TNL Asset Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions. Financial planning was provided to 1–10 clients last fiscal year.
TNL Asset Management reports 164 clients. They include 135 individual clients, 27 high-net-worth individuals and 1 charitable organization. Of its assets, 100.0% ($139M across 164 accounts) are managed with discretion. Of its clients, 2% are outside the U.S. It advised 2 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 82% | 53% |
| High-net-worth individuals | 16% | 46% |
| 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) | 135 | $73.9M | 53.0% | $547K |
| High-net-worth individuals | 27 | $64M | 46.0% | $2.37M |
| Charitable organizations | Fewer than 5 | $1.1M | 0.8% | $1.1M |
| Corporations and other businesses | 1 | $267K | 0.2% | $267K |
| Total | 164 | $139M | 100% | — |
- Clients
- 135
- Regulatory AUM
- $73.9M
- AUM share
- 53.0%
- Avg. per client
- $547K
- Clients
- 27
- Regulatory AUM
- $64M
- AUM share
- 46.0%
- Avg. per client
- $2.37M
- Clients
- Fewer than 5
- Regulatory AUM
- $1.1M
- AUM share
- 0.8%
- Avg. per client
- $1.1M
- Clients
- 1
- Regulatory AUM
- $267K
- AUM share
- 0.2%
- Avg. per client
- $267K
Total
- Clients
- 164
- Regulatory AUM
- $139M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 2%
- Clients advised without assets under management last fiscal year
- 2
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1–10
TNL Asset Management charges 0.40%–1.00% a year for its Tiered asset-based portfolio management fees. The fee is billed in arrears and is negotiable. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning
- Financial planning is a fixed fee negotiated between $2,000 and $5,000, billed 50% in advance, or an hourly fee of $250 billed in arrears.
- Wealth Management
- Wealth management is a fixed fee, negotiated in advance, that ranges between $500 and $2,000 depending on complexity and is paid annually or semi-annually in arrears.
Todd Lebor owns 75% or more of TNL Asset Management. It has 4 employees, 3 of them in advisory roles.
Staff
- 4 employees
- 3 in advisory functions
- 3 state-registered reps
- Owns 75% or more of TNL Asset Management LLC
Todd Lebor
Control person · since September 2005
TNL Asset Management’s regulatory assets grew from $124M (April 2024) to $139M (February 2026); clients rose from 142 to 164 and employees were 4 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Feb 2026February 2026 | $139M | 164 | 4 | 2 |
| Feb 2025February 2025 | $131M | 145 | 4 | 2 |
| Apr 2024April 2024 | $124M | 142 | 4 | 2 |
Besides its headquarters, TNL Asset Management has 1 office (1 private residence, listed without an address), with 1 listed address in 1 state.
Colorado · 1 listed address
- 3445 Penrose Place, Suite 130, BoulderHQ
Contact and registration details
- Legal name
- TNL Asset Management LLC
- Headquarters
- 3445 Penrose Place, Suite 130, Boulder, CO 80301
- Website
- snowballwm.com
- Phone
- 303-666-6292
- SEC file
- 801-130346
- Structure
- Colorado LLC
- Fiscal year end
- December
TNL Asset Management’s named custodians for separately managed accounts are Charles Schwab ($116M, 85%), U.S. Bancorp Investments ($16.7M, 12%) and Altruist ($3.32M, 2%). TNL Asset Management does not have custody of client assets.
- AltruistAltruist Financial LLC · Culver City, CA · $3.32M2%
- U.S. Bancorp InvestmentsU.S. Bancorp Investments, Inc. · Minneapolis, MN · $16.7M12%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $116M85%
At year end, TNL Asset Management’s separately managed accounts were largely in funds (47%) and stocks (42%).
What the accounts hold
- Stocks42%
- Exchange-traded equities41%
- Non-exchange-traded equities1%
- Funds47%
- Registered funds46%
- Pooled vehicles1%
- Bonds6%
- Investment grade corporate bonds3%
- High-yield corporate bonds3%
- Cash5%
How many clients does TNL Asset Management have?
TNL Asset Management has 164 clients and manages $139 million for them, as of February 2026. They include 135 individual clients, 27 high-net-worth individuals and 1 charitable organization.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 February 2026
What services does TNL Asset Management offer?
TNL Asset Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does TNL Asset Management charge?
TNL Asset Management charges 0.40%–1.00% a year for its Tiered asset-based portfolio management fees. The fee is billed in arrears and is negotiable.
Which custodians does TNL Asset Management use?
TNL Asset Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $116M, U.S. Bancorp Investments, Inc. (Minneapolis, MN), with $16.7M and Altruist Financial LLC (Culver City, CA), with $3.32M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 27 February 2026
How many financial advisors does TNL Asset Management have?
TNL Asset Management has 3 investment adviser representatives registered with state securities authorities, out of 4 employees, and 3 perform investment advisory functions. None are registered representatives of a broker-dealer or 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 TNL Asset Management invest in?
At the end of its last fiscal year, TNL Asset Management’s separately managed accounts held 46% registered funds (mutual funds, ETFs, BDCs), 41% exchange-traded equities, 5% cash and equivalents, 3% investment grade corporate bonds, 3% high-yield corporate bonds, 1% non-exchange-traded equities and 1% pooled vehicles (private funds and similar).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns TNL Asset Management?
TNL Asset Management’s direct owner is Todd Lebor (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 27 February 2026
How does TNL Asset Management get paid?
TNL Asset Management 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 TNL Asset Management?
TNL Asset Management’s main office is at 3445 Penrose Place, Suite 130, Boulder, CO 80301. Its phone number is 303-666-6292. Its website is snowballwm.com.
