SEC-registered wealth management firm Broker-dealer affiliated
Thurston Springer Advisors
As of its Form ADV filed September 25, 2026, Thurston Springer Advisors, an SEC-registered, broker-dealer affiliated wealth management firm in Indianapolis, Indiana, reported $6.0 billion in regulatory assets under management across 9,751 accounts, ranking #4 among all wealth firms in Indiana by assets.
Registration
- Main office
- Indianapolis, IN
- Registration
- SEC-registered, Approved
- CRD number
- 299201
- SEC file number
- 801-114256
- Registered since
- November 2, 2018
- Latest Form ADV filing
- September 25, 2026
- Legal name
- THURSTON SPRINGER ADVISORS, LLC
- Organized as
- Limited Liability Company
- Fiscal year ends
- June
- Other offices
- 33
Key figures
- Regulatory assets under management
- $6.0 billion
- Discretionary
- $5.4 billion (89.4%)
- Non-discretionary
- $639.5 million
- Accounts
- 9,751 (8,998 discretionary)
- Clients
- 4,694, approximate as reported
- Employees
- 100
- Advisory staff
- 86 performing investment advisory functions
- Average account
- $616,173
- Asset growth, 1 year
- 51.8% (from $4.0 billion a year earlier)
- Asset growth, 3-year annual rate
- 64.3% (from $1.4 billion three years earlier)
- Asset growth, 5-year annual rate
- 42.5% (from $1.0 billion five years earlier)
- Client growth, 1 year
- 8.1% (from 4,342)
Broker-dealer affiliated. The firm is affiliated with a broker-dealer (Item 7.A(1)), at least half of its advisory staff are registered representatives of a broker-dealer (Item 5.B(2) against 5.B(1)), and its advisers manage less than $100 million each on average (5.F(2)(c) over 5.B(1)), the pattern of a broker-dealer's advisory arm rather than an adviser that owns a small broker-dealer. It is ranked among all wealth firms, the directory's view that includes wirehouses and broker-dealer firms, not in the main lists of independent RIAs. How firms are classed.
Growth rates come from the SEC's yearly snapshots and are left blank when the years are not comparable.
Rankings
Among all wealth firms, including wirehouses and broker-dealer firms.
Assets over time
Data table
| As of | RAUM |
|---|---|
| October 1, 2019 | $656.9 million |
| October 1, 2020 | $754.8 million |
| October 4, 2021 | $1.0 billion |
| October 3, 2022 | $1.1 billion |
| October 5, 2023 | $1.4 billion |
| October 1, 2024 | $4.0 billion |
| September 2, 2025 | $4.0 billion |
| October 2, 2026 | $6.0 billion |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| High net worth individuals 1,157 clients | $4.3 billion | |
| Individuals (other than high net worth) 3,272 clients | $1.1 billion | |
| Corporations or other businesses 76 clients | $295.4 million | |
| Pension and profit sharing plans 155 clients | $183.1 million | |
| Charitable organizations 33 clients | $91.1 million | |
| Banking or thrift institutions 1 client | $29.4 million |
How the firm is paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Portfolio management for businesses or institutional clients
- Selection of other advisers
- Educational seminars or workshops
Financial planning clients (Item 5.H): 1-10.
Wrap fee program sponsor or portfolio manager: yes.
Other business, affiliations and custody
Other business activities (Item 6.A)
None reported.
Financial industry affiliations (Item 7.A)
- Broker-dealer
- Other investment adviser
- Accountant or accounting firm
- Insurance company or agency
- Sponsor, general partner or managing member of pooled investment vehicles
Custody (Item 9)
The firm reported no custody of client cash or securities.
Investment adviser representatives
- IARs registered with the firm
- 101
- Also registered through a broker-dealer
- 98
- Employees who are IARs (Form ADV 5.B(3))
- 86
Designations held by the firm's IARs: CFP 7.
Between 14 and 49 of the firm's 101 IARs are registered in jurisdictions that require IAR CE. The source counts registrations by jurisdiction, and many IARs are registered in more than one, so the exact number is not knowable from it. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 9 disclosure questions. See the detail on IAPD.
Succession and acquired firms
On Form ADV Item 4 the firm did not report succeeding to another adviser's business.
Similar-sized firms in Indiana
| Firm | City | RAUM |
|---|---|---|
| Sym Financial Advisors | Winona Lake | $5.8 billion |
| CX Institutional, LLC | Auburn | $4.5 billion |
| Donaldson Capital Management LLC | Evansville | $3.5 billion |
| Creative Financial Designs, Inc. | Kokomo | $2.9 billion |
| Bedel Financial Consulting Inc | Indianapolis | $2.9 billion |
The five wealth firms, broker-dealer affiliated firms included, nearest in regulatory assets with a main office in the same state.
Elsewhere
- Thurston Springer Advisors on IAPD: Form ADV, brochures and disclosure detail.
- Firm website: www.thurstonspringer.com
- Wealth management firms in Indiana
Firm data as of October 2, 2026, from ia100226.zip. Figures are as the firm reported them; corrections are made on Form ADV and appear after the next monthly reload.
Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.