# Thomas Leo Advisory, LLC

> Thomas Leo Advisory, LLC is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2018, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 9, 2026.

- CRD: 159271
- Filed as: THOMAS LEO ADVISORY, LLC
- Also doing business as: DOLAN WEALTH MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: March 9, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159271
- AdvisorCensus page: https://advisorcensus.com/firm/thomas-leo-advisory-llc-minneapolis-mn-159271

## Quick answers

**How is Thomas Leo Advisory, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Thomas Leo Advisory, LLC reports these compensation arrangements: a percentage of assets under its management.

**Where is Thomas Leo Advisory, LLC located?**
Thomas Leo Advisory, LLC's principal office is in Minneapolis, MN, according to its Form ADV.

**Is Thomas Leo Advisory, LLC registered with the SEC or a state?**
Thomas Leo Advisory, LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 159271.

**How much does Thomas Leo Advisory, LLC manage?**
Thomas Leo Advisory, LLC reports $192,716,851 in regulatory assets under management in its Form ADV filing dated March 9, 2026 (99% discretionary).

**How have Thomas Leo Advisory, LLC's assets and staff changed since 2021?**
In the Form ADV data for Thomas Leo Advisory, LLC: Regulatory assets under management: $108,567,293 in the October 2021 data and $192,716,851 in the October 2026 data, up 78%. Total employees: 2 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Thomas Leo Advisory, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (91); high net worth individuals (53); charitable organizations (1).

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

**Does Thomas Leo Advisory, 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/159271

**What changed in Thomas Leo Advisory, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $169,983,203 to $192,716,851 (+13%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., 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: $192,716,851
- Discretionary: $191,234,930
- Non-discretionary: $1,481,921

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 91 | $21,748,112 |
| High net worth individuals | 53 | $141,822,207 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 1 | $29,146,532 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2018 (8 years)
- Employees: 2 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, MN, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- thomasleoadvisory.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $108,567,293 | 2 | February 26, 2021 |
| October 2022 | $152,228,950 | 2 | March 10, 2022 |
| October 2023 | $131,489,557 | 2 | March 10, 2023 |
| October 2024 | $149,006,909 | 2 | March 18, 2024 |
| October 2025 | $169,983,203 | 2 | February 18, 2025 |
| October 2026 | $192,716,851 | 2 | March 9, 2026 |

Regulatory assets under management: $108,567,293 in the October 2021 data and $192,716,851 in the October 2026 data, up 78%.
Total employees: 2 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $169,983,203 to $192,716,851 (+13%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Thomas Leo Advisory, LLC (CRD 159271): Form ADV filing data as of October 2026.