# Thurston Advisors

> Thurston Advisors is an SEC-registered investment advisory firm in Vero Beach, FL, registered since 2024, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated May 12, 2026.

- CRD: 318422
- Filed as: THURSTON ADVISORS
- Legal name: Thurston Advisors, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Vero Beach, FL
- Filing period: October 2026
- Form ADV filing dated: May 12, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/318422
- AdvisorCensus page: https://advisorcensus.com/firm/thurston-advisors-vero-beach-fl-318422

## Quick answers

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

**Where is Thurston Advisors located?**
Thurston Advisors' principal office is in Vero Beach, FL, according to its Form ADV; the June 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Thurston Advisors registered with the SEC or a state?**
Thurston Advisors is an SEC-registered investment advisory firm, registered since 2024. Status as filed: Approved. CRD 318422.

**How much does Thurston Advisors manage?**
Thurston Advisors reports $480,922,735 in regulatory assets under management in its Form ADV filing dated May 12, 2026 (100% discretionary).

**How have Thurston Advisors' assets and staff changed since 2022?**
In the Form ADV data for Thurston Advisors: Regulatory assets under management: $315,943,964 in the October 2024 data and $480,922,735 in the October 2026 data, up 52%. Total employees: 9 in October 2024 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Thurston Advisors serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (9).

**Does Thurston Advisors 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/318422

**Does Thurston Advisors state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "Thurston generally requires Investors in the Funds to make a minimum initial investment of at least $500,000."

**What changed in Thurston Advisors' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 9 to 8. Regulatory assets under management went from $371,156,742 to $480,922,735 (+30%).

## 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 30, 2026)

- Account minimum: $500,000

> Thurston generally requires Investors in the Funds to make a minimum initial investment of at least $500,000.

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

### Regulatory assets under management (Item 5.F)
- Total: $480,922,735
- Discretionary: $480,922,735
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 9 | $480,922,735 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2024 (2 years)
- Employees: 9 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, GA, IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Chicago, IL
- Savannah, GA

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | Not reported | Not reported | March 31, 2022 |
| October 2023 | Not reported | Not reported | January 4, 2023 |
| October 2024 | $315,943,964 | 9 | July 1, 2024 |
| October 2025 | $371,156,742 | 9 | May 21, 2025 |
| October 2026 | $480,922,735 | 9 | May 12, 2026 |

Regulatory assets under management: $315,943,964 in the October 2024 data and $480,922,735 in the October 2026 data, up 52%.
Total employees: 9 in October 2024 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 9 to 8.
- Regulatory assets under management went from $371,156,742 to $480,922,735 (+30%).

### March 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Thurston Advisors (CRD 318422): Form ADV filing data as of October 2026.