# L. ROY Papp & Associates, LLP > L. ROY Papp & Associates, LLP is an SEC-registered investment advisory firm in Phoenix, AZ, registered since 1989, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 27, 2026. - CRD: 105130 - Filed as: L. ROY PAPP & ASSOCIATES, LLP - Registration: SEC-registered investment adviser (status as filed: Approved) - Location: Phoenix, AZ - Filing period: October 2026 - Form ADV filing dated: May 27, 2026 - SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/105130 - AdvisorCensus page: https://advisorcensus.com/firm/l-roy-papp-and-associates-llp-phoenix-az-105130 ## Quick answers **How is L. ROY Papp & Associates, LLP compensated?** On its Form ADV (Item 5.E, October 2026), L. ROY Papp & Associates, LLP reports these compensation arrangements: a percentage of assets under its management. **How much does L. ROY Papp & Associates, LLP charge?** Its Form ADV Part 2A brochure dated May 27, 2026 states: Up to $3,000,000: 1% a year; $3,000,000 to $8,000,000: 0.75% a year; Above $8,000,000: 0.5% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement. **Where is L. ROY Papp & Associates, LLP located?** L. ROY Papp & Associates, LLP's principal office is in Phoenix, AZ, according to its Form ADV. **Is L. ROY Papp & Associates, LLP registered with the SEC or a state?** L. ROY Papp & Associates, LLP is an SEC-registered investment advisory firm, registered since 1989. Status as filed: Approved. CRD 105130. **How much does L. ROY Papp & Associates, LLP manage?** L. ROY Papp & Associates, LLP reports $1,621,804,561 in regulatory assets under management in its Form ADV filing dated May 27, 2026 (84% discretionary). **How have L. ROY Papp & Associates, LLP's assets and staff changed since 2021?** In the Form ADV data for L. ROY Papp & Associates, LLP: Regulatory assets under management: $1,230,412,944 in the October 2021 data and $1,621,804,561 in the October 2026 data, up 32%. Total employees: 11 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going. **What types of clients does L. ROY Papp & Associates, LLP serve?** By number of clients on Form ADV Item 5.D: high net worth individuals (276); individuals (other than high net worth individuals) (273); charitable organizations (13). **Which custodians does L. ROY Papp & Associates, LLP use?** L. ROY Papp & Associates, LLP'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 L. ROY Papp & Associates, LLP 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/105130 **Does L. ROY Papp & Associates, LLP state an account minimum?** Its Form ADV Part 2A brochure dated May 27, 2026 says: "LRP’s minimum account size is generally $2,000,000, but this amount is negotiable." **What changed in L. ROY Papp & Associates, LLP's recent Form ADV filings?** In the June 2026 filing data: Updated its list of owners and control persons (Schedule A). ## From the Form ADV filing ### Compensation (Item 5.E) - A percentage of assets under your management ### Fees and minimums (Form ADV Part 2A brochure dated May 27, 2026) - Up to $3,000,000: 1% a year - $3,000,000 to $8,000,000: 0.75% a year - Above $8,000,000: 0.5% a year > LRP charges most of its clients an annual investment management fee based on the following schedule: > First $3 Million 1.00% Amounts in excess of $3 Million & up to $8 Million 0.75% Amounts in excess of $8 Million 0.50% - Account minimum: $2,000,000 (the brochure says it may be waived or negotiated) > LRP’s minimum account size is generally $2,000,000, but this amount is negotiable. 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. 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: $1,621,804,561 - Discretionary: $1,357,971,475 - Non-discretionary: $263,833,086 ### Clients (Item 5.D) | Client type | Clients | Assets | | --- | --- | --- | | Individuals (other than high net worth individuals) | 273 | $128,801,121 | | High net worth individuals | 276 | $1,337,562,977 | | Investment companies | 1 | $44,107,248 | | Pension and profit sharing plans (but not the plan participants or government pension plans) | 6 | $31,461,548 | | Charitable organizations | 13 | $66,895,281 | | Corporations or other businesses not listed above | 7 | $12,976,386 | ### 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 - Pension consulting services ### Firm details - Registered since: 1989 (37 years) - Employees: 10 total, 10 performing advisory functions - Wrap fee program participation: No - States registered or notice-filed: AZ, CA, CO, FL, GA, IL, MI, NE, NV, NY, OR, TX, WA - Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11. ### Websites listed on Form ADV (Item 1.I) - pappmutualfunds.com - roypapp.com ## Assets and staff over time | Data period | Regulatory assets under management | Employees | Filing dated | | --- | --- | --- | --- | | October 2021 | $1,230,412,944 | 11 | March 26, 2021 | | October 2022 | $1,437,532,181 | 11 | March 25, 2022 | | October 2023 | $1,264,971,951 | 10 | March 6, 2023 | | October 2024 | $1,422,503,926 | 10 | February 16, 2024 | | October 2025 | $1,534,106,429 | 10 | February 3, 2025 | | October 2026 | $1,621,804,561 | 10 | May 27, 2026 | Regulatory assets under management: $1,230,412,944 in the October 2021 data and $1,621,804,561 in the October 2026 data, up 32%. Total employees: 11 in October 2021 and 10 in October 2026. ## Changes in the filing (last 12 months) ### June 2026 - Updated its list of owners and control persons (Schedule A). ### April 2026 - Updated its list of owners and control persons (Schedule A). ## Source Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. L. ROY Papp & Associates, LLP (CRD 105130): Form ADV filing data as of October 2026.