# KLCM Advisors, Inc.

> KLCM Advisors, Inc. is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 1993, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 10, 2026.

- CRD: 107847
- Filed as: KLCM ADVISORS, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Milwaukee, WI
- Filing period: October 2026
- Form ADV filing dated: March 10, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/107847
- AdvisorCensus page: https://advisorcensus.com/firm/klcm-advisors-inc-milwaukee-wi-107847

## Quick answers

**How is KLCM Advisors, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), KLCM Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).

**Where is KLCM Advisors, Inc. located?**
KLCM Advisors, Inc.'s principal office is in Milwaukee, WI, according to its Form ADV.

**Is KLCM Advisors, Inc. registered with the SEC or a state?**
KLCM Advisors, Inc. is an SEC-registered investment advisory firm, registered since 1993. Status as filed: Approved. CRD 107847.

**How much does KLCM Advisors, Inc. manage?**
KLCM Advisors, Inc. reports $1,876,936,306 in regulatory assets under management in its Form ADV filing dated March 10, 2026 (100% discretionary).

**How have KLCM Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for KLCM Advisors, Inc.: Regulatory assets under management: $857,576,139 in the October 2021 data and $1,876,936,306 in the October 2026 data, up 119%. Total employees: 9 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does KLCM Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (397); individuals (other than high net worth individuals) (228); corporations or other businesses not listed above (7).

**Which custodians does KLCM Advisors, Inc. use?**
KLCM Advisors, Inc.'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 KLCM Advisors, Inc. 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/107847

**Does KLCM Advisors, Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated March 10, 2026 says: "The general minimum account size for management is $500,000. Exceptions are made based on investment client type, account size, relationship size, service requirements, and other factors."

**What changed in KLCM Advisors, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 6 to 5. Regulatory assets under management went from $1,461,996,538 to $1,876,936,306 (+28%). Registered or notice-filed in GA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated March 10, 2026)

- Account minimum: $500,000 (the brochure says it may be waived or negotiated)

> The general minimum account size for management is $500,000. Exceptions are made based on investment client type, account size, relationship size, service requirements, and other factors.

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: $1,876,936,306
- Discretionary: $1,876,936,306
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 228 | $120,777,482 |
| High net worth individuals | 397 | $1,656,693,259 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| 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) | 2 | $2,569,352 |
| Charitable organizations | 1 | $938,342 |
| 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 | 7 | $74,265,388 |
| Other | 2 | $21,692,483 |

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

### Firm details
- Registered since: 1993 (33 years)
- Employees: 11 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, AZ, CA, CO, FL, GA, IL, IN, MI, MN, NC, NY, TX, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- klcminc.com
- LinkedIn @klcm-advisors-inc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $857,576,139 | 9 | June 1, 2021 |
| October 2022 | $923,021,783 | 11 | April 4, 2022 |
| October 2023 | $973,996,676 | 11 | March 23, 2023 |
| October 2024 | $1,245,254,051 | 11 | March 15, 2024 |
| October 2025 | $1,461,996,538 | 12 | March 13, 2025 |
| October 2026 | $1,876,936,306 | 11 | March 10, 2026 |

Regulatory assets under management: $857,576,139 in the October 2021 data and $1,876,936,306 in the October 2026 data, up 119%.
Total employees: 9 in October 2021 and 11 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 6 to 5.
- Regulatory assets under management went from $1,461,996,538 to $1,876,936,306 (+28%).
- Registered or notice-filed in GA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. KLCM Advisors, Inc. (CRD 107847): Form ADV filing data as of October 2026.