Tilden Loucks & Woodnorth LLC

Tilden, Loucks & Woodnorth (TLW) provides fee‑based financial planning and investment management to individuals (both high‑net‑worth and non‑HNW), trusts, estates, charitable organizations and small businesses. Services typically include determination of financial objectives, cash‑flow and tax planning, asset allocation and ongoing portfolio management.

Since 2016 TLW has delivered most investment advice under a subadvisory agreement with RGCO, which provides recommendations and places orders on a primarily non‑discretionary basis while TLW retains supervisory, operational and client‑service responsibilities. The firm reports a predominance of non‑discretionary assets (approximately $157M non‑discretionary vs. $16M discretionary as of 12/31/2025) and employs fundamental and qualitative analysis along with long‑term purchase strategies in portfolio construction.

TLW’s structure includes several atypical affiliations and revenue arrangements for a firm of its size: it is affiliated with a broker‑dealer sister company (LaSalle St. Securities, LSS) that executes and clears trades through NFS/Fidelity and retains flat “ticket charges,” participates in margin interest and transfer‑credit revenue sharing, and has an expense‑sharing arrangement with TLW. Management personnel are also licensed insurance agents and the firm is under common ownership with another adviser (LSIA); an affiliated advisory entity consented to SEC findings in 2019 and refunded $435,178.03 to affected clients, with related procedural updates.