AdvisorCensus / Financial advisors / Colorado / Boulder / The Millstone Evans Group, LLC
The Millstone Evans Group, LLC is an SEC-registered investment advisory firm in Boulder, CO, registered since 2020, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated July 8, 2026.
Quick answers
From the filingHow is The Millstone Evans Group, LLC compensated?
On its Form ADV (Item 5.E, October 2026), The Millstone Evans Group, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).
What does The Millstone Evans Group, LLC's brochure say about its fees?
Its Form ADV Part 2A brochure dated March 23, 2026 states: Asset-based fee: up to 2% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is The Millstone Evans Group, LLC located?
The Millstone Evans Group, LLC's principal office is in Boulder, CO, according to its Form ADV; the August 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is The Millstone Evans Group, LLC registered with the SEC or a state?
The Millstone Evans Group, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 311142.
How much does The Millstone Evans Group, LLC manage?
The Millstone Evans Group, LLC reports $893,343,036 in regulatory assets under management in its Form ADV filing dated July 8, 2026 (100% discretionary).
How have The Millstone Evans Group, LLC's assets and staff changed since 2021?
In the Form ADV data for The Millstone Evans Group, LLC: Regulatory assets under management: $650,551,143 in the October 2021 data and $893,343,036 in the October 2026 data, up 37%. Total employees: 11 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does The Millstone Evans Group, LLC serve?
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (420); high net worth individuals (210); charitable organizations (12).
Which custodians does The Millstone Evans Group, LLC use?
The Millstone Evans Group, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Raymond James & Associates, Inc. as a custodian holding 10% or more of its separately managed account assets.
Does The Millstone Evans Group, 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/311142
Does The Millstone Evans Group, LLC state an account minimum?
Its Form ADV Part 2A brochure dated March 23, 2026 says: "The Adviser does not impose any minimum asset management or advisory fee levels."
What changed in The Millstone Evans Group, LLC's recent Form ADV filings?
In the August 2026 filing data: Updated its list of owners and control persons (Schedule A).
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
- 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 2AAsset-based fee: up to 2% of assets a year (the maximum the brochure states)
The brochure's wording
The Adviser’s annual investment advisory fee shall be based upon a percentage (%) of the market value and type of assets placed under the Adviser’s management, generally to maximum of 2.00%.
Account minimum: None
The brochure's wording
The Adviser does not impose any minimum asset management or advisory fee levels.
As stated in the firm's Form ADV Part 2A brochure dated March 23, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$893,343,036 as of October 2026, filing dated July 8, 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- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)
- Publication of periodicals or newsletters
- Educational seminars/workshops
- Other
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2020 (5 years)
- Employees
- Total: 8. Performing investment advisory functions: 8.
- Wrap fee program participation
- Yes.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the August 2026 filing
- States registered or notice-filed
-
26 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 | $893,343,036 | 8 | July 8, 2026 |
| October 2025 | $777,932,541 | 13 | May 13, 2025 |
| October 2024 | $700,341,188 | 10 | September 10, 2024 |
| October 2023 | $623,148,401 | 11 | July 28, 2023 |
| October 2022 | $730,621,713 | 12 | August 5, 2022 |
| October 2021 | $650,551,143 | 11 | March 26, 2021 |
Regulatory assets under management: $650,551,143 in the October 2021 data and $893,343,036 in the October 2026 data, up 37%.
Total employees: 11 in October 2021 and 8 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- August 2026
- Updated its list of owners and control persons (Schedule A).
- June 2026
- Updated its list of owners and control persons (Schedule A).
- May 2026
- Updated its list of owners and control persons (Schedule A).
- April 2026
- Regulatory assets under management went from $777,932,541 to $893,343,036 (+15%).
- March 2026
- Updated its list of owners and control persons (Schedule A).
- December 2025
- Registered or notice-filed in GA, HI, ME, MN.
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. The Millstone Evans Group, LLC (CRD 311142): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/the-millstone-evans-group-llc-boulder-co-311142