DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Trust Advisory Group Ltd
Latest filing Jun 17, 2026
First filing on the tape Mar 28, 2012 · 80 filings
SEC status approved since Jul 25, 1994
RAUM
$314M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$313M individuals and HNW
Advisors
17
registered through the firm on IAPD
RAUM per advisor
$18.4M
derived; firm RAUM over IAPD count
Employees
22
22 advisory (5.B.1)
Offices
14
beyond the principal office
Private funds
0
reported on Schedule D
History
80 filings and snapshots on the tape
RAUM$314M as of Jun 17, 2026
Apr 2, 2012$128M then
HNW client RAUM$214M as of Jun 17, 2026
Mar 29, 2018$203M then
State-registered IARs (5.B.3)16 as of Jun 17, 2026
Apr 2, 20120 then
Employees (5.A)22 as of Jun 17, 2026
Mar 25, 20133 then
Private funds: no history
RAUM -37% over the last fiscal year-14% a year over threeIARs 30 to 16offices 21 to 14
Practice profile
derived from the filing of Jun 17, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- RAUM per advisor
- $18.4MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 33derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.1MderivedHNW RAUM over HNW clients
- Average account
- $395,863derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.3derivedItem 5.A over advisors
- Advisors per office
- 1.1derived15 offices incl. principal (1.F.5)
- RAUM growth, one year
- -37%derivedbetween the last two annual amendments
- Advisor growth, one year
- -47%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -49%derived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisersreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- a related person acts as qualified custodian (9.D.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$214M68%
- Individuals$99.0M32%
- Corporations and businesses$83,4900.0%
- Individual clients
- 492reported
- HNW clients
- 70reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 792reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=true related_bank=true bd_reps=22.0 bank_owner=falsederived
Advisors registered through the firm
17 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Luigi Anthony Altieri | West Newton, Ma | Jan 29, 2003 | 26 y | 0 |
| William Henry Mccance | Reading, Ma | Oct 23, 2007 | 40 y | 1 |
| Joseph P. Marsden | Birmingham, Al | Apr 29, 2009 | 34 y | 2 |
| Amy Lorraine Gates | Palm Harbor, Fl | Mar 22, 2010 | 28 y | 2 |
| Bernard Edward Nugent | Birmingham, Al | Mar 31, 2010 | 40 y | 1 |
| Peter Patrick Cahill | Birmingham, Al | Jun 1, 2012 | 29 y | 4 |
| Alan Ray Druckenmiller | Birmingham, Al | Feb 24, 2014 | 19 y | 2 |
| Marcus Bryant Richardson | Birmingham, Al | Jun 30, 2016 | 26 y | 1 |
| Amy Ellen Clayton | Birmingham, Al | Feb 10, 2017 | 41 y | 3 |
| Andrew Clayton Wyman | Birmingham, Al | Feb 13, 2017 | 27 y | 3 |
| Wilder Douglas Carnes | Newtown, Ct | Feb 21, 2017 | 29 y | 3 |
| Paul Wilfred Majane | Birmingham, Al | Feb 27, 2017 | 38 y | 2 |
| Jerry Malcolm Stuber | Birmingham, Al | Mar 23, 2017 | 45 y | 2 |
| Anthony David Speziale | Birmingham, Al | Aug 7, 2017 | 40 y | 0 |
| Mayo M Woodward | Birmingham, Al | May 28, 2019 | 30 y | 6 |
| Robert Kelly | Birmingham, Al | Aug 21, 2019 | 15 y | 0 |
| Michael Thomas LytleChartered Financial Analyst | Birmingham, Al | May 10, 2022 | 25 y | 3 |
Advisor movement
8 left, 0 joined in 12 months
net -8 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 47% of current headcount20 left over 36 months
Left, latest
- John Francis Calvano to Axient Investment Advisors LLCApr 1, 2026 · RIA to RIA
- Michael Jay Dworetsky to LPL Financial LLCJan 22, 2026 · RIA to affiliated broker-dealer or bank
- Nicole E Bondellio to LPL Financial LLCJan 22, 2026 · RIA to affiliated broker-dealer or bank
- Samuel Francis Grant to LPL Financial LLCJan 12, 2026 · RIA to affiliated broker-dealer or bank
- Thomas Donald Bacon to Consolidated Portfolio Review CorpNov 21, 2025 · RIA to RIA
- Stanley Bernard Starr to Consolidated Portfolio Review CorpNov 19, 2025 · RIA to RIA
- Eric Richard Majka to LPL Financial LLCNov 10, 2025 · RIA to affiliated broker-dealer or bank
- Lawrence Anthony Faretta to LPL Financial LLCNov 10, 2025 · RIA to affiliated broker-dealer or bank
- Anthony D Mcmullen to Consolidated Portfolio Review CorpMay 28, 2025 · RIA to RIA
- Ian Joseph Tollefsen to Consolidated Portfolio Review CorpMay 19, 2025 · RIA to RIA
- Peter Hoffman to Astoria Portfolio Advisors LLCApr 23, 2025 · RIA to RIA
- Eugene Thomas Cindrich to Cambridge Investment Research Advisors, Inc.Feb 27, 2025 · RIA to affiliated broker-dealer or bank
- Lauren Elizabeth Tullos to Cambridge Investment Research Advisors, Inc.Feb 27, 2025 · RIA to affiliated broker-dealer or bank
- Paul Richard Himmelstein to Ibn Financial Services, IncDec 3, 2024 · RIA to RIA
- William Francis Bonk to Ibn Financial Services, IncNov 13, 2024 · RIA to RIA
Joined, latest
- John Francis Calvano from Stonex Advisors Inc.Dec 17, 2024 · Affiliated broker-dealer or bank to independent RIA
- Michael Otis Schulitz from Lincoln Financial Distributors, Inc.Jun 8, 2022 · Other
- Ian Joseph Tollefsen from Merrill Lynch, Pierce, Fenner & Smith IncorporatedJul 28, 2021 · Wirehouse to independent RIA
- Tanya Frias from MML Investors Services, LLCDec 21, 2020 · Affiliated broker-dealer or bank to independent RIA
- Anthony D Mcmullen from Next Financial Group, Inc.Jun 30, 2020 · Affiliated broker-dealer or bank to independent RIA
- Wendy Lesa Gipson-Fitzpatrick from LPL Financial LLCFeb 10, 2020 · Affiliated broker-dealer or bank to independent RIA
- Eric Richard Majka from Aztec Capital LLCJan 15, 2020 · Other
- Kevin Roberto Nunez from Morgan StanleySep 11, 2019 · Wirehouse to independent RIA
- Kyle Thomas Kadish from UBS Financial Services Inc.May 3, 2017 · Other
- Jerry Malcolm Stuber from Source Capital Group, Inc.Mar 23, 2017 · Other
- Mark Edward Rosier from Source Capital Group, Inc.Feb 28, 2017 · Other
- Paul Wilfred Majane from Source Capital Group, Inc.Feb 27, 2017 · Other
- Wilder Douglas Carnes from Source Capital Group, Inc.Feb 21, 2017 · Other
- Patrick Jude Barrett from Source Capital Group, Inc.Feb 21, 2017 · Other
- Michael Jay Dworetsky from Source Capital Group, Inc.Feb 17, 2017 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 2 left for LPL Financial LLCJan 12, 2026 · Reading, Ma
- 2 left for Consolidated Portfolio Review CorpNov 19, 2025 · Birmingham, Al
- 2 left for Barrett Capital PartnersAug 9, 2021 · Weymouth, Ma
- 3 joined from Source Capital Group, Inc.Jul 24, 2017 · Westport, Ct · Firm absorbed
- 4 joined from Source Capital Group, Inc.Feb 6, 2017 · Westport, Ct
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Francis John Calvano · Chief Compliance Officercontrolsince 09/2024 · owns less than 5%
- Wilson Jay Carter · President, Ceocontrolsince 09/2024 · owns less than 5%
- R Andrew Chambless · General Counselcontrolsince 09/2024 · owns less than 5%
- Andrew Stuart Davison · Directorcontrolsince 09/2024 · owns less than 5%
- John William Dunaway · Directorcontrolsince 09/2024 · owns less than 5%
- Martin Charles Lyon · Directorcontrolsince 09/2024 · owns less than 5%
- L Mark Maurer · Directorcontrolsince 09/2024 · owns less than 5%
- Michael Sean O'Connor · Directorcontrolsince 09/2024 · owns less than 5%
- John Joseph Porzio · Chief Financial Officercontrolsince 09/2024 · owns less than 5%
- Bryant Marcus Richardson · Chief Operations Officercontrolsince 09/2024 · owns less than 5%
Entity owners
- Stonex Advisors Inc. · Ownerdirect · owns 75% or more
Related persons
Schedule D 7.A
- Ages Financial Services, Ltd.broker-dealern
Advisers that list Trust Advisory Group Ltd as a related person
- 174182 y
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Birmingham, Al · principal | 17 | 0 | 5 | 1 | |
| Reading, Ma | 2 | 0 | 3 | 1 | |
| Fair Haven, Vt | 0 | 0 | 0 | ||
| Haverhill, Ma | 0 | 0 | 0 | ||
| Nashua, Nh | 0 | 0 | 0 | ||
| Ocala, Fl | 0 | 0 | 0 | ||
| Windham, Nh | 0 | 0 | 0 | ||
| Charlestown, Ma | 0 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Reading, MA5 employees
- Morristown, NJ3 employees
- South Yarmouth, MA2 employees
- Nashua, NH2 employees
- Sudbury, MA1 employees
- Fair Haven, VT1 employees
- Holliston, MA1 employees
- Haverhill, MA1 employees
- , 1 employees
- Saugus, MA1 employees
- Bloomfield, CT1 employees
- , 1 employees
- , 1 employees
- Duxbury, MA1 employees
- , 1 employees
- , 1 employees
- Canton, MA1 employees
- Framingham, MA1 employees
- Lexington, MA1 employees
- Lexington, MA1 employees
- , 1 employees
- Reading, MA1 employees
- Haverhill, MA1 employees
- Lancaster, MA1 employees
- Wakefield, MA1 employees
ADV anomalies
5 against comparable advisers; where to look, not conclusions
- account count collapseChange between filings · filing Mar 25, 2026accounts (Item 5.F.2.f) moved from 1,720.0 to 792.0 (-54.0%) between the annual amendments of 2025-03-28 and 2026-03-25; the peer median change was +5.0% (3688 comparable advisers, 3.0th percentile of changes)peers: independent wealth managers, $100M to $500M (3,688) · 2.7% percentile
- advisor count dropChange between filings · filing Mar 25, 2026advisory representatives (Item 5.B.3) moved from 30.0 to 16.0 (-47.0%) between the annual amendments of 2025-03-28 and 2026-03-25; the peer median change was 0.0% (965 comparable advisers, 2.0th percentile of changes)peers: independent wealth managers, $100M to $500M (965) · 2.1% percentile
- client count collapseChange between filings · filing Mar 25, 2026individual and HNW clients (Item 5.D) moved from 1,107.0 to 562.0 (-49.0%) between the annual amendments of 2025-03-28 and 2026-03-25; the peer median change was +3.0% (3310 comparable advisers, 2.0th percentile of changes)peers: independent wealth managers, $100M to $500M (3,310) · 1.7% percentile
- HNW share shiftChange between filings · filing Mar 25, 2026HNW share of RAUM moved from 49.0% to 68.0% between the annual amendments of 2025-03-28 and 2026-03-25peers: independent wealth managers, $100M to $500M (5,676)
- RAUM down 25 %Change between filings · filing Mar 25, 2026RAUM (Item 5.F) moved from $494,407,359 to $313,523,737 (-37.0%) between the annual amendments of 2025-03-28 and 2026-03-25; the peer median change was +15.0% (4551 comparable advisers, 1.0th percentile of changes)peers: independent wealth managers, $100M to $500M (4,551) · 1.0% percentile
What changed
consecutive filings, newest first
- Accounts · 1,720 to 792Sep 9, 2025 to Mar 25, 2026
- Advisory employees · 30 to 22Sep 9, 2025 to Mar 25, 2026
- BD registered reps · 28 to 22Sep 9, 2025 to Mar 25, 2026
- Charity clients · 1 to 0Sep 9, 2025 to Mar 25, 2026
- Corporate clients · 5 to 2Sep 9, 2025 to Mar 25, 2026
- HNW clients · 100 to 70Sep 9, 2025 to Mar 25, 2026
- Individual clients · 1,007 to 492Sep 9, 2025 to Mar 25, 2026
- Pension plan clients · 5 to 0Sep 9, 2025 to Mar 25, 2026
- Employees · 30 to 22Sep 9, 2025 to Mar 25, 2026
- Financial planning clients · 51-100 to 0Sep 9, 2025 to Mar 25, 2026
- State-registered IARs · 30 to 16Sep 9, 2025 to Mar 25, 2026
- Other offices · 21 to 14Sep 9, 2025 to Mar 25, 2026
- Discretionary RAUM · $494M to $314MSep 9, 2025 to Mar 25, 2026
- HNW RAUM · $241M to $214MSep 9, 2025 to Mar 25, 2026
- Individual RAUM · $246M to $99.0MSep 9, 2025 to Mar 25, 2026
- Pension RAUM · $845,496 to $0Sep 9, 2025 to Mar 25, 2026
- RAUM · $494M to $314MSep 9, 2025 to Mar 25, 2026
- Financial planning clients · 51-100 to 51-100Jun 11, 2025 to Jul 29, 2025
- Accounts · 2,056 to 1,720Mar 3, 2025 to Mar 28, 2025
- Advisory employees · 41 to 30Mar 3, 2025 to Mar 28, 2025
- BD registered reps · 39 to 28Mar 3, 2025 to Mar 28, 2025
- Charity clients · 0 to 1Mar 3, 2025 to Mar 28, 2025
- Corporate clients · 0 to 5Mar 3, 2025 to Mar 28, 2025
- HNW clients · 87 to 100Mar 3, 2025 to Mar 28, 2025
- Individual clients · 1,958 to 1,007Mar 3, 2025 to Mar 28, 2025
- Pension plan clients · 10 to 5Mar 3, 2025 to Mar 28, 2025
- Employees · 43 to 30Mar 3, 2025 to Mar 28, 2025
- Financial planning clients · 11-25 to 51-100Mar 3, 2025 to Mar 28, 2025
- State-registered IARs · 43 to 30Mar 3, 2025 to Mar 28, 2025
- Other offices · 40 to 21Mar 3, 2025 to Mar 28, 2025
- Discretionary RAUM · $353M to $494MMar 3, 2025 to Mar 28, 2025
- HNW RAUM · $171M to $241MMar 3, 2025 to Mar 28, 2025
- Individual RAUM · $296M to $246MMar 3, 2025 to Mar 28, 2025
- Non-discretionary RAUM · $207M to $0Mar 3, 2025 to Mar 28, 2025
- Pension RAUM · $18.7M to $845,496Mar 3, 2025 to Mar 28, 2025
- RAUM · $560M to $494MMar 3, 2025 to Mar 28, 2025
- Related bank · false to trueMar 3, 2025 to Mar 28, 2025
- Related adviser · false to trueDec 17, 2024 to Dec 18, 2024
- Related insurance company · true to falseDec 17, 2024 to Dec 18, 2024
- HQ city · READING to BIRMINGHAMMar 28, 2024 to Sep 26, 2024
Signals
47 dated events
- John Francis Calvano left Trust Advisory Group Ltd for Axient Investment Advisors Llc (registered 2026-04-23)Apr 1, 2026 · Advisor changed firm · fact
- Trust Advisory Group Ltd reported 14 offices beyond its principal office, down from 21 (2025-09-09 to 2026-03-25)Mar 25, 2026 · Office count change · derived
- Trust Advisory Group Ltd reported 16 state-registered advisory representatives, down from 30 (2025-09-09 to 2026-03-25)Mar 25, 2026 · Advisor headcount change · derived
- Trust Advisory Group Ltd reported RAUM $313.5M, down 37% from $494.4M (2025-09-09 to 2026-03-25)Mar 25, 2026 · RAUM change · derived
- Nicole E Bondellio left Trust Advisory Group Ltd for Lpl Financial Llc (registered 2026-01-21)Jan 22, 2026 · Advisor changed firm · fact
- Michael Jay Dworetsky left Trust Advisory Group Ltd for Lpl Financial Llc (registered 2026-01-21)Jan 22, 2026 · Advisor changed firm · fact
- Samuel Francis Grant left Trust Advisory Group Ltd for Lpl Financial Llc (registered 2026-01-13)Jan 12, 2026 · Advisor changed firm · fact
- 2 advisors left Trust Advisory Group LTD (Reading, MA) for LPL Financial LLC within 10 daysJan 12, 2026 · Team lift-out · derived
- Thomas Donald Bacon left Trust Advisory Group Ltd for Consolidated Portfolio Review Corp (registered 2025-12-09)Nov 21, 2025 · Advisor changed firm · fact
- 2 advisors left Trust Advisory Group LTD (Birmingham, AL) for Consolidated Portfolio Review Corp within 2 daysNov 19, 2025 · Team lift-out · derived
- Stanley Bernard Starr left Trust Advisory Group Ltd for Consolidated Portfolio Review Corp (registered 2025-11-26)Nov 19, 2025 · Advisor changed firm · fact
- Lawrence Anthony Faretta left Trust Advisory Group Ltd for Lpl Financial Llc (registered 2025-11-06)Nov 10, 2025 · Advisor changed firm · fact
- Eric Richard Majka left Trust Advisory Group Ltd for Lpl Financial Llc (registered 2025-11-06)Nov 10, 2025 · Advisor changed firm · fact
- Anthony D Mcmullen left Trust Advisory Group Ltd for Consolidated Portfolio Review Corp (registered 2025-06-11)May 28, 2025 · Advisor changed firm · fact
- Ian Joseph Tollefsen left Trust Advisory Group Ltd for Consolidated Portfolio Review Corp (registered 2025-06-11)May 19, 2025 · Advisor changed firm · fact
- Peter Hoffman left Trust Advisory Group Ltd for Astoria Portfolio Advisors Llc (registered 2025-05-19)Apr 23, 2025 · Advisor changed firm · fact
- Trust Advisory Group Ltd reported 30 state-registered advisory representatives, down from 43 (2025-03-03 to 2025-03-28)Mar 28, 2025 · Advisor headcount change · derived
- Trust Advisory Group Ltd reported 21 offices beyond its principal office, down from 40 (2025-03-03 to 2025-03-28)Mar 28, 2025 · Office count change · derived
- Eugene Thomas Cindrich left Trust Advisory Group Ltd for Cambridge Investment Research Advisors, Inc. (registered 2025-06-05)Feb 27, 2025 · Advisor changed firm · fact
- Lauren Elizabeth Tullos left Trust Advisory Group Ltd for Cambridge Investment Research Advisors, Inc. (registered 2025-02-27)Feb 27, 2025 · Advisor changed firm · fact
- Paul Richard Himmelstein left Trust Advisory Group Ltd for Ibn Financial Services, Inc (registered 2025-01-03)Dec 3, 2024 · Advisor changed firm · fact
- William Francis Bonk left Trust Advisory Group Ltd for Ibn Financial Services, Inc (registered 2024-10-17)Nov 13, 2024 · Advisor changed firm · fact
- George Robert Gagliardi left Trust Advisory Group Ltd for Astoria Portfolio Advisors Llc (registered 2024-10-17)Oct 3, 2024 · Advisor changed firm · fact
- Michael Sean O'Connor (Director) appeared on Schedule A of Trust Advisory Group LtdSep 26, 2024 · Control person joined · fact
- Martin Charles Lyon (Director) appeared on Schedule A of Trust Advisory Group LtdSep 26, 2024 · Control person joined · fact
- John William Dunaway (Director) appeared on Schedule A of Trust Advisory Group LtdSep 26, 2024 · Control person joined · fact
- Wilson Jay Carter (President, Ceo) appeared on Schedule A of Trust Advisory Group LtdSep 26, 2024 · Control person joined · fact
- Bryant Marcus Richardson (Chief Operations Officer) appeared on Schedule A of Trust Advisory Group LtdSep 26, 2024 · Control person joined · fact
- Henry William Mccance (President) no longer on Schedule A of Trust Advisory Group Ltd (listed 2024-03-28, absent 2024-09-26)Sep 26, 2024 · Control person left · inference
- John Joseph Porzio (Chief Financial Officer) appeared on Schedule A of Trust Advisory Group LtdSep 26, 2024 · Control person joined · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Business phone
- 973-590-2655reportedpublished by the firm, firm site, Sep 16, 2026
- Firm profile
- linkedin.com/company/90623235/admin/dashboardreportedpublic record, Form ADV, Sep 17, 2026
- Firm profile
- linkedin.com/company/sa-stone-wealth-managementreportedpublic record, Form ADV, Sep 17, 2026
- Website
- morristowncapital.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 800-292-2411reportedpublic record, Form ADV, Jun 17, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $18.4Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026