# Cullinan Associates, Inc.

> Cullinan Associates, Inc. is an SEC-registered investment advisory firm in Louisville, KY, registered since 1990, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 4, 2026.

- CRD: 108340
- Filed as: CULLINAN ASSOCIATES, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Louisville, KY
- Filing period: October 2026
- Form ADV filing dated: March 4, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108340
- AdvisorCensus page: https://advisorcensus.com/firm/cullinan-associates-inc-louisville-ky-108340

## Quick answers

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

**Where is Cullinan Associates, Inc. located?**
Cullinan Associates, Inc.'s principal office is in Louisville, KY, according to its Form ADV.

**Is Cullinan Associates, Inc. registered with the SEC or a state?**
Cullinan Associates, Inc. is an SEC-registered investment advisory firm, registered since 1990. Status as filed: Approved. CRD 108340.

**How much does Cullinan Associates, Inc. manage?**
Cullinan Associates, Inc. reports $1,481,599,773 in regulatory assets under management in its Form ADV filing dated March 4, 2026 (100% discretionary).

**How have Cullinan Associates, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Cullinan Associates, Inc.: Regulatory assets under management: $1,690,157,784 in the October 2021 data and $1,481,599,773 in the October 2026 data, down 12%. Total employees: 17 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 Cullinan Associates, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (306); high net worth individuals (293); corporations or other businesses not listed above (19).

**Which custodians does Cullinan Associates, Inc. use?**
Cullinan Associates, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists LPL Financial LLC, National Financial Services LLC and UBS Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does Cullinan 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/108340

## From the Form ADV filing

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

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

- Minimum annual fee: None

> There is no minimum annual fee

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

### Custodians (Schedule D, Section 5.K(3))
- LPL Financial LLC
- National Financial Services LLC
- UBS Securities 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: $1,481,599,773
- Discretionary: $1,481,599,773
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 306 | $163,273,041 |
| High net worth individuals | 293 | $1,172,566,225 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 3 | $6,842,549 |
| Charitable organizations | 11 | $50,696,217 |
| Corporations or other businesses not listed above | 19 | $88,221,741 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1990 (36 years)
- Employees: 17 total, 8 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- cullinan.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,690,157,784 | 17 | March 31, 2021 |
| October 2022 | $2,030,571,526 | 16 | July 11, 2022 |
| October 2023 | $1,857,130,925 | 17 | March 30, 2023 |
| October 2024 | $1,854,292,560 | 18 | March 5, 2024 |
| October 2025 | $1,585,984,703 | 18 | March 28, 2025 |
| October 2026 | $1,481,599,773 | 17 | March 4, 2026 |

Regulatory assets under management: $1,690,157,784 in the October 2021 data and $1,481,599,773 in the October 2026 data, down 12%.
Total employees: 17 in October 2021 and 17 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cullinan Associates, Inc. (CRD 108340): Form ADV filing data as of October 2026.