# Frost Investment Advisors, LLC

> Frost Investment Advisors, LLC is an SEC-registered investment advisory firm in San Antonio, TX, registered since 2008, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 24, 2026.

- CRD: 146148
- Filed as: FROST INVESTMENT ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Antonio, TX
- Filing period: October 2026
- Form ADV filing dated: March 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/146148
- AdvisorCensus page: https://advisorcensus.com/firm/frost-investment-advisors-llc-san-antonio-tx-146148

## Quick answers

**How is Frost Investment Advisors, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Frost Investment Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Frost Investment Advisors, LLC located?**
Frost Investment Advisors, LLC's principal office is in San Antonio, TX, according to its Form ADV.

**Is Frost Investment Advisors, LLC registered with the SEC or a state?**
Frost Investment Advisors, LLC is an SEC-registered investment advisory firm, registered since 2008. Status as filed: Approved. CRD 146148.

**How much does Frost Investment Advisors, LLC manage?**
Frost Investment Advisors, LLC reports $5,361,498,188 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary).

**How have Frost Investment Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for Frost Investment Advisors, LLC: Regulatory assets under management: $5,020,632,778 in the October 2021 data and $5,361,498,188 in the October 2026 data, up 7%. Total employees: 34 in October 2021 and 31 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Frost Investment Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (4); insurance companies (3); corporations or other businesses not listed above (1).

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

**Does Frost Investment 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/146148

**What changed in Frost Investment Advisors, LLC's recent Form ADV filings?**
In the December 2025 filing data: Employees performing advisory functions went from 30 to 31.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Other

### Custodians (Schedule D, Section 5.K(3))
- Frost Bank (affiliated with the firm)

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: $5,361,498,188
- Discretionary: $5,361,498,188
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 4 | $4,953,698,879 |
| 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) | 0 | Not reported |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 3 | $381,605,748 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 1 | $7,777,729 |
| Other | 1 | $18,415,832 |

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

### Firm details
- Registered since: 2008 (18 years)
- Employees: 31 total, 31 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- frostinv.com
- LinkedIn @frost-investment-advisors-llc
- LinkedIn @mace-m-mccain-4b787858

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,020,632,778 | 34 | July 21, 2021 |
| October 2022 | $4,964,547,202 | 34 | March 21, 2022 |
| October 2023 | $3,909,983,960 | 30 | June 5, 2023 |
| October 2024 | $4,179,901,223 | 30 | March 28, 2024 |
| October 2025 | $5,080,256,486 | 31 | March 28, 2025 |
| October 2026 | $5,361,498,188 | 31 | March 24, 2026 |

Regulatory assets under management: $5,020,632,778 in the October 2021 data and $5,361,498,188 in the October 2026 data, up 7%.
Total employees: 34 in October 2021 and 31 in October 2026.

## Changes in the filing (last 12 months)

### December 2025
- Employees performing advisory functions went from 30 to 31.

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Frost Investment Advisors, LLC (CRD 146148): Form ADV filing data as of October 2026.