{
  "crd_number": 7717,
  "slug": "independent-financial-group-llc-san-diego-ca-7717",
  "primary_business_name": "INDEPENDENT FINANCIAL GROUP, LLC",
  "legal_name": "INDEPENDENT FINANCIAL GROUP, LLC",
  "dbas": [],
  "city": "San Diego",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41740",
  "metro": {
    "cbsa_code": "41740",
    "common_name": "San Diego",
    "msa_name": "San Diego-Chula Vista-Carlsbad, CA",
    "path": "/advisors/ca/san-diego"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2004-01-30",
  "years_registered": 22,
  "period": "2026-10-01",
  "filing_date": "2026-09-29",
  "carried_forward": false,
  "raum_total": 12925435801.0,
  "raum_discretionary": 12720534544.0,
  "raum_non_discretionary": 204901257.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 624,
  "advisory_employees": 476,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": null
    },
    "charitable": {
      "raum": 70991676.0,
      "count": 85
    },
    "individuals": {
      "raum": 7122879299.0,
      "count": 23458
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 247767770.0,
      "count": 347
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 5162794779.0,
      "count": 2438
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 321002277.0,
      "count": 307
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "commissions",
    "fixed",
    "hourly",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "financial_planning",
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 7,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "PR",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://ifgsd.com",
    "https://linkedin.com/company/ifgsd"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/7717",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "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?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "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?"
    },
    {
      "item": "11.D(2)",
      "question": "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?"
    },
    {
      "item": "11.D(4)",
      "question": "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?"
    },
    {
      "item": "11.E(2)",
      "question": "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?"
    },
    {
      "item": "11.E(4)",
      "question": "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?"
    }
  ],
  "city_as_filed": "SAN DIEGO",
  "url": "https://advisorcensus.com/firm/independent-financial-group-llc-san-diego-ca-7717",
  "display_name": "Independent Financial Group, LLC",
  "summary": "Independent Financial Group, LLC is an SEC-registered investment advisory firm in San Diego, CA, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 29, 2026.",
  "citation": "AdvisorCensus. Independent Financial Group, LLC (CRD 7717): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)",
    "Commissions",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "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)"
  ],
  "quick_answers": [
    {
      "q": "How is Independent Financial Group, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Independent Financial Group, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); commissions; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Independent Financial Group, LLC located?",
      "a": "Independent Financial Group, LLC's principal office is in San Diego, CA, according to its Form ADV; the October 2026 filing also lists 25 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Independent Financial Group, LLC registered with the SEC or a state?",
      "a": "Independent Financial Group, LLC is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 7717."
    },
    {
      "q": "How much does Independent Financial Group, LLC manage?",
      "a": "Independent Financial Group, LLC reports $12,925,435,801 in regulatory assets under management in its Form ADV filing dated September 29, 2026 (98% discretionary)."
    },
    {
      "q": "How have Independent Financial Group, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Independent Financial Group, LLC: 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. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Independent Financial Group, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (23,458); high net worth individuals (2,438); pension and profit sharing plans (but not the plan participants or government pension plans) (347)."
    },
    {
      "q": "Which custodians does Independent Financial Group, LLC use?",
      "a": "Independent Financial Group, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Pershing LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Independent Financial Group, LLC report any disciplinary disclosures?",
      "a": "Reports 7 disclosure items on Form ADV Item 11: yes answers to 7 questions about regulatory matters (11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.E(2), 11.E(4)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/7717"
    },
    {
      "q": "What changed in Independent Financial Group, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: 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)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 5919028511.0,
      "total_employees": 537,
      "filing_date": "2021-06-03"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 6646729741.0,
      "total_employees": 662,
      "filing_date": "2022-08-15"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 5978096039.0,
      "total_employees": 697,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 6750889024.0,
      "total_employees": 626,
      "filing_date": "2024-07-30"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 11322059063.0,
      "total_employees": 622,
      "filing_date": "2025-03-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 12925435801.0,
      "total_employees": 624,
      "filing_date": "2026-09-29"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "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)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Pershing LLC",
      "name_as_filed": "PERSHING LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/independent-financial-group-llc-san-diego-ca-7717.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 23458,
      "fewer_than_5": false,
      "raum": 7122879299.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 2438,
      "fewer_than_5": false,
      "raum": 5162794779.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 347,
      "fewer_than_5": false,
      "raum": 247767770.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 85,
      "fewer_than_5": false,
      "raum": 70991676.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 307,
      "fewer_than_5": false,
      "raum": 321002277.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports 7 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/7717",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}