AdvisorCensus / Financial advisors / Washington / Seattle / Milliman Advisors, LLC
Milliman Advisors, LLC is an SEC-registered investment advisory firm in Seattle, WA, registered since 1988, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 15, 2026.
Quick answers
From the filingHow is Milliman Advisors, LLC compensated?
On its Form ADV (Item 5.E, October 2026), Milliman Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).
Where is Milliman Advisors, LLC located?
Milliman Advisors, LLC's principal office is in Seattle, WA, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is Milliman Advisors, LLC registered with the SEC or a state?
Milliman Advisors, LLC is an SEC-registered investment advisory firm, registered since 1988. Status as filed: Approved. CRD 112245.
How much does Milliman Advisors, LLC manage?
Milliman Advisors, LLC reports $2,318,146,171 in regulatory assets under management in its Form ADV filing dated June 15, 2026 (2% discretionary).
How have Milliman Advisors, LLC's assets and staff changed since 2021?
In the Form ADV data for Milliman Advisors, LLC: Regulatory assets under management: $50,328,310,579 in the October 2021 data and $2,318,146,171 in the October 2026 data, down 95%. Total employees: 13 in October 2021 and 1 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Milliman Advisors, LLC serve?
By number of clients on Form ADV Item 5.D: corporations or other businesses not listed above (26); pension and profit sharing plans (but not the plan participants or government pension plans) (9); state or municipal government entities (including government pension plans) (4).
Does Milliman 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/112245
What changed in Milliman Advisors, LLC's recent Form ADV filings?
In the July 2026 filing data: Registered or notice-filed in TX.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 31, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$2,318,146,171 as of October 2026, filing dated June 15, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Educational seminars/workshops
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 1988 (37 years)
- Employees
- Total: 1. Performing investment advisory functions: 1.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the July 2026 filing
- States registered or notice-filed
-
5 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $2,318,146,171 | 1 | June 15, 2026 |
| October 2025 | $2,519,885,688 | 2 | March 21, 2025 |
| October 2024 | $2,726,490,602 | 2 | March 22, 2024 |
| October 2023 | $41,232,351,167 | 12 | March 29, 2023 |
| October 2022 | $38,582,892,926 | 10 | August 4, 2022 |
| October 2021 | $50,328,310,579 | 13 | June 25, 2021 |
Regulatory assets under management: $50,328,310,579 in the October 2021 data and $2,318,146,171 in the October 2026 data, down 95%.
Total employees: 13 in October 2021 and 1 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- July 2026
- Registered or notice-filed in TX.
- April 2026
- Employees performing advisory functions went from 2 to 1.
- Registered or notice-filed in IL, PA.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Milliman Advisors, LLC (CRD 112245): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/milliman-advisors-llc-seattle-wa-112245