Independent Financial Group, LLC

• A percentage of assets under your management
• Hourly charges
• Fixed fees (other than subscription fees)
• Commissions
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

The brochure lists different fees for different services or strategies. See the firm's brochure (dated March 17, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$12,925,435,801 as of October 2026, filing dated September 29, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Financial planning services
• Portfolio management for individuals and/or small businesses
• Portfolio management for businesses (other than small businesses) or institutional clients
• Pension consulting services
• Selection of other advisers (including private fund managers)

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2004 (22 years)

Employees

Total: 624. Performing investment advisory functions: 476.

Wrap fee program participation

Yes.

Custodians (Schedule D, Section 5.K(3))

Pershing LLC

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.

Other offices (Schedule D, Section 1.F)

25 other offices, as of the October 2026 filing

Bloomington, MNBrentwood, TNDallas, TXDelafield, WIDiamond Bar, CAFresno, CAGoodyear, AZGuaynabo, PRHartford, CTHenderson, NVHouston, TXLos Angeles, CANew York, NYPleasanton, CAPrescott, AZRockville, MDRoseburg, ORSacramento, CASan Clemente, CASan Diego, CASan Gabriel, CASan Juan Capistrano, CASchaumburg, ILScottsdale, AZTustin, CA

States registered or notice-filed

52 states or jurisdictions

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SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

7 Reports 7 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.C(2) Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
• 11.C(4) Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.C(5) Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
• 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
• 11.D(4) In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.E(2) Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?
• 11.E(4) Has a self-regulatory organization or a commodities exchange ever disciplined the firm or an advisory affiliate by expelling or suspending it from membership, barring or suspending it from association with other members, or otherwise restricting its activities?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $5,919,028,511 in the October 2021 data and $12,925,435,801 in the October 2026 data, up 118%.

Total employees: 537 in October 2021 and 624 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. April 2026
   • No longer lists the business name Independent Financial Group, Inc.
   • Item 11 disclosure answers changed: 7 yes answers, previously 6 (now yes: 11.D(2)).
   • Employees performing advisory functions went from 484 to 476.
   • Regulatory assets under management went from $11,322,059,063 to $12,925,435,801 (+14%).
   • Changed its office addresses in Goodyear, AZ.
   • Changed its office addresses in Tustin, CA.
   • Added an office in Bloomington, MN.
   • Added an office in Brentwood, TN.
   • Added an office in Guaynabo, PR.
   • Added an office in Hartford, CT.
   • Added an office in Houston, TX.
   • Added an office in New York, NY.
   • Added an office in Pleasanton, CA.
   • Added an office in Roseburg, OR.
   • Added an office in San Juan Capistrano, CA.
   • Added an office in Schaumburg, IL.
   • Added an office in Scottsdale, AZ.
   • No longer lists an office in Arcadia, CA.
   • No longer lists an office in Birmingham, AL.
   • No longer lists an office in Camp Verde, AZ.
   • No longer lists an office in Chevy Chase, MD.
   • No longer lists an office in Cottonwood, AZ.
   • No longer lists an office in Denver, CO.
   • No longer lists an office in Flagstaff, AZ.
   • No longer lists an office in Riverwood, IL.
   • No longer lists an office in San Diego, CA.
   • No longer lists an office in San Luis Obispo, CA.
   • No longer lists an office in Santa Maria, CA.
   • Updated its list of owners and control persons (Schedule A).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.