# 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.

- CRD: 112245
- Filed as: MILLIMAN ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Seattle, WA
- Filing period: October 2026
- Form ADV filing dated: June 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/112245
- AdvisorCensus page: https://advisorcensus.com/firm/milliman-advisors-llc-seattle-wa-112245

## Quick answers

**How 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

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

### Regulatory assets under management (Item 5.F)
- Total: $2,318,146,171
- Discretionary: $41,427,143
- Non-discretionary: $2,276,719,028

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 9 | $217,739,961 |
| State or municipal government entities (including government pension plans) | 4 | $238,099,119 |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 26 | $1,862,307,091 |

### 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

### Firm details
- Registered since: 1988 (37 years)
- Employees: 1 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL, NY, PA, TX, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Albany, NY

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $50,328,310,579 | 13 | June 25, 2021 |
| October 2022 | $38,582,892,926 | 10 | August 4, 2022 |
| October 2023 | $41,232,351,167 | 12 | March 29, 2023 |
| October 2024 | $2,726,490,602 | 2 | March 22, 2024 |
| October 2025 | $2,519,885,688 | 2 | March 21, 2025 |
| October 2026 | $2,318,146,171 | 1 | June 15, 2026 |

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.

## 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Milliman Advisors, LLC (CRD 112245): Form ADV filing data as of October 2026.