Our Business
Milliman, Inc. was founded in 1947. It is one of the largest consulting and actuarial firms in the world.
Milliman, Inc. offers specialized consulting services in employee benefits, healthcare, life insurance and
financial services, property and casualty insurance and investments. Milliman, Inc. is a privately held
company, owned by approximately 596 active employees. No one individual owns more than 1% of
Milliman. Milliman Advisors, LLC is a wholly owned subsidiary of Milliman, Inc.
Investment Advisory Services
Milliman offers investment advisory services to institutions including banks or thrift institutions, pension and
profit sharing plans, and other corporations or business entities, principally in connection with defined
contribution, defined benefit retirement plans, endowments, foundations and post-retirement benefits.
Investment Advisory services are offered through Milliman Advisors, LLC. These investment advisory
services may include the following:
Investment policy. We work with clients both to establish initial investment policies and to revise them as
plan philosophy or circumstances change. We can help facilitate discussions within your organization that
lead to clearly stated investment policy statements of purpose, objectives and investment guidelines. The
resulting investment policy then stands as a guide underlying the actions of fund managers, trustees and
other staff. Once established, the investment policy allows new trustees or fund managers to quickly and
easily understand your investment philosophy.
Asset allocation. We help clients choose asset classes with targeted returns while attempting to minimize
risk. Our analysis can include an assessment of your cash inflows, future liabilities, and required returns.
Using independent asset class estimates, we can help design a suite of correlated investment managers
to work toward your stated goals.
Investment structure. We assist clients in identifying strategies and styles they want to use to achieve
their investment goals. Once a desired approach is determined, we can use our proprietary database of
information on funds, and personal knowledge of manager track records, to select appropriate options for
each strategy.
Manager evaluation. We evaluate how a manager’s track record stacks up against expected performance
and against performance of peers using both quantitative and qualitative elements. Our quantitative
analysis uses data from third-party vendors and publicly-available information on a manager’s sector,
performance, tenure, analytical method, etc. Our qualitative analysis includes attendance at conferences,
WebEx and telephone meetings and in-person meetings. We visit with many managers on a regular basis
because we believe regular on-site meetings are invaluable for understanding manager performance.
Performance measurement. We use robust tools to provide in-depth, quantifiable evidence of manager
skill and performance. We employ automated reporting, using data warehousing to electronically capture
data for analysis, which circumvents manual entry errors. Our performance evaluation includes:
• Evaluation of fund management. We evaluate
factors such as depth of professional staff,
organization structure, assets under management, and any changes in people or process.
• Absolute and relative performance appraisal. Investment manager performance is compared with
previously set goals, as well as that of industry peers and relevant market indices. We offer the
latest techniques for comparing manager performance against evolving industry benchmarks and
peer measures.
• Risk assessment. We analyze to make sure the total return is within an appropriate level of risk for
each portfolio.
• Style analysis. We monitor managers for “style drift” within their respective mandates.
Part 2A of Form ADV Milliman Advisors, LLC Page 5
Investment education
. We offer investment education services tailored to the needs of each client. Our
seminars can include hot topics in the industry, updates on the regulatory environment and future outlooks
and investment trends.
Pension Risk Transfer services. We offer advice and oversight related to the selection of annuity
products in relation to pension risk transfer services. This is generally a one-time service for clients looking
to reduce their risk exposure to defined benefit pension plans. This is normally a fee-based service and the
value of the pension assets is not included in our calculations of assets under management.
Our Approach
Milliman seeks to tailor its advisory services to the needs of its institutional clients. We will meet on a
scheduled basis mutually agreed to by you and Milliman to review investment performance, client objectives
and changes in your financial position. Clients may impose restrictions on investments in certain securities
or types of securities.
Milliman does not participate in wrap fee programs.
Assets under Management and Advisement
Milliman advises $2.7 billion of client assets on a non-discretionary basis.
Milliman manages $57 million of client assets on a discretionary basis.
Both figures are based on account balances as of December 31, 2023.
Related Entities
A separately-registered Milliman sister company – Milliman Financial Risk Management LLC (“FRM”) –
provides hedging and asset allocation services to life insurers, banks, mutual funds, fund managers,
reinsurers, and other types of clients. Further information on FRM is available on the Milliman website –
www.milliman.com - or the SEC adviser si
te www.adviserinfo.sec.gov.
A FINRA-registered broker/dealer – Milliman Investment Management Services LLC (“MIMS”) – provides
limited brokerage services to their clients. MIMS does not currently provide services to clients of Milliman
Advisors, LLC.
Milliman is a wholly owned subsidiary of Milliman, Inc. Milliman Advisors, LLC succeeded to the registration
of Milliman, Inc. As of January 1, 2019, all the advisory employees, advisory assets, advisory obligations
and advisory services were transferred from Milliman, Inc. to Milliman Advisors, LLC. Non-advisory
elements remain with Milliman, Inc.