L & W Financial provides financial planning and portfolio management for individuals and small businesses. Financial planning was provided to 1–10 clients last fiscal year.
L & W Financial reports 724 clients. They include 691 individual clients and 33 high-net-worth individuals. Of its assets, 97.0% ($201M across 723 accounts) are managed with discretion; $6.2M across 1 account is not. It advised 8 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 95% | 72% |
| High-net-worth individuals | 5% | 28% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 691 | $149M | 72.0% | $216K |
| High-net-worth individuals | 33 | $58.2M | 28.0% | $1.76M |
| Total | 724 | $207M | 100% | $287K |
- Clients
- 691
- Regulatory AUM
- $149M
- AUM share
- 72.0%
- Avg. per client
- $216K
- Clients
- 33
- Regulatory AUM
- $58.2M
- AUM share
- 28.0%
- Avg. per client
- $1.76M
Total
- Clients
- 724
- Regulatory AUM
- $207M
- AUM share
- 100%
- Avg. per client
- $287K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 8
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1–10
L & W Financial is paid through a percentage of assets under management, hourly charges, fixed fees (other than subscription fees) and other compensation. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Estate Planning Consulting
- Estate planning consulting is a one-time flat fee of $0 to $600, charged on signing the client agreement.
- Financial Planning
- Financial planning is a fixed fee that varies by client and is negotiable; single-subject planning or consulting is billed hourly at $200.
Wade Smith owns 50% to 75% of L & W Financial. It has 9 employees, 8 of them in advisory roles.
Staff
- 9 employees
- 8 in advisory functions
- 8 state-registered reps
- 8 insurance agents
- Owns 50% to 75% of L & W Financial, LLC
Wade Smith
Control person · since March 2004
- Owns 50% to 75% of L & W Financial, LLC
Elizabeth Smith
Control person · since March 2004
L & W Financial’s regulatory assets grew 1.7× from $120M (June 2024) to $207M (July 2026); clients rose from 586 to 724 and employees from 8 to 9.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jul 2026July 2026 | $207M | 724 | 9 | 5 |
| Jul 2025July 2025 | $159M | 644 | 8 | 6 |
| Jun 2024June 2024 | $120M | 586 | 8 | 6 |
Besides its headquarters, L & W Financial has 4 offices (1 private residence, listed without an address), with 4 listed addresses across 2 states.
Texas · 3 listed addresses
- 511 University DR. E, Suite 210, College StationHQ
- 3210 N Frazier St, Conroe
- 2405 Texas Ave, College Station
Ohio · 1 listed address
- 655 Metro Place South, Dublin
Other business names
L & W Financial has reported 2 other business names to the SEC.
- Dugan Brown
- Frontier Wealth Management
Contact and registration details
- Legal name
- L & W Financial, LLC
- Headquarters
- 511 University DR. E, Suite 210, College Station, TX 77840
- Website
- smithwyatt.com
- Phone
- 979-431-5440
- @smithwyatt
- SEC file
- 801-128977
- Structure
- Texas LLC
- Fiscal year end
- December
L & W Financial’s named custodians for separately managed accounts are Charles Schwab ($127M, 62%) and Capital Client Group ($78.2M, 38%). L & W Financial does not have custody of client assets.
- Capital Client GroupCapital Client Group, Inc. · Los Angeles, CA · $78.2M38%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $127M62%
At year end, L & W Financial’s separately managed accounts were mostly in funds (87%) and stocks (10%).
What the accounts hold
- Stocks10%
- Funds87%
- Cash3%
How many clients does L & W Financial have?
L & W Financial has 724 clients and manages $207 million for them, as of July 2026. They include 691 individual clients and 33 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 13 July 2026
What services does L & W Financial offer?
L & W Financial provides financial planning and portfolio management for individuals and small businesses.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does L & W Financial use?
L & W Financial’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $127M and Capital Client Group, Inc. (Los Angeles, CA), with $78.2M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 13 July 2026
How many financial advisors does L & W Financial have?
L & W Financial has 8 investment adviser representatives registered with state securities authorities, out of 9 employees, and 8 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 8 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 L & W Financial invest in?
At the end of its last fiscal year, L & W Financial’s separately managed accounts held 87% registered funds (mutual funds, ETFs, BDCs), 10% exchange-traded equities and 3% 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 L & W Financial?
L & W Financial’s direct owners are Wade Smith (50% to 75%) and Elizabeth Smith (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 13 July 2026
How does L & W Financial get paid?
L & W Financial is paid through a percentage of assets under management, hourly charges, fixed fees 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
How do I contact L & W Financial?
L & W Financial’s main office is at 511 University DR. E, Suite 210, College Station, TX 77840. Its phone number is 979-431-5440. Its website is smithwyatt.com.