# Trust Advisory Group Ltd

> Trust Advisory Group Ltd is an SEC-registered investment advisory firm in Birmingham, AL, registered since 1994, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 17, 2026.

- CRD: 106926
- Filed as: TRUST ADVISORY GROUP LTD
- Also doing business as: INVESTMENT SECURITIES GROUP, LIFE PATH FINANCIAL SERVICES, MDS FINANCIAL, MORRISTOWN CAPITAL ASSOCIATES LLC, PRIMARY WEALTH CARE PROVIDERS, LLC, SOLARES HILL ADVISORS, STONEX WEALTH MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Birmingham, AL
- Filing period: October 2026
- Form ADV filing dated: June 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106926
- AdvisorCensus page: https://advisorcensus.com/firm/trust-advisory-group-ltd-birmingham-al-106926

## Quick answers

**How is Trust Advisory Group Ltd compensated?**
On its Form ADV (Item 5.E, October 2026), Trust Advisory Group Ltd reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).

**How much does Trust Advisory Group Ltd charge?**
Its Form ADV Part 2A brochure dated March 25, 2026 states: Flat fee: up to $5,000 (Financial Plan for clients with less than $10 million in assets included in…); Flat fee: up to $10,000 (Financial Plan if $10 million or more in assets are included); Hourly rate: $500 an hour (consulting). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Trust Advisory Group Ltd located?**
Trust Advisory Group Ltd's principal office is in Birmingham, AL, according to its Form ADV; the July 2026 filing also lists 5 other offices (Schedule D, Section 1.F).

**Is Trust Advisory Group Ltd registered with the SEC or a state?**
Trust Advisory Group Ltd is an SEC-registered investment advisory firm, registered since 1994. Status as filed: Approved. CRD 106926.

**How much does Trust Advisory Group Ltd manage?**
Trust Advisory Group Ltd reports $313,523,737 in regulatory assets under management in its Form ADV filing dated June 17, 2026 (100% discretionary).

**How have Trust Advisory Group Ltd's assets and staff changed since 2021?**
In the Form ADV data for Trust Advisory Group Ltd: Regulatory assets under management: $512,853,076 in the October 2021 data and $313,523,737 in the October 2026 data, down 39%. Total employees: 51 in October 2021 and 22 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Trust Advisory Group Ltd serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (492); high net worth individuals (70); corporations or other businesses not listed above (2).

**Which custodians does Trust Advisory Group Ltd use?**
Trust Advisory Group Ltd's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Stonex Financial Inc. as custodians holding 10% or more of its separately managed account assets.

**Does Trust Advisory Group Ltd 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/106926

**What changed in Trust Advisory Group Ltd's recent Form ADV filings?**
In the July 2026 filing data: 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
- Hourly charges
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated March 25, 2026)

- Flat fee: up to $5,000 (Financial Plan for clients with less than $10 million in assets included in…)

> The maximum Fixed Cost Billing rate for a Financial Plan is generally $5,000 for clients with less than $10 million in assets included in the Financial Plan

- Flat fee: up to $10,000 (Financial Plan if $10 million or more in assets are included)

> The maximum Fixed Cost Billing fee for a Financial Consulting project is generally $10,000.

- Hourly rate: $500 an hour (consulting)

> The maximum Hourly Billing consulting fee is $500/hr.

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Stonex Financial Inc.

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: $313,523,737
- Discretionary: $313,523,737
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 492 | $99,002,605 |
| High net worth individuals | 70 | $214,437,642 |
| 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 | 0 | $0 |
| 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 | 2 | $83,490 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- 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)

### Firm details
- Registered since: 1994 (32 years)
- Employees: 22 total, 22 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, IN, KS, KY, MA, MD, ME, MI, NC, NH, NJ, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI
- 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/106926

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Chester, NJ
- Holliston, MA
- Reading, MA
- Saugus, MA
- South Yarmouth, MA

### Websites listed on Form ADV (Item 1.I)
- morristowncapital.com
- solareshilladvisors.com
- stonex.com/en/wealth-management.com
- trustadvisorygroup.com
- Facebook @SAStoneWealth
- LinkedIn @90623235
- LinkedIn @sa-stone-wealth-management
- LinkedIn @90402889
- X @sastonewealth
- X @StoneX_Official

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $512,853,076 | 51 | March 31, 2021 |
| October 2022 | $613,580,405 | 49 | July 22, 2022 |
| October 2023 | $499,698,033 | 43 | September 21, 2023 |
| October 2024 | $560,370,155 | 43 | September 26, 2024 |
| October 2025 | $494,407,359 | 30 | July 29, 2025 |
| October 2026 | $313,523,737 | 22 | June 17, 2026 |

Regulatory assets under management: $512,853,076 in the October 2021 data and $313,523,737 in the October 2026 data, down 39%.
Total employees: 51 in October 2021 and 22 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- No longer lists the business name Starr Investment Services Inc..
- No longer lists the business name Paramount Financial Group.
- Employees performing advisory functions went from 30 to 22.
- Regulatory assets under management went from $494,407,359 to $313,523,737 (-37%).
- No longer lists an office in Daniel Island, SC.
- No longer lists an office in Haverhill, MA.
- No longer lists an office in Lancaster, MA.
- No longer lists an office in Nashua, NH.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Registered or notice-filed in KY.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Trust Advisory Group Ltd (CRD 106926): Form ADV filing data as of October 2026.