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KEYSTONE WEALTH ADVISORS, INCORPORATED

B57
CRD 153418·SEC 801-71355·MINNEAPOLIS, MN
AUM
$191.4M
$100M-$500M
Est. Revenue
$1.9M
@ 1% on AUM
Est. EBITDA
$574K
@ 30% margin
Est. Deal Value
$4.6M
@ 8× EBITDA

Identity

Registrations & legal identity

Legal name
KEYSTONE WEALTH ADVISORS, INCORPORATED
CRD
153418
SEC file #
801-71355
EIN
—
DBA names
—

Economics

AUM
$191.4M
AUM band
$100M-$500M
AUM trajectory
'20'26
$166.9M → $191.4M▲ +15%
Client mix
Individuals High Net Worth33
Individuals Other31

Operations

Employees (total)
3
Advisory staff (per ADV)
3
Advisory staff (5-yr trend)
'20'26
2 advisors → 3 advisors▲ +50%
Primary office
MINNEAPOLIS MN
Branches
—

Custodian & Brokerage

Primary custodian
Charles Schwablow confidence
Services offered
Financial planningPortfolio mgmt — individualsPortfolio mgmt — businessesPension consulting
Fee basis
% of AUMHourly charges

Filings

Latest ADV filing
11/14/2025
ADV-W filed at
—
Website
linkedin.com/in/steve-carlson-2a81a91(social)

Compliance

Disclosures (firm)
0
Trademark
—
Additional signalsExpand ▾

Ownership & succession ★

Who controls the firm + pre-computed succession flags

Top Owner Name
CARLSON, STEVEN, DOUGLAS
Top Owner Pct
62.5
Top Owner Entity Kind
I
Owner Count
2
Control Persons
CARLSON, STEVEN, DOUGLAS
OLSEN, BERTHEL, ANDREW
Solo Advisor Indicator
No
Succession Risk Solo Owner
No
Is Parent Owned Subsidiary
No

Availability / M&A ★

Already-acquired = skip; deal comps

Adv W Filed
No

Web presence ★

Stale website = winding down

Web Signal Quality
social_url_excluded:linkedin.com

Retirement-plan book (Form 5500) ★

401(k)/plan business — cross-sell value

Retirement Plan Book
No
Form 5500 Plan Count
1
Form 5500 Total Compensation
102,093
Form 5500 Compensation Trajectory 3y
2025102,093
Form 5500 Plan Count Trajectory 3y
20251
Schedule C Total Compensation
102,093
Schedule C Service Provider Rows
1

SEC EDGAR

Edgar Registered
No

Compliance & brand

Firm Registration Status
active

All other collected signals (9)

Everything else we've pulled for this record, not yet curated into a section.

Adv W Recently Filed
No
Bc Firm Active Bc Count
0
Bc Firm Active IA Count
3
Bc Firm IAR Count
3
Custodian Candidates
Full
Charles Schwab6
E*trade4
Firm Has Custody
No
Mailing Office Differs
No
Top Owner CRD
2816493
Trust Company Affiliate
No

People (3)

3
OLSEN, BERTHEL, ANDREW
IAR · Direct Owner · 62.5%
2954239
CARLSON, STEVEN, DOUGLAS
IAR · Direct Owner · 62.5%
2816493
Angela Marie Mattson
IAR
7853901