# Kapstone Financial Advisors LLC

> Kapstone Financial Advisors LLC is an SEC-registered investment advisory firm in Lebanon, OH, registered since 2022, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 18, 2026.

- CRD: 318885
- Filed as: KAPSTONE FINANCIAL ADVISORS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Lebanon, OH
- Filing period: October 2026
- Form ADV filing dated: June 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/318885
- AdvisorCensus page: https://advisorcensus.com/firm/kapstone-financial-advisors-llc-lebanon-oh-318885

## Quick answers

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

**What does Kapstone Financial Advisors LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated February 26, 2026 states: Asset-based fee: 0.5% to 1.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Kapstone Financial Advisors LLC located?**
Kapstone Financial Advisors LLC's principal office is in Lebanon, OH, according to its Form ADV.

**Is Kapstone Financial Advisors LLC registered with the SEC or a state?**
Kapstone Financial Advisors LLC is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 318885.

**How much does Kapstone Financial Advisors LLC manage?**
Kapstone Financial Advisors LLC reports $322,277,646 in regulatory assets under management in its Form ADV filing dated June 18, 2026 (98% discretionary).

**How have Kapstone Financial Advisors LLC's assets and staff changed since 2022?**
In the Form ADV data for Kapstone Financial Advisors LLC: Regulatory assets under management: $170,558,256 in the October 2022 data and $322,277,646 in the October 2026 data, up 89%. Total employees: 4 in October 2022 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Kapstone Financial Advisors LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (432); high net worth individuals (76).

**Which custodians does Kapstone Financial Advisors LLC use?**
Kapstone Financial Advisors LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Raymond James Financial Services, Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Kapstone Financial Advisors 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/318885

**Does Kapstone Financial Advisors LLC state an account minimum?**
Its Form ADV Part 2A brochure dated February 26, 2026 says: "Kapstone generally does not impose a minimum relationship size."

**What changed in Kapstone Financial Advisors LLC's recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $271,490,221 to $322,277,646 (+19%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated February 26, 2026)

- Asset-based fee: 0.5% to 1.5% a year (a range, as the brochure states it)

> Fees range from 0.50% to 1.50% annually based on several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the Advisor.

- Account minimum: None

> Kapstone generally does not impose a minimum relationship size.

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

### Custodians (Schedule D, Section 5.K(3))
- Raymond James Financial Services, 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: $322,277,646
- Discretionary: $314,734,951
- Non-discretionary: $7,542,695

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 432 | $97,986,978 |
| High net worth individuals | 76 | $216,099,290 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $7,542,695 |
| Charitable organizations | Fewer than 5 | $648,683 |

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

### Firm details
- Registered since: 2022 (4 years)
- Employees: 5 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, IL, KY, MI, NE, NH, OH, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- kapstoneadvisors.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | $170,558,256 | 4 | August 11, 2022 |
| October 2023 | $182,607,186 | 4 | February 27, 2023 |
| October 2024 | $204,832,267 | 5 | August 6, 2024 |
| October 2025 | $271,490,221 | 5 | January 31, 2025 |
| October 2026 | $322,277,646 | 5 | June 18, 2026 |

Regulatory assets under management: $170,558,256 in the October 2022 data and $322,277,646 in the October 2026 data, up 89%.
Total employees: 4 in October 2022 and 5 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $271,490,221 to $322,277,646 (+19%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Kapstone Financial Advisors LLC (CRD 318885): Form ADV filing data as of October 2026.