# 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.

- CRD: 311142
- Filed as: THE MILLSTONE EVANS GROUP, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boulder, CO
- Filing period: October 2026
- Form ADV filing dated: July 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/311142
- AdvisorCensus page: https://advisorcensus.com/firm/the-millstone-evans-group-llc-boulder-co-311142

## Quick answers

**How 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

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

### Fees and minimums (Form ADV Part 2A brochure dated March 23, 2026)

- Asset-based fee: up to 2% of assets a year (the maximum the brochure states)

> 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 Adviser does not impose any minimum asset management or advisory fee levels.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Raymond James & Associates, Inc.

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.

### Regulatory assets under management (Item 5.F)
- Total: $893,343,036
- Discretionary: $893,343,036
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 420 | $131,510,250 |
| High net worth individuals | 210 | $741,565,011 |
| Charitable organizations | 12 | $10,987,765 |
| Corporations or other businesses not listed above | 12 | $9,280,010 |

### 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

### Firm details
- Registered since: 2020 (5 years)
- Employees: 8 total, 8 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AZ, CA, CO, DC, DE, FL, GA, HI, IL, MA, MD, ME, MI, MN, NC, NH, NJ, NM, NY, OR, PA, TN, TX, VA, VT, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Denver, CO

### Websites listed on Form ADV (Item 1.I)
- millstoneevansgroup.com
- LinkedIn @THE-MILLSTONE-EVANS-GROUP
- YouTube @themillstoneevansgroup

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $650,551,143 | 11 | March 26, 2021 |
| October 2022 | $730,621,713 | 12 | August 5, 2022 |
| October 2023 | $623,148,401 | 11 | July 28, 2023 |
| October 2024 | $700,341,188 | 10 | September 10, 2024 |
| October 2025 | $777,932,541 | 13 | May 13, 2025 |
| October 2026 | $893,343,036 | 8 | July 8, 2026 |

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.

## 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. The Millstone Evans Group, LLC (CRD 311142): Form ADV filing data as of October 2026.