Trust Advisory Group provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and selecting other managers.
Trust Advisory Group reports 564 clients. They include 492 individual clients, 70 high-net-worth individuals, and 2 corporations and other businesses. Of its assets, 100.0% ($314M across 792 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 87% | 32% |
| High-net-worth individuals | 12% | 68% |
| 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) | 492 | $99M | 31.6% | $201K |
| High-net-worth individuals | 70 | $214M | 68.4% | $3.06M |
| Corporations and other businesses | 2 | $83.5K | 0.0% | $41.7K |
| Total | 564 | $314M | 100% | $556K |
- Clients
- 492
- Regulatory AUM
- $99M
- AUM share
- 31.6%
- Avg. per client
- $201K
- Clients
- 70
- Regulatory AUM
- $214M
- AUM share
- 68.4%
- Avg. per client
- $3.06M
- Clients
- 2
- Regulatory AUM
- $83.5K
- AUM share
- 0.0%
- Avg. per client
- $41.7K
Total
- Clients
- 564
- Regulatory AUM
- $314M
- AUM share
- 100%
- Avg. per client
- $556K
- 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
- 0
Trust Advisory Group charges up to 2.00% a year for its Asset management services; its fees and minimums are set out in its brochures on the SEC website.
Stonex Group Inc. owns 75% or more of Trust Advisory Group. Marcus Richardson is CEO; the leadership team includes Chief Financial Officer Joseph Porzio and Chief Compliance Officer Brian Parker. It has 22 employees.
Leadership
- Marcus RichardsonChief Operations Officer / Chief Executive Officer
- Joseph PorzioChief Financial Officer
- Brian ParkerChief Compliance Officer
- Andrew ChamblessGeneral Counsel
- Stuart DavisonDirector
- William DunawayDirector
- Charles LyonDirector
- Mark MaurerDirector
- James McAuslanDirector
- Philip SmithDirector
Investment adviser representatives
17 representatives listed in the SEC register as of 9 October 2026.
- Luigi Anthony Altieri
- Peter Patrick Cahill
- Wilder Douglas Carnes
- Amy Ellen Clayton
- Alan Ray Druckenmiller
- Amy Lorraine Gates
- Robert Kelly
- Michael Thomas Lytle
- Paul Wilfred Majane
- Joseph P. Marsden JR.
- William Henry McCance
- Bernard Edward Nugent JR
- Marcus Bryant Richardson
- Anthony David Speziale
- Jerry Malcolm Stuber
- Mayo M Woodward
- Andrew Clayton Wyman
Staff
- 22 employees
- 22 in advisory functions
- 16 state-registered reps
- 22 broker-dealer reps
- 15 insurance agents
- Owns 75% or more of Trust Advisory Group LTD
Stonex Group Inc.
Control person · since July 2025
Trust Advisory Group’s regulatory assets fell from $513M (March 2021) to $314M (June 2026); clients fell from 1,784 to 564 and employees from 51 to 22.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $314M | 564 | 22 | 15 |
| July 2025 | $494M | 1,119 | 30 | 22 |
| March 2024 | $560M | 2,056 | 43 | 41 |
| March 2023 | $500M | 2,077 | 43 | 41 |
| July 2022 | $614M | 2,076 | 49 | 41 |
| March 2021 | $513M | 1,784 | 51 | 41 |
Besides its headquarters, Trust Advisory Group has 14 offices (9 private residences, listed without an address), with 6 listed addresses in Alabama, Massachusetts and New Jersey.
Massachusetts · 4 listed addresses
- 38 Main St, Saugus
- 847 Washington Street, Holliston
- 23 O2 White'S Path, South Yarmouth
- 123 Haven St, Reading
Alabama · 1 listed address
- 2 Perimeter Park South, Suite 500 West, BirminghamHQ
New Jersey · 1 listed address
- 245 Main St, Chester
Other business names
Trust Advisory Group has reported 7 other business names to the SEC.
- Investment Securities Group
- Life Path Financial Services
- MDS Financial
- Morristown Capital Associates LLC
- Primary Wealth Care Providers, LLC
- Solares Hill Advisors
- Stonex Wealth Management
Contact and registration details
- Legal name
- Trust Advisory Group LTD
- Headquarters
- 2 Perimeter Park South, Suite 500 West, Birmingham, AL 35243
- Website
- morristowncapital.com
- Phone
- 800-292-2411
- SEC file
- 801-46919
- Structure
- Massachusetts corporation
- Fiscal year end
- December
Trust Advisory Group uses Stonex Financial ($232M, 74%) and Charles Schwab ($80.5M, 26%) as custodians for its separately managed accounts. Trust Advisory Group has custody of client assets.
- Stonex FinancialStonex Financial Inc. · Birmingham, AL · $232M74%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $80.5M26%
At year end, Trust Advisory Group’s separately managed accounts were largely in funds (48%) and stocks (41%).
What the accounts hold
- Stocks41%
- Funds48%
- Registered funds34%
- Pooled vehicles14%
- Bonds7%
- State and local bonds4%
- U.S. government and agency bonds2%
- Investment grade corporate bonds1%
- Cash4%
How many clients does Trust Advisory Group have?
Trust Advisory Group has 564 clients and manages $314 million for them, as of June 2026. They include 492 individual clients, 70 high-net-worth individuals, and 2 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 June 2026
What services does Trust Advisory Group offer?
Trust Advisory Group provides financial planning, portfolio management for individuals and small businesses, 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 Trust Advisory Group charge?
Trust Advisory Group charges up to 2.00% a year for its Asset management services.
Which custodians does Trust Advisory Group use?
Trust Advisory Group’s separately managed account assets are held at Stonex Financial Inc. (Birmingham, AL), with $232M and Charles Schwab & Co., Inc. (San Francisco, CA), with $80.5M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 June 2026
How many financial advisors does Trust Advisory Group have?
Trust Advisory Group has 16 investment adviser representatives registered with state securities authorities, out of 22 employees, and 22 perform investment advisory functions. 22 employees are registered representatives of a broker-dealer and 15 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 Trust Advisory Group invest in?
At the end of its last fiscal year, Trust Advisory Group’s separately managed accounts held 41% exchange-traded equities, 34% registered funds (mutual funds, ETFs, BDCs), 14% pooled vehicles (private funds and similar), 4% state and local bonds, 4% cash and equivalents, 2% U.S. government and agency bonds and 1% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Trust Advisory Group?
Trust Advisory Group’s direct owner is Stonex Group Inc. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 17 June 2026
How does Trust Advisory Group get paid?
Trust Advisory Group 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 Trust Advisory Group?
Trust Advisory Group’s main office is at 2 Perimeter Park South, Suite 500 West, Birmingham, AL 35243. Its phone number is 800-292-2411. Its website is morristowncapital.com.