# LM Advisors LLC

> LM Advisors LLC is an SEC-registered investment advisory firm in San Diego, CA, registered since 2011, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 153940
- Filed as: LM ADVISORS LLC
- Also doing business as: LMA WEALTH MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Diego, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/153940
- AdvisorCensus page: https://advisorcensus.com/firm/lm-advisors-llc-san-diego-ca-153940

## Quick answers

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

**How much does LM Advisors LLC charge?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 0.5% to 1% 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 LM Advisors LLC located?**
LM Advisors LLC's principal office is in San Diego, CA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is LM Advisors LLC registered with the SEC or a state?**
LM Advisors LLC is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 153940.

**How much does LM Advisors LLC manage?**
LM Advisors LLC reports $2,877,248,160 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have LM Advisors LLC's assets and staff changed since 2021?**
In the Form ADV data for LM Advisors LLC: Regulatory assets under management: $2,019,324,206 in the October 2021 data and $2,877,248,160 in the October 2026 data, up 42%. Total employees: 20 in October 2021 and 22 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does LM Advisors LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (295); individuals (other than high net worth individuals) (245); insurance companies (21).

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

**Does LM 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/153940

**What changed in LM Advisors LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $2,303,385,718 to $2,877,248,160 (+25%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Asset-based fee: 0.5% to 1% a year (a range, as the brochure states it)

> The standard fee range for most discretionary clients generally falls between 0.50% and 1.00% per annum on assets under management.

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

### Custodians (Schedule D, Section 5.K(3))
- Morgan Stanley

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: $2,877,248,160
- Discretionary: $2,862,862,105
- Non-discretionary: $14,386,055

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 245 | $94,298,455 |
| High net worth individuals | 295 | $2,333,619,674 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $76,651,414 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 20 | $26,967,698 |
| Charitable organizations | 3 | $9,349,667 |
| Insurance companies | 21 | $336,361,252 |

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

### Firm details
- Registered since: 2011 (15 years)
- Employees: 22 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, DE, FL, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Mexico City

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,019,324,206 | 20 | August 30, 2021 |
| October 2022 | $2,208,723,811 | 19 | June 2, 2022 |
| October 2023 | $2,013,856,436 | 20 | March 24, 2023 |
| October 2024 | $2,123,359,687 | 21 | March 26, 2024 |
| October 2025 | $2,303,385,718 | 21 | March 27, 2025 |
| October 2026 | $2,877,248,160 | 22 | March 30, 2026 |

Regulatory assets under management: $2,019,324,206 in the October 2021 data and $2,877,248,160 in the October 2026 data, up 42%.
Total employees: 20 in October 2021 and 22 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $2,303,385,718 to $2,877,248,160 (+25%).

### January 2026
- No longer registered or notice-filed in IL.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LM Advisors LLC (CRD 153940): Form ADV filing data as of October 2026.