SEC-registered wealth management firm Broker-dealer affiliated
Thoroughbred Financial Services, LLC
As of its Form ADV filed March 31, 2026, Thoroughbred Financial Services, LLC, an SEC-registered, broker-dealer affiliated wealth management firm in Brentwood, Tennessee, reported $4.0 billion in regulatory assets under management across 7,236 accounts, ranking #5 among all wealth firms in Tennessee by assets.
Registration
- Registration
- SEC-registered, Approved
- CRD number
- 47893
- SEC file number
- 801-56741
- Registered since
- August 13, 1999
- Latest Form ADV filing
- March 31, 2026
- Organized as
- Limited Liability Company
- Fiscal year ends
- December
- Other offices
- 3
Key figures
- Regulatory assets under management
- $4.0 billion
- Discretionary
- $3.6 billion (89.6%)
- Non-discretionary
- $421.0 million
- Accounts
- 7,236 (6,134 discretionary)
- Clients
- 3,567, approximate as reported
- Employees
- 31
- Advisory staff
- 31 performing investment advisory functions
- Average account
- $558,198
- Asset growth, 1 year
- 18.5% (from $3.4 billion a year earlier)
- Asset growth, 3-year annual rate
- 18.3% (from $2.4 billion three years earlier)
- Asset growth, 5-year annual rate
- 9.9% (from $2.5 billion five years earlier)
- Client growth, 1 year
- 4.9% (from 3,400)
Broker-dealer affiliated. The firm is itself a broker-dealer as well as an investment adviser (Form ADV Item 6.A(1)). 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, 2010 | $612.0 million |
| October 3, 2011 | $697.0 million |
| October 1, 2012 | $781.5 million |
| October 1, 2013 | $1.0 billion |
| October 1, 2014 | $1.1 billion |
| October 1, 2015 | $1.2 billion |
| October 3, 2016 | $1.2 billion |
| October 2, 2017 | $1.5 billion |
| October 1, 2018 | $1.8 billion |
| October 1, 2019 | $1.7 billion |
| October 1, 2020 | $2.0 billion |
| October 4, 2021 | $2.5 billion |
| October 3, 2022 | $2.9 billion |
| October 5, 2023 | $2.4 billion |
| October 1, 2024 | $2.9 billion |
| September 2, 2025 | $3.4 billion |
| October 2, 2026 | $4.0 billion |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| High net worth individuals 691 clients | $1.9 billion | |
| Corporations or other businesses 1,029 clients | $1.2 billion | |
| Individuals (other than high net worth) 1,829 clients | $892.4 million | |
| Pension and profit sharing plans 18 clients | $138.4 million |
How the firm is paid
- A percentage of assets under management
- Fixed fees
- Commissions
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Selection of other advisers
Financial planning clients (Item 5.H): 251-500.
Wrap fee program sponsor or portfolio manager: yes.
Other business, affiliations and custody
Other business activities (Item 6.A)
- Broker-dealer
- Insurance broker or agent
Financial industry affiliations (Item 7.A)
- Other investment adviser
- Pension consultant
- 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
- 34
- Also registered through a broker-dealer
- 34
- Employees who are IARs (Form ADV 5.B(3))
- 31
Designations held by the firm's IARs: CFP 5, ChFC 2.
34 of the firm's 34 IARs are registered in jurisdictions that require IAR CE. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 4 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 Tennessee
| Firm | City | RAUM |
|---|---|---|
| The Pacific Financial Group, Inc. | Nashville | $5.1 billion |
| B. Riley Wealth Advisors, Inc. | Memphis | $4.2 billion |
| Calydon Capital, LLC | Memphis | $3.6 billion |
| Red Door Wealth Management, LLC | Memphis | $3.1 billion |
| Legacy Wealth Management, LLC Successor: Reported on Form ADV Item 4 that it succeeded to the business of another registered investment adviser. Some of its growth may come from that acquisition, and it is shown as reported. | Memphis | $2.7 billion |
The five wealth firms, broker-dealer affiliated firms included, nearest in regulatory assets with a main office in the same state.
Elsewhere
- Thoroughbred Financial Services, LLC on IAPD: Form ADV, brochures and disclosure detail.
- Firm website: www.thoroughbredfinancial.com
- Wealth management firms in Tennessee
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.