{ "crd_number": 108380, "slug": "miller-investment-management-lp-west-conshohocken-pa-108380", "primary_business_name": "MILLER INVESTMENT MANAGEMENT, LP", "legal_name": "MILLER INVESTMENT MANAGEMENT, LP", "dbas": [], "city": "West Conshohocken", "state": "PA", "country": "United States", "cbsa_code": "37980", "metro": { "cbsa_code": "37980", "common_name": "Philadelphia", "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD", "path": "/advisors/pa/philadelphia" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "1998-11-19", "years_registered": 27, "period": "2026-10-01", "filing_date": "2026-03-31", "carried_forward": false, "raum_total": 7104869806.0, "raum_discretionary": 1775592906.0, "raum_non_discretionary": 5329276900.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 18, "advisory_employees": 7, "client_count_bucket": "fewer_than_5_in_some_types", "clients_by_type": { "charitable": { "raum": 158877853.0, "count": 10 }, "individuals": { "raum": 9470818.0, "count": 28 }, "pension_profit_sharing": { "raum": 1101980.0, "count": null, "fewer_than_5": true }, "high_net_worth_individuals": { "raum": 6297655122.0, "count": 127 }, "pooled_investment_vehicles": { "raum": 637764033.0, "count": 18 } }, "compensation_types": [ "fixed", "percentage_of_aum", "performance_based" ], "advisory_activities": [ "financial_planning", "pension_consulting", "portfolio_management_businesses_institutional", "portfolio_management_individuals", "portfolio_management_pooled_vehicles", "selection_of_other_advisers" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CA", "DE", "FL", "MA", "NV", "NY", "OH", "PA", "SC", "TX" ], "websites": [ "https://linkedin.com/company/millerinv.com", "https://millerinv.com" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108380", "city_as_filed": "WEST CONSHOHOCKEN", "url": "https://advisorcensus.com/firm/miller-investment-management-lp-west-conshohocken-pa-108380", "display_name": "Miller Investment Management, LP", "summary": "Miller Investment Management, LP is an SEC-registered investment advisory firm in West Conshohocken, PA, registered since 1998, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.", "citation": "AdvisorCensus. Miller Investment Management, LP (CRD 108380): 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)", "Performance-based fees" ], "advisory_activity_labels": [ "Financial planning services", "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", "Pension consulting services", "Selection of other advisers (including private fund managers)" ], "quick_answers": [ { "q": "How is Miller Investment Management, LP compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Miller Investment Management, LP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees." }, { "q": "What does Miller Investment Management, LP's brochure say about its fees?", "a": "Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement." }, { "q": "Where is Miller Investment Management, LP located?", "a": "Miller Investment Management, LP's principal office is in West Conshohocken, PA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is Miller Investment Management, LP registered with the SEC or a state?", "a": "Miller Investment Management, LP is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 108380." }, { "q": "How much does Miller Investment Management, LP manage?", "a": "Miller Investment Management, LP reports $7,104,869,806 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (25% discretionary)." }, { "q": "How have Miller Investment Management, LP's assets and staff changed since 2021?", "a": "In the Form ADV data for Miller Investment Management, LP: Regulatory assets under management: $4,024,226,215 in the October 2021 data and $7,104,869,806 in the October 2026 data, up 77%. Total employees: 22 in October 2021 and 18 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Miller Investment Management, LP serve?", "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (127); individuals (other than high net worth individuals) (28); pooled investment vehicles (other than investment companies and business development companies) (18)." }, { "q": "Which custodians does Miller Investment Management, LP use?", "a": "Miller Investment Management, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of America Private Bank, J.P. Morgan Securities LLC and Pershing LLC as custodians holding 10% or more of its separately managed account assets." }, { "q": "Does Miller Investment Management, LP 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/108380" }, { "q": "What changed in Miller Investment Management, LP's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 8 to 7. Regulatory assets under management went from $5,694,821,204 to $7,104,869,806 (+25%). Registered or notice-filed in NV." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 4024226215.0, "total_employees": 22, "filing_date": "2021-07-30" }, { "period": "2022-10-01", "regulatory_assets_under_management": 5500719806.0, "total_employees": 21, "filing_date": "2022-05-04" }, { "period": "2023-10-01", "regulatory_assets_under_management": 5088526105.0, "total_employees": 21, "filing_date": "2023-05-02" }, { "period": "2024-10-01", "regulatory_assets_under_management": 6375388552.0, "total_employees": 23, "filing_date": "2024-04-30" }, { "period": "2025-10-01", "regulatory_assets_under_management": 5694821204.0, "total_employees": 19, "filing_date": "2025-03-31" }, { "period": "2026-10-01", "regulatory_assets_under_management": 7104869806.0, "total_employees": 18, "filing_date": "2026-03-31" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 8 to 7.", "Regulatory assets under management went from $5,694,821,204 to $7,104,869,806 (+25%).", "Registered or notice-filed in NV." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated March 31, 2026", "tiers": [], "flat_rate": "1% of assets a year", "stated_range": null, "stated_maximum": null, "account_minimum": null, "account_minimum_may_be_waived": false, "minimum_annual_fee": null, "figures": [ { "label": "Asset-based fee", "statements": [ "Asset-based fee: 1% of assets a year" ], "quotes": [ "The percentage fee for SMAs and such Private Funds is equal to or less than one percent (1%) per annum and may have a minimum fee as stipulated in the investment advisory agreement." ] } ], "quotes": [ "The percentage fee for SMAs and such Private Funds is equal to or less than one percent (1%) per annum and may have a minimum fee as stipulated in the investment advisory agreement." ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [ { "name": "Bank of America Private Bank", "name_as_filed": "BANK OF AMERICA PRIVATE BANK", "affiliated": false }, { "name": "J.P. Morgan Securities LLC", "name_as_filed": "J.P. MORGAN SECURITIES LLC", "affiliated": false }, { "name": "Pershing LLC", "name_as_filed": "PERSHING LLC", "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/miller-investment-management-lp-west-conshohocken-pa-108380.md", "clients": [ { "type": "individuals", "label": "Individuals (other than high net worth individuals)", "count": 28, "fewer_than_5": false, "raum": 9470818.0 }, { "type": "high_net_worth_individuals", "label": "High net worth individuals", "count": 127, "fewer_than_5": false, "raum": 6297655122.0 }, { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 18, "fewer_than_5": false, "raum": 637764033.0 }, { "type": "pension_profit_sharing", "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)", "count": null, "fewer_than_5": true, "raum": 1101980.0 }, { "type": "charitable", "label": "Charitable organizations", "count": 10, "fewer_than_5": false, "raum": 158877853.0 } ], "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/108380", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }