# Keystone Wealth Advisors, Incorporated

> Keystone Wealth Advisors, Incorporated is an SEC-registered investment advisory firm in Eagan, MN, registered since 2010, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 11, 2026.

- CRD: 153418
- Filed as: KEYSTONE WEALTH ADVISORS, INCORPORATED
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Eagan, MN
- Filing period: October 2026
- Form ADV filing dated: June 11, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/153418
- AdvisorCensus page: https://advisorcensus.com/firm/keystone-wealth-advisors-incorporated-eagan-mn-153418

## Quick answers

**How is Keystone Wealth Advisors, Incorporated compensated?**
On its Form ADV (Item 5.E, October 2026), Keystone Wealth Advisors, Incorporated reports these compensation arrangements: a percentage of assets under its management; hourly charges.

**Where is Keystone Wealth Advisors, Incorporated located?**
Keystone Wealth Advisors, Incorporated's principal office is in Eagan, MN, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Keystone Wealth Advisors, Incorporated registered with the SEC or a state?**
Keystone Wealth Advisors, Incorporated is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 153418.

**How much does Keystone Wealth Advisors, Incorporated manage?**
Keystone Wealth Advisors, Incorporated reports $201,352,666 in regulatory assets under management in its Form ADV filing dated June 11, 2026 (0% discretionary).

**How have Keystone Wealth Advisors, Incorporated's assets and staff changed since 2021?**
In the Form ADV data for Keystone Wealth Advisors, Incorporated: Regulatory assets under management: $100,061,000 in the October 2021 data and $201,352,666 in the October 2026 data, up 101%. Total employees: 2 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Keystone Wealth Advisors, Incorporated serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (41); high net worth individuals (25).

**Which custodians does Keystone Wealth Advisors, Incorporated use?**
Keystone Wealth Advisors, Incorporated'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.

**Does Keystone Wealth Advisors, Incorporated 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/153418

**Does Keystone Wealth Advisors, Incorporated state an account minimum?**
Its Form ADV Part 2A brochure dated June 11, 2026 says: "There is an account minimum, $1,000,000, which may be waived by the investment advisor, based on the needs of the client and the complexity of the situation."

**What changed in Keystone Wealth Advisors, Incorporated's recent Form ADV filings?**
In the December 2025 filing data: Employees performing advisory functions went from 4 to 3.

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated June 11, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> There is an account minimum, $1,000,000, which may be waived by the investment advisor, based on the needs of the client and the complexity of the situation.

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., 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: $201,352,666
- Discretionary: $0
- Non-discretionary: $201,352,666

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 41 | $41,900,833 |
| High net worth individuals | 25 | $159,451,833 |

### Advisory services (Item 5.G)
- 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
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2010 (16 years)
- Employees: 3 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- St. Cloud, MN

### Websites listed on Form ADV (Item 1.I)
- keystonewa.com
- Facebook @SDC154
- LinkedIn @ANDY-OLSEN-A0770730
- LinkedIn @STEVE-CARLSON-2A81A91

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $100,061,000 | 2 | June 15, 2021 |
| October 2022 | $124,987,029 | 3 | June 13, 2022 |
| October 2023 | $156,885,245 | 3 | July 6, 2023 |
| October 2024 | $147,837,321 | 4 | June 6, 2024 |
| October 2025 | $191,425,402 | 4 | July 1, 2025 |
| October 2026 | $201,352,666 | 3 | June 11, 2026 |

Regulatory assets under management: $100,061,000 in the October 2021 data and $201,352,666 in the October 2026 data, up 101%.
Total employees: 2 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### December 2025
- Employees performing advisory functions went from 4 to 3.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Keystone Wealth Advisors, Incorporated (CRD 153418): Form ADV filing data as of October 2026.