "Employees performing advisory functions went from 21 to 23."
      ]
    },
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "No longer lists an office in Billings, MT."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "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/investment-management-group-billings-mt-122166.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 960,
      "fewer_than_5": false,
      "raum": 303259558.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 379,
      "fewer_than_5": false,
      "raum": 1037803283.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 8,
      "fewer_than_5": false,
      "raum": 3009173761.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 25,
      "fewer_than_5": false,
      "raum": 266610877.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 64,
      "fewer_than_5": false,
      "raum": 229004978.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 12,
      "fewer_than_5": false,
      "raum": 165459714.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 3,
      "fewer_than_5": false,
      "raum": 23405641.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 66,
      "fewer_than_5": false,
      "raum": 186077657.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 15,
      "fewer_than_5": false,
      "raum": 15201225.0
    }
  ],
  "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/122166",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}