# Covenant Wealth Advisors

> Covenant Wealth Advisors is an SEC-registered investment advisory firm in Richmond, VA, registered since 2019, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated May 13, 2026.

- CRD: 155221
- Filed as: COVENANT WEALTH ADVISORS
- Legal name: Fonville Wealth Management LLC
- Also doing business as: FONVILLE WEALTH MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Richmond, VA
- Filing period: October 2026
- Form ADV filing dated: May 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/155221
- AdvisorCensus page: https://advisorcensus.com/firm/covenant-wealth-advisors-richmond-va-155221

## Quick answers

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

**Where is Covenant Wealth Advisors located?**
Covenant Wealth Advisors' principal office is in Richmond, VA, according to its Form ADV; the June 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Covenant Wealth Advisors registered with the SEC or a state?**
Covenant Wealth Advisors is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 155221.

**How much does Covenant Wealth Advisors manage?**
Covenant Wealth Advisors reports $909,643,877 in regulatory assets under management in its Form ADV filing dated May 13, 2026 (98% discretionary).

**How have Covenant Wealth Advisors' assets and staff changed since 2021?**
In the Form ADV data for Covenant Wealth Advisors: Regulatory assets under management: $229,032,814 in the October 2021 data and $909,643,877 in the October 2026 data, up 297%. Total employees: 6 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Covenant Wealth Advisors serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (280); individuals (other than high net worth individuals) (242); pension and profit sharing plans (but not the plan participants or government pension plans) (1).

**Which custodians does Covenant Wealth Advisors use?**
Covenant Wealth Advisors' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Fidelity Brokerage Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Covenant Wealth Advisors 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/155221

**Does Covenant Wealth Advisors state an account minimum?**
Its Form ADV Part 2A brochure dated February 4, 2026 says: "The minimum account size (based on the total for all accounts being managed for the client and the client’s family) is $1,000,000 per client family. CWA reserves the right to waive account minimums where necessary."

**What changed in Covenant Wealth Advisors' recent Form ADV filings?**
In the June 2026 filing data: Registered or notice-filed in MA.

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated February 4, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> The minimum account size (based on the total for all accounts being managed for the client and the client’s family) is $1,000,000 per client family. CWA reserves the right to waive account minimums where necessary.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Fidelity Brokerage Services 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: $909,643,877
- Discretionary: $890,166,746
- Non-discretionary: $19,477,131

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 242 | $122,798,012 |
| High net worth individuals | 280 | $783,510,556 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 1 | $3,335,309 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2019 (7 years)
- Employees: 12 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, DC, FL, GA, LA, MA, MD, NC, NE, NH, NY, PA, SC, TN, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Reston, VA
- Williamsburg, VA

### Websites listed on Form ADV (Item 1.I)
- covenantwealthadvisors.com
- mycwa.com
- Facebook @covenantwealthadvisors
- Instagram @covenantwealthadvisor
- LinkedIn @covenant-wealth-advisors
- LinkedIn @markfonville
- YouTube @UCJq26tG47RyRoC_f0kRwzyA

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $229,032,814 | 6 | March 18, 2021 |
| October 2022 | $287,715,421 | 5 | August 8, 2022 |
| October 2023 | $271,739,012 | 6 | May 11, 2023 |
| October 2024 | $496,334,379 | 9 | March 12, 2024 |
| October 2025 | $653,008,459 | 11 | March 19, 2025 |
| October 2026 | $909,643,877 | 12 | May 13, 2026 |

Regulatory assets under management: $229,032,814 in the October 2021 data and $909,643,877 in the October 2026 data, up 297%.
Total employees: 6 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### June 2026
- Registered or notice-filed in MA.

### March 2026
- Employees performing advisory functions went from 9 to 12.
- Regulatory assets under management went from $653,008,459 to $909,643,877 (+39%).
- Registered or notice-filed in AZ, DC, GA, NE, NY, PA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Covenant Wealth Advisors (CRD 155221): Form ADV filing data as of October 2026.