Capital Management Associates provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, estate planning, insurance, and tax planning. Financial planning was provided to 500 clients last fiscal year.
Capital Management Associates reports 932 clients. They include 560 individual clients, 317 high-net-worth individuals, and 41 pension and profit-sharing plans. Of its assets, 41.8% ($785M across 514 accounts) are managed with discretion; $1.09B across 417 accounts are not. It advised 12 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 60% | 10% |
| High-net-worth individuals | 34% | 71% |
| Pension and profit-sharing plans | 4% | 17% |
| Charitable organizations | <1% | 1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 560 | $194M | 10.3% | $346K |
| High-net-worth individuals | 317 | $1.33B | 71.0% | $4.21M |
| Pension and profit-sharing plans | 41 | $322M | 17.1% | $7.86M |
| Charitable organizations | 8 | $21.7M | 1.2% | $2.72M |
| Corporations and other businesses | 6 | $7.69M | 0.4% | $1.28M |
| Total | 932 | $1.88B | 100% | $2.02M |
- Clients
- 560
- Regulatory AUM
- $194M
- AUM share
- 10.3%
- Avg. per client
- $346K
- Clients
- 317
- Regulatory AUM
- $1.33B
- AUM share
- 71.0%
- Avg. per client
- $4.21M
- Clients
- 41
- Regulatory AUM
- $322M
- AUM share
- 17.1%
- Avg. per client
- $7.86M
- Clients
- 8
- Regulatory AUM
- $21.7M
- AUM share
- 1.2%
- Avg. per client
- $2.72M
- Clients
- 6
- Regulatory AUM
- $7.69M
- AUM share
- 0.4%
- Avg. per client
- $1.28M
Total
- Clients
- 932
- Regulatory AUM
- $1.88B
- AUM share
- 100%
- Avg. per client
- $2.02M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 12
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 500
Capital Management 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 one other service, listed under fee details.
Fee details and sources
Other fees
- Financial planning
- Financial planning is charged hourly at $100 to $500 an hour, or as agreed before the contract; an estimate of total hours is given at the start.
Gregory Stroh owns 25% to 50% of Capital Management Associates. Gregory Stroh is CEO; the leadership team includes President Thomas Luing and Chief Compliance Officer Melissa Glennie. It has 17 employees.
Leadership
- Gregory StrohChief Executive Officer, Chairman
- Thomas LuingPresident
- Melissa GlennieChief Compliance Officer/CFO, COO
Investment adviser representatives
14 representatives listed in the SEC register as of 9 October 2026.
- Robert Allen Cooper
- Scott Cameron Foreman
- Melissa Leah Glennie
- Fong Her
- Thomas Alfred Luing
- Gregory Brian Paine
- Alexander Luing Pengelly
- Herbert Morse Richardson III
- Matthew Paul Serrano
- Robert Doran Shepard
- Gregory Alan Stroh
- Jane Bonnie Truckenbrod
- John Edwin Truckenbrod
- Michelle Henderson White
Staff
- 17 employees
- 17 in advisory functions
- 17 broker-dealer reps
- 9 insurance agents
- Owns 25% to 50% of Capital Management Associates Inc
Gregory Stroh
Control person · since January 1992
- Owns 25% to 50% of Capital Management Associates Inc
Thomas Luing
Control person · since May 2018
Melissa Glennie
Executive officer of Cma Financial, Inc · Control person · since March 2008
Capital Management Associates’ regulatory assets grew 1.7× from $1.13B (March 2021) to $1.88B (March 2026); clients rose from 554 to 932 and employees from 16 to 17.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $1.88B | 932 | 17 | 3 |
| March 2025 | $1.63B | 932 | 17 | 3 |
| March 2024 | $1.72B | 855 | 17 | 4 |
| March 2023 | $1.26B | 836 | 17 | 4 |
| April 2022 | $1.33B | 563 | 17 | 4 |
| March 2021 | $1.13B | 554 | 16 | 3 |
Besides its headquarters, Capital Management Associates has 2 offices (1 private residence, listed without an address), with 2 listed addresses in Minnesota.
Minnesota · 2 listed addresses
- 7900 Xerxes Ave. S, Ste 500, MinneapolisHQ
- 3701 Hwy 60 West, Faribault
Other business names
Capital Management Associates has reported 2 other business names to the SEC.
- Ronin Advisory
- United Investment Group
Contact and registration details
- Legal name
- Capital Management Associates Inc
- Headquarters
- 7900 Xerxes Ave. S, Ste 500, Minneapolis, MN 55431-1120
- Website
- Not reported
- Phone
- 952-893-1200
- SEC file
- 801-35808
- Founded
- 1982
- Structure
- Minnesota corporation
- Fiscal year end
- December
Capital Management Associates uses Charles Schwab ($4.77M) as custodian for its separately managed accounts. Capital Management Associates has custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $4.77M100%
At year end, Capital Management Associates’ separately managed accounts were mostly in stocks (100%). Its reported 13F holdings for the quarter ended 30 June 2026 total $498M across 153 positions; the largest are State Str SPDR S&P 500 ETF T (15.5%), Schwab Strategic TR (10.4%) and Vanguard Index Fds (9.7%).
What the accounts hold
- Stocks100%
Reported 13F holdings
- $498M
- Reported 13F value
- 153
- Positions
- 58.3%
- In the 10 largest
- +12.5%
- Value vs. prior quarter
- State Str SPDR S&P 500 ETF T · TR Unit15.5%
- Schwab Strategic TR · US Brd Mkt ETF10.4%
- Vanguard Index Fds · S&P 500 ETF Shs9.7%
- Invesco Qqq TR · Unit Ser 15.8%
- Apple Inc.3.3%
- State Str SPDR Dow Jones Ind · UT Ser 13.1%
- Pimco ETF TR · 0-5 High Yield2.9%
- Vanguard Index Fds · Small CP ETF2.6%
- Abrdn Silver ETF Trust · Physcl Silvr Shs2.5%
- Capital Group Core Balanced2.4%
Together, the ten largest are 58.3% of reported value.
How many clients does Capital Management Associates have?
Capital Management Associates has 932 clients and manages $1.88 billion for them, as of March 2026. They include 560 individual clients, 317 high-net-worth individuals, and 41 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 March 2026
What services does Capital Management Associates offer?
Capital Management Associates provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, 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
Which custodians does Capital Management Associates use?
Capital Management Associates’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $4.77M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 March 2026
How many financial advisors does Capital Management Associates have?
Capital Management Associates has 0 investment adviser representatives registered with state securities authorities, out of 17 employees, and 17 perform investment advisory functions. 17 employees are registered representatives of a broker-dealer and 9 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 Capital Management Associates invest in?
At the end of its last fiscal year, Capital Management Associates’ separately managed accounts held 100% 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 Capital Management Associates?
Capital Management Associates’ direct owners are Gregory Stroh and Thomas Luing, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 17 March 2026
How does Capital Management Associates get paid?
Capital Management 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
Is Capital Management Associates registered with the SEC?
Yes, Capital Management Associates has been registered with the SEC as an investment adviser since 2 January 1990. Its CRD number is 105010 and its SEC file number is 801-35808.
Source: Form ADV Part 1A, Item 1, filed 17 March 2026; IAPD firm record
How do I contact Capital Management Associates?
Capital Management Associates’ main office is at 7900 Xerxes Ave. S, Ste 500, Minneapolis, MN 55431-1120. Its phone number is 952-893-1200.