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RFG Advisory

Wealth managementRIA network

Vestavia Hills, ALCRD 158401Updated

RFG Advisory is an investment adviser based in Vestavia Hills, AL, registered with the SEC since 2014. It provides financial planning and investment management. Its clients include investment companies, high-net-worth individuals and individual clients. Its regulatory assets under management total $7.97 billion, as filed on 21 September 2026.

$7.97B
AUM
17.4K
Clients
$296K
AUM per individual client
178
Advisory staff
72
Offices
2.35%
Annual fee
Up to

From Form ADV filed 21 September 2026SEC record

Services and clients

RFG Advisory provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, pension consulting, selecting other managers, and educational seminars. Financial planning was provided to 251–500 clients last fiscal year.

RFG Advisory reports 17,410 clients. They include 15,951 individual clients, 1,256 high-net-worth individuals, and 110 corporations and other businesses. Of its assets, 100.0% ($7.97B across 29,833 accounts) are managed with discretion. It advised 12 clients without assets under management last fiscal year.

Clients and assets by client type
Clients17,410 clients
Assets$7.97B
Share of clients and assets by client type
Client typeClientsAssets
Individuals (other than HNW)92%32%
High-net-worth individuals7%32%
Investment companies<1%35%
Pension and profit-sharing plans<1%<1%
Charitable organizations<1%<1%
Other client typesState or municipal government entities; Corporations and other businesses; Other<1%1%
Client breakdown and activity details
Individuals (other than HNW)
Clients
15,951
Regulatory AUM
$2.53B
AUM share
31.8%
Avg. per client
$159K
High-net-worth individuals
Clients
1,256
Regulatory AUM
$2.56B
AUM share
32.1%
Avg. per client
$2.03M
Investment companies
Clients
9
Regulatory AUM
$2.77B
AUM share
34.7%
Avg. per client
$307M
Pension and profit-sharing plans
Clients
38
Regulatory AUM
$10.9M
AUM share
0.1%
Avg. per client
$287K
Charitable organizations
Clients
38
Regulatory AUM
$9.02M
AUM share
0.1%
Avg. per client
$237K
State or municipal government entities
Clients
Fewer than 5
Regulatory AUM
$4.98M
AUM share
0.1%
Avg. per client
$4.98M
Corporations and other businesses
Clients
110
Regulatory AUM
$86.6M
AUM share
1.1%
Avg. per client
$787K
Other
Clients
7
Regulatory AUM
$3.65M
AUM share
0.0%
Avg. per client
$522K

Total

Clients
17,410
Regulatory AUM
$7.97B
AUM share
100%
Avg. per client
—
Clients outside the U.S.
0%
Clients advised without assets under management last fiscal year
12
Private funds advised
0
Financial planning clients last fiscal year
251–500

RFG Advisory fees and minimums

RFG Advisory charges up to 2.35% a year for its Portfolio Management; its fees and minimums are set out in its brochures on the SEC website.

Who owns RFG Advisory

Long Ridge Equity Partners III, LP owns 25% to 50% of RFG Advisory. Shannon Spotswood is CEO; the leadership team includes President Edward Swenson, Chief Investment Officer Frederick Wedell and Chief Compliance Officer Richard Ohlrich. It has 360 employees, 178 of them in advisory roles.

Leadership

Investment adviser representatives

191 representatives listed in the SEC register as of 9 October 2026.

  • Chris David Abeyta
  • Bradford Donald Acton
  • Robert Thurman Agnew JR.
  • Ibraheem Wael Ahmad Amin
  • Clayton Bitting Aho
  • Elizabeth Eleanor Allam
  • Brock J. Andersen
  • Jennifer Angell
  • Susan Diane Auer
  • Sarah Ashley Babcock
  • Mackenzie Karner Bekeza
  • Allison Bell

Staff

  • 360 employees
  • 178 in advisory functions
  • 130 state-registered reps
  • 81 broker-dealer reps
  • 156 insurance agents
  • 4 soliciting firms
Ownership chain
RFG Advisory, LLC· the adviser

  • Long Ridge Equity Partners III, LP

    Control person · since December 2023

    Owns 25% to 50% of RFG Advisory, LLC

    • Long Ridge Equity Partners GP III, LP (Delaware)

      General partner · Control person · since December 2023

      • James Brown

        Control person · since December 2023

        Owns 50% to 75% of Long Ridge Equity Partners GP III, LP (Delaware)

      • Kevin Bhatt

        Control person · since December 2023

        Owns 50% to 75% of Long Ridge Equity Partners GP III, LP (Delaware)

  • Lrep III RFG Offshore Investors, LLC.

    Control person · since December 2023

    Owns 10% to 25% of RFG Advisory, LLC

  • Bobby White

    Control person · since July 2011

    Owns 5% to 10% of RFG Advisory, LLC

  • Frederick Wedell

    Control person · since January 2017

    Owns 5% to 10% of RFG Advisory, LLC

  • Shannon Spotswood

    Control person · since September 2024

    Owns 5% to 10% of RFG Advisory, LLC

Growth and acquisitions

RFG Advisory’s regulatory assets grew 4.5× from $1.77B (July 2021) to $7.97B (September 2026); clients rose from 5,660 to 17,410 and employees from 80 to 360.

By annual filing
Measure
Figures from each annual filing
RFG Advisory figures from each annual Form ADV filing
FiledRegulatory AUMClientsEmployeesOffices
September 2026$7.97B17,41036072
June 2025$4.94B12,75627762
July 2024$3.86B11,12219547
July 2023$3B10,04619547
July 2022$2.73B8,11010130
July 2021$1.77B5,6608027

Offices and registration details

Besides its headquarters, RFG Advisory has 71 offices (14 private residences, listed without an address), with 67 listed addresses across 25 states.

Listed office addresses by state

Alabama · 9 listed addresses

  • 1400 Urban Center Drive, Suite 475, Vestavia HillsHQ
  • 248 Inverness Center Drive, Birmingham
  • 1900 28th Ave. S., Homewood
  • 2700 Corporate Drive, Hoover
  • 2290 Valleydale RD, Birmingham
  • 1419 Leighton Avenue, Anniston
  • 28 Monroe Street, Montgomery
  • 100 Essex CT., Madison
  • 27844 Canal Road, Orange Beach

Other business names

RFG Advisory has reported 69 other business names to the SEC.

  • Afia Wealth Management
  • Aimwell Financial
  • Anchoring Capital
  • Arcadia Grove Wealth
  • Ariv Wealth
  • Aspire Financial Group
  • August Financial Planning
  • Balancepoint Financial
  • Barrett Capital Advisory
  • Bayview Private Wealth
  • Billings Group
  • Black Oak Asset Management
Show all 69 names
  • Blake Wealth Management
  • Blue Sands Wealth Management
  • Bluemonte Investment Management
  • CMC Financial
  • Cambium Wealth Partners
  • Capstone Wealth LLC
  • Cardinal Asset Advisory
  • Cheaha Wealth Management
  • Confidence Financial Partners
  • Cooper Tower Wealth
  • Copper Pass Advisory
  • Crescent Private Wealth
  • Cross Timbers Financial Group
  • Curato Advisory
  • Design Wealth Advisors
  • Edgewood Wealth Advisors
  • Educator Retirement Solutions
  • Eta Investments
  • Financial Fitness Wealth Management
  • Four Seasons Wealth Management
  • GFG Wealth Advisors
  • Gallia Wealth Management Group
  • Grounded Financial Planning
  • Investa Financial Planning
  • Investor'S Resource
  • Iter Financial Wellness
  • Kasper Wealth Management
  • L7 Wealth
  • Landscape Wealth Advisors
  • Licata Financial Design
  • Lind Wealth Management
  • Matterhorn Private Wealth
  • Meta Private Wealth
  • Navipath Financial
  • Obedient Wealth Planning
  • Olson Strategic Wealth
  • Palmera Private Wealth
  • Paramount Financial Planning
  • Pierson Wealth Management
  • Powder Point Wealth Management
  • RFG Advisory
  • RJB Financial Planning
  • Resolute Wealth Management
  • River Oak Asset Advisory
  • Route Financial Group
  • Rva Wealth Management
  • Sable Point Wealth Management
  • Sixpoint Financial Partners
  • Strodtman Wealth Management
  • Sweet Life Financial Planning
  • Treknorth Investment Management
  • Turnpoint Wealth
  • Volare Wealth Advisors
  • Wfa Volare
  • Whole Story Planning
  • Williams Financial Advisors, LLC "Wfa"
  • Willow Private Wealth

Contact and registration details

Legal name
RFG Advisory, LLC
Headquarters
1400 Urban Center Drive, Suite 475, Vestavia Hills, AL 35242-2245
Website
rfgadvisory.com
Phone
205-397-2450
SEC file
801-79153
Structure
Alabama LLC
Fiscal year end
December

Custodians

RFG Advisory uses Charles Schwab ($5.13B, 66%) and Fidelity ($2.62B, 34%) as custodians for its separately managed accounts. RFG Advisory does not have custody of client assets.

Reported separately managed account assets by custodian
$7.75B
named custodians
  • FidelityFidelity Brokerage Services LLC · Smithfield, RI · $2.62B34%
  • Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $5.13B66%

Investments and reported holdings

At year end, RFG Advisory’s separately managed accounts were mostly in funds (77%) and stocks (16%). Its reported 13F holdings for the quarter ended 30 June 2026 total $6.4B across 1,126 positions; the largest are Exchange Traded Concepts Tru (8.9%), Exchange Traded Concepts Tru (7.5%) and Exchange Traded Concepts Tru (6.3%).

What the accounts hold

Separately managed account assets by class, year end
  • Stocks16%
  • Funds77%
  • Bonds1%
  • Cash5%
  • Other1%
    • Annuities, insurance1%

Reported 13F holdings

$6.4B
Reported 13F value
1,126
Positions
44.3%
In the 10 largest
+17.6%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Exchange Traded Concepts Tru · Blue DY Tota ETF8.9%
  2. Exchange Traded Concepts Tru · Blue Core BD ETF7.5%
  3. Exchange Traded Concepts Tru · Blue GL Equi ETF6.3%
  4. Exchange Traded Concepts Tru · Bluemonte Large5.2%
  5. Exchange Traded Concepts Tru · Bluemonte Large4.3%
  6. Exchange Traded Concepts Tru · Bluemonte Large4.3%
  7. Exchange Traded Concepts Tru · Bluemonte Short2.6%
  8. Exchange Traded Concepts Tru · Blue Long TE ETF2.6%
  9. Exchange Traded Concepts Tru · Blue DI Inco ETF1.6%
  10. Apple Inc.1.1%

Together, the ten largest are 44.3% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 15 July 2026

Common questions

How many clients does RFG Advisory have?

RFG Advisory has 17,410 clients and manages $7.97 billion for them, as of September 2026. They include 15,951 individual clients, 1,256 high-net-worth individuals, and 110 corporations and other businesses.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 21 September 2026

What services does RFG Advisory offer?

RFG Advisory provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, pension consulting, selecting other managers, and educational seminars.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How much does RFG Advisory charge?

RFG Advisory charges up to 2.35% a year for its Portfolio Management.

Source: RFG ADVISORY ADV 2A 10142026, filed 13 October 2026

Which custodians does RFG Advisory use?

RFG Advisory’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $5.13B and Fidelity Brokerage Services LLC (Smithfield, RI), with $2.62B. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 21 September 2026

How many financial advisors does RFG Advisory have?

RFG Advisory has 130 investment adviser representatives registered with state securities authorities, out of 360 employees, and 178 perform investment advisory functions. 81 employees are registered representatives of a broker-dealer and 156 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 RFG Advisory invest in?

At the end of its last fiscal year, RFG Advisory’s separately managed accounts held 77% registered funds (mutual funds, ETFs, BDCs), 16% exchange-traded equities, 5% cash and equivalents, 1% investment grade corporate bonds and 1% other. The 1% other category is described as: Annuities, Insurance.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns RFG Advisory?

RFG Advisory is owned through a chain of holding companies by James Brown and Kevin Bhatt. Its direct owners are Bobby White, Frederick Wedell, Lrep III RFG Offshore Investors, LLC., Long Ridge Equity Partners III, LP and Shannon Spotswood, each holding 50% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 21 September 2026

How does RFG Advisory get paid?

RFG Advisory is paid through a percentage of assets under management, hourly charges and fixed fees. 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 RFG Advisory registered with the SEC?

Yes, RFG Advisory has been registered with the SEC as an investment adviser since 6 February 2014. Its CRD number is 158401 and its SEC file number is 801-79153.

Source: Form ADV Part 1A, Item 1, filed 21 September 2026; IAPD firm record

How do I contact RFG Advisory?

RFG Advisory’s main office is at 1400 Urban Center Drive, Suite 475, Vestavia Hills, AL 35242-2245. Its phone number is 205-397-2450. Its website is rfgadvisory.com.

Source: Form ADV Part 1A, Item 1.F, filed 21 September 2026

Sources and methodology

  1. Form ADV Part 1A, amendment filed 21 September 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. RFG ADVISORY ADV 2A 10142026, submitted 13 October 2026.
  3. IAPD firm record, CRD 158401.
  4. SEC registered adviser data, annual Form ADV amendments filed 19 July 2021 to 21 September 2026. Items 1.F and 5.
  5. SEC investment adviser representative register, as of 9 October 2026; loaded 10 October 2026.
  6. Form 13F-HR, filed 15 July 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since. Disciplinary history is not yet shown here. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. The logo is reproduced for identification from RFG Advisory, LLC, website.

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