Clients
The Caprock Group serves 436 clients, 398 of them high-net-worth individuals. The average client has about $29 million with the firm, and high-net-worth clients hold 90% of its $12.5 billion in assets.
- High-net-worth individuals398 clients90%
- Charitable organizations16 clients9%
- Individuals22 clients0%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 22 | $17,431,621 | 0.1% | $792K |
| High-net-worth individuals | 398 | $11,278,626,792 | 90.4% | $28.3M |
| Charitable organizations | 16 | $1,183,013,218 | 9.5% | $73.9M |
| Total | 436 | $12,479,071,631 | 100% | $28.6M |
- Clients
- 22
- Regulatory AUM
- $17,431,621
- Share
- 0.1%
- Avg. per client
- $792K
- Clients
- 398
- Regulatory AUM
- $11,278,626,792
- Share
- 90.4%
- Avg. per client
- $28.3M
- Clients
- 16
- Regulatory AUM
- $1,183,013,218
- Share
- 9.5%
- Avg. per client
- $73.9M
Total
- Clients
- 436
- Regulatory AUM
- $12,479,071,631
- Share
- 100%
- Avg. per client
- $28.6M
What it does
The Caprock Group provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers and other activities. It is paid through a percentage of assets and fixed fees.
The Caprock Group provided financial planning to 251–500 clients last fiscal year and advises no private funds.
98.1% of assets ($12.24B across 434 accounts) are managed with discretion; $237.4M across 2 accounts are not. 0% of clients are outside the U.S., and 436 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks53%
- Exchange-traded equities52%
- Non-exchange-traded equities1%
- Funds6%
- Bonds36%
- State and local bonds23%
- U.S. government and agency bonds8%
- Investment grade corporate bonds4%
- Sovereign bonds1%
- Cash2%
- Other3%
- Caprock relies on custodians to send security-level data to classify. complete information for a portion of these securities is not sent by custodians for a variety of reasons. in the event a custodian doesn't send the details required to easily classify a given security, caprock places that security in 'other'. the size and contents of the 'other' category is, therefore, steadily changing.3%
Custodians
The Caprock Group’s client accounts are held mainly at Fidelity, with 23% of managed assets, and Charles Schwab, with 16%. The Caprock Group has custody of $3.67B for 434 clients.
- FidelityNational Financial Services LLC · Chicago, IL · $2.84B23%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $2.02B16%
- All other custodians$7.62B61%
Ownership and leadership
TCG Midco, LLC owns 75% or more of The Caprock Group.
- Owns 75% or more of The Caprock Group, LLC
TCG Midco, LLC
Control person · since December 2021
- Owns 50% to 75% of TCG Midco, LLC
Ta/TCG Holdings, LLC
Control person · since December 2021
- Owns 25% to 50% of Ta/TCG Holdings, LLC
TCG Holdings, Inc.
since December 2021
- Owns 5% to 10% of The Caprock Group, LLC
Mark Gustafson
Control person · since January 2004
- Owns 5% to 10% of The Caprock Group, LLC
William Gilbert
Control person · since August 2005
- Owns 5% to 10% of The Caprock Group, LLC
Gregory Brown
Control person · since January 2007
Leadership
- Gregory BrownCo-President
- William GilbertCo-President
- Glenn MichaelChief Financial Officer
- Jefferson JewellChief Operating Officer /
- Mark GustafsonChief Investment Officer Impact
- Vivek JindalChief Investment Officer
- James RockChief Portfolio Strategist
Staff
- 67 employees
- 38 in advisory functions
- 46 state-registered reps
- 2 soliciting firms
Reported holdings
The Caprock Group’s reported 13F holdings total $5.22B across 1,234 positions, and the ten largest make up 27.1% of it.
- $5.22B
- Reported 13F value
- 1,234
- Positions
- 27.1%
- In the 10 largest
- +26.6%
- Value vs. prior quarter
- Vanguard Index Fds · Total Stk Mkt6.3%
- Nvidia Corporation3.5%
- Apple Inc.3.2%
- Vanguard Index Fds · S&P 500 ETF Shs2.6%
- Sentinelone Inc. · CL A2.5%
- Liquidia Corporation2.2%
- Microsoft Corp.2.0%
- Amazon Com Inc.1.7%
- Alphabet Inc. · Cap Stk CL A1.7%
- Eli Lilly & CO1.6%
Together, the ten largest are 27.1% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $5.22B is not its $12.48B in regulatory assets and does not represent any individual client's portfolio.
Fees
The Caprock Group is paid through a percentage of assets under management and fixed fees (other than subscription fees).
The Caprock Group’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, The Caprock Group has 11 offices (2 private residences, listed without an address), with 10 listed addresses across 9 states.
California · 2 listed addresses
- 1100 Lincoln Avenue, San Jose
- 450 Newport Center Drive, Newport Beach
Arizona · 1 listed address
- 8501 N Scottsdale Road, Scottsdale
Colorado · 1 listed address
- 6312 South Fiddlers Green Circle, Greenwood Village
Idaho · 1 listed address
- 800 West Main Street, Suite 1150, BoiseHQ
Illinois · 1 listed address
- 150 N Riverside Plaza, Chicago
New Jersey · 1 listed address
- 12 East Mount Pleasant Ave, Livingston
Texas · 1 listed address
- 1607 Nueces Street, Austin
Utah · 1 listed address
- 1389 Center Drive, Park City
Washington · 1 listed address
- 7525 Southeast 24th Street, Mercer Island
Registration details
- Legal name
- The Caprock Group, LLC
- Headquarters
- 800 West Main Street, Suite 1150, Boise, ID 83702
- Phone
- 208-368-9600
- Website
- caprock.com
- SEC file
- 801-61642
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does The Caprock Group have?
The Caprock Group has 436 clients and manages $12.5 billion for them, as of August 2026. They include 398 high-net-worth individuals, 22 other individuals and 16 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 7 August 2026
What services does The Caprock Group offer?
The Caprock Group provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does The Caprock Group use?
The Caprock Group’s separately managed account assets are held at National Financial Services LLC (Chicago, IL), with $2,835,132,920 and Charles Schwab & Co., Inc. (San Francisco, CA), with $2,020,685,382. 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 August 2026
How many financial advisors does The Caprock Group have?
The Caprock Group has 46 investment adviser representatives registered with state securities authorities, out of 67 employees, and 38 perform investment advisory functions. None are registered representatives of a broker-dealer or 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 The Caprock Group invest in?
At the end of its last fiscal year, The Caprock Group’s separately managed accounts held 52% exchange-traded equities, 23% state and local bonds, 8% U.S. government and agency bonds, 6% registered funds (mutual funds, ETFs, BDCs), 4% investment grade corporate bonds, 3% caprock relies on custodians to send security-level data to classify. complete information for a portion of these securities is not sent by custodians for a variety of reasons. in the event a custodian doesn't send the details required to easily classify a given security, caprock places that security in 'other'. the size and contents of the 'other' category is, therefore, steadily changing., 2% cash and equivalents, 1% non-exchange-traded equities and 1% sovereign bonds. It advises no private funds of its own.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns The Caprock Group?
The Caprock Group is owned through a chain of holding companies by TCG Holdings, Inc. Its direct owners are Mark Gustafson (5% to 10%), William Gilbert (5% to 10%), Gregory Brown (5% to 10%) and TCG Midco, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 7 August 2026
How does The Caprock Group get paid?
The Caprock Group is paid through a percentage of assets under management 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