# Capital Management Associates Inc

> Capital Management Associates Inc is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 1990, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 17, 2026.

- CRD: 105010
- Filed as: CAPITAL MANAGEMENT ASSOCIATES INC
- Also doing business as: RONIN ADVISORY, UNITED INVESTMENT GROUP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: March 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/105010
- AdvisorCensus page: https://advisorcensus.com/firm/capital-management-associates-inc-minneapolis-mn-105010

## Quick answers

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

**Where is Capital Management Associates Inc located?**
Capital Management Associates Inc's principal office is in Minneapolis, MN, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Capital Management Associates Inc registered with the SEC or a state?**
Capital Management Associates Inc is an SEC-registered investment advisory firm, registered since 1990. Status as filed: Approved. CRD 105010.

**How much does Capital Management Associates Inc manage?**
Capital Management Associates Inc reports $1,879,452,339 in regulatory assets under management in its Form ADV filing dated March 17, 2026 (42% discretionary).

**How have Capital Management Associates Inc's assets and staff changed since 2021?**
In the Form ADV data for Capital Management Associates Inc: Regulatory assets under management: $1,134,398,699 in the October 2021 data and $1,879,452,339 in the October 2026 data, up 66%. Total employees: 16 in October 2021 and 17 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Capital Management Associates Inc serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (560); high net worth individuals (317); pension and profit sharing plans (but not the plan participants or government pension plans) (41).

**Which custodians does Capital Management Associates Inc use?**
Capital Management Associates Inc's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Capital Management Associates Inc 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/105010

**What changed in Capital Management Associates Inc's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,627,864,626 to $1,879,452,339 (+15%).

## 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))
- Charles Schwab & Co., Inc.

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: $1,879,452,339
- Discretionary: $784,825,800
- Non-discretionary: $1,094,626,539

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 560 | $193,992,707 |
| High net worth individuals | 317 | $1,333,934,240 |
| Banking or thrift institutions | Not reported | $0 |
| Investment companies | Not reported | $0 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | Not reported | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 41 | $322,090,515 |
| Charitable organizations | 8 | $21,745,558 |
| State or municipal government entities (including government pension plans) | Not reported | $0 |
| Other investment advisers | Not reported | $0 |
| Insurance companies | Not reported | $0 |
| Sovereign wealth funds and foreign official institutions | Not reported | $0 |
| Corporations or other businesses not listed above | 6 | $7,689,319 |

### 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)
- Other

### Firm details
- Registered since: 1990 (36 years)
- Employees: 17 total, 17 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, FL, IA, IL, MA, ME, MI, MN, MT, NE, NH, TN, TX, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Faribault, MN

### Websites listed on Form ADV (Item 1.I)
- cap-mgt.com
- tomluing.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,134,398,699 | 16 | March 11, 2021 |
| October 2022 | $1,328,632,038 | 17 | April 1, 2022 |
| October 2023 | $1,255,534,896 | 17 | March 2, 2023 |
| October 2024 | $1,718,035,150 | 17 | March 7, 2024 |
| October 2025 | $1,627,864,626 | 17 | March 14, 2025 |
| October 2026 | $1,879,452,339 | 17 | March 17, 2026 |

Regulatory assets under management: $1,134,398,699 in the October 2021 data and $1,879,452,339 in the October 2026 data, up 66%.
Total employees: 16 in October 2021 and 17 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,627,864,626 to $1,879,452,339 (+15%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Capital Management Associates Inc (CRD 105010): Form ADV filing data as of October 2026.