Second Line Capital provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers. Financial planning was provided to 51–100 clients last fiscal year.
Second Line Capital reports 1,196 clients. They include 850 individual clients, 277 high-net-worth individuals, and 62 pension and profit-sharing plans. Of its assets, 100.0% ($1.32B across 1,199 accounts) are managed with discretion. A wrap fee program the firm both sponsors and manages holds $1.32B. It advised 55 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 71% | 14% |
| High-net-worth individuals | 23% | 36% |
| Pension and profit-sharing plans | 5% | 49% |
| Charitable organizations | Fewer than 5 | <1% |
| Corporations and other businesses | <1% | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 850 | $184M | 13.9% | $216K |
| High-net-worth individuals | 277 | $483M | 36.4% | $1.74M |
| Pension and profit-sharing plans | 62 | $652M | 49.3% | $10.5M |
| Charitable organizations | Fewer than 5 | $534K | 0.0% | — |
| Corporations and other businesses | 7 | $5.2M | 0.4% | $743K |
| Total | 1,196 | $1.32B | 100% | — |
- Clients
- 850
- Regulatory AUM
- $184M
- AUM share
- 13.9%
- Avg. per client
- $216K
- Clients
- 277
- Regulatory AUM
- $483M
- AUM share
- 36.4%
- Avg. per client
- $1.74M
- Clients
- 62
- Regulatory AUM
- $652M
- AUM share
- 49.3%
- Avg. per client
- $10.5M
- Clients
- Fewer than 5
- Regulatory AUM
- $534K
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 7
- Regulatory AUM
- $5.2M
- AUM share
- 0.4%
- Avg. per client
- $743K
Total
- Clients
- 1,196
- Regulatory AUM
- $1.32B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 55
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 51–100
Second Line Capital is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees). The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial planning and consulting
- Stand-alone financial planning and consulting are billed fixed and/or hourly, up to $15,000 fixed or up to $150 an hour, negotiable; project fees are half due at signing.
First Line Capital LLC owns 75% or more of Second Line Capital. The leadership team of Second Line Capital includes President P Soliman. It has 28 employees, 24 of them in advisory roles.
Staff
- 28 employees
- 24 in advisory functions
- 24 state-registered reps
- 4 broker-dealer reps
- 23 insurance agents
- 1 soliciting firm
- Owns 75% or more of Second Line Capital, LLC
First Line Capital LLC
Control person · since January 2026
- Owns 10% to 25% of Second Line Capital, LLC
P Soliman
Control person · since April 2023
- Owns 10% to 25% of Second Line Capital, LLC
John Bordelon
Control person · since April 2023
Second Line Capital’s regulatory assets grew Infinity× from $0 (May 2023) to $1.32B (July 2026); employees rose from 17 to 28.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jul 2026July 2026 | $1.32B | 1,196 | 28 | 5 |
| Mar 2025March 2025 | $723M | 1,385 | 23 | 5 |
| Mar 2024March 2024 | $402M | 1,069 | 17 | 4 |
| May 2023May 2023 | $0 | 0 | 17 | 3 |
Besides its headquarters, Second Line Capital has 4 offices (1 private residence, listed without an address), with 4 listed addresses across 2 states.
Louisiana · 3 listed addresses
- 2800 Veterans Memorial BLVD., Suite 220, MetairieHQ
- 130 Terra Bella BLVD, Covington
- 1 Galleria Boulevard, Metairie
Oklahoma · 1 listed address
- 2270 N Hwy 81, Duncan
Other business names
Second Line Capital has reported 4 other business names to the SEC.
- Atchley Wealth Management
- Combest Financial Services
- Faubourg Private Wealth
- Musso Retirement Advisors
Contact and registration details
- Legal name
- Second Line Capital, LLC
- Headquarters
- 2800 Veterans Memorial BLVD., Suite 220, Metairie, LA 70002
- Website
- mussora.com
- Phone
- 504-321-0923
- @secondlinecapital
- SEC file
- 801-127790
- Structure
- Delaware LLC
- Fiscal year end
- December
Second Line Capital’s named custodians for separately managed accounts are LPL Financial ($314M, 52%) and Charles Schwab ($289M, 48%). Second Line Capital does not have custody of client assets.
- LPL FinancialLPL Financial LLC · Fort Mill, SC · $314M52%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $289M48%
At year end, Second Line Capital’s separately managed accounts were mostly in funds (66%) and stocks (29%). Its reported 13F holdings for the quarter ended 30 June 2026 total $537M across 176 positions; the largest are ETF Ser Solutions (11.1%), ETF Ser Solutions (8.0%) and ETF Ser Solutions (7.3%).
What the accounts hold
- Stocks29%
- Funds66%
- Bonds1%
- Cash5%
How many clients does Second Line Capital have?
Second Line Capital has 1,196 clients and manages $1.32 billion for them, as of July 2026. They include 850 individual clients, 277 high-net-worth individuals, and 62 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 16 July 2026
What services does Second Line Capital offer?
Second Line Capital provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Second Line Capital use?
Second Line Capital’s separately managed account assets are held at LPL Financial LLC (Fort Mill, SC), with $314M and Charles Schwab & Co., Inc. (Westlake, TX), with $289M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 16 July 2026
How many financial advisors does Second Line Capital have?
Second Line Capital has 24 investment adviser representatives registered with state securities authorities, out of 28 employees, and 24 perform investment advisory functions. 4 employees are registered representatives of a broker-dealer and 23 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 Second Line Capital invest in?
At the end of its last fiscal year, Second Line Capital’s separately managed accounts held 66% registered funds (mutual funds, ETFs, BDCs), 29% exchange-traded equities, 5% cash and equivalents and 1% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Second Line Capital?
Second Line Capital’s direct owners are P Soliman (10% to 25%), John Bordelon (10% to 25%) and First Line Capital LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 16 July 2026
How does Second Line Capital get paid?
Second Line Capital 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
How do I contact Second Line Capital?
Second Line Capital’s main office is at 2800 Veterans Memorial BLVD., Suite 220, Metairie, LA 70002. Its phone number is 504-321-0923. Its website is mussora.com.