Firm profile

Keystate Advisory, LLC

LAS VEGAS, NVCRD 156226Registration Status: ApprovedEffective since January 19, 2011SEC # 801-72123Latest ADV March 24, 2026

Keystate Advisory, LLC is an SEC registered investment adviser organized as a limited liability company with a primary office location in Las Vegas, NV. Its latest Form ADV filing, dated March 24, 2026, reports $16.6B in regulatory assets under management, 8 employees, 2 offices, and 80 accounts.

Assets Under Management
$16.6B
Employees
8
Offices
2 offices
Total Clients
80

Associated firm names

1 name listed
  • KEYSTATE ADVISORY, LLC

Leadership

4 roles identified
CEOJoshua C. Miller
CCOJoshua C. Miller
CFOGayle Espinosa

Advisory services offered

1 types reported
Portfolio management for businesses

Fee models offered

2 types reported
Asset based fees
Fixed fees

Offices & Contact

Primary office

LAS VEGAS, Nevada, United States

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Primary office regionOther reported regions

Shading shows states and countries with reported offices. Cities are listed below; shading does not indicate service coverage.

Nevada

LAS VEGASPrimary office

Delaware

WILMINGTON

2 office records listed · 2 total offices reported. Counts can use different reporting dates. SEC filers may list only their largest 25 additional offices.

Contact and digital presence

ADV profile links

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$16.6Bas of March 24, 2026
Discretionary68.1%
$11.3B
68% of total RAUM68.1%
Non-discretionary31.9%
$5.3B
32% of total RAUM31.9%
Regulatory assets under management are split between discretionary and non-discretionary assets.

Client Coverage Demographics

Top client segmentBanks represent 72.5% of total clients.
Top client categories% of clientsClients
1
Banks
72.5%
58
2
Insurance Cos.
27.5%
22

Assets under management Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total AUM$16.6B
Total Accounts80
10Y AUM Change+$10.7B (+183.9%)

Private Funds

Private funds reported by Keystate Advisory, LLC

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Employee Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total Employees8
Clients per Employee10:1
10Y Employee Change+2 (+33.3%)

Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.


Ownership

Reported direct and indirect ownership ranges

Each range applies to a separate reported relationship and should not be added together.

Reported ownership ranges

Highlighted bands show the percentage range reported in Form ADV.

0%25%50%75%100%
KEYSTATE HOLDINGS, LLCDirect owner · Schedule AInterest in KEYSTATE ADVISORY, LLC
75%+
SUSAN J. MILLER 1996 IRREVOCABLE TRUSTDirect owner · Schedule AInterest in KEYSTATE ADVISORY, LLC
< 5%
JNM HOLDINGS, INC.Indirect owner · Schedule BInterest in KEYSTATE HOLDINGS, LLC
75%+
JOSHUA C. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, JOSHUA C. MILLER TRUSTEEIndirect owner · Schedule BInterest in JCM CT HOLDINGS, LLC
75%+
NICHOLAS R. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, NICHOLAS R. MILLER, TRUSTEEIndirect owner · Schedule BInterest in NRM CT HOLDINGS, LLC
75%+
MONTE LYNN MILLERIndirect owner · Schedule BInterest in SUSAN J. MILLER 1996 IRREVOCABLE TRUST, MONTE L. MILLER, TRUSTEE
75%+
JOSHUA CAEL MILLERIndirect owner · Schedule BInterest in JOSHUA C. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, JOSHUA C. MILLER TRUSTEE
75%+
NICHOLAS RYAN MILLERIndirect owner · Schedule BInterest in NICHOLAS R. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, NICHOLAS R. MILLER, TRUSTEE
75%+
JCM CT HOLDINGS, LLCIndirect owner · Schedule BInterest in JNM HOLDINGS, INC.
50% to < 75%
NRM CT HOLDINGS, LLCIndirect owner · Schedule BInterest in JNM HOLDINGS, INC.
50% to < 75%

Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Keystate Advisory, LLC.

Reported ownership and control details

Form ADV · Filing date 2026-03-24 · Schedules A and B

17 entries
#Owner / person & roleInterest in entityReported interestControl personTitle / status acquiredSource
1JOSHUA CAEL MILLERCHIEF COMPLIANCE OFFICER & CEOIndividualKEYSTATE ADVISORY, LLCLess than 5%Code NAYesCHIEF COMPLIANCE OFFICER & CEO01/2011Schedule APDF page 19
2LARRY MERRELL WOODEXECUTIVE VICE PRESIDENTIndividualKEYSTATE ADVISORY, LLCLess than 5%Code NAYesEXECUTIVE VICE PRESIDENT01/2011Schedule APDF page 19
3MONTE LYNN MILLEREXECUTIVE CHAIRMANIndividualKEYSTATE ADVISORY, LLCLess than 5%Code NAYesEXECUTIVE CHAIRMAN01/2011Schedule APDF page 19
4KEYSTATE HOLDINGS, LLCMANAGING MEMBERDomestic entityKEYSTATE ADVISORY, LLC75% or moreCode EYesMANAGING MEMBER10/2011Schedule APDF page 19
5SUSAN J. MILLER 1996 IRREVOCABLE TRUSTMEMBERDomestic entityKEYSTATE ADVISORY, LLCLess than 5%Code NANoMEMBER10/2011Schedule APDF page 19
6IVAN SHAWN FARRISSENIOR VICE PRESIDENTIndividualKEYSTATE ADVISORY, LLCLess than 5%Code NANoSENIOR VICE PRESIDENT10/2011Schedule APDF page 19
7Gayle EspinosaCHIEF FINANCIAL OFFICERIndividualKEYSTATE ADVISORY, LLCLess than 5%Code NANoCHIEF FINANCIAL OFFICER05/2025Schedule APDF page 19
8Brian James AmendCHIEF OPERATING OFFICERIndividualKEYSTATE ADVISORY, LLCLess than 5%Code NAYesCHIEF OPERATING OFFICER03/2025Schedule APDF page 19
9JNM HOLDINGS, INC.MEMBERDomestic entityKEYSTATE HOLDINGS, LLC75% or moreCode EYesMEMBER10/2011Schedule BPDF page 20
10SUSAN J. MILLER 1996 IRREVOCABLE TRUST, MONTE L. MILLER, TRUSTEECONTROLLING SHAREHOLDERDomestic entityJNM HOLDINGS, INC.Percentage not specifiedCode FNoCONTROLLING SHAREHOLDER10/2011Schedule BPDF page 20
11JOSHUA C. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, JOSHUA C. MILLER TRUSTEESHAREHOLDERDomestic entityJCM CT HOLDINGS, LLC75% or moreCode EYesSHAREHOLDER12/2020Schedule BPDF page 20
12NICHOLAS R. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, NICHOLAS R. MILLER, TRUSTEESHAREHOLDERDomestic entityNRM CT HOLDINGS, LLC75% or moreCode EYesSHAREHOLDER12/2020Schedule BPDF page 20
13MONTE LYNN MILLERTRUSTEEIndividualSUSAN J. MILLER 1996 IRREVOCABLE TRUST, MONTE L. MILLER, TRUSTEE75% or moreCode EYesTRUSTEE12/1996Schedule BPDF page 20
14JOSHUA CAEL MILLERTRUSTEEIndividualJOSHUA C. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, JOSHUA C. MILLER TRUSTEE75% or moreCode EYesTRUSTEE01/1996Schedule BPDF page 20
15NICHOLAS RYAN MILLERTRUSTEEIndividualNICHOLAS R. MILLER 1996 IRREVOCABLE TRUST - COMPLEX, NICHOLAS R. MILLER, TRUSTEE75% or moreCode EYesTRUSTEE01/1996Schedule BPDF page 20
16JCM CT HOLDINGS, LLCSHAREHOLDERDomestic entityJNM HOLDINGS, INC.50% to less than 75%Code DYesSHAREHOLDER06/2021Schedule BPDF page 20
17NRM CT HOLDINGS, LLCSHAREHOLDERDomestic entityJNM HOLDINGS, INC.50% to less than 75%Code DYesSHAREHOLDER05/2021Schedule BPDF page 20

Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.

Compliance & Disclosures

Filing dated 3/24/2026 7:33:48 PM

Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.

RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo
AFelonies2 No

In the past ten years, have you or any advisory affiliate:

  • A1Been convicted of or pleaded guilty or no contest to a felony?No
  • A2Been charged with a felony?No
BMisdemeanors2 No

In the past ten years, have you or any advisory affiliate:

  • B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
  • B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No

Has the SEC or CFTC ever:

  • C1Found you or an advisory affiliate made a false statement or omission?No
  • C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
  • C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions5 No

Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:

  • D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
  • D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
  • D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No

Has a self-regulatory organization or commodities exchange ever:

  • E1Found you or an advisory affiliate made a false statement or omission?No
  • E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
  • E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
  • FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
  • GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No

(1) Court actions

Has a domestic or foreign court:

  • H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
  • H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
  • H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No

(2) Pending civil proceedings

  • H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No

* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.