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
Tanglewood Total Wealth Management, Inc.
Legal name Tanglewood Wealth Management, Inc.
Latest filing Mar 30, 2026
First filing on the tape Feb 13, 2012 · 30 filings
SEC status approved since Jan 25, 1991
RAUM
$1.6B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
99%
$1.6B individuals and HNW
Advisors
9
registered through the firm on IAPD
RAUM per advisor
$177M
derived; firm RAUM over IAPD count
Employees
14
10 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
30 filings and snapshots on the tape
RAUM$1.6B as of Mar 30, 2026
Feb 13, 2012$648M then
HNW client RAUM$1.5B as of Mar 30, 2026
Mar 26, 2018$813M then
State-registered IARs (5.B.3)8 as of Mar 30, 2026
Feb 13, 20120 then
Employees (5.A)14 as of Mar 30, 2026
Mar 28, 201311 then
Private funds: no history
RAUM +11% over the last fiscal year+9.6% a year over threeIARs 9 to 8
Practice profile
derived from the filing of Mar 30, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $177MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 46derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $4.3MderivedHNW RAUM over HNW clients
- Average account
- $1.2MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.6derivedItem 5.A over advisors
- Advisors per office
- 9.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +11%derivedbetween the last two annual amendments
- Advisor growth, one year
- -11%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -3.0%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$1.5B97%
- Individuals$34.8M2.2%
- Corporations and businesses$4.8M0.3%
- Charitable organizations$2.9M0.2%
- Pension and profit-sharing plans$1.7M0.1%
- Individual clients
- 54reported
- HNW clients
- 363reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 1,296reported
- Financial planning clients
- 101-250reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.99 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
9 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| John Franklin Merrill | Houston, Tx | Feb 1, 2000 | 42 y | 0 |
| Brian Joseph MerrillCertified Financial Planner | Houston, Tx | Nov 10, 2005 | 24 y | 0 |
| Abigail Cheng GundersonCertified Financial Planner | Houston, Tx | Jan 13, 2014 | 23 y | 5 |
| Keith Alan FenstadCertified Financial Planner | Houston, Tx | Jan 20, 2014 | 32 y | 0 |
| Peter Lewis FaustCertified Financial Planner | Houston, Tx | May 16, 2016 | 15 y | 2 |
| Michael Shane PumphreyCertified Financial Planner | Houston, Tx | May 8, 2024 | 11 y | 0 |
| Adam Philip LawrenceCertified Financial Planner | Houston, Tx | Jul 29, 2024 | 12 y | 1 |
| Thomas Lloyd Bruce | Houston, Tx | Mar 31, 2025 | 14 y | 0 |
| Tina YangCertified Financial Planner | Houston, Tx | Feb 27, 2026 | 10 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount2 left over 36 months
Left, latest
- Jeffrey Allan Speight to Raymond James Financial Services Advisors, IncApr 1, 2025 · RIA to affiliated broker-dealer or bank
- Kayla Alexandra Tolunay to Ip Financial Advisory Services LLCNov 25, 2024 · RIA to RIA
Joined, latest
- Adam Philip Lawrence from Financial SynergiesJul 29, 2024 · RIA to RIA
- Peter Lewis Faust from Linscomb Wealth, Inc.May 16, 2016 · Other
- Abigail Cheng Gunderson from Linscomb Wealth, Inc.Jan 13, 2014 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Alan Keith Fenstad · Chief Compliance Officer And Secretarycontrolsince 01/2003 · owns 10% to 25%
- Joseph Brian Merrill · Vice President And Treasurercontrolsince 01/2014 · owns 25% to 50%
- Franklin John Merrill · Presidentcontrolsince 01/2000 · owns 25% to 50%
- Joel Curtis Holden · Sr. Investment Officersince 11/2013 · owns less than 5%
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Houston, Tx · principal | 9 | 1 | 0 | ||
| Mountain Home, Ar | 0 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- , 1 employees
What changed
consecutive filings, newest first
- Accounts · 1,294 to 1,296Sep 24, 2025 to Mar 30, 2026
- Advisory employees · 9 to 10Sep 24, 2025 to Mar 30, 2026
- HNW clients · 334 to 363Sep 24, 2025 to Mar 30, 2026
- Individual clients · 96 to 54Sep 24, 2025 to Mar 30, 2026
- Employees · 15 to 14Sep 24, 2025 to Mar 30, 2026
- State-registered IARs · 7 to 8Sep 24, 2025 to Mar 30, 2026
- Discretionary RAUM · $1.4B to $1.6BSep 24, 2025 to Mar 30, 2026
- HNW RAUM · $1.4B to $1.5BSep 24, 2025 to Mar 30, 2026
- Individual RAUM · $67.9M to $34.8MSep 24, 2025 to Mar 30, 2026
- Pension RAUM · $1.5M to $1.7MSep 24, 2025 to Mar 30, 2026
- RAUM · $1.4B to $1.6BSep 24, 2025 to Mar 30, 2026
- Employees · 17 to 15Apr 2, 2025 to Sep 24, 2025
- State-registered IARs · 9 to 7Apr 2, 2025 to Sep 24, 2025
- Accounts · 1,286 to 1,294Sep 17, 2024 to Apr 2, 2025
- Advisory employees · 4 to 9Sep 17, 2024 to Apr 2, 2025
- HNW clients · 353 to 334Sep 17, 2024 to Apr 2, 2025
- Individual clients · 74 to 96Sep 17, 2024 to Apr 2, 2025
- Employees · 13 to 17Sep 17, 2024 to Apr 2, 2025
- Financial planning clients · 101-250 to 101-250Sep 17, 2024 to Apr 2, 2025
- State-registered IARs · 7 to 9Sep 17, 2024 to Apr 2, 2025
- Other offices · 1 to 0Sep 17, 2024 to Apr 2, 2025
- Discretionary RAUM · $1.3B to $1.4BSep 17, 2024 to Apr 2, 2025
- HNW RAUM · $1.2B to $1.4BSep 17, 2024 to Apr 2, 2025
- Individual RAUM · $46.9M to $67.9MSep 17, 2024 to Apr 2, 2025
- Pension RAUM · $1.4M to $1.5MSep 17, 2024 to Apr 2, 2025
- RAUM · $1.3B to $1.4BSep 17, 2024 to Apr 2, 2025
- Other offices · 0 to 1Mar 29, 2024 to Sep 17, 2024
- Accounts · 1,263 to 1,286Oct 5, 2023 to Mar 23, 2024
- Advisory employees · 8 to 4Oct 5, 2023 to Mar 23, 2024
- HNW clients · 354 to 353Oct 5, 2023 to Mar 23, 2024
- Individual clients · 86 to 74Oct 5, 2023 to Mar 23, 2024
- Employees · 14 to 13Oct 5, 2023 to Mar 23, 2024
- State-registered IARs · 8 to 7Oct 5, 2023 to Mar 23, 2024
- Discretionary RAUM · $1.2B to $1.3BOct 5, 2023 to Mar 23, 2024
- HNW RAUM · $1.1B to $1.2BOct 5, 2023 to Mar 23, 2024
- Individual RAUM · $56.9M to $46.9MOct 5, 2023 to Mar 23, 2024
- Pension RAUM · $1.5M to $1.4MOct 5, 2023 to Mar 23, 2024
- RAUM · $1.2B to $1.3BOct 5, 2023 to Mar 23, 2024
- Accounts · 1,246 to 1,263Apr 1, 2022 to Mar 30, 2023
- HNW clients · 358 to 354Apr 1, 2022 to Mar 30, 2023
Signals
4 dated events
- Jeffrey Allan Speight left Tanglewood Total Wealth Management, Inc. for Raymond James Financial Services Advisors, Inc (registered 2025-04-10)Apr 1, 2025 · Advisor changed firm · fact
- Kayla Alexandra Tolunay left Tanglewood Total Wealth Management, Inc. for Ip Financial Advisory Services Llc (registered 2025-09-11)Nov 25, 2024 · Advisor changed firm · fact
- Stephen Paul Buongiorno (Chief Investment Officer) no longer on Schedule A of Tanglewood Total Wealth Management, Inc. (listed 2023-03-31, absent 2023-10-05)Oct 5, 2023 · Control person left · inference
- Stephen Paul Buongiorno (Co-Chief Investment Officer) appeared on Schedule A of Tanglewood Total Wealth Management, Inc.Mar 28, 2022 · 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
- 713-840-8880reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/tanglewoodtotalwealthmanagementreportedpublic record, Form ADV, Sep 17, 2026
- Website
- TANGLEWOODWEALTH.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 713-840-8880reportedpublic record, Form ADV, Mar 30, 2026
- Contact form
- tanglewoodwealth.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- tanglewoodwealth.com/teamreportedpublished by the firm, firm site, Sep 15, 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
- $177Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026