{"url":"https://nivawealth.com/firms/capital-management-associates-105010","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/105010","regulatoryAum":1879452339,"crd":"105010","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"4905586","suffix":null,"lastName":"COOPER","firstName":"ROBERT","middleName":"ALLEN"},{"crd":"4266227","suffix":null,"lastName":"FOREMAN","firstName":"SCOTT","middleName":"CAMERON"},{"crd":"2221936","suffix":null,"lastName":"GLENNIE","firstName":"MELISSA","middleName":"LEAH"},{"crd":"6388638","suffix":null,"lastName":"HER","firstName":"FONG","middleName":null},{"crd":"1502743","suffix":null,"lastName":"LUING","firstName":"THOMAS","middleName":"ALFRED"},{"crd":"5575617","suffix":null,"lastName":"PAINE","firstName":"GREGORY","middleName":"BRIAN"},{"crd":"6705101","suffix":null,"lastName":"Pengelly","firstName":"Alexander","middleName":"Luing"},{"crd":"3105426","suffix":"III","lastName":"RICHARDSON","firstName":"HERBERT","middleName":"MORSE"},{"crd":"6887869","suffix":null,"lastName":"Serrano","firstName":"Matthew","middleName":"Paul"},{"crd":"1199977","suffix":null,"lastName":"SHEPARD","firstName":"ROBERT","middleName":"DORAN"},{"crd":"704342","suffix":null,"lastName":"STROH","firstName":"GREGORY","middleName":"ALAN"},{"crd":"2803205","suffix":null,"lastName":"TRUCKENBROD","firstName":"JANE","middleName":"BONNIE"},{"crd":"1828069","suffix":null,"lastName":"TRUCKENBROD","firstName":"JOHN","middleName":"EDWIN"},{"crd":"4587408","suffix":null,"lastName":"WHITE","firstName":"MICHELLE","middleName":"HENDERSON"}],"total":14,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-03-11","regulatoryAum":1134398699,"clients":554,"employees":16,"offices":3},{"filedOn":"2022-04-01","regulatoryAum":1328632038,"clients":563,"employees":17,"offices":4},{"filedOn":"2023-03-02","regulatoryAum":1255534896,"clients":836,"employees":17,"offices":4},{"filedOn":"2024-03-07","regulatoryAum":1718035150,"clients":855,"employees":17,"offices":4},{"filedOn":"2025-03-14","regulatoryAum":1627864626,"clients":932,"employees":17,"offices":3},{"filedOn":"2026-03-17","regulatoryAum":1879452339,"clients":932,"employees":17,"offices":3}],"secFileNumber":"801-35808","legalName":"Capital Management Associates Inc","displayName":"Capital Management Associates","slug":"capital-management-associates-105010","website":null,"classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"founded":"1982","organization":"Minnesota corporation","fiscalYearEnd":"December","headquarters":{"street":"7900 Xerxes Ave. S, Ste 500","city":"Minneapolis","state":"MN","stateName":"Minnesota","country":"United States","postalCode":"55431-1120"},"tradeNames":["Ronin Advisory","United Investment Group"],"registration":{"secApproved":"2 January 1990","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":1742220.007981756,"staff":{"employees":17,"advisory":17,"brokerDealerReps":17,"insuranceAgents":9,"promoters":0},"aum":{"regulatory":1879452339,"discretionary":784825800,"discretionaryAccounts":514,"nonDiscretionary":1094626539,"nonDiscretionaryAccounts":417,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":12},"clientTypes":[{"label":"Individuals (other than HNW)","clients":560,"regulatoryAum":193992707},{"label":"High-net-worth individuals","clients":317,"regulatoryAum":1333934240},{"label":"Pension and profit-sharing plans","clients":41,"regulatoryAum":322090515},{"label":"Charitable organizations","clients":8,"regulatoryAum":21745558},{"label":"Corporations and other businesses","clients":6,"regulatoryAum":7689319}],"feePrograms":[{"role":"other","program":"Financial planning","summary":"Financial planning is charged hourly at $100 to $500 an hour, or as agreed before the contract; 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Also a shareholder of Cma Financial, Inc in the 25% to 50% band and a control person, since June 1982."},{"label":"Thomas Luing","detail":"President in the 25% to 50% ownership band, since May 2018. Also a shareholder of Cma Financial, Inc in the 25% to 50% band and a control person, since December 2019."},{"label":"Melissa Glennie","detail":"Indirect owner: executive officer of Cma Financial, Inc and a control person, since March 2008.","parent":"Cma Financial, Inc"}],"filedOffices":{"otherThanPrincipal":2,"privateResidences":1},"listedOfficeAddresses":2,"foreignOffices":[],"officesByState":[{"state":"Minnesota","offices":2,"addresses":[{"street":"7900 Xerxes Ave. S, Ste 500","city":"Minneapolis","headquarters":true},{"street":"3701 Hwy 60 West","city":"Faribault"}]}],"brochureServices":["estate planning","insurance","tax planning"],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"952-893-1200","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Hourly charges","Fixed fees (other than subscription fees)"],"activities":["Financial planning services","Portfolio management for individuals and/or small businesses","Portfolio management for businesses (other than small businesses) or institutional clients","Pension consulting services","Selection of other advisers (including private fund managers)","Other"],"financialPlanningClients":"500","assetMix":[{"label":"Exchange-traded equity securities","percent":100}],"privateFunds":0},"sources":{"adv1FilingDate":"17 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/105010/PDF/105010.pdf","brochureDate":"17 March 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1020603","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Capital Management Associates have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Capital Management Associates offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Capital Management Associates use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Capital Management Associates have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Capital Management Associates invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Capital Management Associates?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Capital Management Associates get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Is Capital Management Associates registered with the SEC?","answer":"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","sourceRef":{"doc":"adv1","section":"identity"}},{"question":"How do I contact Capital Management Associates?","answer":"Capital Management Associates’ main office is at 7900 Xerxes Ave. S, Ste 500, Minneapolis, MN 55431-1120. 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