{
  "crd_number": 112245,
  "slug": "milliman-advisors-llc-seattle-wa-112245",
  "primary_business_name": "MILLIMAN ADVISORS, LLC",
  "legal_name": "MILLIMAN ADVISORS, LLC",
  "dbas": [],
  "city": "Seattle",
  "state": "WA",
  "country": "United States",
  "cbsa_code": "42660",
  "metro": {
    "cbsa_code": "42660",
    "common_name": "Seattle",
    "msa_name": "Seattle-Tacoma-Bellevue, WA",
    "path": "/advisors/wa/seattle"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1988-12-30",
  "years_registered": 37,
  "period": "2026-10-01",
  "filing_date": "2026-06-15",
  "carried_forward": false,
  "raum_total": 2318146171.0,
  "raum_discretionary": 41427143.0,
  "raum_non_discretionary": 2276719028.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 1,
  "advisory_employees": 1,
  "client_count_bucket": null,
  "clients_by_type": {
    "individuals": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": 238099119.0,
      "count": 4
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 217739961.0,
      "count": 9
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": null,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 1862307091.0,
      "count": 26
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "educational_seminars",
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "IL",
    "NY",
    "PA",
    "TX",
    "WA"
  ],
  "websites": [
    "https://milliman.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/112245",
  "city_as_filed": "SEATTLE",
  "url": "https://advisorcensus.com/firm/milliman-advisors-llc-seattle-wa-112245",
  "display_name": "Milliman Advisors, LLC",
  "summary": "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.",
  "citation": "AdvisorCensus. Milliman Advisors, LLC (CRD 112245): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "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"
  ],
  "quick_answers": [
    {
      "q": "How is Milliman Advisors, LLC compensated?",
      "a": "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). The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Milliman Advisors, LLC located?",
      "a": "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)."
    },
    {
      "q": "Is Milliman Advisors, LLC registered with the SEC or a state?",
      "a": "Milliman Advisors, LLC is an SEC-registered investment advisory firm, registered since 1988. Status as filed: Approved. CRD 112245."
    },
    {
      "q": "How much does Milliman Advisors, LLC manage?",
      "a": "Milliman Advisors, LLC reports $2,318,146,171 in regulatory assets under management in its Form ADV filing dated June 15, 2026 (2% discretionary)."
    },
    {
      "q": "How have Milliman Advisors, LLC's assets and staff changed since 2021?",
      "a": "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."
    },
    {
      "q": "What types of clients does Milliman Advisors, LLC serve?",
      "a": "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)."
    },
    {
      "q": "Does Milliman Advisors, LLC 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/112245"
    },
    {
      "q": "What changed in Milliman Advisors, LLC's recent Form ADV filings?",
      "a": "In the July 2026 filing data: Registered or notice-filed in TX."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 50328310579.0,
      "total_employees": 13,
      "filing_date": "2021-06-25"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 38582892926.0,
      "total_employees": 10,
      "filing_date": "2022-08-04"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 41232351167.0,
      "total_employees": 12,
      "filing_date": "2023-03-29"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 2726490602.0,
      "total_employees": 2,
      "filing_date": "2024-03-22"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 2519885688.0,
      "total_employees": 2,
      "filing_date": "2025-03-21"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 2318146171.0,
      "total_employees": 1,
      "filing_date": "2026-06-15"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Registered or notice-filed in TX."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 2 to 1.",
        "Registered or notice-filed in IL, PA."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/milliman-advisors-llc-seattle-wa-112245.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 9,
      "fewer_than_5": false,
      "raum": 217739961.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 4,
      "fewer_than_5": false,
      "raum": 238099119.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 26,
      "fewer_than_5": false,
      "raum": 1862307091.0
    }
  ],
  "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/112245",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}