Wealth manager, independent · Vestavia Hills, AL
RFG Advisory, LLC
SEC-registered investment adviser · CRD 158401 · SEC 801-79153
At a glance
RFG Advisory, LLC is an SEC-registered investment adviser based in Vestavia Hills, Alabama, with $8.0B in regulatory assets under management as of its Form ADV filed September 21, 2026. It reports 17,207 individual clients, 1,256 of them high-net-worth, holding an average of about $0.3 million each, and 360 employees. That ranks it 132nd among the nation’s 5,657 independent wealth management RIAs and 3rd of 43 in Alabama. It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and Fidelity.
Up $1.2B from $6.8B in its previous filing; rank 158 → 132. This month’s movers →
Main office 205-397-2450rfgadvisory.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $8.0B
- Rank among independent wealth managers
- #132 of 5,657
- Rank among all SEC RIAs
- #1,574 of 17,210
- Rank in Alabama
- #3 of 43
- Individual clients
- 17,207
- High-net-worth clients
- 1,256
- Accounts
- 29,833
- Discretionary
- 100% of AUM
- Employees
- 360
- Advisory staff
- 178
- Offices
- 72
Owners and executives on its Form ADV
- Bobby R. WhiteManaging Member and Executive Chairman
- Frederick G. WedellChief Investment Officer
- Richard H. OhlrichChief Compliance Officer
- Shannon P. SpotswoodChief Executive Officer
- Edward C. SwensonPresident
- Douglas S. NelsonCFO
Custody and brokerage
Broker-dealer
Hybrid RIA
RFG Advisory, LLC is a hybrid RIA: 81 of its employees are also registered representatives of a broker-dealer.
Its Form ADV brochure (filed July 2026) names The Leaders Group, Johnstone Brokerage Services, Private Client Services and Cap Acuity Securities, an unaffiliated broker-dealer, as the broker-dealer its advisers are registered with.
The licensed insurance agents are also registered representatives of The Leaders Group, Inc. and Johnstone Brokerage Services respectively, unaffiliated SEC registered broker-dealers and FINRA members.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Investment companies | 9 | $2.8B | 35% |
| High-net-worth individuals | 1,256 | $2.6B | 32% |
| Individuals | 15,951 | $2.5B | 32% |
| Corporations or other businesses | 110 | $87M | 1% |
| Pension and profit sharing plans | 38 | $11M | <1% |
| Charitable organizations | 38 | $9M | <1% |
| State or municipal government entities | 1 | $5M | <1% |
| Other | 7 | $4M | <1% |
Disciplinary disclosures
RFG Advisory, LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for investment companies
- Pension consulting
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗rfgadvisory.com ↗
People at RFG Advisory, LLC in our coverage
All people →- Shannon Spotswood, CEO
AtlasMembers
The full record on RFG Advisory, LLC
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 518 peers of its type and size
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- Owners and executives, with titles and stakes
- 6 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
- 7Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Similar-size RIAs in Alabama
All of Alabama →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Waverly Advisors, LLCBirmingham | $30B | 12,923 |
| Aptus Capital Advisors, LLCFairhope | $14B | 12,693 |
| Eversource Wealth Advisors, LLCBirmingham | $5.1B | 3,255 |
| Stonex Advisors Inc.Birmingham | $5.1B | 9,741 |
| The Welch Group, LLCBirmingham | $3.7B | 1,416 |
| Oneascent Financial Services LLCBirmingham | $3.5B | 5,128 |
Background
Questions
How much does RFG Advisory, LLC manage?
RFG Advisory, LLC reports $8.0B in regulatory assets under management across 29,833 accounts, 100% of it on a discretionary basis, on its Form ADV filed September 21, 2026.
How many clients does RFG Advisory, LLC have?
It reports 17,207 individual clients: 1,256 high-net-worth individuals and 15,951 other individuals. Individuals account for about 64% of its regulatory assets.
Where is RFG Advisory, LLC headquartered?
Its main office is in Vestavia Hills, Alabama. It reports 72 offices in total and 360 employees, 178 of whom perform investment advisory functions.
How does RFG Advisory, LLC charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; fixed fees. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does RFG Advisory, LLC use?
It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and Fidelity. On Schedule D of its Form ADV filed September 21, 2026, it reports these amounts held: Charles Schwab ($5.1B); Fidelity ($2.6B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is RFG Advisory, LLC a hybrid RIA with a broker-dealer?
RFG Advisory, LLC is a hybrid RIA: 81 of its employees are also registered representatives of a broker-dealer. Those representatives can also earn commissions on brokerage business through the broker-dealer, where different rules apply than for advisory accounts.
Is RFG Advisory, LLC a fiduciary?
As an SEC-registered investment adviser, RFG Advisory, LLC owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 81 of its employees are also registered representatives of a broker-dealer, where different rules apply to brokerage recommendations.
Where these numbers come from
Every figure is RFG Advisory, LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-09-21), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →