Lincoln Advisory Group, Llc
SEC-registered
Investment Adviser · Mid-sized ($1B–$10B)
CRD 114003
· SEC file 801-60805
· Chicago, IL
· www.lincolnadvisors.com
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ADV data as of Mar 24, 2026
- Regulatory AUM
- $3.2B
- Discretionary
- $3.2B
- Clients
- —
- Avg AUM / client
- —
- Accounts
- 1
- Employees
- 11
AUM over time
$520M
$3.2B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 24, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| State or municipal government entities | Fewer than 5 clients | $3.2B | 100.0% |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Kobus, Gary, Francis | President | Apr 2002 (24y) | Less than 5% | |
| Carey, James, Dawson | Sole Member | Mar 2005 (21y) | 75% or more of Jc Trident Gp, Llc (indirect) | |
| Wermuth, David, Jay | Sole Member | Mar 2005 (21y) | 75% or more of Dw Tirdent Gp, Llc (indirect) | |
| Zerbib, Nicolas, David | Sole Member | Nov 2006 (20y) | 75% or more of Nz Trident Gp, Llc (indirect) | |
| Davis, Charles, Arthur | Sole Member | Jul 2013 (13y) | 75% or more of Cd Trident Vi, Llc (indirect) | |
| Friedman, Stephen, Nmn | Sole Member | Dec 2013 (13y) | 75% or more of Sf Trident Vi, Llc (indirect) | |
| Bernhardt, Shawn, Milton | Chief Compliance Officer | Sep 2017 (9y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Royal Property Company Borrower Llc | Sole Member | Feb 2023 | A | 75% or more |
| Royal Property Company Intermediate Llc | Owner | Feb 2023 | B | ≈ 56.25% – 100% via Royal Property Company Borrower Llc |
| Royal Property Company Holdings Lp | Owner | Feb 2023 | B | ≈ 42.19% – 100% via Royal Property Company Intermediate Llc |
| Trident Royal Holdings Llc | Limited Partner | Feb 2023 | B | ≈ 31.64% – 100% via Royal Property Company Holdings Lp |
| Trident Royal Holdings Lp | Member | Feb 2023 | B | ≈ 23.73% – 100% via Trident Royal Holdings Llc |
| Trident Ix Lp | Limited Partner | Feb 2023 | B | ≈ 5.93% – 50% via Trident Royal Holdings Lp |
| T Ix Parallel Rpc Cayman Lp | Limited Partner | Feb 2023 | B | ≈ 5.93% – 50% via Trident Royal Holdings Lp |
| Royal Property Holdings Gp Llc | General Partner | Feb 2023 | B | GP / trustee / elected manager of Royal Property Company Holdings Lp (indirect) |
| Trident Capital Ix Lp | General Partner | Feb 2023 | B | GP / trustee / elected manager of Trident Ix Lp (indirect) |
| Cd Trident Vi, Llc | General Partner | Feb 2023 | B | GP / trustee / elected manager of Trident Capital Ix Lp (indirect) |
| Dw Tirdent Gp, Llc | General Partner | Feb 2023 | B | GP / trustee / elected manager of Trident Capital Ix Lp (indirect) |
| Jc Trident Gp, Llc | General Partner | Feb 2023 | B | GP / trustee / elected manager of Trident Capital Ix Lp (indirect) |
| Sf Trident Vi, Llc | General Partner | Feb 2023 | B | GP / trustee / elected manager of Trident Capital Ix Lp (indirect) |
| Nz Trident Gp, Llc | General Partner | Feb 2023 | B | GP / trustee / elected manager of Trident Capital Ix Lp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Royal Property Company Intermediate Llc: 75% – 100% of Royal Property Company Borrower Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Royal Property Company Holdings Lp: 75% – 100% of Royal Property Company Intermediate Llc × 75% – 100% of Royal Property Company Borrower Llc × 75% – 100% direct ≈ 42.19% – 100% of the firm
- Trident Royal Holdings Llc: 75% – 100% of Royal Property Company Holdings Lp × 75% – 100% of Royal Property Company Intermediate Llc × 75% – 100% of Royal Property Company Borrower Llc × 75% – 100% direct ≈ 31.64% – 100% of the firm
- Trident Royal Holdings Lp: 75% – 100% of Trident Royal Holdings Llc × 75% – 100% of Royal Property Company Holdings Lp × 75% – 100% of Royal Property Company Intermediate Llc × 75% – 100% of Royal Property Company Borrower Llc × 75% – 100% direct ≈ 23.73% – 100% of the firm
- Trident Ix Lp: 25% – 50% of Trident Royal Holdings Lp × 75% – 100% of Trident Royal Holdings Llc × 75% – 100% of Royal Property Company Holdings Lp × 75% – 100% of Royal Property Company Intermediate Llc × 75% – 100% of Royal Property Company Borrower Llc × 75% – 100% direct ≈ 5.93% – 50% of the firm
- T Ix Parallel Rpc Cayman Lp: 25% – 50% of Trident Royal Holdings Lp × 75% – 100% of Trident Royal Holdings Llc × 75% – 100% of Royal Property Company Holdings Lp × 75% – 100% of Royal Property Company Intermediate Llc × 75% – 100% of Royal Property Company Borrower Llc × 75% – 100% direct ≈ 5.93% – 50% of the firm
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.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/24/2026 | 1.26 MB | 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
- • Performance-based fees
Services
- • Portfolio management for businesses/institutional clients
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 24, 2026.
View current Form ADV (SEC/IAPD) ↗