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

Sanders Morris LLC

Independent wealth managerHouston, TexasCRD 20580SEC 801-66300website IAPD

Latest filing Mar 31, 2026

First filing on the tape Nov 11, 2011 · 84 filings

SEC status approved since Mar 30, 2006

RAUM

$576M

reported, Item 5.F

Discretionary

52%

of RAUM

Private clients

100%

$576M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$52.4M

derived; firm RAUM over IAPD count

Employees

13 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

84 filings and snapshots on the tape

RAUM$576M as of Mar 31, 2026

Mar 28, 2012$837M then

HNW client RAUM$551M as of Mar 31, 2026

Mar 27, 2019$140M then

State-registered IARs (5.B.3)12 as of Mar 31, 2026

Mar 27, 201330 then

Employees (5.A)27 as of Mar 31, 2026

Mar 27, 2013108 then

Private funds: no history

RAUM -42% over the last fiscal year+5.4% a year over threeIARs 12 to 12

Practice profile

derived from the filing of Mar 31, 2026; every figure names its basis

Archetypes, each a printed rule

Broker-dealer affiliated · Item 7.A.1 (broker-dealer affiliate) and at least 50 registered representatives (Item 5.B.2), or the adviser is itself a broker-dealer (6.A.1)
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
Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets

RAUM per advisor: $52.4MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 12derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $26.2MderivedHNW RAUM over HNW clients
Average account: $1.6MderivedRAUM over accounts (5.F.2.f)
Discretionary: 52%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 2.5derivedItem 5.A over advisors
Advisors per office: 5.5derived2 offices incl. principal (1.F.5)
RAUM growth, one year: -42%derivedbetween the last two annual amendments
Advisor growth, one year: +0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year: -79%derived
Compensation: percentage of assets, fixed fees, performance-basedreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, pension consulting, selection of other advisersreportedItem 5.G
Wrap fee program: $1.2BreportedItem 5.I
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

is a broker-dealer (6.A.1)
is an insurance broker or agent (6.A.6)
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$551M96%
Individuals$25.5M4.4%

Individual clients: 106reported
HNW clients: 21reported
Pension plan clients: 0reported
Charitable clients: 0reported
Accounts: 359reported
Financial planning clients: 0reported
Wrap fee programs: $576M sponsored, $576M managedreported
Custody of client assets: noreported
Compensation: % of AUM, fixed, performancereported
Class basis: private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=true related_bank=false bd_reps=12.0derived

Advisors registered through the firm

11 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Donald Anthony Sanders	Houston, Tx	Jul 17, 2006	45 y	1
Donna Helena Binion	Houston, Tx	Jan 20, 2011	27 y	2
George Lester Ball	Dallas, Tx	Aug 30, 2011	35 y	0
Lane Moore	Dallas, Tx	Dec 12, 2016	14 y	1
Erick George Revelle Kuebler	Dallas, Tx	Dec 12, 2016	33 y	1
Brede Currier Klefos	Houston, Tx	May 5, 2017	46 y	3
Erik Syver Klefos	Houston, Tx	May 9, 2017	42 y	2
Stephen Wayne Fitzpatrick	Dallas, Tx	Aug 7, 2017	25 y	1
Nancy Elaine Dixon	Dallas, Tx	Jan 31, 2019	28 y	6
Edward Hoffman	Dallas, Tx	Mar 25, 2020	21 y	3
Bret Donald Sanders	Houston, Tx	Feb 25, 2026	33 y	0

Advisor movement

3 left, 0 joined in 12 months

net -3 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 27% of current headcount3 left over 36 months

Left, latest

Steve Mangold to Tectonic Capital Advisors, LLC
Feb 6, 2026 · RIA to a newly registered adviser
Sumeet Kaur Rai to Miller-Green Financial Services LLC
Dec 3, 2025 · Other
George Henry Arnold to Miller-Green Financial Services LLC
Dec 3, 2025 · Other
Daniel Priwin to J.P. Morgan Securities LLC
Mar 18, 2022 · RIA to wirehouse
Christopher Eric Pollitt to RBC Capital Markets, LLC
Oct 20, 2017 · Other
Edward William Henry Kissinger to RBC Capital Markets, LLC
Oct 20, 2017 · Other
Brandon Ross Barrett to Elbrus Partners, LLC
Aug 21, 2017 · Other
James William Roland to Commonwealth Financial Network
Apr 10, 2017 · Other
Jeffrey Glynn Rhame to Rhame & Gorrell Wealth Management
May 7, 2016 · Other
Kyle William Nickerson to Rhame & Gorrell Wealth Management
May 7, 2016 · Other
Don Edward Gilbert to Miller Wealth Advisors, LLC
May 7, 2016 · Other
John Kenneth Bruno to Gfs Advisors LLC
Dec 31, 2014 · Other
Bert Earl Miller to Miller Wealth Advisors, LLC
Apr 15, 2014 · Other
Robert Scott Bowman to Edelman Financial Engines
Feb 24, 2014 · Other
Terry Lee Allen to Portsmouth Financial Services
Oct 17, 2013 · Other

Joined, latest

Edward Hoffman from Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mar 25, 2020 · Wirehouse to independent RIA
Daniel Priwin from Tectonic Advisors LLC
Jan 14, 2020 · RIA to RIA
Steve Mangold from Tectonic Advisors LLC
Nov 1, 2019 · RIA to RIA
Nancy Elaine Dixon from Tectonic Advisors LLC
Jan 31, 2019 · RIA to RIA
Stephen Wayne Fitzpatrick from Legg Mason Wood Walker, Incorporated
Aug 7, 2017 · Other
Erik Syver Klefos from B Riley Wealth Management
May 9, 2017 · Other
Brede Currier Klefos from B Riley Wealth Management
May 5, 2017 · Other
Erick George Revelle Kuebler from J.P. Morgan Securities LLC
Dec 12, 2016 · Other
Lane Moore from J.P. Morgan Securities LLC
Dec 12, 2016 · Other
Steve Howell Gott from Stanford Group Company
Jul 19, 2011 · Other
Robert Scott Bowman from Edelman Financial Services, LLC
Mar 8, 2011 · Other
Donna Helena Binion from LPL Financial LLC
Jan 20, 2011 · Other
Lori Schlager Bensing from First Financial Equity Corporation
Dec 14, 2010 · Other
George Henry Arnold from Abshier Webb Donnelly & Baker, Inc.
Oct 1, 2010 · Other
Sumeet Kaur Rai from Abshier Webb Donnelly & Baker, Inc.
Sep 30, 2010 · Other

Every departure Every arrival

Teams: two or more advisors moving together within fourteen days, from one state

2 left for Miller-Green Financial Services LLC
Dec 3, 2025 · The Woodlands, Tx
2 left for RBC Capital Markets, LLC
Oct 20, 2017 · Timonium, Md
2 left for Rhame & Gorrell Wealth Management
May 7, 2016 · Houston, Tx

2 joined from Tectonic Advisors LLC
Jan 8, 2026 · Frisco, Tx
2 joined from B Riley Wealth Management
May 8, 2017 · Houston, Tx
2 joined from J.P. Morgan Securities LLC
Nov 28, 2016 · Dallas, Tx

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

George Lester Ball · Chairman Of The Board (9/2015)control
since 02/2000 · owns less than 5%
Erick George Revelle Kuebler · Manager, Presidentcontrol
since 05/2017 · owns less than 5%
Stephen Michael Mangold · Chief Compliance Officercontrol
since 11/2019 · owns less than 5%
Arthur Haag Sherman · Ownercontrol
since 02/2007 · owns 25% to 50% of Tectonic Financial, Inc.
David William Block · Operations Manager
since 01/2016 · owns less than 5%
Paul Douglas Lyons · Finop, Principal Financial Officer
since 03/2018 · owns less than 5%
Arthur Haag Sherman · Manager, General Counsel
since 05/2017 · owns less than 5%

Entity owners

Tectonic Financial, Inc. · Parent Company
direct · owns 75% or more · public reporting company

Related persons

Schedule D 7.A

Cain, Watters & Associates, LLC
investment adviserinsurancenRAUM $5.0B
Hwg Insurance Agency, LLC
real estatey
T Bank, Na
n
Tectonic Advisors LLC
investment advisernRAUM $5.1B

Advisers that list Sanders Morris LLC as a related person

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out
Dallas, Tx	6	0	0
Houston, Tx · principal	6	1	1
The Woodlands, Tx	0	0	2	1

Offices

Schedule D 1.F, the 25 largest

Dallas, TX3 employees

ADV anomalies

7 against comparable advisers; where to look, not conclusions

RAUM down advisors stableCombination · filing Mar 31, 2026
RAUM fell 25 percent or more while the advisor count stayed within 5 percent: assets left without people leaving (a large client or institutional mandate, a fee change, or a reporting change). RAUM $991,714,376 to $576,142,421, advisors 12 to 12, private clients 613 to 127, offices 1 to 1 (2025-03-24 to 2026-03-31)
peers: independent wealth managers, $500M to $1B (1,482)
clients down average size upCombination · filing Mar 31, 2026
private clients fell 20 percent or more while RAUM per client rose 30 percent or more: a move up-market or the departure of small accounts. RAUM $991,714,376 to $576,142,421, advisors 12 to 12, private clients 613 to 127, offices 1 to 1 (2025-03-24 to 2026-03-31)
peers: independent wealth managers, $500M to $1B (1,482)
client count collapseChange between filings · filing Mar 31, 2026
individual and HNW clients (Item 5.D) moved from 613.0 to 127.0 (-79.0%) between the annual amendments of 2025-03-24 and 2026-03-31; the peer median change was +5.0% (1216 comparable advisers, 0.0th percentile of changes)
peers: independent wealth managers, $500M to $1B (1,216) · 0.2% percentile
discretionary share shiftChange between filings · filing Mar 31, 2026
discretionary share of RAUM moved from 100.0% to 52.0% between the annual amendments of 2025-03-24 and 2026-03-31
peers: independent wealth managers, $500M to $1B (1,482)
HNW share shiftChange between filings · filing Mar 31, 2026
HNW share of RAUM moved from 76.0% to 96.0% between the annual amendments of 2025-03-24 and 2026-03-31
peers: independent wealth managers, $500M to $1B (1,482)
account count collapseChange between filings · filing Mar 31, 2026
accounts (Item 5.F.2.f) moved from 613.0 to 359.0 (-41.0%) between the annual amendments of 2025-03-24 and 2026-03-31; the peer median change was +6.0% (1256 comparable advisers, 2.0th percentile of changes)
peers: independent wealth managers, $500M to $1B (1,256) · 2.2% percentile
RAUM down 25 %Change between filings · filing Mar 31, 2026
RAUM (Item 5.F) moved from $991,714,376 to $576,142,421 (-42.0%) between the annual amendments of 2025-03-24 and 2026-03-31; the peer median change was +16.0% (1385 comparable advisers, 0.0th percentile of changes)
peers: independent wealth managers, $500M to $1B (1,385) · 0.4% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 613 to 359
Dec 4, 2025 to Mar 31, 2026
Corporate clients · 0.0 to unset
Dec 4, 2025 to Mar 31, 2026
HNW clients · 411 to 21
Dec 4, 2025 to Mar 31, 2026
Individual clients · 202 to 106
Dec 4, 2025 to Mar 31, 2026
Employees · 28 to 27
Dec 4, 2025 to Mar 31, 2026
Discretionary RAUM · $992M to $299M
Dec 4, 2025 to Mar 31, 2026
HNW RAUM · $755M to $551M
Dec 4, 2025 to Mar 31, 2026
Individual RAUM · $237M to $25.5M
Dec 4, 2025 to Mar 31, 2026
Non-discretionary RAUM · $0 to $277M
Dec 4, 2025 to Mar 31, 2026
RAUM · $992M to $576M
Dec 4, 2025 to Mar 31, 2026
Wrap assets (manager) · $0 to $576M
Dec 4, 2025 to Mar 31, 2026
Wrap assets (sponsor) · $0 to $576M
Dec 4, 2025 to Mar 31, 2026
Accounts · 729 to 613
Mar 18, 2024 to Mar 24, 2025
HNW clients · 303 to 411
Mar 18, 2024 to Mar 24, 2025
Individual clients · 426 to 202
Mar 18, 2024 to Mar 24, 2025
Financial planning clients · 0 to 0
Mar 18, 2024 to Mar 24, 2025
Discretionary RAUM · $820M to $992M
Mar 18, 2024 to Mar 24, 2025
HNW RAUM · $649M to $755M
Mar 18, 2024 to Mar 24, 2025
Individual RAUM · $171M to $237M
Mar 18, 2024 to Mar 24, 2025
RAUM · $820M to $992M
Mar 18, 2024 to Mar 24, 2025
Accounts · 464 to 729
Nov 14, 2023 to Mar 18, 2024
HNW clients · 103 to 303
Nov 14, 2023 to Mar 18, 2024
Individual clients · 301 to 426
Nov 14, 2023 to Mar 18, 2024
Pension plan clients · 1 to 0
Nov 14, 2023 to Mar 18, 2024
Discretionary RAUM · $492M to $820M
Nov 14, 2023 to Mar 18, 2024
HNW RAUM · $370M to $649M
Nov 14, 2023 to Mar 18, 2024
Individual RAUM · $121M to $171M
Nov 14, 2023 to Mar 18, 2024
Pension RAUM · $743,809 to $0
Nov 14, 2023 to Mar 18, 2024
RAUM · $492M to $820M
Nov 14, 2023 to Mar 18, 2024
Business name · SANDERS MORRIS, LLC to SANDERS MORRIS LLC
Nov 13, 2023 to Nov 14, 2023
Legal name · SANDERS MORRIS, LLC to SANDERS MORRIS LLC
Nov 13, 2023 to Nov 14, 2023
Business name · SANDERS MORRIS HARRIS LLC to SANDERS MORRIS, LLC
Nov 13, 2023 to Nov 13, 2023
Legal name · SANDERS MORRIS HARRIS LLC to SANDERS MORRIS, LLC
Nov 13, 2023 to Nov 13, 2023
Accounts · 529 to 464
May 31, 2022 to Mar 17, 2023
HNW clients · 137 to 103
May 31, 2022 to Mar 17, 2023
Individual clients · 323 to 301
May 31, 2022 to Mar 17, 2023
Discretionary RAUM · $648M to $492M
May 31, 2022 to Mar 17, 2023
HNW RAUM · $571M to $370M
May 31, 2022 to Mar 17, 2023
Individual RAUM · $76.4M to $121M
May 31, 2022 to Mar 17, 2023
Pension RAUM · $817,119 to $743,809
May 31, 2022 to Mar 17, 2023

Signals

12 dated events

Sanders Morris Llc reported RAUM $576.1M, down 42% from $991.7M (2025-12-04 to 2026-03-31)
Mar 31, 2026 · RAUM change · derived
Steve Mangold left Sanders Morris Llc for Tectonic Capital Advisors, Llc (registered 2025-12-17)
Feb 6, 2026 · Advisor changed firm · fact
2 advisors left Tectonic Advisors LLC (Frisco, TX) for Sanders Morris LLC on the same day
Jan 8, 2026 · Team lift-out · derived
Sumeet Kaur Rai left Sanders Morris Llc for Miller-Green Financial Services Llc (registered 2016-06-08)
Dec 3, 2025 · Advisor changed firm · fact
George Henry Arnold left Sanders Morris Llc for Miller-Green Financial Services Llc (registered 2016-06-08)
Dec 3, 2025 · Advisor changed firm · fact
2 advisors left Sanders Morris LLC (The Woodlands, TX) for Miller-Green Financial Services LLC on the same day
Dec 3, 2025 · Team lift-out · derived
Sanders Morris Llc reported RAUM $819.9M, up 67% from $492.3M (2023-11-14 to 2024-03-18)
Mar 18, 2024 · RAUM change · derived
Daniel Priwin left Sanders Morris Llc for J.P. Morgan Securities Llc (registered 2022-04-07)
Mar 18, 2022 · Advisor changed firm · fact
Sanders Morris Llc reported 12 state-registered advisory representatives, up from 0 (2021-01-19 to 2021-03-10)
Mar 10, 2021 · Advisor headcount change · derived
Sanders Morris Llc reported RAUM $560.8M, up 102% from $277.1M (2019-11-12 to 2020-03-19)
Mar 19, 2020 · RAUM change · derived
Sanders Morris Llc reported 0 state-registered advisory representatives, down from 11 (2017-04-10 to 2018-03-29)
Mar 29, 2018 · Advisor headcount change · derived
Sanders Morris Harris Inc. reported succeeding to the business of Another Adviser (Form ADV Item 4)
Oct 1, 2015 · Succession (Item 4) · fact

Across DFX

shared identifiers only, never a name match

Sanders Morris Harris LLC · Private Equity
shared crd · intermediary
Sanders Morris LLC · Venture Capital
shared crd · org

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/sandersmorrisreportedpublic record, Form ADV, Sep 18, 2026
Website: sandersmorris.comreportedpublic record, Form ADV, Sep 18, 2026
Principal office phone: 713-224-3100reportedpublic record, Form ADV, Mar 31, 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: $52.4Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026