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

Capital Wealth Alliance, LLC

Independent wealth managerScottsdale, ArizonaCRD 298257SEC 801-113992website IAPD

Latest filing Aug 1, 2026

First filing on the tape Aug 16, 2018 · 32 filings

SEC status approved since Sep 13, 2018

RAUM

$300M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

100%

$300M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$100M

derived; firm RAUM over IAPD count

Employees

3 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

32 filings and snapshots on the tape

RAUM$300M as of Aug 1, 2026

Mar 13, 2019$143M then

HNW client RAUM$221M as of Aug 1, 2026

Mar 13, 2019$67.7M then

State-registered IARs (5.B.3)3 as of Aug 1, 2026

Mar 13, 20195 then

Employees (5.A)5 as of Aug 1, 2026

Mar 13, 20197 then

Private funds: no history

RAUM +36% over the last fiscal year+11% a year over threeIARs 3 to 3

Practice profile

derived from the filing of Aug 1, 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
Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
Solo or small team · one advisor, or a wealth manager with up to three advisors and one office

RAUM per advisor: $100MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 116derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $3.8MderivedHNW RAUM over HNW clients
Average account: $348,774derivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.7derivedItem 5.A over advisors
Advisors per office: 3.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +36%derivedbetween the last two annual amendments
Advisor growth, one year: +0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year: -1.4%derived
Compensation: percentage of assets, hourly, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, selection of other advisersreportedItem 5.G
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)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$221M74%
Individuals$79.0M26%

Individual clients: 289reported
HNW clients: 59reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 861reported
Financial planning clients: 1-10reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, fixed, hourlyreported
Class basis: private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=2.0derived

Advisors registered through the firm

3 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Brent Michael Carman	Scottsdale, Az	Oct 1, 2018	22 y	5
Justin Laurence CairnsChartered Financial Consultant	Scottsdale, Az	Oct 1, 2018	20 y	1
Robert D Wong	Scottsdale, Az	Oct 4, 2018	32 y	1

Advisor movement

0 left, 0 joined in 12 months

net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount1 left over 36 months

Left, latest

Terry Dee Cox to Encompass More Asset Management LLC
Jul 9, 2024 · RIA to RIA
Curtis Lee Smith to Avior Wealth Management, LLC
Oct 13, 2022 · RIA to RIA

Joined, latest

Terry Dee Cox from Raymond James Financial Services Advisors, Inc
Jul 2, 2020 · Affiliated broker-dealer or bank to independent RIA
Robert D Wong from Raymond James Financial Services Advisors, Inc
Oct 4, 2018 · Affiliated broker-dealer or bank to a newly registered adviser
Curtis Lee Smith from Raymond James Financial Services Advisors, Inc
Oct 3, 2018 · Affiliated broker-dealer or bank to a newly registered adviser
Brent Michael Carman from Raymond James Financial Services Advisors, Inc
Oct 1, 2018 · Affiliated broker-dealer or bank to a newly registered adviser
Justin Laurence Cairns from Raymond James & Associates, Inc.
Oct 1, 2018 · Affiliated broker-dealer or bank to a newly registered adviser

Every departure Every arrival

Teams: two or more advisors moving together within fourteen days, from one state

3 joined from Raymond James Financial Services Advisors, Inc
Oct 2, 2018 · Scottsdale, Az

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Michael Brent Carman · Managing Partnercontrol
since 07/2018 · owns 50% to 75%
D Robert Wong · Managing Partner/ Chief Compliance Officercontrol
since 07/2018 · owns 50% to 75%

Related persons

Schedule D 7.A

Capital Wealth Insurance
real estaten

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Scottsdale, Az · principal	3	0	0
Fountain Hills, Az	0	0	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

1 against comparable advisers; where to look, not conclusions

RAUM up 25 %Change between filings · filing Mar 9, 2026
RAUM (Item 5.F) moved from $220,462,774 to $300,294,005 (+36.0%) between the annual amendments of 2025-03-05 and 2026-03-09; the peer median change was +15.0% (4551 comparable advisers, 91.0th percentile of changes)
peers: independent wealth managers, $100M to $500M (4,551) · 91% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 881 to 861
Mar 5, 2025 to Mar 9, 2026
HNW clients · 41 to 59
Mar 5, 2025 to Mar 9, 2026
Individual clients · 312 to 289
Mar 5, 2025 to Mar 9, 2026
Discretionary RAUM · $220M to $299M
Mar 5, 2025 to Mar 9, 2026
HNW RAUM · $142M to $221M
Mar 5, 2025 to Mar 9, 2026
Individual RAUM · $78.3M to $79.0M
Mar 5, 2025 to Mar 9, 2026
Non-discretionary RAUM · $0 to $962,765
Mar 5, 2025 to Mar 9, 2026
RAUM · $220M to $300M
Mar 5, 2025 to Mar 9, 2026
Advisory employees · 4 to 3
Nov 12, 2024 to Mar 5, 2025
Accounts · 1,348 to 881
Nov 12, 2024 to Mar 5, 2025
BD registered reps · 4 to 2
Nov 12, 2024 to Mar 5, 2025
HNW clients · 39 to 41
Nov 12, 2024 to Mar 5, 2025
Individual clients · 460 to 312
Nov 12, 2024 to Mar 5, 2025
Employees · 9 to 5
Nov 12, 2024 to Mar 5, 2025
Financial planning clients · 1-10 to 1-10
Nov 12, 2024 to Mar 5, 2025
State-registered IARs · 4 to 3
Nov 12, 2024 to Mar 5, 2025
Discretionary RAUM · $236M to $220M
Nov 12, 2024 to Mar 5, 2025
HNW RAUM · $81.4M to $142M
Nov 12, 2024 to Mar 5, 2025
Individual RAUM · $154M to $78.3M
Nov 12, 2024 to Mar 5, 2025
RAUM · $236M to $220M
Nov 12, 2024 to Mar 5, 2025
Other offices · 1 to 0
Jun 6, 2024 to Aug 6, 2024
Accounts · 1,342 to 1,348
Mar 8, 2023 to Feb 27, 2024
Advisory employees · 5 to 4
Mar 8, 2023 to Feb 27, 2024
HNW clients · 48 to 39
Mar 8, 2023 to Feb 27, 2024
Individual clients · 451 to 460
Mar 8, 2023 to Feb 27, 2024
Employees · 7 to 9
Mar 8, 2023 to Feb 27, 2024
State-registered IARs · 5 to 4
Mar 8, 2023 to Feb 27, 2024
Discretionary RAUM · $218M to $236M
Mar 8, 2023 to Feb 27, 2024
HNW RAUM · $129M to $81.4M
Mar 8, 2023 to Feb 27, 2024
Individual RAUM · $88.9M to $154M
Mar 8, 2023 to Feb 27, 2024
RAUM · $218M to $236M
Mar 8, 2023 to Feb 27, 2024
Accounts · 1,539 to 1,342
Dec 1, 2022 to Mar 8, 2023
Advisory employees · 6 to 5
Dec 1, 2022 to Mar 8, 2023
BD registered reps · 7 to 4
Dec 1, 2022 to Mar 8, 2023
HNW clients · 58 to 48
Dec 1, 2022 to Mar 8, 2023
Individual clients · 483 to 451
Dec 1, 2022 to Mar 8, 2023
Employees · 9 to 7
Dec 1, 2022 to Mar 8, 2023
Financial planning clients · 0 to 1-10
Dec 1, 2022 to Mar 8, 2023
State-registered IARs · 6 to 5
Dec 1, 2022 to Mar 8, 2023
Discretionary RAUM · $266M to $218M
Dec 1, 2022 to Mar 8, 2023

Signals

5 dated events

Terry Dee Cox left Capital Wealth Alliance, Llc for Encompass More Asset Management Llc (registered 2024-07-01)
Jul 9, 2024 · Advisor changed firm · fact
Gary Richard Merican (Managing Partner) no longer on Schedule A of Capital Wealth Alliance, Llc (listed 2023-03-08, absent 2024-02-27)
Feb 27, 2024 · Control person left · inference
Lee Curtis Smith (Managing Partner) no longer on Schedule A of Capital Wealth Alliance, Llc (listed 2022-05-05, absent 2022-10-18)
Oct 18, 2022 · Control person left · inference
Curtis Lee Smith left Capital Wealth Alliance, Llc for Avior Wealth Management, Llc (registered 2022-10-14)
Oct 13, 2022 · Advisor changed firm · fact
Capital Wealth Alliance filed its initial SEC registration (Form ADV)
Aug 16, 2018 · First SEC registration · fact

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

Website: capitalwealthalliance.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 480-948-7590reportedpublic record, Form ADV, Aug 1, 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: $100Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026