BDFS Capital provides financial planning, portfolio management for individuals and small businesses, and selecting other managers. Financial planning was provided to 26–50 clients last fiscal year.
BDFS Capital reports 762 clients. They include 681 individual clients, 75 high-net-worth individuals, and 4 corporations and other businesses. Of its assets, 99.3% ($408M across 1,719 accounts) are managed with discretion; $3.03M across 24 accounts are not. A wrap fee program the firm both sponsors and manages holds $316M.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 89% | 47% |
| High-net-worth individuals | 10% | 52% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | <1% | 1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 681 | $193M | 47.0% | $284K |
| High-net-worth individuals | 75 | $212M | 51.6% | $2.83M |
| Charitable organizations | Fewer than 5 | $951K | 0.2% | $475K |
| Corporations and other businesses | Fewer than 5 | $4.83M | 1.2% | $1.21M |
| Total | 762 | $411M | 100% | — |
- Clients
- 681
- Regulatory AUM
- $193M
- AUM share
- 47.0%
- Avg. per client
- $284K
- Clients
- 75
- Regulatory AUM
- $212M
- AUM share
- 51.6%
- Avg. per client
- $2.83M
- Clients
- Fewer than 5
- Regulatory AUM
- $951K
- AUM share
- 0.2%
- Avg. per client
- $475K
- Clients
- Fewer than 5
- Regulatory AUM
- $4.83M
- AUM share
- 1.2%
- Avg. per client
- $1.21M
Total
- Clients
- 762
- Regulatory AUM
- $411M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 26–50
BDFS Capital is paid through a percentage of assets under management, hourly charges, fixed fees (other than subscription fees) and other compensation. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure.
Black Diamond Financial Solutions Inc owns 75% or more of BDFS Capital and is in turn owned by Jeffrey Puglia (75% or more). The leadership team of BDFS Capital includes President Jeffrey Puglia and Chief Compliance Officer Mark Nehra. It has 7 employees.
Leadership
Jeffrey PugliaPresident
Mark NehraChief Compliance Officer
Investment adviser representatives
7 representatives listed in the SEC register as of 9 October 2026.
Staff
- 7 employees
- 7 in advisory functions
- 7 state-registered reps
- 2 broker-dealer reps
- 2 insurance agents
- Owns 75% or more of BDFS Capital LLC
Black Diamond Financial Solutions Inc
Control person · since February 2010
- Owns 75% or more of Black Diamond Financial Solutions Inc
Jeffrey Puglia
Control person · since February 2010
BDFS Capital’s regulatory assets grew 3.5× from $117M (June 2021) to $411M (July 2026); clients rose from 449 to 762 and employees from 6 to 7.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| July 2026 | $411M | 762 | 7 | 1 |
| April 2025 | $325M | 699 | 9 | 1 |
| February 2024 | $288M | 654 | 6 | 1 |
| February 2023 | $231M | 597 | 6 | 1 |
| February 2022 | $237M | 538 | 6 | 1 |
| June 2021 | $117M | 449 | 6 | 1 |
Besides its headquarters, BDFS Capital has 0 offices, with 1 listed address in Delaware.
Delaware · 1 listed address
- 19409 Plantation RD, BLDG. 2 Unit 1, Rehoboth BeachHQ
Contact and registration details
- Legal name
- BDFS Capital LLC
- Headquarters
- 19409 Plantation RD, BLDG. 2 Unit 1, Rehoboth Beach, DE 19971
- Website
- blackdiamondfs.com
- Phone
- 302-265-2236
- SEC file
- 801-120724
- Structure
- Delaware LLC
- Fiscal year end
- December
BDFS Capital uses Charles Schwab ($316M) as custodian for its separately managed accounts. BDFS Capital does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $316M100%
At year end, BDFS Capital’s separately managed accounts were mostly in stocks (69%) and bonds (11%). Its reported 13F holdings for the quarter ended 30 June 2026 total $230M across 116 positions; the largest are First TR Exchange-traded FD (29.9%), Dimensional ETF Trust (5.2%) and iShares TR (5.0%).
What the accounts hold
- Stocks69%
- Exchange-traded equities68%
- Non-exchange-traded equities1%
- Funds7%
- Bonds11%
- U.S. government and agency bonds8%
- State and local bonds3%
- Cash6%
- Other7%
- Commodities7%
Reported 13F holdings
- $230M
- Reported 13F value
- 116
- Positions
- 60.2%
- In the 10 largest
- +10.7%
- Value vs. prior quarter
- First TR Exchange-traded FD · First TR Enh New29.9%
- Dimensional ETF Trust · US Cor Equ 2 ETF5.2%
- iShares TR · Trust Ishare 0-15.0%
- Vanguard Charlotte Fds · Total Int BD ETF4.0%
- Dimensional ETF Trust · US Cor Equ 1 ETF4.0%
- Dimensional ETF Trust · Intl Core Equity3.4%
- Dimensional ETF Trust · Shor Dur Fix ETF3.1%
- Dimensional ETF Trust · US High Prof ETF2.1%
- Dimensional ETF Trust · US Larg Valu ETF1.9%
- Nvidia Corporation1.5%
Together, the ten largest are 60.2% of reported value.
How many clients does BDFS Capital have?
BDFS Capital has 762 clients and manages $411 million for them, as of July 2026. They include 681 individual clients, 75 high-net-worth individuals, and 4 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 10 July 2026
What services does BDFS Capital offer?
BDFS Capital provides financial planning, portfolio management for individuals and small businesses, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does BDFS Capital use?
BDFS Capital’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $316M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 10 July 2026
How many financial advisors does BDFS Capital have?
BDFS Capital has 7 investment adviser representatives registered with state securities authorities, out of 7 employees, and 7 perform investment advisory functions. 2 employees are registered representatives of a broker-dealer and 2 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does BDFS Capital invest in?
At the end of its last fiscal year, BDFS Capital’s separately managed accounts held 68% exchange-traded equities, 8% U.S. government and agency bonds, 7% registered funds (mutual funds, ETFs, BDCs), 7% other, 6% cash and equivalents, 3% state and local bonds and 1% non-exchange-traded equities. The 7% other category is described as: Commodities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns BDFS Capital?
BDFS Capital is owned through a holding company by Jeffrey Puglia. Its direct owner is Black Diamond Financial Solutions Inc (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 10 July 2026
How does BDFS Capital get paid?
BDFS Capital is paid through a percentage of assets under management, hourly charges, fixed fees and other compensation. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is BDFS Capital registered with the SEC?
Yes, BDFS Capital has been registered with the SEC as an investment adviser since 5 April 2021. Its CRD number is 287680 and its SEC file number is 801-120724.
Source: Form ADV Part 1A, Item 1, filed 10 July 2026; IAPD firm record
How do I contact BDFS Capital?
BDFS Capital’s main office is at 19409 Plantation RD, BLDG. 2 Unit 1, Rehoboth Beach, DE 19971. Its phone number is 302-265-2236. Its website is blackdiamondfs.com.