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

Turtle Creek Trust

Independent wealth managerDallas, TexasCRD 140212SEC 801-66626website IAPD

Legal name Turtle Creek Management, LLC

Latest filing Mar 30, 2026

First filing on the tape Mar 31, 2012 · 23 filings

SEC status approved since May 17, 2006

RAUM

$4.3B

reported, Item 5.F

Discretionary

36%

of RAUM

Private clients

99%

$4.2B individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$1.4B

derived; firm RAUM over IAPD count

Employees

6 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

23 filings and snapshots on the tape

RAUM$4.3B as of Mar 30, 2026

Mar 31, 2012$1.6B then

HNW client RAUM$4.2B as of Mar 30, 2026

Mar 29, 2018$2.5B then

State-registered IARs (5.B.3)3 as of Mar 30, 2026

Mar 27, 20134 then

Employees (5.A)10 as of Mar 30, 2026

Mar 27, 20139 then

Private funds: no history

RAUM +17% over the last fiscal year+10% a year over threeIARs 3 to 3

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
Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
UHNW private wealth · private-client share at least 50 percent, HNW at least 90 percent of private-client RAUM, and average HNW client assets at least $10M

RAUM per advisor: $1.4BderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 34derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $44.2MderivedHNW RAUM over HNW clients
Average account: $7.7MderivedRAUM over accounts (5.F.2.f)
Discretionary: 36%derivedof RAUM
Institutional: 0.9%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 3.3derivedItem 5.A over advisors
Advisors per office: 3.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +17%derivedbetween the last two annual amendments
Advisor growth, one year: +0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year: -3.8%derived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 5.G
Custody: $1.6B, 104 clientsreportedItem 9.A
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)
compensates persons for client referrals (8.G.1)
compensates non-employees for client referrals (8.G.2)
has custody of client cash or bank accounts (9.A.1.a)
has custody of client securities (9.A.1.b)
a related person has custody of client cash (9.B.1.a)
a related person has custody of client securities (9.B.1.b)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$4.2B99%
Charitable organizations$38.0M0.9%
Individuals$1.7M0.0%
Corporations and businesses$1.6M0.0%

Individual clients: 5reported
HNW clients: 96reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 559reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: $1.6B for 104 clientsreported
Compensation: % of AUMreported
Class basis: private_client_share=0.99 fund_share=0.0 institutional_share=0.01 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

3 on IAPD today, longest tenure first

Name	Branch	Here since	In industry
Richard Craig Knocke	Dallas, Tx	Nov 30, 2007	26 y
Philip Corder Witter KistlerChartered Financial Analyst	Dallas, Tx	Oct 3, 2011	31 y
Mark Edward LanyonChartered Financial Analyst	Dallas, Tx	Jul 16, 2020	12 y

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 headcount0 left over 36 months

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Corder Witter Philip Kistler · Managercontrol
since 03/2006 · owns less than 5%
Craig Richard Knocke · Managercontrol
since 10/2007 · owns less than 5%
Corder Witter Philip Kistler · Manager And Membercontrol
since 12/2009 · owns 50% to 75% of Tctc Holdings, LLC
Craig Richard Knocke · Manager And Membercontrol
since 12/2009 · owns 50% to 75% of Tctc Holdings, LLC
Heimbach Sarah Wood · Chief Compliance Officer
since 05/2011 · owns less than 5%

Entity owners

Tctc Holdings, LLC · Sole Member
direct · owns 75% or more

Related persons

Schedule D 7.A

Turtle Creek Trust Company, Lta
n

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Dallas, Tx · principal	3	0	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

2 against comparable advisers; where to look, not conclusions

unusually large average HNW clientStatic outlier · filing Mar 30, 2026
HNW RAUM per HNW client of $44,158,014 against a peer median of $3,645,749 (1308 comparable advisers, 99.0th percentile, 20.1 robust deviations)
peers: independent wealth managers, $1B to $5B (1,308) · 99% percentile
very high RAUM per advisorStatic outlier · filing Mar 30, 2026
RAUM per registered advisor of $1,426,832,450 against a peer median of $146,413,945 (1221 comparable advisers, 100.0th percentile, 12.9 robust deviations)
peers: independent wealth managers, $1B to $5B (1,221) · 100% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 540 to 559
Oct 21, 2025 to Mar 30, 2026
HNW clients · 98 to 96
Oct 21, 2025 to Mar 30, 2026
Individual clients · 7 to 5
Oct 21, 2025 to Mar 30, 2026
Assets in custody · $1.4B to $1.6B
Oct 21, 2025 to Mar 30, 2026
Discretionary RAUM · $1.3B to $1.6B
Oct 21, 2025 to Mar 30, 2026
HNW RAUM · $3.7B to $4.2B
Oct 21, 2025 to Mar 30, 2026
Individual RAUM · $4.0M to $1.7M
Oct 21, 2025 to Mar 30, 2026
Non-discretionary RAUM · $2.3B to $2.7B
Oct 21, 2025 to Mar 30, 2026
RAUM · $3.7B to $4.3B
Oct 21, 2025 to Mar 30, 2026
Accounts · 532 to 540
Apr 4, 2024 to Mar 31, 2025
Business name · TURTLE CREEK MANAGEMENT, LLC to TURTLE CREEK TRUST
Apr 4, 2024 to Mar 31, 2025
HNW clients · 136 to 98
Apr 4, 2024 to Mar 31, 2025
Individual clients · unset to 7.0
Apr 4, 2024 to Mar 31, 2025
Assets in custody · $1.2B to $1.4B
Apr 4, 2024 to Mar 31, 2025
Financial planning clients · unset to
Apr 4, 2024 to Mar 31, 2025
Discretionary RAUM · $1.2B to $1.3B
Apr 4, 2024 to Mar 31, 2025
HNW RAUM · $3.5B to $3.7B
Apr 4, 2024 to Mar 31, 2025
Individual RAUM · unset to 3996338.0
Apr 4, 2024 to Mar 31, 2025
Non-discretionary RAUM · $2.4B to $2.3B
Apr 4, 2024 to Mar 31, 2025
RAUM · $3.5B to $3.7B
Apr 4, 2024 to Mar 31, 2025
Accounts · 505 to 532
Mar 31, 2023 to Mar 28, 2024
HNW clients · 140 to 136
Mar 31, 2023 to Mar 28, 2024
Assets in custody · $1.0B to $1.2B
Mar 31, 2023 to Mar 28, 2024
Employees · 8 to 10
Mar 31, 2023 to Mar 28, 2024
Discretionary RAUM · $998M to $1.2B
Mar 31, 2023 to Mar 28, 2024
HNW RAUM · $2.8B to $3.5B
Mar 31, 2023 to Mar 28, 2024
Individual RAUM · 1306498.0 to unset
Mar 31, 2023 to Mar 28, 2024
Non-discretionary RAUM · $2.2B to $2.4B
Mar 31, 2023 to Mar 28, 2024
Pension RAUM · 126016.0 to unset
Mar 31, 2023 to Mar 28, 2024
RAUM · $3.2B to $3.5B
Mar 31, 2023 to Mar 28, 2024
Advisory employees · 7 to 6
Jun 30, 2022 to Mar 31, 2023
Accounts · 469 to 505
Jun 30, 2022 to Mar 31, 2023
HNW clients · 107 to 140
Jun 30, 2022 to Mar 31, 2023
Assets in custody · $1.1B to $1.0B
Jun 30, 2022 to Mar 31, 2023
Employees · 9 to 8
Jun 30, 2022 to Mar 31, 2023
Discretionary RAUM · $1.1B to $998M
Jun 30, 2022 to Mar 31, 2023
HNW RAUM · $2.8B to $2.8B
Jun 30, 2022 to Mar 31, 2023
Individual RAUM · $1.1M to $1.3M
Jun 30, 2022 to Mar 31, 2023
Non-discretionary RAUM · $2.1B to $2.2B
Jun 30, 2022 to Mar 31, 2023
Pension RAUM · $1.7M to $126,016
Jun 30, 2022 to Mar 31, 2023

Signals

1 dated events

Kevin Richard Hardage (Manager) no longer on Schedule A of Turtle Creek Trust (listed 2018-03-29, absent 2019-02-04)
Feb 4, 2019 · Control person left · inference

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 email: admin@turtlecreektrust.comreportedpublished by the firm, firm site, Sep 16, 2026
Business phone: 214-468-0100reportedpublished by the firm, firm site, Sep 16, 2026
Firm profile: linkedin.com/company/turtle-creek-management-llcreportedpublic record, Form ADV, Sep 17, 2026
Website: TURTLECREEKTRUST.COMreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 214.468.0100reportedpublic record, Form ADV, Mar 30, 2026
Contact form: turtlecreektrust.com/contactreportedpublished by the firm, firm site, Sep 16, 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: $1.4Bderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026