# Thoroughbred Financial Services, LLC

> Thoroughbred Financial Services, LLC is an SEC-registered investment advisory firm in Brentwood, TN, registered since 1999, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 47893
- Filed as: THOROUGHBRED FINANCIAL SERVICES, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Brentwood, TN
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/47893
- AdvisorCensus page: https://advisorcensus.com/firm/thoroughbred-financial-services-llc-brentwood-tn-47893

## Quick answers

**How is Thoroughbred Financial Services, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Thoroughbred Financial Services, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); commissions. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Thoroughbred Financial Services, LLC located?**
Thoroughbred Financial Services, LLC's principal office is in Brentwood, TN, according to its Form ADV; the April 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Thoroughbred Financial Services, LLC registered with the SEC or a state?**
Thoroughbred Financial Services, LLC is an SEC-registered investment advisory firm, registered since 1999. Status as filed: Approved. CRD 47893.

**How much does Thoroughbred Financial Services, LLC manage?**
Thoroughbred Financial Services, LLC reports $4,039,118,832 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (90% discretionary).

**How have Thoroughbred Financial Services, LLC's assets and staff changed since 2021?**
In the Form ADV data for Thoroughbred Financial Services, LLC: Regulatory assets under management: $2,516,438,770 in the October 2021 data and $4,039,118,832 in the October 2026 data, up 61%. Total employees: 33 in October 2021 and 31 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Thoroughbred Financial Services, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (1,829); corporations or other businesses not listed above (1,029); high net worth individuals (691).

**Which custodians does Thoroughbred Financial Services, LLC use?**
Thoroughbred Financial Services, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Financial Services LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Thoroughbred Financial Services, LLC report any disciplinary disclosures?**
Reports 4 disclosure items on Form ADV Item 11: yes answers to 11.C(1) (SEC or CFTC finding of a false statement or omission), 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). 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/47893

**What changed in Thoroughbred Financial Services, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 33 to 31. Regulatory assets under management went from $3,409,535,678 to $4,039,118,832 (+18%). Registered or notice-filed in NV, NY. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Commissions

### Custodians (Schedule D, Section 5.K(3))
- National Financial Services 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.

### Regulatory assets under management (Item 5.F)
- Total: $4,039,118,832
- Discretionary: $3,618,113,013
- Non-discretionary: $421,005,819

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 1,829 | $892,396,019 |
| High net worth individuals | 691 | $1,857,265,573 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 18 | $138,359,081 |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 1,029 | $1,151,098,159 |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1999 (27 years)
- Employees: 31 total, 31 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AL, AR, AZ, CA, CO, FL, GA, IL, IN, KY, LA, MD, MS, NC, NV, NY, OH, OK, PA, SC, TN, TX, VA, WA
- Disclosures (Item 11): Reports 4 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(1): Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
- 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?

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. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/47893

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Columbia, TN
- Jackson, TN
- Knoxville, TN

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,516,438,770 | 33 | March 31, 2021 |
| October 2022 | $2,926,834,220 | 33 | March 30, 2022 |
| October 2023 | $2,440,440,866 | 33 | March 31, 2023 |
| October 2024 | $2,913,693,892 | 34 | March 27, 2024 |
| October 2025 | $3,409,535,678 | 34 | March 31, 2025 |
| October 2026 | $4,039,118,832 | 31 | March 31, 2026 |

Regulatory assets under management: $2,516,438,770 in the October 2021 data and $4,039,118,832 in the October 2026 data, up 61%.
Total employees: 33 in October 2021 and 31 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 33 to 31.
- Regulatory assets under management went from $3,409,535,678 to $4,039,118,832 (+18%).
- Registered or notice-filed in NV, NY.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Thoroughbred Financial Services, LLC (CRD 47893): Form ADV filing data as of October 2026.