Cain, Watters & Associates provides financial planning, portfolio management for individuals and small businesses, selecting other managers, and educational seminars. Financial planning was provided to 3,000 clients last fiscal year.
Cain, Watters & Associates reports 3,397 clients. They include 1,474 individual clients, 1,122 other clients and 800 high-net-worth individuals. Of its assets, 47.3% ($2.38B across 8,623 accounts) are managed with discretion; $2.65B across 3,515 accounts are not. It advised 930 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 43% | 8% |
| High-net-worth individuals | 24% | 50% |
| Charitable organizations | <1% | <1% |
| Other | 33% | 42% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 1,474 | $426M | 8.4% | $289K |
| High-net-worth individuals | 800 | $2.51B | 49.9% | $3.14M |
| Charitable organizations | 1 | $1.89M | 0.0% | $1.89M |
| Other | 1,122 | $2.1B | 41.6% | $1.87M |
| Total | 3,397 | $5.04B | 100% | $1.48M |
- Clients
- 1,474
- Regulatory AUM
- $426M
- AUM share
- 8.4%
- Avg. per client
- $289K
- Clients
- 800
- Regulatory AUM
- $2.51B
- AUM share
- 49.9%
- Avg. per client
- $3.14M
- Clients
- 1
- Regulatory AUM
- $1.89M
- AUM share
- 0.0%
- Avg. per client
- $1.89M
- Clients
- 1,122
- Regulatory AUM
- $2.1B
- AUM share
- 41.6%
- Avg. per client
- $1.87M
Total
- Clients
- 3,397
- Regulatory AUM
- $5.04B
- AUM share
- 100%
- Avg. per client
- $1.48M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 930
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 3000
Cain, Watters & Associates is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees). The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 6 other services, listed under fee details.
Fee details and sources
Other fees
- Basic ERISA Plan Services
- Flat fee of $300 a year for each plan trustee, fiduciary or sponsor, payable as $25 a month.
- Business and Personal Financial Planning
- Annual planning fee of $3,300 to $15,600 for a one-professional household; initial consultation $10,000, or $12,000 for two.
- Out-of-Scope Planning Work
- Services outside the planning agreement are billed at $500 per hour, with a 50% retainer due in advance.
- Personal Trust Asset Management
- CWA fee of 0.20% of assets under management, within the custodian program fee of 0.65%.
- Separately Managed Accounts (SMA) Program
- Fee of up to 0.66% of assets under management, plus investment manager fees of up to 0.70%.
- Unified Managed Account (UMA) Program
- Tiered fee from 1.00% of the first $1 million down to 0.35% over $25 million, plus model provider fees of 0.25% to 0.70%.
Cwa Financial Group, LLC owns 75% or more of Cain, Watters & Associates. The leadership team of Cain, Watters & Associates includes Chief Compliance Officer Jeremy Bolf. It has 341 employees, 86 of them in advisory roles.
Staff
- 341 employees
- 86 in advisory functions
- 74 state-registered reps
- 2 insurance agents
- Owns 75% or more of Cain, Watters & Associates, LLC
Cwa Financial Group, LLC
Control person · since January 2026
Cain, Watters & Associates’ regulatory assets grew 2.3× from $2.18B (March 2021) to $5.04B (June 2026); clients rose from 2,285 to 3,397 and employees from 155 to 341.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jun 2026June 2026 | $5.04B | 3,397 | 341 | 3 |
| Apr 2025April 2025 | $4.24B | 3,168 | 337 | 3 |
| May 2024May 2024 | $3.54B | 3,174 | 283 | 3 |
| Mar 2023March 2023 | $2.66B | 2,748 | 265 | 2 |
| Mar 2022March 2022 | $2.75B | 3,075 | 225 | 2 |
| Mar 2021March 2021 | $2.18B | 2,285 | 155 | 2 |
Besides its headquarters, Cain, Watters & Associates has 2 offices (1 private residence, listed without an address), with 2 listed addresses across 2 states.
Texas · 1 listed address
- 17 Cowboys Way, Suite 300, FriscoHQ
Utah · 1 listed address
- 202 S Main Street, Kaysville
Contact and registration details
- Legal name
- Cain, Watters & Associates, LLC
- Headquarters
- 17 Cowboys Way, Suite 300, Frisco, TX 75034
- Website
- cainwatters.com
- Phone
- 972-233-3323
- @cain-watters-&-associates
- SEC file
- 801-39899
- Structure
- Texas LLC
- Fiscal year end
- December
Cain, Watters & Associates’ named custodians for separately managed accounts are Charles Schwab ($2.76B, 55%) and T Bank, NA ($2.25B, 45%). Cain, Watters & Associates has custody of $1.15B for 4,069 clients.
- T Bank, NAT Bank, NA · Dallas, TX · $2.25B45%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $2.76B55%
At year end, Cain, Watters & Associates’ separately managed accounts were mostly in funds (77%) and stocks (19%).
What the accounts hold
- Stocks19%
- Funds77%
- Pooled vehicles48%
- Registered funds29%
- Cash4%
How many clients does Cain, Watters & Associates have?
Cain, Watters & Associates has 3,397 clients and manages $5.04 billion for them, as of June 2026. They include 1,474 individual clients, 1,122 other clients and 800 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 4 June 2026
What services does Cain, Watters & Associates offer?
Cain, Watters & Associates provides financial planning, portfolio management for individuals and small businesses, selecting other managers, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Cain, Watters & Associates use?
Cain, Watters & Associates’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $2.76B and T Bank, NA (Dallas, TX), with $2.25B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 4 June 2026
How many financial advisors does Cain, Watters & Associates have?
Cain, Watters & Associates has 74 investment adviser representatives registered with state securities authorities, out of 341 employees, and 86 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 2 employees are 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 Cain, Watters & Associates invest in?
At the end of its last fiscal year, Cain, Watters & Associates’ separately managed accounts held 48% pooled vehicles (private funds and similar), 29% registered funds (mutual funds, ETFs, BDCs), 19% exchange-traded equities and 4% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Cain, Watters & Associates?
Cain, Watters & Associates’ direct owner is Cwa Financial Group, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 4 June 2026
How does Cain, Watters & Associates get paid?
Cain, Watters & Associates is paid through a percentage of assets under management, hourly charges and fixed fees. 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
How do I contact Cain, Watters & Associates?
Cain, Watters & Associates’ main office is at 17 Cowboys Way, Suite 300, Frisco, TX 75034. Its phone number is 972-233-3323. Its website is cainwatters.com.