# The Milwaukee Company

> The Milwaukee Company is an SEC-registered investment advisory firm in Thiensville, WI, registered since 2004, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 18, 2026.

- CRD: 123452
- Filed as: THE MILWAUKEE COMPANY
- Legal name: Estate Counselors, LLC
- Also doing business as: THE MILWAUKEE COMPANY
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Thiensville, WI
- Filing period: October 2026
- Form ADV filing dated: September 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/123452
- AdvisorCensus page: https://advisorcensus.com/firm/the-milwaukee-company-thiensville-wi-123452

## Quick answers

**How is The Milwaukee Company compensated?**
On its Form ADV (Item 5.E, October 2026), The Milwaukee Company reports these compensation arrangements: a percentage of assets under its management.

**Where is The Milwaukee Company located?**
The Milwaukee Company's principal office is in Thiensville, WI, according to its Form ADV.

**Is The Milwaukee Company registered with the SEC or a state?**
The Milwaukee Company is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 123452.

**How much does The Milwaukee Company manage?**
The Milwaukee Company reports $1,345,777,922 in regulatory assets under management in its Form ADV filing dated September 18, 2026 (100% discretionary).

**How have The Milwaukee Company's assets and staff changed since 2021?**
In the Form ADV data for The Milwaukee Company: Regulatory assets under management: $931,606,650 in the October 2021 data and $1,345,777,922 in the October 2026 data, up 44%. Total employees: 5 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does The Milwaukee Company serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (29); corporations or other businesses not listed above (17); individuals (other than high net worth individuals) (8).

**Which custodians does The Milwaukee Company use?**
The Milwaukee Company's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC as a custodian holding 10% or more of its separately managed account assets.

**Does The Milwaukee Company 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/123452

**Does The Milwaukee Company state an account minimum?**
Its Form ADV Part 2A brochure dated March 16, 2026 says: "In general, we require a minimum of $500,000 to open and maintain an advisory account. At our discretion, we may waive this minimum account size."

**What changed in The Milwaukee Company's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,135,716,819 to $1,345,777,922 (+18%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated March 16, 2026)

- Account minimum: $500,000 (the brochure says it may be waived or negotiated)

> In general, we require a minimum of $500,000 to open and maintain an advisory account. At our discretion, we may waive this minimum account size.

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

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services LLC

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: $1,345,777,922
- Discretionary: $1,345,777,922
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 8 | $4,329,762 |
| High net worth individuals | 29 | $484,487,271 |
| Investment companies | 2 | $730,225,810 |
| Corporations or other businesses not listed above | 17 | $126,735,079 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2004 (22 years)
- Employees: 7 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- bsky.app/PROFILE/TMCRESEARCH.BSKY.SOCIAL
- diversifyandconquer.com
- macro-markets.com
- medium.com/@tmcresearch
- thebrinsmerefunds.com
- themarketcommentator.com
- themilwaukeecompany.com
- tmcresearch.com
- tmcresearchmacromarkets.substack.com
- Facebook @THEMILWAUKEECOMPANY
- LinkedIn @THE-MILWAUKEE-COMPANY
- LinkedIn @the-brinsmere-funds
- LinkedIn @tmc-research-macro-markets
- X @MRKTCOMMENTATOR
- X @THEMILWAUKEECO
- X @TMC_RESEARCH1

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $931,606,650 | 5 | August 25, 2021 |
| October 2022 | $1,046,632,034 | 6 | March 31, 2022 |
| October 2023 | $936,012,576 | 7 | March 24, 2023 |
| October 2024 | $1,081,811,573 | 7 | July 24, 2024 |
| October 2025 | $1,135,716,819 | 7 | April 25, 2025 |
| October 2026 | $1,345,777,922 | 7 | September 18, 2026 |

Regulatory assets under management: $931,606,650 in the October 2021 data and $1,345,777,922 in the October 2026 data, up 44%.
Total employees: 5 in October 2021 and 7 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,135,716,819 to $1,345,777,922 (+18%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. The Milwaukee Company (CRD 123452): Form ADV filing data as of October 2026.