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.
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SEC-registered adviser
T•• G••••• A•••• M••••••••• L••
Latest filing Mar 23, 2026
First filing on the tape Nov 14, 2011 · 40 filings
SEC status approved since Jan 2, 2008
RAUM
$1.5B
reported, Item 5.F
Discretionary
97%
of RAUM
Private clients
98%
$1.4B individuals and HNW
Advisors
13
registered through the firm on IAPD
RAUM per advisor
$114M
derived; firm RAUM over IAPD count
Employees
22
0 advisory (5.B.1)
Offices
5
beyond the principal office
Private funds
0
reported on Schedule D
History
40 filings and snapshots on the tape
RAUM$1.5B as of Mar 23, 2026
Mar 30, 2012$207M then
HNW client RAUM$1.3B as of Mar 23, 2026
Mar 20, 2018$346M then
State-registered IARs (5.B.3)14 as of Mar 23, 2026
Mar 30, 20120 then
Employees (5.A)22 as of Mar 23, 2026
Mar 6, 20138 then
Private funds: no history
RAUM +16% over the last fiscal year+16% a year over threeIARs 14 to 14offices 4 to 5
Practice profile
derived from the filing of Mar 23, 2026; every figure names its basis
- RAUM per advisor
- $114MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 77derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.1MderivedHNW RAUM over HNW clients
- Average account
- $396,535derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 97%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.7derivedItem 5.A over advisors
- Advisors per office
- 2.2derived6 offices incl. principal (1.F.5)
- RAUM growth, one year
- +16%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +1.8%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
- Custody
- $1.3B, 784 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$1.3B90%
- Individuals$112M7.6%
- Corporations and businesses$37.0M2.5%
- Individual clients
- 571reported
- HNW clients
- 431reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 3,735reported
- Financial planning clients
- 1-10reported
- Wrap fee programs
- noreported
- Custody of client assets
- $1.3B for 784 clientsreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=0.98 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=2.0derived
Advisors registered through the firm
13 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| D•••• S••••• M•••••• | Brentwood, Tn | Jan 4, 2008 | 28 y | 0 |
| T••••• S•••• A••••••• | Brentwood, Tn | May 28, 2008 | 18 y | 0 |
| P•••••• M• R•••••••Certified Financial Planner | Brentwood, Tn | Mar 26, 2014 | 22 y | 0 |
| S••••• W• D••••Certified Financial Planner | Brentwood, Tn | Mar 26, 2014 | 20 y | 0 |
| J•••• N••••••• W•••Certified Financial Planner | Brentwood, Tn | Aug 10, 2015 | 25 y | 1 |
| A••••• M•••••• H••••• | Brentwood, Tn | Apr 19, 2018 | 19 y | 0 |
| B•••• M•••••• W••••••Certified Financial Planner | Venice, Fl | Jul 31, 2019 | 16 y | 4 |
| K•••••••• E•••••••• Y•••Certified Financial Planner | Brentwood, Tn | Oct 11, 2022 | 19 y | 2 |
| D•••• J• S••••• | Brentwood, Tn | Dec 2, 2022 | 17 y | 5 |
| W•••••• L•••••••• B••••• | Brentwood, Tn | Dec 2, 2022 | 16 y | 2 |
| J•••••• L••• L••••••• | Brentwood, Tn | Dec 2, 2022 | 13 y | 3 |
| C••••••• W•••• F••••• | Brentwood, Tn | Dec 2, 2022 | 20 y | 5 |
| J••••• B•••• D•••• | Brentwood, Tn | Jan 1, 2026 | 10 y | 1 |
Advisor movement
1 left, 1 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 7.7% of current headcount2 left over 36 months
Left, latest
- D••••• L•• H••••••• to B•••• A•••••••Mar 2, 2026 · RIA to RIA
- M•••••• B••• M••••• to S•••••• F•••••••• G••••• L•••••Dec 5, 2024 · RIA to RIA
Joined, latest
- J••••• B•••• D•••• from T•• A•••••••• L••Jan 1, 2026 · RIA to RIA
- D••••• L•• H••••••• from C•••••• S••••• • C••• I•••Apr 10, 2023 · Affiliated broker-dealer or bank to independent RIA
- M•••••• B••• M••••• from K•• C•••••• M••••••••• I•••Mar 22, 2023 · RIA to RIA
- D•••• J• S••••• from T•• A•••••••• L••Dec 2, 2022 · RIA to RIA
- W•••••• L•••••••• B••••• from T•• A•••••••• L••Dec 2, 2022 · RIA to RIA
- J•••••• L••• L••••••• from T•• A•••••••• L••Dec 2, 2022 · RIA to RIA
- C••••••• W•••• F••••• from T•• A•••••••• L••Dec 2, 2022 · RIA to RIA
- K•••••••• E•••••••• Y••• from ••••••••Oct 11, 2022 · RIA to RIA
- B•••• M•••••• W•••••• from T•••••• F•••••••• P•••••••Jul 31, 2019 · Other
- J•••• N••••••• W••• from C•••••••• G••••• M•••••• I•••Aug 10, 2015 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 4 joined from T•• A•••••••• L••Dec 31, 2022 · Brentwood, Tn · Firm absorbed
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- W•••• J••••• N••••••• · Chief Compliance Officercontrolsince 12/2019 · owns less than 5%
- A•••••••• T•••••• S•••• · Managercontrolsince 11/2022 · owns 75% or more of T•• F•••••••• L••
- D••••• S•••••• W• · Managercontrolsince 11/2022 · owns 75% or more of P••• O••• L••
- M••••••• D••••• S••••• · Managercontrolsince 10/2022 · owns 75% or more of N•••• H•••••••• L••
- R•••••••• P••••••• M• · Managercontrolsince 11/2022 · owns 75% or more of T•• R••••••• L••
Entity owners
- N•••• H•••••••• L•• · Managing Memberdirect · owns 25% to 50%
- P••• O••• L•• · Managing Memberdirect · owns 25% to 50%
- T•• F•••••••• L•• · Managing Memberdirect · owns 25% to 50%
- T•• R••••••• L•• · Managing Memberdirect · owns 25% to 50%
Related persons
Schedule D 7.A
No related person reported.
Advisers that list T•• G••••• A•••• M••••••••• L•• as a related person
- 226555 n
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Brentwood, Tn · principal | 13 | 1 | 1 |
Offices
Schedule D 1.F, the 25 largest
- F•••••••, TN2 employees
ADV anomalies
4 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Mar 23, 2026D••••• S•••••• W• (MANAGER) left Schedule A between the filings of 2023-02-16 and 2026-03-23peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Mar 23, 2026R•••••••• P••••••• M• (MANAGER) left Schedule A between the filings of 2023-02-16 and 2026-03-23peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Mar 23, 2026M••••••• D••••• S••••• (MANAGER) left Schedule A between the filings of 2023-02-16 and 2026-03-23peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Mar 23, 2026A•••••••• T•••••• S•••• (MANAGER) left Schedule A between the filings of 2023-02-16 and 2026-03-23peers: independent wealth managers, $1B to $5B (1,362)
What changed
consecutive filings, newest first
- Accounts · 3,627 to 3,735Mar 20, 2025 to Mar 23, 2026
- Corporate clients · 26 to 52Mar 20, 2025 to Mar 23, 2026
- HNW clients · 363 to 431Mar 20, 2025 to Mar 23, 2026
- Individual clients · 621 to 571Mar 20, 2025 to Mar 23, 2026
- Assets in custody · $707M to $1.3BMar 20, 2025 to Mar 23, 2026
- Employees · 20 to 22Mar 20, 2025 to Mar 23, 2026
- Financial planning clients · 251-500 to 1-10Mar 20, 2025 to Mar 23, 2026
- Other offices · 4 to 5Mar 20, 2025 to Mar 23, 2026
- Discretionary RAUM · $1.2B to $1.4BMar 20, 2025 to Mar 23, 2026
- HNW RAUM · $1.1B to $1.3BMar 20, 2025 to Mar 23, 2026
- Individual RAUM · $115M to $112MMar 20, 2025 to Mar 23, 2026
- Non-discretionary RAUM · $47.4M to $49.6MMar 20, 2025 to Mar 23, 2026
- RAUM · $1.3B to $1.5BMar 20, 2025 to Mar 23, 2026
- Accounts · 3,449 to 3,627Mar 13, 2024 to Mar 20, 2025
- Advisory activities · 4 to 5Mar 13, 2024 to Mar 20, 2025
- Corporate clients · 43 to 26Mar 13, 2024 to Mar 20, 2025
- HNW clients · 335 to 363Mar 13, 2024 to Mar 20, 2025
- Individual clients · 635 to 621Mar 13, 2024 to Mar 20, 2025
- Assets in custody · $449,073 to $707MMar 13, 2024 to Mar 20, 2025
- Employees · 21 to 20Mar 13, 2024 to Mar 20, 2025
- Financial planning clients · 251-500 to 251-500Mar 13, 2024 to Mar 20, 2025
- State-registered IARs · 15 to 14Mar 13, 2024 to Mar 20, 2025
- Other offices · 1 to 4Mar 13, 2024 to Mar 20, 2025
- Discretionary RAUM · $1.1B to $1.2BMar 13, 2024 to Mar 20, 2025
- HNW RAUM · $950M to $1.1BMar 13, 2024 to Mar 20, 2025
- Individual RAUM · $127M to $115MMar 13, 2024 to Mar 20, 2025
- Non-discretionary RAUM · $21.9M to $47.4MMar 13, 2024 to Mar 20, 2025
- RAUM · $1.1B to $1.3BMar 13, 2024 to Mar 20, 2025
- Related insurance company · false to trueMar 13, 2024 to Mar 20, 2025
- Advisory employees · 12 to 0Mar 20, 2023 to Mar 13, 2024
- Accounts · 3,186 to 3,449Mar 20, 2023 to Mar 13, 2024
- Corporate clients · 58 to 43Mar 20, 2023 to Mar 13, 2024
- HNW clients · 305 to 335Mar 20, 2023 to Mar 13, 2024
- Individual clients · 687 to 635Mar 20, 2023 to Mar 13, 2024
- Assets in custody · $3.2M to $449,073Mar 20, 2023 to Mar 13, 2024
- Employees · 17 to 21Mar 20, 2023 to Mar 13, 2024
- State-registered IARs · 12 to 15Mar 20, 2023 to Mar 13, 2024
- Discretionary RAUM · $932M to $1.1BMar 20, 2023 to Mar 13, 2024
- HNW RAUM · $842M to $950MMar 20, 2023 to Mar 13, 2024
- Individual RAUM · $75.0M to $127MMar 20, 2023 to Mar 13, 2024
Signals
10 dated events
- D••••• L•• H••••••• left T•• G••••• A•••• M••••••••• L•• for B•••• A••••••• (registered 2026-04-21)Mar 2, 2026 · Advisor changed firm · fact
- M•••••• B••• M••••• left T•• G••••• A•••• M••••••••• L•• for S•••••• F•••••••• G••••• L••••• (registered 2025-02-20)Dec 5, 2024 · Advisor changed firm · fact
- M Phillip Reynolds (Manager) appeared on Schedule A of T•• G••••• A•••• M••••••••• L••Feb 16, 2023 · Control person joined · fact
- W Samuel Davis (Manager) appeared on Schedule A of T•• G••••• A•••• M••••••••• L••Feb 16, 2023 · Control person joined · fact
- Scott Travis Anderson (Manager) appeared on Schedule A of T•• G••••• A•••• M••••••••• L••Feb 16, 2023 · Control person joined · fact
- T•• A•••••••• L••'s advisors moved to T•• G••••• A•••• M••••••••• L•• (Brentwood, TN): 4 of 5 registered, on the same dayDec 31, 2022 · Firm absorbed (people side) · derived
- T•• G••••• A•••• M••••••••• L•• reported RAUM $780.9M, up 28% from $612.1M (2020-11-02 to 2021-03-24)Mar 24, 2021 · RAUM change · derived
- T•• G••••• A•••• M••••••••• L•• reported RAUM $612.1M, up 35% from $452.3M (2019-12-16 to 2020-03-03)Mar 3, 2020 · RAUM change · derived
- Nicholas Jones Warf (Chief Compliance Officer) appeared on Schedule A of T•• G••••• A•••• M••••••••• L••Dec 16, 2019 · Control person joined · fact
- T•• G••••• A•••• M••••••••• L•• reported succeeding to the business of Another Adviser (Form ADV Item 4)Nov 14, 2011 · Succession (Item 4) · 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 email
- info@tbhadvisors.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 615-690-4820reportedpublished by the firm, firm site, Sep 15, 2026
- Website
- tbhadvisors.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 615-690-4820reportedpublic record, Form ADV, Mar 23, 2026
- Contact form
- tbhadvisors.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- tbhadvisors.com/advisors/david-merrellreportedpublished 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
- $114Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026