Tanglewood Wealth Management, Inc.
- Regulatory AUM
- $1.6B
- Discretionary
- $1.6B
- Clients
- 417
- Avg AUM / client
- $3.8M
- Accounts
- 1,296
- Employees
- 14
AUM over time
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Investments (13F portfolio — 38 positions, $1,207,340,732)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Vanguard Total Stock Market Etf | TOTAL STK MKT | $190,570,854 | 594,030 | 15.8% | 12.0% |
| 2 | Ishares 3 7 Year Treasury Bond Etf | 3 7 YR TREAS BD | $189,383,043 | 1,596,822 | 15.7% | 11.9% |
| 3 | Vanguard Ftse Developed Markets Etf | FTSE DEV MKT ETF | $186,705,782 | 2,913,636 | 15.5% | 11.7% |
| 4 | Ishares Gold Tr | ISHARES NEW | $80,868,110 | 917,288 | 6.7% | 5.08% |
| 5 | Ishares 1 3 Year Treasury Bond Etf | 1 3 YR TREAS BD | $76,981,910 | 932,323 | 6.38% | 4.84% |
| 6 | Vanguard Intermediate Term Treasury Etf | INTER TERM TREAS | $76,268,067 | 1,280,740 | 6.32% | 4.79% |
| 7 | Spdr Gold Tr | GOLD SHS | $54,297,004 | 126,187 | 4.5% | 3.41% |
| 8 | Schwab Fundamental U.S. Large Company Etf | SCHWAB FDT US LG | $47,416,135 | 1,702,554 | 3.93% | 2.98% |
| 9 | Invesco Qqq Trust Series I | UNIT SER 1 | $44,141,200 | 76,477 | 3.66% | 2.77% |
| 10 | Freedom 100 Emerging Markets Etf | FREEDOM 100 EM | $43,217,023 | 790,796 | 3.58% | 2.72% |
| 11 | Schwab U.S. Broad Market Etf | US BRD MKT ETF | $38,525,760 | 1,534,891 | 3.19% | 2.42% |
| 12 | Ishares Russell 3000 Etf | RUSSELL 3000 ETF | $34,592,807 | 93,323 | 2.87% | 2.17% |
| 13 | Gmo Etf Trust | GMO US QUALITY E | $29,514,342 | 815,764 | 2.44% | 1.86% |
| 14 | Ishares Msci Eafe Etf | MSCI EAFE ETF | $26,636,931 | 274,240 | 2.21% | 1.67% |
| 15 | Ishares Msci Usa Quality Factor Etf | MSCI USA QLT FCT | $23,187,335 | 120,887 | 1.92% | 1.46% |
| 16 | Vanguard Real Estate Etf | REAL ESTATE ETF | $20,000,708 | 225,487 | 1.66% | 1.26% |
| 17 | First Eagle Overseas Equity Etf | FIRST EAGLE OVER | $15,680,986 | 310,761 | 1.3% | 0.99% |
| 18 | Vanguard International Dividend Appreciation Etf | INTL DVD ETF | $6,132,224 | 69,322 | 0.51% | 0.39% |
| 19 | T. Rowe Price Capital Appreciation Equity Etf | CAP APPRECIATION | $5,219,914 | 146,668 | 0.43% | 0.33% |
| 20 | Ishares Core Msci Eafe Etf | CORE MSCI EAFE | $4,913,878 | 54,279 | 0.41% | 0.31% |
| 21 | Ishares Msci Eafe Growth Etf | EAFE GRWTH ETF | $2,103,000 | 18,883 | 0.17% | 0.13% |
| 22 | Fpa Global Equity Etf | FPA GBL EQTY ETF | $1,711,654 | 47,179 | 0.14% | 0.11% |
| 23 | American Centy Etf Tr | INTL SMCP VLU | $1,358,296 | 13,602 | 0.11% | 0.09% |
| 24 | Select Sector Spdr Tr | STATE STREET REA | $1,130,256 | 27,682 | 0.09% | 0.07% |
| 25 | State Street Technology Select Sector Spdr Etf | TECHNOLOGY | $1,071,573 | 8,063 | 0.09% | 0.07% |
Top 25 of 38 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 54 | $34.8M | 2.19% |
| High net worth individuals | 363 | $1.5B | 97.2% |
| Pension and profit sharing plans | Fewer than 5 clients | $1.7M | 0.11% |
| Charitable organizations | Fewer than 5 clients | $2.9M | 0.18% |
| Corporations and other businesses | Fewer than 5 clients | $4.8M | 0.3% |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Mayer Brown Llp Usa Savings Plan Mayer Brown Llp | 2024 | |
| Spencer Fane Retirement Plan Spencer Fane Llp | 2024 |
People (10)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| John Franklin Merrill | President | Jan 2000 (27y) | 75% or more | |
| Keith Alan Fenstad | Chief Compliance Officer, Secretary Treasurer | CFP | Jan 2003 (24y) | 10% – 25% |
| Brian Joseph Merrill | Vice President | CFP | Nov 2005 (21y) | 10% – 25% |
| Holden, Curtis, Joel | Sr. Investment Officer | Nov 2013 (13y) | Less than 5% | |
| Abigail Cheng Gunderson | Registered representative | CFP | Jan 2014 (13y) | |
| Peter Lewis Faust | Registered representative | CFP | May 2016 (10y) | |
| Michael Shane Pumphrey | Registered representative | CFP | May 2024 (2y) | |
| Adam Philip Lawrence | Registered representative | CFP | Jul 2024 (2y) | |
| Thomas Lloyd Bruce | Registered representative | Mar 2025 (1y) | ||
| Tina Yang | Registered representative | CFP | Feb 2026 (0y) |
Undisclosed: 0% – 5% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Retirement plans served (2)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Mayer Brown Llp Usa Savings Plan | Mayer Brown Llp | 2,078 | $1.2B | 01/01/2024 |
| Spencer Fane Retirement Plan | Spencer Fane Llp | 910 | $264M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 904 KB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
Services
- • Financial planning services
- • Portfolio management for individuals/small businesses
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Charles Schwab & Co. $158M (10% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗