diff --git a/cmd/server-main.go b/cmd/server-main.go
index d2acc6ae8..7fb6654d0 100644
--- a/cmd/server-main.go
+++ b/cmd/server-main.go
@@ -206,9 +206,6 @@ func initServer(ctx context.Context, newObject ObjectLayer) error {
 	globalObjectAPI = newObject
 	globalObjLayerMutex.Unlock()
 
-	// Initialize IAM store
-	globalIAMSys.InitStore(newObject)
-
 	// Make sure to hold lock for entire migration to avoid
 	// such that only one server should migrate the entire config
 	// at a given time, this big transaction lock ensures this
@@ -342,6 +339,9 @@ func initAllSubsystems(ctx context.Context, newObject ObjectLayer) (err error) {
 		logger.LogIf(ctx, fmt.Errorf("Unable to initialize config, some features may be missing %w", err))
 	}
 
+	// Initialize IAM store
+	globalIAMSys.InitStore(newObject)
+
 	// Populate existing buckets to the etcd backend
 	if globalDNSConfig != nil {
 		// Background this operation.