DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

Cain, Watters & Associates, LLC

Independent wealth managerFrisco, TexasCRD 111521SEC 801-39899websiteIAPD
Latest filing Jun 4, 2026
First filing on the tape Mar 7, 2012 · 49 filings
SEC status approved since Sep 30, 1991
RAUM
$5.0B
reported, Item 5.F
Discretionary
47%
of RAUM
Private clients
58%
$2.9B individuals and HNW
Advisors
76
registered through the firm on IAPD
RAUM per advisor
$66.3M
derived; firm RAUM over IAPD count
Employees
341
86 advisory (5.B.1)
Offices
2
beyond the principal office
Private funds
0
reported on Schedule D
History
49 filings and snapshots on the tape
RAUM$5.0B as of Jun 4, 2026
Mar 7, 2012$1.0B then
HNW client RAUM$2.5B as of Jun 4, 2026
Mar 29, 2018$449M then
State-registered IARs (5.B.3)74 as of Jun 4, 2026
Mar 7, 20120 then
Employees (5.A)341 as of Jun 4, 2026
Mar 28, 201399 then
Private funds: no history
RAUM +19% over the last fiscal year+24% a year over threeIARs 71 to 74
Practice profile
derived from the filing of Jun 4, 2026; every figure names its basis
Archetypes, each a printed rule
  • HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
  • Planning-led practice · financial planning activity (5.G.1), at least 100 financial planning clients (5.H), and hourly, fixed or subscription compensation (5.E)
RAUM per advisor
$66.3MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
30derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$3.1MderivedHNW RAUM over HNW clients
Average account
$414,962derivedRAUM over accounts (5.F.2.f)
Discretionary
47%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
4.5derivedItem 5.A over advisors
Advisors per office
25.3derived3 offices incl. principal (1.F.5)
RAUM growth, one year
+19%derivedbetween the last two annual amendments
Advisor growth, one year
+4.2%derivedItem 5.B.3 between annual amendments
Client growth, one year
+8.9%derived
Compensation
percentage of assets, hourly, fixed feesreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, selection of other advisers, educational seminarsreportedItem 5.G
Financial planning clients
3,000reportedItem 5.H
Custody
$1.1B, 4,069 clientsreportedItem 9.A
Ownership
no PE, bank or public-company owner found on Schedule Aderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • receives research or other products from a broker-dealer, soft dollars (8.E)
  • has custody of client cash or bank accounts (9.A.1.a)
  • has custody of client securities (9.A.1.b)
  • a related person has custody of client cash (9.B.1.a)
  • a related person has custody of client securities (9.B.1.b)
  • an independent public accountant performs a surprise examination (9.C.1)
  • a related person acts as qualified custodian (9.D.2)
  • marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$2.5B85%
  • Individuals$426M14%
  • Charitable organizations$1.9M0.1%
Individual clients
1,474reported
HNW clients
800reported
Pension plan clients
n/areported
Charitable clients
1reported
Accounts
12,138reported
Financial planning clients
3,000reported
Wrap fee programs
noreported
Custody of client assets
$1.1B for 4,069 clientsreported
Compensation
% of AUM, fixed, hourlyreported
Class basis
private_client_share=0.58 fund_share=0.0 institutional_share=0.0 related_bd=true related_bank=false bd_reps=0.0derived
Advisors registered through the firm
76 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
Dan Charles WickerPersonal Financial SpecialistPlano, TxJan 11, 199918 y0
Steven Lawrence CainPlano, TxJun 24, 199927 y0
Timothy Basil GreavesPlano, TxMar 11, 200224 y0
Steven Bradley ClappPlano, TxMay 16, 200225 y0
Thomas Robert SandersPlano, TxOct 23, 200224 y0
Toni Hatcher LeePersonal Financial SpecialistPlano, TxApr 17, 200323 y0
Holly Allison GrubeFrisco, TxFeb 13, 200423 y0
Edward Michael DaudeFrisco, TxMay 16, 200521 y0
Judson Standefer CrawfordPlano, TxJul 27, 200521 y0
Brian Robert BortzPersonal Financial SpecialistPlano, TxDec 1, 200527 y3
Paul Douglas LyonsCertified Financial PlannerFrisco, TxFeb 13, 200624 y1
Heidi H BarnettFrisco, TxMay 8, 200624 y0
Thomas Damon GatesFrisco, TxJun 1, 200623 y0
William Thomas HarriganFrisco, TxJul 21, 200633 y1
Bradley Wayne BlasingameFrisco, TxJan 26, 200720 y0
Charles Arnold LorettoPlano, TxJan 25, 200825 y0
Hunter David SatterfieldPlano, TxJan 21, 200918 y0
Brad Robert SandersChartered Financial AnalystFrisco, TxMar 11, 200925 y2
Keith Robert KleinFrisco, TxAug 13, 201016 y0
Caitlin Summers BryanFrisco, TxFeb 25, 201116 y0
Jennifer Lynn GageFrisco, TxApr 11, 201117 y0
Regan Elizabeth StephensonFrisco, TxJun 7, 201115 y0
Brook HooverFrisco, TxJun 18, 201412 y0
Mason SternPlano, TxJun 25, 201412 y0
Matthew Scott ClynchFrisco, TxJul 21, 201413 y0
Angela Marie SvitakFrisco, TxMar 2, 201512 y0
Brittany Morgan FrazierFrisco, TxMar 2, 201513 y0
David Giles ForbessFrisco, TxJun 3, 201511 y0
Zane Jeffrey HarrisFrisco, TxJul 20, 201611 y0
Kaitlin Elizabeth MitchellFrisco, TxAug 25, 201615 y0
Erica C SandersFrisco, TxJul 25, 201715 y0
Scott Alan LyleFrisco, TxJun 22, 201811 y0
Sarah Kelly OliverFrisco, TxOct 1, 201811 y0
Jennifer Erin KleinFrisco, TxOct 9, 201820 y1
Justin Morgan FryFrisco, TxJun 27, 201910 y0
Trevor Christian BatesFrisco, TxSep 4, 201911 y0
Julie Marie DenhamFrisco, TxFeb 11, 202010 y0
Annie Caroline LammFrisco, TxSep 16, 202011 y0
Eric Joseph LammFrisco, TxJan 8, 202114 y0
Matthew James PetersonFrisco, TxFeb 4, 202110 y0
All 76 advisors at Cain, Watters & Associates, LLC
Advisor movement
2 left, 2 joined in 12 months
net 0 in 12 months0 left in 90 days2 joined in 90 daysdeparture rate 2.6% of current headcount7 left over 36 months
Left, latest
Joined, latest
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Layne Jeremy Bolf · Chief Compliance Officercontrol
    since 09/2024 · owns less than 5%
  • Andrew Timothy Darley · General Counselcontrol
    since 07/2024 · owns less than 5%
  • Scott Erwin · Chief Operations Officercontrol
    since 01/2024 · owns less than 5%
  • Robert Brian Bortz · Ceocontrol
    since 01/2019 · owns 75% or more of Brian R. Bortz Pc
  • Ward Darrell Cain · Ceocontrol
    since 07/1995 · owns 75% or more of Cain & Watters, Pc
  • Lawrence Steven Cain · Ceocontrol
    since 01/2019 · owns 75% or more of Steven L Cain, Pc
  • Bradley Steven Clapp · Ceocontrol
    since 01/2019 · owns 75% or more of Steven B. Clapp, Pc
  • Standefer Judson Crawford · Ceocontrol
    since 01/2019 · owns 75% or more of Judson S. Crawford Pc
  • Giles David Forbess · Managing Membercontrol
    since 10/2022 · owns 75% or more of David G. Forbess Pllc
  • Basil Timothy Greaves · Ceocontrol
    since 01/2019 · owns 75% or more of Tim B. Greaves, Pc
  • Hatcher Toni Lee · Ceocontrol
    since 01/2019 · owns 75% or more of Toni Hatcher Lee Pc
  • Arnold Charles Loretto · Managing Membercontrol
    since 01/2019 · owns 75% or more of Charles A. Loretto, LLC
  • Robert Thomas Sanders · Ceocontrol
    since 01/2019 · owns 75% or more of Thomas R. Sanders, Pc
  • David Hunter Satterfield · Ceocontrol
    since 01/2019 · owns 75% or more of Hunter D. Satterfield Pc
  • Mason Stern · Managing Membercontrol
    since 10/2022 · owns 75% or more of Mason G. Stern Pllc
  • Charles Dan Wicker · Ceocontrol
    since 01/2019 · owns 75% or more of Daniel C Wicker, Pc
Entity owners
  • Brian R. Bortz Pc · Managing Member
    direct · owns 5% to 10%
  • Cain & Watters, Pc · Managing Member
    direct · owns 5% to 10%
  • Charles A. Loretto, LLC · Managing Member
    direct · owns 5% to 10%
  • Cwa Financial Group, LLC · Managing Member
    direct · owns 75% or more
  • Daniel C Wicker, Pc · Managing Member
    direct · owns 5% to 10%
  • David G. Forbess Pllc · Managing Member
    direct · owns 5% to 10%
  • Hunter D. Satterfield Pc · Managing Member
    direct · owns 5% to 10%
  • Judson S. Crawford Pc · Managing Member
    direct · owns 5% to 10%
  • Mason G. Stern Pllc · Managing Member
    direct · owns 5% to 10%
  • Steven B. Clapp, Pc · Managing Member
    direct · owns 5% to 10%
  • Steven L Cain, Pc · Managing Member
    direct · owns 5% to 10%
  • Thomas R. Sanders, Pc · Managing Member
    direct · owns 5% to 10%
  • Tim B. Greaves, Pc · Managing Member
    direct · owns 5% to 10%
  • Toni Hatcher Lee Pc · Managing Member
    direct · owns 5% to 10%
Related persons
Schedule D 7.A
  • Charles Loretto
    y
  • Dan Wicker
    y
  • Darrell Ward Cain
    y
  • Hwg Insurance Agency, LLC
    real estaten
  • III To I Property Management, LLC
    pooled vehicle sponsorn
  • Sanders Morris LLC
    broker-dealerinvestment advisernRAUM $576M
  • Steve Cain
    y
  • Steven Bradley Clapp
    y
  • T Bank, Na
    custodiann
  • Tectonic Advisors LLC
    investment advisernRAUM $5.1B
  • Tim Greaves
    y
  • Tom Sanders
    y
  • Toni Lee
    y
Advisers that list Cain, Watters & Associates, LLC as a related person
Office movement
IAPD branch city; joins and departures in 12 months
OfficeAdvisorsJoinedLeftTeams outForming
Frisco, Tx · principal6561
Plano, Tx1101
Offices
Schedule D 1.F, the 25 largest
  • Kaysville, UT1 employees
  • , 1 employees
ADV anomalies
14 against comparable advisers; where to look, not conclusions
  • control person changedChange between filings · filing Jun 4, 2026
    CAIN, DARRELL, WARD (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    WICKER, DAN, CHARLES (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    BORTZ, BRIAN, ROBERT (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    CLAPP, STEVEN, BRADLEY (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    GREAVES, TIMOTHY, BASIL (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    CAIN, STEVEN, LAWRENCE (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    SANDERS, THOMAS, ROBERT (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    LEE, TONI, HATCHER (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    CRAWFORD, JUDSON, STANDEFER (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    LORETTO, CHARLES, ARNOLD (MANAGING MEMBER) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    SATTERFIELD, HUNTER, DAVID (CEO) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    STERN, MASON (MANAGING MEMBER) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    FORBESS, DAVID, GILES (MANAGING MEMBER) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
  • control person changedChange between filings · filing Jun 4, 2026
    Darley, Timothy, Andrew (GENERAL COUNSEL) left Schedule A between the filings of 2024-10-10 and 2026-06-04
    peers: independent wealth managers, $5B to $20B (289)
What changed
consecutive filings, newest first
  • Accounts · 10,602 to 12,138
    Feb 2, 2026 to Mar 30, 2026
  • Advisory employees · 71 to 86
    Feb 2, 2026 to Mar 30, 2026
  • HNW clients · 679 to 800
    Feb 2, 2026 to Mar 30, 2026
  • Individual clients · 1,410 to 1,474
    Feb 2, 2026 to Mar 30, 2026
  • Assets in custody · $18.7M to $1.1B
    Feb 2, 2026 to Mar 30, 2026
  • Employees · 337 to 341
    Feb 2, 2026 to Mar 30, 2026
  • State-registered IARs · 71 to 74
    Feb 2, 2026 to Mar 30, 2026
  • Discretionary RAUM · $1.9B to $2.4B
    Feb 2, 2026 to Mar 30, 2026
  • HNW RAUM · $2.0B to $2.5B
    Feb 2, 2026 to Mar 30, 2026
  • Individual RAUM · $390M to $426M
    Feb 2, 2026 to Mar 30, 2026
  • Non-discretionary RAUM · $2.3B to $2.7B
    Feb 2, 2026 to Mar 30, 2026
  • RAUM · $4.2B to $5.0B
    Feb 2, 2026 to Mar 30, 2026
  • Accounts · 9,075 to 10,602
    Oct 10, 2024 to Apr 1, 2025
  • Advisory employees · 63 to 71
    Oct 10, 2024 to Apr 1, 2025
  • HNW clients · 566 to 679
    Oct 10, 2024 to Apr 1, 2025
  • Individual clients · 1,497 to 1,410
    Oct 10, 2024 to Apr 1, 2025
  • Employees · 283 to 337
    Oct 10, 2024 to Apr 1, 2025
  • Financial planning clients · More than 500 to More than 500
    Oct 10, 2024 to Apr 1, 2025
  • State-registered IARs · 63 to 71
    Oct 10, 2024 to Apr 1, 2025
  • Discretionary RAUM · $1.9B to $1.9B
    Oct 10, 2024 to Apr 1, 2025
  • HNW RAUM · $1.6B to $2.0B
    Oct 10, 2024 to Apr 1, 2025
  • Individual RAUM · $334M to $390M
    Oct 10, 2024 to Apr 1, 2025
  • Non-discretionary RAUM · $1.7B to $2.3B
    Oct 10, 2024 to Apr 1, 2025
  • RAUM · $3.5B to $4.2B
    Oct 10, 2024 to Apr 1, 2025
  • Related insurance company · false to true
    Oct 10, 2024 to Apr 1, 2025
  • Wrap assets (manager) · 0.0 to unset
    Oct 10, 2024 to Apr 1, 2025
  • Wrap assets (sponsor) · 8914272.0 to unset
    Oct 10, 2024 to Apr 1, 2025
  • Other offices · 1 to 2
    Mar 29, 2024 to May 29, 2024
  • Accounts · 7,784 to 9,075
    Mar 31, 2023 to Mar 29, 2024
  • Advisory employees · 61 to 63
    Mar 31, 2023 to Mar 29, 2024
  • HNW clients · 411 to 566
    Mar 31, 2023 to Mar 29, 2024
  • Individual clients · 1,317 to 1,497
    Mar 31, 2023 to Mar 29, 2024
  • Employees · 265 to 283
    Mar 31, 2023 to Mar 29, 2024
  • State-registered IARs · 61 to 63
    Mar 31, 2023 to Mar 29, 2024
  • Discretionary RAUM · $1.2B to $1.9B
    Mar 31, 2023 to Mar 29, 2024
  • HNW RAUM · $1.1B to $1.6B
    Mar 31, 2023 to Mar 29, 2024
  • Individual RAUM · $284M to $334M
    Mar 31, 2023 to Mar 29, 2024
  • Non-discretionary RAUM · $1.5B to $1.7B
    Mar 31, 2023 to Mar 29, 2024
  • RAUM · $2.7B to $3.5B
    Mar 31, 2023 to Mar 29, 2024
  • Wrap assets (sponsor) · $30.6M to $8.9M
    Mar 31, 2023 to Mar 29, 2024
Signals
23 dated events
  • Ashley Lavon Clark left Cain, Watters & Associates, Llc for Root Financial Partners (registered 2026-02-17)
    Feb 2, 2026 · Advisor changed firm · fact
  • Gary Blake Wallace left Cain, Watters & Associates, Llc for Eagle Strategies Llc (registered 2026-06-01)
    Dec 22, 2025 · Advisor changed firm · fact
  • Eric Robert Dluzniewski left Cain, Watters & Associates, Llc for Lpl Financial Llc (registered 2025-04-08)
    Mar 27, 2025 · Advisor changed firm · fact
  • Layne Jeremy Bolf (Chief Compliance Officer) appeared on Schedule A of Cain, Watters & Associates, Llc
    Oct 10, 2024 · Control person joined · fact
  • Scott Erwin (Chief Operations Officer) appeared on Schedule A of Cain, Watters & Associates, Llc
    Oct 10, 2024 · Control person joined · fact
  • Andrew Timothy Darley (General Counsel) appeared on Schedule A of Cain, Watters & Associates, Llc
    Oct 10, 2024 · Control person joined · fact
  • Jacob Robert Sheaf left Cain, Watters & Associates, Llc for Landaas & Company (registered 2024-10-02)
    Aug 22, 2024 · Advisor changed firm · fact
  • Peyton Alexis Ask left Cain, Watters & Associates, Llc for Captrust (registered 2025-02-20)
    Jul 25, 2024 · Advisor changed firm · fact
  • David Christopher York left Cain, Watters & Associates, Llc for Index Fund Advisors, Inc. (registered 2025-07-22)
    May 21, 2024 · Advisor changed firm · fact
  • Cain, Watters & Associates, Llc reported RAUM $3.5B, up 33% from $2.7B (2023-03-31 to 2024-03-29)
    Mar 29, 2024 · RAUM change · derived
  • Nathan Taylor Hill left Cain, Watters & Associates, Llc for Paladini Financial Advisors, Llc (registered 2023-10-19)
    Oct 19, 2023 · Advisor changed firm · fact
  • Mason Stern (Managing Member) appeared on Schedule A of Cain, Watters & Associates, Llc
    Mar 31, 2023 · Control person joined · fact
  • Giles David Forbess (Managing Member) appeared on Schedule A of Cain, Watters & Associates, Llc
    Mar 31, 2023 · Control person joined · fact
  • David Rhodes Cannon left Cain, Watters & Associates, Llc for David Rhodes Cannon, C.P.A., Llc (registered 2023-08-17)
    Feb 23, 2023 · Advisor changed firm · fact
  • Natalie Young left Cain, Watters & Associates, Llc for Merrill Lynch, Pierce, Fenner & Smith Incorporated (registered 2023-02-08)
    Dec 19, 2022 · Advisor changed firm · fact
  • Chelsea Danielle Johns left Cain, Watters & Associates, Llc for Mills Wealth Advisors, Llc (registered 2022-08-15)
    Sep 30, 2022 · Advisor changed firm · fact
  • Cain, Watters & Associates, Llc reported 62 state-registered advisory representatives, up from 49 (2021-12-02 to 2022-03-31)
    Mar 31, 2022 · Advisor headcount change · derived
  • Cain, Watters & Associates, Llc reported RAUM $2.8B, up 26% from $2.2B (2021-12-02 to 2022-03-31)
    Mar 31, 2022 · RAUM change · derived
  • Vincent Robert Coulter (Chief Compliance Officer) no longer on Schedule A of Cain, Watters & Associates, Llc (listed 2021-12-02, absent 2022-03-31)
    Mar 31, 2022 · Control person left · inference
  • J Kristi Heffron (Chief Compliance Officer) no longer on Schedule A of Cain, Watters & Associates, Llc (listed 2019-09-18, absent 2020-02-10)
    Feb 10, 2020 · Control person left · inference
  • Vincent Robert Coulter (Chief Compliance Officer) appeared on Schedule A of Cain, Watters & Associates, Llc
    Feb 10, 2020 · Control person joined · fact
  • David Hunter Satterfield (Ceo) appeared on Schedule A of Cain, Watters & Associates, Llc
    Jan 31, 2019 · Control person joined · fact
  • Donne Teresa Gast (Managing Member) no longer on Schedule A of Cain, Watters & Associates, Llc (listed 2018-11-14, absent 2019-01-31)
    Jan 31, 2019 · Control person left · inference
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
Business phone
972-663-3799reportedpublished by the firm, firm site, Sep 15, 2026
Business phone
972-233-3323reportedpublished by the firm, firm site, Sep 15, 2026
Firm profile
linkedin.com/company/cfoorthoreportedpublic record, Form ADV, Sep 17, 2026
Firm profile
linkedin.com/company/cain-watters-&-associatesreportedpublic record, Form ADV, Sep 17, 2026
Website
cainwatters.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone
972-233-3323reportedpublic record, Form ADV, Jun 4, 2026
Contact form
cainwatters.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
Team page
cainwatters.com/our-teamreportedpublished by the firm, firm site, Sep 15, 2026
Provenance
Form ADV
SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors
IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class
Independent wealth managerderiveda rule over Items 5.D and 7.A
RAUM per advisor
$66.3Mderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026