# Physician Wealth Advisors, Inc.

> Physician Wealth Advisors, Inc. is an SEC-registered investment advisory firm in Salt Lake City, UT, registered since 2005, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 19, 2026.

- CRD: 106043
- Filed as: PHYSICIAN WEALTH ADVISORS, INC.
- Also doing business as: PWA
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Salt Lake City, UT
- Filing period: October 2026
- Form ADV filing dated: March 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106043
- AdvisorCensus page: https://advisorcensus.com/firm/physician-wealth-advisors-inc-salt-lake-city-ut-106043

## Quick answers

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

**Where is Physician Wealth Advisors, Inc. located?**
Physician Wealth Advisors, Inc.'s principal office is in Salt Lake City, UT, according to its Form ADV.

**Is Physician Wealth Advisors, Inc. registered with the SEC or a state?**
Physician Wealth Advisors, Inc. is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 106043.

**How much does Physician Wealth Advisors, Inc. manage?**
Physician Wealth Advisors, Inc. reports $2,006,590,538 in regulatory assets under management in its Form ADV filing dated March 19, 2026 (67% discretionary).

**How have Physician Wealth Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Physician Wealth Advisors, Inc.: Regulatory assets under management: $1,310,285,466 in the October 2021 data and $2,006,590,538 in the October 2026 data, up 53%. Total employees: 13 in October 2021 and 15 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Physician Wealth Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (717); high net worth individuals (371); pension and profit sharing plans (but not the plan participants or government pension plans) (36).

**Which custodians does Physician Wealth Advisors, Inc. use?**
Physician Wealth Advisors, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Ameritas Investment Company, LLC, Charles Schwab & Co., Inc. and National Financial Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Physician Wealth Advisors, 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/106043

**What changed in Physician Wealth Advisors, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name Physician Wealth Advisors. No longer lists the business name UMA Financial Services. No longer lists the business name Umafs. Regulatory assets under management went from $1,729,828,110 to $2,006,590,538 (+16%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Ameritas Investment Company, LLC
- Charles Schwab & Co., Inc.
- National Financial Services 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: $2,006,590,538
- Discretionary: $1,343,537,209
- Non-discretionary: $663,053,329

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 717 | $212,907,977 |
| High net worth individuals | 371 | $1,130,629,232 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 36 | $663,053,329 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Pension consulting services
- Educational seminars/workshops

### Firm details
- Registered since: 2005 (21 years)
- Employees: 15 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, ID, LA, MT, OR, TX, UT, VA, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [pwa.org](https://pwa.org)
- LinkedIn @PHYSICIAN-WEALTH-ADVISORS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,310,285,466 | 13 | March 15, 2021 |
| October 2022 | $1,468,605,085 | 13 | March 15, 2022 |
| October 2023 | $1,326,456,795 | 14 | May 9, 2023 |
| October 2024 | $1,532,368,890 | 15 | April 12, 2024 |
| October 2025 | $1,729,828,110 | 15 | March 19, 2025 |
| October 2026 | $2,006,590,538 | 15 | March 19, 2026 |

Regulatory assets under management: $1,310,285,466 in the October 2021 data and $2,006,590,538 in the October 2026 data, up 53%.
Total employees: 13 in October 2021 and 15 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name Physician Wealth Advisors.
- No longer lists the business name UMA Financial Services.
- No longer lists the business name Umafs.
- Regulatory assets under management went from $1,729,828,110 to $2,006,590,538 (+16%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Physician Wealth Advisors, Inc. (CRD 106043): Form ADV filing data as of October 2026.