# Menlo Advisors LLC

> Menlo Advisors LLC is an SEC-registered investment advisory firm in Menlo Park, CA, registered since 2002, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 122721
- Filed as: MENLO ADVISORS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Menlo Park, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/122721
- AdvisorCensus page: https://advisorcensus.com/firm/menlo-advisors-llc-menlo-park-ca-122721

## Quick answers

**How is Menlo Advisors LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Menlo Advisors LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; performance-based fees; other.

**What does Menlo Advisors LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Up to $2,000,000: 1% a year; $2,000,001 to $10,000,000: 0.75% a year; $10,000,001 to $30,000,000: 0.5% a year; Above $30,000,000: see the brochure. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Menlo Advisors LLC located?**
Menlo Advisors LLC's principal office is in Menlo Park, CA, according to its Form ADV.

**Is Menlo Advisors LLC registered with the SEC or a state?**
Menlo Advisors LLC is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 122721.

**How much does Menlo Advisors LLC manage?**
Menlo Advisors LLC reports $369,717,504 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Menlo Advisors LLC's assets and staff changed since 2021?**
In the Form ADV data for Menlo Advisors LLC: Regulatory assets under management: $272,831,343 in the October 2021 data and $369,717,504 in the October 2026 data, up 36%. Total employees: 4 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Menlo Advisors LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (27); individuals (other than high net worth individuals) (12); pooled investment vehicles (other than investment companies and business development companies) (1).

**Which custodians does Menlo Advisors LLC use?**
Menlo Advisors LLC'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 Menlo 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/122721

**What changed in Menlo Advisors LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 2 to 1. Regulatory assets under management went from $318,427,315 to $369,717,504 (+16%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Up to $2,000,000: 1% a year
- $2,000,001 to $10,000,000: 0.75% a year
- $10,000,001 to $30,000,000: 0.5% a year
- Above $30,000,000: see the brochure

> Menlo’s fee schedule is as follows: Value of the Assets Under Management Annual Fee as a % of Assets On the value up to $2,000,000 1.00%, plus On the value between $2,000,001 - $10,000,000 0.75%, plus On the value between $10,000,001 - $30,000,000 0.50%

- Minimum annual fee: $10,000

> Menlo may charge a fixed minimum annual fee of $10,000 to maintain an account.

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: $369,717,504
- Discretionary: $369,717,504
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 12 | $2,153,989 |
| High net worth individuals | 27 | $337,560,096 |
| 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) | 1 | $9,618,053 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | Fewer than 5 | $20,385,366 |
| 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 | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2002 (23 years)
- Employees: 2 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- menloadvisors.com
- menloadvisors.net
- menloadvisors.org
- LinkedIn @kent-seymour-48a4a64b

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $272,831,343 | 4 | April 12, 2021 |
| October 2022 | $322,506,220 | 3 | September 14, 2022 |
| October 2023 | $248,095,387 | 3 | August 25, 2023 |
| October 2024 | $283,261,076 | 3 | March 20, 2024 |
| October 2025 | $318,427,315 | 3 | March 28, 2025 |
| October 2026 | $369,717,504 | 2 | March 31, 2026 |

Regulatory assets under management: $272,831,343 in the October 2021 data and $369,717,504 in the October 2026 data, up 36%.
Total employees: 4 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 2 to 1.
- Regulatory assets under management went from $318,427,315 to $369,717,504 (+16%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Menlo Advisors LLC (CRD 122721): Form ADV filing data as of October 2026.