Keystate Advisory, Llc
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 156226
· SEC file 801-72123
· Las Vegas, NV
· www.key-state.com
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ADV data as of Mar 24, 2026
- Regulatory AUM
- $16.6B
- Discretionary
- $11.3B
- Clients
- 80
- Avg AUM / client
- $207M
- Accounts
- 80
- Employees
- 8
AUM over time
$440M
$18.2B
Nov 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 24, 2026
Asset allocation (SMA assets by investment type)
as of Mar 24, 2026
US government & agency bonds
$8.1B
49%
State & local bonds
$8.0B
48%
Cash & equivalents
$332M
2%
Investment-grade corporate bonds
$166M
1%
Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Banking or thrift institutions | 58 | $16.5B | 99.4% |
| Insurance companies | 22 | $97.6M | 0.59% |
People (10)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Joshua Cael Miller | Chief Compliance Officer & Ceo | Jan 1996 (31y) | ≈ 15.82% – 75% via Joshua C. Miller 1996 Irrevocable Trust Complex, Joshua C. Miller Trustee | |
| Miller, Nicholas, Ryan | Trustee | Jan 1996 (31y) | ≈ 15.82% – 75% via Nicholas R. Miller 1996 Irrevocable Trust Complex, Nicholas R. Miller, Trustee | |
| Monte Lynn Miller | Executive Chairman | Dec 1996 (30y) | 75% or more of Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee (indirect) | |
| Larry Merrell Wood | Executive Vice President | Jan 2011 (16y) | Less than 5% | |
| Ivan Shawn Farris | Senior Vice President | Oct 2011 (15y) | Less than 5% | |
| Patrick Michael Hidden | Registered representative | Feb 2018 (8y) | ||
| Brian James Amend | Registered representative | Jan 2019 (8y) | ||
| Ronald Vincent Samuels | Registered representative | May 2022 (4y) | ||
| David Israel Oceguera | Registered representative | CFA | Mar 2023 (3y) | |
| Riley James Littlefield | Registered representative | Nov 2024 (2y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Keystate Holdings, Llc | Managing Member | Oct 2011 | A | 75% or more |
| Susan J. Miller 1996 Irrevocable Trust | Member | Oct 2011 | A | Less than 5% |
| Jnm Holdings, Inc. | Member | Oct 2011 | B | ≈ 56.25% – 100% via Keystate Holdings, Llc |
| Joshua C. Miller 1996 Irrevocable Trust Complex, Joshua C. Miller Trustee | Shareholder | Dec 2020 | B | ≈ 21.09% – 75% via Jcm Ct Holdings, Llc |
| Nicholas R. Miller 1996 Irrevocable Trust Complex, Nicholas R. Miller, Trustee | Shareholder | Dec 2020 | B | ≈ 21.09% – 75% via Nrm Ct Holdings, Llc |
| Jcm Ct Holdings, Llc | Shareholder | Jun 2021 | B | ≈ 28.13% – 75% via Jnm Holdings, Inc. |
| Nrm Ct Holdings, Llc | Shareholder | May 2021 | B | ≈ 28.13% – 75% via Jnm Holdings, Inc. |
| Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee | Controlling Shareholder | Oct 2011 | B | GP / trustee / elected manager of Jnm Holdings, Inc. (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Joshua Cael Miller: 75% – 100% of Joshua C. Miller 1996 Irrevocable Trust Complex, Joshua C. Miller Trustee × 75% – 100% of Jcm Ct Holdings, Llc × 50% – 75% of Jnm Holdings, Inc. × 75% – 100% of Keystate Holdings, Llc × 75% – 100% direct ≈ 15.82% – 75% of the firm
- Miller, Nicholas, Ryan: 75% – 100% of Nicholas R. Miller 1996 Irrevocable Trust Complex, Nicholas R. Miller, Trustee × 75% – 100% of Nrm Ct Holdings, Llc × 50% – 75% of Jnm Holdings, Inc. × 75% – 100% of Keystate Holdings, Llc × 75% – 100% direct ≈ 15.82% – 75% of the firm
- Jnm Holdings, Inc.: 75% – 100% of Keystate Holdings, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Joshua C. Miller 1996 Irrevocable Trust Complex, Joshua C. Miller Trustee: 75% – 100% of Jcm Ct Holdings, Llc × 50% – 75% of Jnm Holdings, Inc. × 75% – 100% of Keystate Holdings, Llc × 75% – 100% direct ≈ 21.09% – 75% of the firm
- Nicholas R. Miller 1996 Irrevocable Trust Complex, Nicholas R. Miller, Trustee: 75% – 100% of Nrm Ct Holdings, Llc × 50% – 75% of Jnm Holdings, Inc. × 75% – 100% of Keystate Holdings, Llc × 75% – 100% direct ≈ 21.09% – 75% of the firm
- Jcm Ct Holdings, Llc: 50% – 75% of Jnm Holdings, Inc. × 75% – 100% of Keystate Holdings, Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Nrm Ct Holdings, Llc: 50% – 75% of Jnm Holdings, Inc. × 75% – 100% of Keystate Holdings, Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/24/2026 | 962 KB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Principal Financial $8.6B (52% of AUM) Mar 2026
- Bankers' Bank $6.2B (37% of AUM) Mar 2026
- Wells Fargo $3.4B (28% of AUM) Mar 2022
- Federal Home Loan Bank Of Atlanta: Fhlbank Atlanta $762M (6% of AUM) Mar 2022
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 24, 2026.
View current Form ADV (SEC/IAPD) ↗