Association Financial Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, publishing newsletters, educational seminars, education planning, estate planning, insurance, and tax planning. Financial planning was provided to 1,005 clients last fiscal year.
Association Financial Services reports 975 clients. They include 584 individual clients, 259 high-net-worth individuals and 121 other clients. Of its assets, 11.5% ($146M across 77 accounts) are managed with discretion; $1.12B across 2,752 accounts are not. A wrap fee program the firm both sponsors and manages holds $1.12B. It advised 21 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 60% | 16% |
| High-net-worth individuals | 27% | 68% |
| Charitable organizations | 1% | <1% |
| Other | 12% | 16% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 584 | $201M | 15.9% | $344K |
| High-net-worth individuals | 259 | $858M | 67.8% | $3.31M |
| Charitable organizations | 11 | $5.7M | 0.5% | $518K |
| Other | 121 | $201M | 15.9% | $1.66M |
| Total | 975 | $1.27B | 100% | $1.3M |
- Clients
- 584
- Regulatory AUM
- $201M
- AUM share
- 15.9%
- Avg. per client
- $344K
- Clients
- 259
- Regulatory AUM
- $858M
- AUM share
- 67.8%
- Avg. per client
- $3.31M
- Clients
- 11
- Regulatory AUM
- $5.7M
- AUM share
- 0.5%
- Avg. per client
- $518K
- Clients
- 121
- Regulatory AUM
- $201M
- AUM share
- 15.9%
- Avg. per client
- $1.66M
Total
- Clients
- 975
- Regulatory AUM
- $1.27B
- AUM share
- 100%
- Avg. per client
- $1.3M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 21
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1005
Association Financial Services charges up to 1.00% a year for its Asset Management. The fee is billed in arrears and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning
- Financial plans are a fixed fee, typically $1,000 to $5,000; hourly consulting is capped at $1,000 an hour.
Martin Watkins owns 75% or more of Association Financial Services. Samuel Watkins is CEO; the leadership team includes President Michael Espinosa and Chief Compliance Officer Jared Empey. It has 19 employees, 10 of them in advisory roles.
Leadership
- Samuel WatkinsChief Executive Officer
- Michael EspinosaPresident
- Martin WatkinsFounder/President
- Jared EmpeyChief Compliance Officer
- Mallory Adams-FaulknerChief Operations Officer
Investment adviser representatives
11 representatives listed in the SEC register as of 9 October 2026.
- Devon Duffy
- Jared Charles Empey
- Michael Davis Espinosa
- C Richard Hopkins MD
- Carter John Larsen
- Richard Minda Lee
- Thomas Allen Reed
- Jacob Matthew Watkins
- Martin Arthur Watkins
- Samuel Martin Watkins
- Zachary Thomas Whitlock
Staff
- 19 employees
- 10 in advisory functions
- 10 state-registered reps
- 2 soliciting firms
- Owns 75% or more of Association Financial Services Inc.
Martin Watkins
Control person · since January 2019
- Owns 10% to 25% of Association Financial Services Inc.
Samuel Watkins
Control person · since August 2022
Association Financial Services’ regulatory assets grew 2.6× from $493M (April 2021) to $1.27B (August 2026); clients rose from 795 to 975 and employees from 13 to 19.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $1.27B | 975 | 19 | 5 |
| March 2025 | $1.07B | 946 | 17 | 4 |
| March 2024 | $1.02B | 902 | 17 | 4 |
| June 2023 | $880M | 861 | 17 | 4 |
| March 2022 | $653M | 1,195 | 19 | 4 |
| April 2021 | $493M | 795 | 13 | 3 |
Besides its headquarters, Association Financial Services has 4 offices (1 private residence, listed without an address), with 4 listed addresses in Idaho and Utah.
Utah · 3 listed addresses
- 1935 Vine Street, Suite 120, Salt Lake CityHQ
- 1935 East Vine Street, Salt Lake City
- 335 East St. George BLVD., St. George
Idaho · 1 listed address
- 305 West Jefferson, Boise
Other business names
Association Financial Services has reported 4 other business names to the SEC.
- Association Financial Services
- Idaho Medical Association Financial Services
- Truenorth Retirement Services
- Truenorth Wealth
Contact and registration details
- Legal name
- Association Financial Services Inc.
- Headquarters
- 1935 Vine Street, Suite 120, Salt Lake City, UT 84121
- Website
- truenorthwealth.com
- Phone
- 801-274-1820
- @truenorth-wealth
- SEC file
- 801-68446
- Founded
- 2004
- Structure
- Nevada corporation
- Fiscal year end
- December
Association Financial Services uses SEI Investments Distribution ($1.13B) as custodian for its separately managed accounts. Association Financial Services does not have custody of client assets.
- SEI Investments DistributionSEI Investments Distribution Co. · Oaks, PA · $1.13B100%
At year end, Association Financial Services’ separately managed accounts were mostly in funds (93%).
What the accounts hold
- Stocks3%
- Funds93%
- Cash4%
How many clients does Association Financial Services have?
Association Financial Services has 975 clients and manages $1.27 billion for them, as of August 2026. They include 584 individual clients, 259 high-net-worth individuals and 121 other clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 22 August 2026
What services does Association Financial Services offer?
Association Financial Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, publishing newsletters, educational seminars, education planning, estate planning, insurance, and tax planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Association Financial Services charge?
Association Financial Services charges up to 1.00% a year for its Asset Management. The fee is billed in arrears and is negotiable.
Which custodians does Association Financial Services use?
Association Financial Services’ separately managed account assets are held at SEI Investments Distribution Co. (Oaks, PA), with $1.13B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 22 August 2026
How many financial advisors does Association Financial Services have?
Association Financial Services has 10 investment adviser representatives registered with state securities authorities, out of 19 employees, and 10 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Association Financial Services invest in?
At the end of its last fiscal year, Association Financial Services’ separately managed accounts held 93% registered funds (mutual funds, ETFs, BDCs), 4% cash and equivalents and 3% exchange-traded equities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Association Financial Services?
Association Financial Services’ direct owners are Martin Watkins (75% or more) and Samuel Watkins (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 22 August 2026
How does Association Financial Services get paid?
Association Financial Services is paid through a percentage of assets under management, hourly charges and other compensation. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Association Financial Services registered with the SEC?
Yes, Association Financial Services has been registered with the SEC as an investment adviser since 15 October 2007. Its CRD number is 142205 and its SEC file number is 801-68446.
Source: Form ADV Part 1A, Item 1, filed 22 August 2026; IAPD firm record
How do I contact Association Financial Services?
Association Financial Services’ main office is at 1935 Vine Street, Suite 120, Salt Lake City, UT 84121. Its phone number is 801-274-1820. Its website is truenorthwealth.com.