Top Institutional Investors

FINANCIAL LIFE ADVISORS — 13F Holdings & Portfolio

CIK 1730813 · latest 13F-HR filed 2026-10-14

Backtest portfolio

FINANCIAL LIFE ADVISORS manages $352.3M in 13F-reported U.S. long-equity assets across 61 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are IVW (13.67%), IVE (10.76%), SCHZ (10.30%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 9 new positions and exited 9; 9 existing positions rose in reported value and 14 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$352.3M

Long-equity book

Holdings
61

Distinct positions

Period
2026-09-30

Filed 2026-10-14

Q/Q Activity
+9 / −9 / ↑9 / ↓14

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
IVW13.7% · +0%IVE10.8% · +2%SCHZ10.3% · +4%SPMB7.8% · -0%DYNF6.0% · -1%IUSB5.4% · +17%EFV5.2% · +2%VWO4.6% · +4%VUG4.2% · +0%VGLT4.2% · -6%EFG3.5% · +4%QUAL3.0% · -1%BAI2.1% · +9%VTV1.9% · -2%IYW1.6% · -12%BLCR1.3% · +9%MUB1.3% · -6%ITA1.2% · +2%BINC1.2% · +4%VTEB1.0% · -4%GLDM1.0% · -4%OEF0.9% · -17%VTIP0.9% · +4%PZA0.6% · -7%SYSB0.4% · +4%XCEM0.4% · -5%NVDA0.4% · +451%VEA0.4% · 0%SPLV0.4% · -4%EMXC0.3% · 0%SCHG0.3% · 0%ICVT0.3% · +3%VGT0.3% · 0%EHC0.3% · -9%AMZN0.3% · 0%SPY0.2% · +0%AAPL0.2% · -1%IVV0.2% · 0%SPTL0.2% · +56%MTUM0.1% · 0%SCHX0.1% · +3%IEMG0.1% · 0%JMUB0.1% · newUSMV0.1% · -12%BND0.1% · newNULG0.1% · 0%XOM0.1% · +1%GOOG0.1% · 0%SCMB0.1% · newVTEL0.1% · newPB0.1% · 0%EFA0.1% · 0%VONV0.1% · 0%VTI0.1% · 0%HPE0.1% · newCORO0.1% · newAGG0.1% · -30%RSP0.1% · 0%IWB0.1% · newUSIO0.0% · new

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 72.1%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 18, 2026.

Assets Under Management
$366.3M
Discretionary
$354.5M
Employees
11
Accounts
752
Address
2338 N LOOP 1604 W
STE 311
SAN ANTONIO, TX 78248
Phone
(210) 918-8998
Website
Name Title / Status Ownership Type
FRANCIS, KIRK, WARREN ControlMEMBER
since Feb 2017
10–25%Individual
GURWITZ, BENJAMIN, DAVID ControlCEO/TRUSTEE
since Sep 2025
Less than 5%Individual
BEN GURWITZ LIVING TRUSTMEMBER
since Apr 2025
50–75%Domestic Entity
MORRIS, NATHANIEL, ADAMCCO
since Sep 2025
Less than 5%Individual
NOURIE, KIMBERLY, ANNMEMBER
since Dec 2025
5–10%Individual
GURWITZ, BENJAMIN, DAVID Control
Indirect owner via BEN GURWITZ LIVING TRUST
TRUSTEE FOR BEN GURWITZ LIVING TRUST
since Feb 2017
50–75%Individual
Ownership & leadership changes · 7 filings with changes since Jul 19, 2017

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 18, 2026 filing
  • ChangedBEN GURWITZ LIVING TRUST · title ACTIVE → MEMBER
  • ChangedFRANCIS, KIRK, WARREN · title PARTNER → MEMBER
  • ChangedGURWITZ, BENJAMIN, DAVID · title PARTNER, CEO → CEO/TRUSTEE
  • ChangedGURWITZ, BENJAMIN, DAVID · indirect via BEN GURWITZ LIVING TRUST: title TRUSTEE → TRUSTEE FOR BEN GURWITZ LIVING TRUST
  • ChangedNOURIE, KIMBERLY, ANN · title PARTNER → MEMBER
Jan 8, 2026 filing
  • No longer listedBEN GURWITZ LIVING TRUST · MEMBER · 50–75% · indirect via KFBG HOLDINGS, LLC · listed since Apr 2025
  • No longer listedFRANCIS, KIRK, WARREN · MEMBER · 25–50% · indirect via FRANCIS, KIRK, WARREN · control person · listed since Feb 2017
  • No longer listedKFBG HOLDINGS, LLC · SHAREHOLDER · 75% or more · control person · listed since Feb 2017
  • AddedBEN GURWITZ LIVING TRUST · ACTIVE · 50–75%
  • AddedNOURIE, KIMBERLY, ANN · PARTNER · 5–10%
  • ChangedFRANCIS, KIRK, WARREN · title CEO → PARTNER; ownership Less than 5% → 10–25%
  • ChangedGURWITZ, BENJAMIN, DAVID · title PARTNER → PARTNER, CEO
  • ChangedGURWITZ, BENJAMIN, DAVID · indirect via BEN GURWITZ LIVING TRUST: title MEMBER, CEO → TRUSTEE
Nov 3, 2025 filing
  • ChangedFRANCIS, KIRK, WARREN · indirect via FRANCIS, KIRK, WARREN: title MEMBER, CEO → MEMBER
  • ChangedGURWITZ, BENJAMIN, DAVID · indirect via BEN GURWITZ LIVING TRUST: title MEMBER → MEMBER, CEO
Sep 2, 2025 filing
  • No longer listedFRANCIS, KIRK, WARREN · MEMBER, CEO, CCO · 25–50% · indirect via KFBG HOLDINGS, LLC · control person · listed since Feb 2017
  • AddedFRANCIS, KIRK, WARREN · MEMBER, CEO · 25–50% · indirect via FRANCIS, KIRK, WARREN · control person
  • AddedMORRIS, NATHANIEL, ADAM · CCO · Less than 5%
  • ChangedFRANCIS, KIRK, WARREN · title CEO, CCO → CEO
May 5, 2025 filing
  • No longer listedGURWITZ, BENJAMIN, DAVID · MEMBER, COO · 50–75% · indirect via KFBG HOLDINGS, LLC · control person · listed since Feb 2017
  • AddedBEN GURWITZ LIVING TRUST · MEMBER · 50–75% · indirect via KFBG HOLDINGS, LLC
  • AddedGURWITZ, BENJAMIN, DAVID · MEMBER · 50–75% · indirect via BEN GURWITZ LIVING TRUST · control person
  • ChangedGURWITZ, BENJAMIN, DAVID · title COO → PARTNER
Aug 10, 2017 filing
  • ChangedKFBG HOLDINGS, LLC · now a control person
Jul 31, 2017 filing
  • ChangedFRANCIS, KIRK, WARREN · title MEMBER, CEO, CCO → CEO, CCO; ownership 25–50% → Less than 5%
  • ChangedGURWITZ, BENJAMIN, DAVID · title MEMBER, COO → COO; ownership 50–75% → Less than 5%
Jul 19, 2017 filing (earliest on record)
  • ListedFRANCIS, KIRK, WARREN · MEMBER, CEO, CCO · 25–50% · indirect via KFBG HOLDINGS, LLC · control person
  • ListedFRANCIS, KIRK, WARREN · MEMBER, CEO, CCO · 25–50% · control person
  • ListedGURWITZ, BENJAMIN, DAVID · MEMBER, COO · 50–75% · indirect via KFBG HOLDINGS, LLC · control person
  • ListedGURWITZ, BENJAMIN, DAVID · MEMBER, COO · 50–75% · control person
  • ListedKFBG HOLDINGS, LLC · SHAREHOLDER · 75% or more

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 9 →

Top Trims

Show all 14 →

New Positions

Show all 9 →

Exited Positions

Show all 9 →

FINANCIAL LIFE ADVISORS Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 ISHARES TR IVW 464287309 $48.1M 13.67% 338,408 SH
2 ISHARES TR IVE 464287408 $37.9M 10.76% 166,034 SH
3 SCHWAB STRATEGIC TR SCHZ 808524839 $36.3M 10.30% 1,641,270 SH
4 SPDR SERIES TRUST SPMB 78464A383 $27.4M 7.77% 1,293,923 SH
5 BLACKROCK ETF TRUST DYNF 09290C103 $21.1M 5.99% 304,703 SH
6 ISHARES TR IUSB 46434V613 $19.1M 5.42% 433,116 SH
7 ISHARES TR EFV 464288877 $18.4M 5.23% 232,991 SH
8 VANGUARD INTL EQUITY INDEX F VWO 922042858 $16.0M 4.55% 270,451 SH
9 VANGUARD INDEX FDS VUG 922908736 $14.8M 4.20% 164,076 SH
10 VANGUARD SCOTTSDALE FDS VGLT 92206C847 $14.7M 4.17% 292,671 SH
11 ISHARES TR EFG 464288885 $12.5M 3.55% 104,336 SH
12 ISHARES TR QUAL 46432F339 $10.6M 3.02% 47,897 SH
13 BLACKROCK ETF TRUST BAI 09290C780 $7.2M 2.05% 153,347 SH
14 VANGUARD INDEX FDS VTV 922908744 $6.8M 1.92% 31,334 SH
15 ISHARES TR IYW 464287721 $5.6M 1.60% 21,236 SH
16 BLACKROCK ETF TRUST BLCR 09290C855 $4.7M 1.34% 96,067 SH
17 ISHARES TR MUB 464288414 $4.6M 1.29% 45,089 SH
18 ISHARES TR ITA 464288760 $4.3M 1.23% 20,846 SH
19 BLACKROCK ETF TRUST II BINC 092528603 $4.1M 1.16% 80,199 SH
20 VANGUARD MUN BD FDS VTEB 922907746 $3.6M 1.01% 75,472 SH
21 WORLD GOLD TR GLDM 98149E303 $3.4M 0.97% 41,396 SH
22 ISHARES TR OEF 464287101 $3.3M 0.94% 8,651 SH
23 VANGUARD MALVERN FDS VTIP 922020805 $3.2M 0.92% 65,910 SH
24 INVESCO EXCH TRADED FD TR II PZA 46138E537 $2.1M 0.58% 96,159 SH
25 ISHARES TR SYSB 46435U796 $1.4M 0.41% 17,116 SH
26 COLUMBIA ETF TR II XCEM 19762B202 $1.4M 0.40% 27,478 SH
27 NVIDIA CORPORATION NVDA 67066G104 $1.4M 0.40% 6,119 SH
28 VANGUARD TAX-MANAGED FDS VEA 921943858 $1.4M 0.40% 19,743 SH
29 INVESCO EXCH TRADED FD TR II SPLV 46138E354 $1.3M 0.37% 18,351 SH
30 ISHARES INC EMXC 46434G764 $1.2M 0.35% 12,401 SH
31 SCHWAB STRATEGIC TR SCHG 808524300 $1.2M 0.34% 33,702 SH
32 ISHARES TR ICVT 46435G102 $1.1M 0.30% 9,416 SH
33 VANGUARD WORLD FD VGT 92204A702 $967.3K 0.27% 7,697 SH
34 ENCOMPASS HEALTH CORP EHC 29261A100 $966.7K 0.27% 7,957 SH
35 AMAZON COM INC AMZN 023135106 $892.7K 0.25% 3,583 SH
36 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $829.0K 0.24% 1,087 SH
37 APPLE INC AAPL 037833100 $579.8K 0.16% 1,741 SH
38 ISHARES TR IVV 464287200 $548.3K 0.16% 716 SH
39 SPDR SERIES TRUST SPTL 78464A664 $546.5K 0.16% 22,914 SH
40 ISHARES TR MTUM 46432F396 $484.6K 0.14% 1,527 SH
41 SCHWAB STRATEGIC TR SCHX 808524201 $484.4K 0.14% 16,147 SH
42 ISHARES INC IEMG 46434G103 $470.6K 0.13% 5,799 SH
43 J P MORGAN EXCHANGE TRADED F JMUB 46641Q647 $470.5K 0.13% 9,889 SH
44 ISHARES TR USMV 46429B697 $411.1K 0.12% 4,219 SH
45 VANGUARD BD INDEX FDS BND 921937835 $394.4K 0.11% 5,622 SH
46 NUSHARES ETF TR NULG 67092P201 $367.3K 0.10% 3,231 SH
47 EXXONMOBIL HOLDINGS CORP XOM 30233Q108 $365.6K 0.10% 2,246 SH
48 ALPHABET INC GOOG 02079K107 $309.0K 0.09% 907 SH
49 SCHWAB STRATEGIC TR SCMB 808524649 $308.7K 0.09% 12,776 SH
50 VANGUARD MUN BD FDS VTEL 922907688 $285.2K 0.08% 2,968 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-14 $352.3M 61 0001730813-26-000005
2026-06-30 2026-07-28 $351.7M 61 0001730813-26-000004
2026-03-31 2026-04-29 $321.0M 52 0001730813-26-000003
2025-12-31 2026-01-30 $324.3M 53 0001730813-26-000002
Filer Information
Address
2338 N LOOP 1604 W
SUITE 311
SAN ANTONIO, TX 78248
Phone
(210) 918-8998
Filing Manager
FINANCIAL LIFE ADVISORS
SAN ANTONIO, TX
Signatory
Nate Morris
CCO