# LK&A Investment Counsel

> LK&A Investment Counsel is an SEC-registered investment advisory firm in Pasadena, CA, registered since 1985, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 26, 2026.

- CRD: 106635
- Filed as: LK&A INVESTMENT COUNSEL
- Legal name: Lawrence W. Kelly & Associates, Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Pasadena, CA
- Filing period: October 2026
- Form ADV filing dated: March 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106635
- AdvisorCensus page: https://advisorcensus.com/firm/lk-and-a-investment-counsel-pasadena-ca-106635

## Quick answers

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

**What does LK&A Investment Counsel's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 26, 2026 states: Up to $10,000,000: 1% a year; $10,000,000 to $20,000,000: 0.75% a year; Above $20,000,000: 0.65% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is LK&A Investment Counsel located?**
LK&A Investment Counsel's principal office is in Pasadena, CA, according to its Form ADV.

**Is LK&A Investment Counsel registered with the SEC or a state?**
LK&A Investment Counsel is an SEC-registered investment advisory firm, registered since 1985. Status as filed: Approved. CRD 106635.

**How much does LK&A Investment Counsel manage?**
LK&A Investment Counsel reports $540,075,064 in regulatory assets under management in its Form ADV filing dated March 26, 2026 (100% discretionary).

**How have LK&A Investment Counsel's assets and staff changed since 2021?**
In the Form ADV data for LK&A Investment Counsel: Regulatory assets under management: $508,546,721 in the October 2021 data and $540,075,064 in the October 2026 data, up 6%. Total employees: 6 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does LK&A Investment Counsel serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (61); individuals (other than high net worth individuals) (17); charitable organizations (5).

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

**Does LK&A Investment Counsel 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/106635

## 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 26, 2026)

- Up to $10,000,000: 1% a year
- $10,000,000 to $20,000,000: 0.75% a year
- Above $20,000,000: 0.65% a year

> Assets Under Management Annual Advisory Fee First $10 million 1.00% Next $10 million 0.75% All additional amounts 0.65%

> We reserve the right to negotiate fees.

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
- US Bank, NA

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: $540,075,064
- Discretionary: $540,075,064
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 17 | $9,750,070 |
| High net worth individuals | 61 | $525,583,821 |
| Charitable organizations | 5 | $4,741,173 |

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

### Firm details
- Registered since: 1985 (41 years)
- Employees: 5 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $508,546,721 | 6 | March 31, 2021 |
| October 2022 | $609,764,183 | 6 | March 31, 2022 |
| October 2023 | $440,559,669 | 5 | March 29, 2023 |
| October 2024 | $509,640,686 | 5 | March 29, 2024 |
| October 2025 | $530,295,307 | 5 | March 26, 2025 |
| October 2026 | $540,075,064 | 5 | March 26, 2026 |

Regulatory assets under management: $508,546,721 in the October 2021 data and $540,075,064 in the October 2026 data, up 6%.
Total employees: 6 in October 2021 and 5 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LK&A Investment Counsel (CRD 106635): Form ADV filing data as of October 2026.