# Caldwell Advisors, LLC

> Caldwell Advisors, LLC is an SEC-registered investment advisory firm in Brentwood, TN, registered since 2015, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated April 7, 2026.

- CRD: 144408
- Filed as: CALDWELL ADVISORS, LLC
- Also doing business as: AARON ZAUNER, BENTLEY LONDON, BEVERLY O. DAVIS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Brentwood, TN
- Filing period: October 2026
- Form ADV filing dated: April 7, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/144408
- AdvisorCensus page: https://advisorcensus.com/firm/caldwell-advisors-llc-brentwood-tn-144408

## Quick answers

**How is Caldwell Advisors, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Caldwell Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).

**Where is Caldwell Advisors, LLC located?**
Caldwell Advisors, LLC's principal office is in Brentwood, TN, according to its Form ADV; the May 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Caldwell Advisors, LLC registered with the SEC or a state?**
Caldwell Advisors, LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 144408.

**How much does Caldwell Advisors, LLC manage?**
Caldwell Advisors, LLC reports $351,404,599 in regulatory assets under management in its Form ADV filing dated April 7, 2026 (98% discretionary).

**How have Caldwell Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for Caldwell Advisors, LLC: Regulatory assets under management: $276,184,296 in the October 2021 data and $351,404,599 in the October 2026 data, up 27%. Total employees: 10 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Caldwell Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (250); individuals (other than high net worth individuals) (249); other (7).

**Which custodians does Caldwell Advisors, LLC use?**
Caldwell Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists LPL Financial LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Caldwell Advisors, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/144408

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- LPL Financial LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $351,404,599
- Discretionary: $344,235,754
- Non-discretionary: $7,168,845

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 249 | $97,442,947 |
| High net worth individuals | 250 | $244,001,141 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $155,105 |
| Charitable organizations | Fewer than 5 | $307,867 |
| Corporations or other businesses not listed above | Fewer than 5 | $3,030,844 |
| Other | 7 | $6,466,695 |

### Advisory services (Item 5.G)
- 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)

### Firm details
- Registered since: 2015 (10 years)
- Employees: 8 total, 5 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AL, AR, CA, FL, GA, MS, NY, TN, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the May 2026 filing
- Murfreesboro, TN

### Websites listed on Form ADV (Item 1.I)
- beverlyodavis.com
- caldwellgroupllc.com
- Facebook @CALDWELLADVISORSLLC
- LinkedIn @27111136
- X @CALDWELLGROUP

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $276,184,296 | 10 | May 27, 2021 |
| October 2022 | $232,609,171 | 9 | March 31, 2022 |
| October 2023 | $279,123,478 | 9 | March 30, 2023 |
| October 2024 | $322,739,217 | 8 | March 15, 2024 |
| October 2025 | $339,088,296 | 8 | July 30, 2025 |
| October 2026 | $351,404,599 | 8 | April 7, 2026 |

Regulatory assets under management: $276,184,296 in the October 2021 data and $351,404,599 in the October 2026 data, up 27%.
Total employees: 10 in October 2021 and 8 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Caldwell Advisors, LLC (CRD 144408): Form ADV filing data as of October 2026.