# Narwhal Capital Management

> Narwhal Capital Management is an SEC-registered investment advisory firm in Marietta, GA, registered since 2006, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 31, 2026.

- CRD: 135958
- Filed as: NARWHAL CAPITAL MANAGEMENT
- Legal name: Narwhal Capital Managment, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Marietta, GA
- Filing period: October 2026
- Form ADV filing dated: August 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/135958
- AdvisorCensus page: https://advisorcensus.com/firm/narwhal-capital-management-marietta-ga-135958

## Quick answers

**How is Narwhal Capital Management compensated?**
On its Form ADV (Item 5.E, October 2026), Narwhal Capital Management reports these compensation arrangements: a percentage of assets under its management; hourly charges.

**How much does Narwhal Capital Management charge?**
Its Form ADV Part 2A brochure dated August 31, 2026 states: Hourly rate: $175 an hour (tax related services for individuals); Hourly rate: $225 an hour (tax related services for corporate clients). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Narwhal Capital Management located?**
Narwhal Capital Management's principal office is in Marietta, GA, according to its Form ADV.

**Is Narwhal Capital Management registered with the SEC or a state?**
Narwhal Capital Management is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 135958.

**How much does Narwhal Capital Management manage?**
Narwhal Capital Management reports $2,084,372,356 in regulatory assets under management in its Form ADV filing dated August 31, 2026 (94% discretionary).

**How have Narwhal Capital Management's assets and staff changed since 2021?**
In the Form ADV data for Narwhal Capital Management: Regulatory assets under management: $1,137,162,862 in the October 2021 data and $2,084,372,356 in the October 2026 data, up 83%. Total employees: 20 in October 2021 and 18 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Narwhal Capital Management serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (223); high net worth individuals (111); corporations or other businesses not listed above (19).

**Which custodians does Narwhal Capital Management use?**
Narwhal Capital Management'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 Narwhal Capital Management 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/135958

**What changed in Narwhal Capital Management's recent Form ADV filings?**
In the March 2026 filing data: Employees performing advisory functions went from 11 to 12. Regulatory assets under management went from $1,764,568,823 to $2,084,372,356 (+18%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated August 31, 2026)

- Hourly rate: $175 an hour (tax related services for individuals)

> Individuals are typically charged $175 per hour for tax related services, while corporate clients are charged $225 per hour. All fees are charged in arrears.

- Hourly rate: $225 an hour (tax related services for corporate clients)

> Individuals are typically charged $175 per hour for tax related services, while corporate clients are charged $225 per hour. All fees are charged in arrears.

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: $2,084,372,356
- Discretionary: $1,958,425,864
- Non-discretionary: $125,946,492

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 223 | $59,489,209 |
| High net worth individuals | 111 | $901,079,075 |
| Charitable organizations | 12 | $79,882,729 |
| Corporations or other businesses not listed above | 19 | $1,043,921,343 |

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

### Firm details
- Registered since: 2006 (20 years)
- Employees: 18 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, FL, GA, NE, TN, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- narwhal.com
- open.spotify.com/show/1XPC5lQGwFZQRqpu32U4Qn
- open.spotify.com/show/5RYWFI9r4RHwIKRrOjEN8I
- podcasts.apple.com/us/podcast/narwhal-capital-after-the-bell/id1277170086
- podcasts.apple.com/us/podcast/the-morning-market-briefing/id1120260090
- spreaker.com/show/the-investing-podcast
- Facebook @Narwhal-Capital-Management-162644181050704
- Instagram @narwhalcapital
- LinkedIn @narwhal-capital-management
- LinkedIn @the-morning-market-briefing
- YouTube @NarwhalCapital
- YouTube @TheMorningMarketBriefing
- YouTube @TheMorningMarketBriefingClips

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,137,162,862 | 20 | June 17, 2021 |
| October 2022 | $1,367,983,837 | 18 | August 11, 2022 |
| October 2023 | $1,296,298,600 | 18 | July 5, 2023 |
| October 2024 | $1,583,450,503 | 20 | September 26, 2024 |
| October 2025 | $1,764,568,823 | 20 | July 24, 2025 |
| October 2026 | $2,084,372,356 | 18 | August 31, 2026 |

Regulatory assets under management: $1,137,162,862 in the October 2021 data and $2,084,372,356 in the October 2026 data, up 83%.
Total employees: 20 in October 2021 and 18 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Employees performing advisory functions went from 11 to 12.
- Regulatory assets under management went from $1,764,568,823 to $2,084,372,356 (+18%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Narwhal Capital Management (CRD 135958): Form ADV filing data as of October 2026.