Caldwell Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and selecting other managers.
Caldwell Advisors reports 506 clients. They include 250 high-net-worth individuals, 249 individual clients and 7 other clients. Of its assets, 98.0% ($344M across 1,004 accounts) are managed with discretion; $7.17M across 12 accounts are not. A wrap fee program the firm both sponsors and manages holds $351M.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 49% | 28% |
| High-net-worth individuals | 49% | 69% |
| Pension and profit-sharing plans | Fewer than 5 | <1% |
| Charitable organizations | Fewer than 5 | <1% |
| Corporations and other businesses | Fewer than 5 | <1% |
| Other client typesOther | 1% | 2% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 249 | $97.4M | 27.7% | $391K |
| High-net-worth individuals | 250 | $244M | 69.4% | $976K |
| Pension and profit-sharing plans | Fewer than 5 | $155K | 0.0% | — |
| Charitable organizations | Fewer than 5 | $308K | 0.1% | — |
| Corporations and other businesses | Fewer than 5 | $3.03M | 0.9% | — |
| Other | 7 | $6.47M | 1.8% | $924K |
| Total | 506 | $351M | 100% | — |
- Clients
- 249
- Regulatory AUM
- $97.4M
- AUM share
- 27.7%
- Avg. per client
- $391K
- Clients
- 250
- Regulatory AUM
- $244M
- AUM share
- 69.4%
- Avg. per client
- $976K
- Clients
- Fewer than 5
- Regulatory AUM
- $155K
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $308K
- AUM share
- 0.1%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $3.03M
- AUM share
- 0.9%
- Avg. per client
- —
- Clients
- 7
- Regulatory AUM
- $6.47M
- AUM share
- 1.8%
- Avg. per client
- $924K
Total
- Clients
- 506
- Regulatory AUM
- $351M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Caldwell Advisors charges up to 2.75% a year for its Investment Management Agreement. The fee is billed in advance, is negotiable and requires an account of at least $750,000. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial planning
- Financial planning is offered on an hourly, fixed fee or ongoing basis; the fee is a mutually agreed, negotiated figure set in the Financial Planning Agreement.
Billy Caldwell owns 75% or more of Caldwell Advisors. The leadership team of Caldwell Advisors includes Chief Compliance Officer Natasha Smith. It has 8 employees, 5 of them in advisory roles.
Leadership
- Natasha SmithChief Compliance Officer
- Billy CaldwellMember
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
- Billy Ray Caldwell JR
- Colin T Caldwell
- Beverly Ogles Davis
- Bentley Yeiser London
- Aaron Alan Zauner
Staff
- 8 employees
- 5 in advisory functions
- 5 state-registered reps
- 6 broker-dealer reps
- 5 insurance agents
- Owns 75% or more of Caldwell Advisors, LLC
Billy Caldwell
Control person · since June 2007
Caldwell Advisors’ regulatory assets grew from $276M (May 2021) to $351M (April 2026); clients fell from 588 to 506 and employees from 10 to 8.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| April 2026 | $351M | 506 | 8 | 2 |
| July 2025 | $339M | 491 | 8 | 2 |
| March 2024 | $323M | 704 | 8 | 4 |
| March 2023 | $279M | 725 | 9 | 4 |
| March 2022 | $233M | 497 | 9 | 3 |
| May 2021 | $276M | 588 | 10 | 3 |
Besides its headquarters, Caldwell Advisors has 1 office, with 2 listed addresses in Tennessee.
Tennessee · 2 listed addresses
- 5210 Maryland Way, Ste 202, BrentwoodHQ
- 1810 Ward Drive, Murfreesboro
Other business names
Caldwell Advisors has reported 3 other business names to the SEC.
- Aaron Zauner
- Bentley London
- Beverly O. Davis
Contact and registration details
- Legal name
- Caldwell Advisors, LLC
- Headquarters
- 5210 Maryland Way, Ste 202, Brentwood, TN 37027
- Website
- caldwellgroupllc.com
- Phone
- 615-370-8988
- @27111136
- SEC file
- 801-106730
- Structure
- Tennessee LLC
- Fiscal year end
- December
Caldwell Advisors uses LPL Financial ($345M) as custodian for its separately managed accounts. Caldwell Advisors has custody of $125M in client assets for 328 clients.
- LPL FinancialLPL Financial LLC · San Diego, CA · $345M100%
At year end, Caldwell Advisors’ separately managed accounts were mostly in funds (68%) and stocks (23%).
What the accounts hold
- Stocks23%
- Funds68%
- Cash8%
- Other1%
- Alternative investments, annuities1%
How many clients does Caldwell Advisors have?
Caldwell Advisors has 506 clients and manages $351 million for them, as of April 2026. They include 250 high-net-worth individuals, 249 individual clients and 7 other clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 7 April 2026
What services does Caldwell Advisors offer?
Caldwell Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Caldwell Advisors charge?
Caldwell Advisors charges up to 2.75% a year for its Investment Management Agreement. The fee is billed in advance, is negotiable and requires an account of at least $750,000.
Which custodians does Caldwell Advisors use?
Caldwell Advisors’ separately managed account assets are held at LPL Financial LLC (San Diego, CA), with $345M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 7 April 2026
How many financial advisors does Caldwell Advisors have?
Caldwell Advisors has 5 investment adviser representatives registered with state securities authorities, out of 8 employees, and 5 perform investment advisory functions. 6 employees are registered representatives of a broker-dealer and 5 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 Caldwell Advisors invest in?
At the end of its last fiscal year, Caldwell Advisors’ separately managed accounts held 68% registered funds (mutual funds, ETFs, BDCs), 23% exchange-traded equities, 8% cash and equivalents and 1% other. The 1% other category is described as: Alternative Investments, Annuities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Caldwell Advisors have a minimum investment?
Yes, Caldwell Advisors’ minimum account size for its Investment Management Agreement is $750K.
Who owns Caldwell Advisors?
Caldwell Advisors’ direct owner is Billy Caldwell (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 7 April 2026
How does Caldwell Advisors get paid?
Caldwell Advisors 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 Caldwell Advisors?
Caldwell Advisors’ main office is at 5210 Maryland Way, Ste 202, Brentwood, TN 37027. Its phone number is 615-370-8988. Its website is caldwellgroupllc.com.