True North Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers. Financial planning was provided to 251–500 clients last fiscal year. The firm advises 34 private funds.
True North Advisors reports 1,068 clients. They include 594 high-net-worth individuals, 428 individual clients and 34 pooled investment vehicles. Of its assets, 92.6% ($5.02B across 5,284 accounts) are managed with discretion; $402M across 14 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 40% | 3% |
| High-net-worth individuals | 56% | 70% |
| Pooled investment vehicles | 3% | 20% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | <1% | 7% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 428 | $136M | 2.5% | $318K |
| High-net-worth individuals | 594 | $3.79B | 69.9% | $6.38M |
| Pooled investment vehicles | 34 | $1.08B | 20.0% | $31.9M |
| Charitable organizations | 7 | $38.2M | 0.7% | $5.46M |
| Corporations and other businesses | 5 | $373M | 6.9% | $74.6M |
| Total | 1,068 | $5.42B | 100% | $5.08M |
- Clients
- 428
- Regulatory AUM
- $136M
- AUM share
- 2.5%
- Avg. per client
- $318K
- Clients
- 594
- Regulatory AUM
- $3.79B
- AUM share
- 69.9%
- Avg. per client
- $6.38M
- Clients
- 34
- Regulatory AUM
- $1.08B
- AUM share
- 20.0%
- Avg. per client
- $31.9M
- Clients
- 7
- Regulatory AUM
- $38.2M
- AUM share
- 0.7%
- Avg. per client
- $5.46M
- Clients
- 5
- Regulatory AUM
- $373M
- AUM share
- 6.9%
- Avg. per client
- $74.6M
Total
- Clients
- 1,068
- Regulatory AUM
- $5.42B
- AUM share
- 100%
- Avg. per client
- $5.08M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 34
- Financial planning clients last fiscal year
- 251–500
True North Advisors charges 0.25%–1.50% for its Advisory Fee. The brochure does not state whether the rate is annual. The fee is billed in advance or in arrears. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Consulting Fee
- Consulting beyond the advisory agreement is charged a separate fee that is negotiable and generally based on the complexity of the work.
True North Advisors Holdings, LLC owns 75% or more of True North Advisors and is in turn owned by Project Delta Acquisition, LLC (25–50%) and Wood Family Trust (25–50%). Scott Wood is CEO; the leadership team includes President Mark Gehlbach, Chief Operating Officer Christopher Pate and Chief Compliance Officer William Sharp. It has 89 employees, 31 of them in advisory roles.
Staff
- 89 employees
- 31 in advisory functions
- 31 state-registered reps
- 2 soliciting firms
- Owns 75% or more of True North Advisors, LLC
True North Advisors Holdings, LLC
Control person · since January 2024
- Owns 25% to 50% of True North Advisors Holdings, LLC
Project Delta Acquisition, LLC
Control person · since January 2024
- Owns 75% or more of Project Delta Acquisition, LLC
WPCG Aspire Holdings, LLC
Control person · since July 2025
- Owns 75% or more of WPCG Aspire Holdings, LLC
WPCG Aspire, LLC
Control person · since July 2025
- Owns 75% or more of WPCG Aspire, LLC
Aspire Holdings, LLC
Control person · since July 2025
- Owns 25% to 50% of True North Advisors Holdings, LLC
Wood Family Trust
Control person · since January 2024
- Owns 75% or more of True North Advisors, LLC
True North Advisors Holdings,
Control person · since January 2024
- Owns 25% to 50% of True North Advisors, LLC
Scott Wood
Control person · since July 2000
- Owns 10% to 25% of True North Advisors, LLC
Mark Gehlbach
Control person · since July 2000
- Owns 5% to 10% of True North Advisors, LLC
Dhruv Maniktala
Control person · since January 2018
- Owns 5% to 10% of True North Advisors, LLC
Christopher Pate
Control person · since January 2019
True North Advisors’ regulatory assets grew 2.3× from $2.34B (April 2021) to $5.42B (July 2026); clients rose from 594 to 1,068 and employees from 37 to 89. In 2024, Your Ocio ($315M in its last filing) joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jul 2026July 2026 | $5.42B | 1,068 | 89 | 6 |
| Mar 2025March 2025 | $4.48B | 921 | 65 | 4 |
| Mar 2024March 2024 | $3.34B | 639 | 52 | 2 |
| May 2023May 2023 | $3.01B | 639 | 42 | 2 |
| Mar 2022March 2022 | $2.87B | 604 | 37 | 2 |
| Apr 2021April 2021 | $2.34B | 594 | 37 | 2 |
Firms that joined
20241 joined
- Your OcioLast filed AUM $315M
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, True North Advisors has 5 offices (1 private residence, listed without an address), with 5 listed addresses across 2 states.
Texas · 4 listed addresses
- 3131 Turtle Creek, Suite 1300, DallasHQ
- 3100 West 7th St, Fort Worth
- 12707 Nutty Brown Road, Austin
- 200 Earl Garrett Street, Kerrville
California · 1 listed address
- 312 Railroad Avenue, Danville
Contact and registration details
- Legal name
- True North Advisors, LLC
- Headquarters
- 3131 Turtle Creek, Suite 1300, Dallas, TX 75219
- Website
- truenorthadvisors.com
- Phone
- 214-360-7300
- @true-north-advisors
- SEC file
- 801-66250
- Structure
- Texas LLC
- Fiscal year end
- December
True North Advisors’ named custodians for separately managed accounts are Charles Schwab ($3.62B, 81%) and Fidelity ($865M, 19%). True North Advisors has custody of $1.93B for 466 clients.
- Charles SchwabCharles Schwab & Co. · Westlake, TX · $3.62B81%
- FidelityFidelity Brokerage Services, LLC · Boston, MA · $865M19%
At year end, True North Advisors’ separately managed accounts were mostly in funds (74%) and stocks (23%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.05B across 291 positions; the largest are Lennox Intl Inc. (8.8%), Apple Inc. (8.3%) and Schwab Strategic TR (6.4%).
What the accounts hold
- Stocks23%
- Exchange-traded equities22%
- Non-exchange-traded equities1%
- Funds74%
- Registered funds71%
- Pooled vehicles3%
- Bonds3%
- U.S. government and agency bonds2%
- State and local bonds1%
How many clients does True North Advisors have?
True North Advisors has 1,068 clients and manages $5.42 billion for them, as of July 2026. They include 594 high-net-worth individuals, 428 individual clients and 34 pooled investment vehicles.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 16 July 2026
What services does True North Advisors offer?
True North Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does True North Advisors charge?
True North Advisors charges 0.25%–1.50% for its Advisory Fee. The brochure does not state whether the rate is annual. The fee is billed in advance or in arrears.
Source: TRUE NORTH ADVISORS, LLC DISCLOSURE BROCHURE, filed 27 March 2026
Which custodians does True North Advisors use?
True North Advisors’ separately managed account assets are held at Charles Schwab & Co. (Westlake, TX), with $3.62B and Fidelity Brokerage Services, LLC (Boston, MA), with $865M. 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 True North Advisors have?
True North Advisors has 31 investment adviser representatives registered with state securities authorities, out of 89 employees, and 31 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 True North Advisors invest in?
At the end of its last fiscal year, True North Advisors’ separately managed accounts held 71% registered funds (mutual funds, ETFs, BDCs), 22% exchange-traded equities, 3% pooled vehicles (private funds and similar), 2% U.S. government and agency bonds, 1% non-exchange-traded equities and 1% state and local bonds. It advises 34 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns True North Advisors?
True North Advisors is owned through a chain of holding companies by Aspire Holdings, LLC and Wood Family Trust. Its direct owners are Scott Wood (25% to 50%), Mark Gehlbach (10% to 25%), Dhruv Maniktala (5% to 10%), Christopher Pate (5% to 10%), True North Advisors Holdings, LLC (75% or more) and True North Advisors Holdings (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 16 July 2026
How does True North Advisors get paid?
True North Advisors is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions 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 True North Advisors?
True North Advisors’ main office is at 3131 Turtle Creek, Suite 1300, Dallas, TX 75219. Its phone number is 214-360-7300. Its website is truenorthadvisors.com.
