{ "crd_number": 156226, "slug": "keystate-advisory-llc-las-vegas-nv-156226", "primary_business_name": "KEYSTATE ADVISORY, LLC", "legal_name": "KEYSTATE ADVISORY, LLC", "dbas": [], "city": "Las Vegas", "state": "NV", "country": "United States", "cbsa_code": "29820", "metro": { "cbsa_code": "29820", "common_name": "Las Vegas", "msa_name": "Las Vegas-Henderson-North Las Vegas, NV", "path": "/advisors/nv/las-vegas" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2011-01-19", "years_registered": 15, "period": "2026-10-01", "filing_date": "2026-03-24", "carried_forward": false, "raum_total": 16594783593.0, "raum_discretionary": 11307718513.0, "raum_non_discretionary": 5287065080.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 8, "advisory_employees": 8, "client_count_bucket": null, "clients_by_type": { "banking_thrift": { "raum": 16497221500.0, "count": 58 }, "insurance_companies": { "raum": 97562093.0, "count": 22 } }, "compensation_types": [ "fixed", "percentage_of_aum" ], "advisory_activities": [ "portfolio_management_businesses_institutional" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "DE", "NV" ], "websites": [ "https://key-state.com/investment-subsidiary-portfolio-management" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/156226", "city_as_filed": "LAS VEGAS", "url": "https://advisorcensus.com/firm/keystate-advisory-llc-las-vegas-nv-156226", "display_name": "Keystate Advisory, LLC", "summary": "Keystate Advisory, LLC is an SEC-registered investment advisory firm in Las Vegas, NV, registered since 2011, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 24, 2026.", "citation": "AdvisorCensus. Keystate Advisory, LLC (CRD 156226): 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)" ], "advisory_activity_labels": [ "Portfolio management for businesses (other than small businesses) or institutional clients" ], "quick_answers": [ { "q": "How is Keystate Advisory, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Keystate Advisory, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees)." }, { "q": "Where is Keystate Advisory, LLC located?", "a": "Keystate Advisory, LLC's principal office is in Las Vegas, NV, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is Keystate Advisory, LLC registered with the SEC or a state?", "a": "Keystate Advisory, LLC is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 156226." }, { "q": "How much does Keystate Advisory, LLC manage?", "a": "Keystate Advisory, LLC reports $16,594,783,593 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (68% discretionary)." }, { "q": "How have Keystate Advisory, LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for Keystate Advisory, LLC: Regulatory assets under management: $9,701,145,830 in the October 2021 data and $16,594,783,593 in the October 2026 data, up 71%. Total employees: 7 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Keystate Advisory, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: banking or thrift institutions (58); insurance companies (22)." }, { "q": "Which custodians does Keystate Advisory, LLC use?", "a": "Keystate Advisory, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bankers' Bank and Principal Financial Group as custodians holding 10% or more of its separately managed account assets." }, { "q": "Does Keystate 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/156226" }, { "q": "Does Keystate Advisory, LLC state an account minimum?", "a": "Its Form ADV Part 2A brochure dated March 24, 2026 says: \"The Firm has no minimum size requirements for its clients.\"" }, { "q": "What changed in Keystate Advisory, LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Updated its list of owners and control persons (Schedule A)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 9701145830.0, "total_employees": 7, "filing_date": "2021-03-25" }, { "period": "2022-10-01", "regulatory_assets_under_management": 12188730637.0, "total_employees": 8, "filing_date": "2022-03-23" }, { "period": "2023-10-01", "regulatory_assets_under_management": 16666770589.0, "total_employees": 8, "filing_date": "2023-03-29" }, { "period": "2024-10-01", "regulatory_assets_under_management": 17032495600.0, "total_employees": 8, "filing_date": "2024-03-08" }, { "period": "2025-10-01", "regulatory_assets_under_management": 18152920112.0, "total_employees": 8, "filing_date": "2025-03-19" }, { "period": "2026-10-01", "regulatory_assets_under_management": 16594783593.0, "total_employees": 8, "filing_date": "2026-03-24" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated March 24, 2026", "provided_by_the_firm": false, "tiers": [], "flat_rate": null, "stated_range": null, "stated_maximum": null, "account_minimum": "None", "account_minimum_may_be_waived": false, "minimum_annual_fee": null, "planning_fees": [], "figures": [ { "label": "Account minimum", "statements": [ "Account minimum: None" ], "quotes": [ "The Firm has no minimum size requirements for its clients." ] } ], "values": { "tiers": [], "range_pct": null, "max_pct": null, "account_minimum": 0.0, "minimum_annual_fee": null, "planning": [] }, "quotes": [ "The Firm has no minimum size requirements for its clients." ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [ { "name": "Bankers' Bank", "name_as_filed": "BANKERS' BANK", "affiliated": false }, { "name": "Principal Financial Group", "name_as_filed": "PRINCIPAL FINANCIAL GROUP", "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/keystate-advisory-llc-las-vegas-nv-156226.md", "clients": [ { "type": "banking_thrift", "label": "Banking or thrift institutions", "count": 58, "fewer_than_5": false, "raum": 16497221500.0 }, { "type": "insurance_companies", "label": "Insurance companies", "count": 22, "fewer_than_5": false, "raum": 97562093.0 } ], "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/156226", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }