# Formidable Asset Management, LLC

> Formidable Asset Management, LLC is an SEC-registered investment advisory firm in Cincinnati, OH, registered since 2013, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated August 14, 2026.

- CRD: 167555
- Filed as: FORMIDABLE ASSET MANAGEMENT, LLC
- Also doing business as: FORMIDABLE FINANCIAL SERVICES, LLC, MASSEY ROMANS CAPITAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Cincinnati, OH
- Filing period: October 2026
- Form ADV filing dated: August 14, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/167555
- AdvisorCensus page: https://advisorcensus.com/firm/formidable-asset-management-llc-cincinnati-oh-167555

## Quick answers

**How is Formidable Asset Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Formidable Asset Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Formidable Asset Management, LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 0.5% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Formidable Asset Management, LLC located?**
Formidable Asset Management, LLC's principal office is in Cincinnati, OH, according to its Form ADV; the September 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Formidable Asset Management, LLC registered with the SEC or a state?**
Formidable Asset Management, LLC is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 167555.

**How much does Formidable Asset Management, LLC manage?**
Formidable Asset Management, LLC reports $903,036,940 in regulatory assets under management in its Form ADV filing dated August 14, 2026 (100% discretionary).

**How have Formidable Asset Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Formidable Asset Management, LLC: Regulatory assets under management: $618,829,975 in the October 2021 data and $903,036,940 in the October 2026 data, up 46%. Total employees: 15 in October 2021 and 21 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Formidable Asset Management, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (674); high net worth individuals (203); corporations or other businesses not listed above (10).

**Which custodians does Formidable Asset Management, LLC use?**
Formidable Asset Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., LPL Financial LLC, Raymond James & Associates, Inc. and SEI Investments Distribution Co. as custodians holding 10% or more of its separately managed account assets.

**Does Formidable Asset Management, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/167555

**Does Formidable Asset Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "Formidable Asset Management does not require the client to have a minimum investment amount to open and/or to maintain an account with it."

**What changed in Formidable Asset Management, LLC's recent Form ADV filings?**
In the September 2026 filing data: Registered or notice-filed in NJ.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 0.5% to 2% a year (a range, as the brochure states it)

> Clients are assessed an annual Management Fee ranging from 0.50% to 2.00% (per annum). The Management Fee is billed quarterly in advance.

- Account minimum: None

> Formidable Asset Management does not require the client to have a minimum investment amount to open and/or to maintain an account with it.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- LPL Financial LLC
- Raymond James & Associates, Inc.
- SEI Investments Distribution Co.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $903,036,940
- Discretionary: $902,305,562
- Non-discretionary: $731,378

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 674 | $230,358,011 |
| High net worth individuals | 203 | $626,121,219 |
| Investment companies | 2 | $39,821,507 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $1,793,630 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 5 | $986,484 |
| Charitable organizations | 5 | $1,813,850 |
| Corporations or other businesses not listed above | 10 | $2,142,239 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Pension consulting services

### Firm details
- Registered since: 2013 (13 years)
- Employees: 21 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, DE, FL, GA, IL, IN, KS, KY, LA, MA, NC, NH, NJ, NY, OH, OR, PA, SC, TN, TX, VA, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Memphis, TN
- Vero Beach, FL

### Websites listed on Form ADV (Item 1.I)
- formidableam.com
- formidablefunds.com
- masseyromanscapital.com
- LinkedIn @formidable-asset-management
- LinkedIn @masseyromans
- LinkedIn @will-brown-34286713

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $618,829,975 | 15 | August 4, 2021 |
| October 2022 | $706,866,699 | 15 | March 18, 2022 |
| October 2023 | $632,038,209 | 15 | September 25, 2023 |
| October 2024 | $886,834,074 | 20 | August 21, 2024 |
| October 2025 | $876,010,541 | 20 | March 26, 2025 |
| October 2026 | $903,036,940 | 21 | August 14, 2026 |

Regulatory assets under management: $618,829,975 in the October 2021 data and $903,036,940 in the October 2026 data, up 46%.
Total employees: 15 in October 2021 and 21 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Registered or notice-filed in NJ.

### April 2026
- Changed its office addresses in Vero Beach, FL.
- Registered or notice-filed in KS, LA, NH.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Formidable Asset Management, LLC (CRD 167555): Form ADV filing data as of October 2026.