Frost Investment Advisors, Llc
SEC-registered
Mutual Fund / Asset Manager · Mid-sized ($1B–$10B)
CRD 146148
· SEC file 801-68724
· San Antonio, TX
· www.linkedin.com
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ADV data as of Mar 24, 2026
- Regulatory AUM
- $5.4B
- Discretionary
- $5.4B
- Clients
- 9
- Avg AUM / client
- $596M
- Accounts
- 10
- Employees
- 31
AUM over time
$3.5B
$11.2B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 24, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 4 | $5.0B | 92.4% |
| Insurance companies | 3 | $382M | 7.12% |
| Corporations and other businesses | 1 | $7.8M | 0.15% |
| Other | 1 | $18.4M | 0.34% |
People (32)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Jeffery A Elswick | Managing Director / Director Of Fixed Income / Senior Fund Manager / Co Cio | Feb 2008 (19y) | Less than 5% | |
| Timothy Paul Altree | Manager / Managing Director /Product Development And Asset Allocation | Nov 2008 (18y) | Less than 5% | |
| William John Lutz | Director Of Equities / Senior Fund Manager / Senior Research Analyst | CFA | Aug 2009 (17y) | Less than 5% |
| Justin J Hopkins | National Sales Manager | Nov 2009 (17y) | Less than 5% | |
| Robert Dean Pfeifer | Managing Director / Chief Compliance Officer | Sep 2010 (16y) | Less than 5% | |
| Milich, Michael, Wayne | Manager | Apr 2016 (10y) | Less than 5% | |
| Benson, Michael, Dean | Manager | Jan 2017 (10y) | Less than 5% | |
| Alan Robert Adelman | Senior Research Analyst / Senior Fund Manager | Jan 2019 (8y) | Less than 5% | |
| Mace Marlin Mccain | President / Manager / Managing Director/Cio | Feb 2021 (6y) | Less than 5% | |
| Severyn, Carol, Jean | Manager | Feb 2021 (6y) | Less than 5% | |
| Rhodes, Coolidge, Elmo | Manager | Oct 2021 (5y) | Less than 5% | |
| Wilson, Kenneth | Manager | Jan 2024 (3y) | Less than 5% | |
| Markie Stark Atkission | Registered representative | Dec 2009 (17y) | ||
| Timothy Lee Tucker | Registered representative | Jun 2011 (15y) | ||
| Florence Elizabeth Vargas | Registered representative | May 2012 (14y) | ||
| Thomas A Bergeron | Registered representative | CFA | May 2014 (12y) | |
| Christopher Michael Cook | Registered representative | CFA | May 2014 (12y) | |
| Alexander P Stewart | Registered representative | Jul 2015 (11y) | ||
| Jonathan Mckay Waite | Registered representative | CFA | Mar 2017 (9y) | |
| Olivier Patrice Dardant | Registered representative | CFA | Aug 2017 (9y) | |
| Austin Molloy Haworth | Registered representative | Oct 2017 (9y) | ||
| Ryan Michael Struski | Registered representative | Feb 2018 (8y) | ||
| Daniel Pavia | Registered representative | Oct 2019 (7y) | ||
| Benjamin Russell Warlow | Registered representative | Sep 2021 (5y) | ||
| Andrew D Simms | Registered representative | Dec 2021 (5y) | ||
| Duane Michael Pettis | Registered representative | Mar 2022 (4y) | ||
| David Puente | Registered representative | Apr 2022 (4y) | ||
| Rochelle Nicole Hetrick | Registered representative | Feb 2023 (3y) | ||
| Charles Robert Ross | Registered representative | Oct 2023 (3y) | ||
| Alexander John Rokowski | Registered representative | CFA | Feb 2024 (2y) | |
| Brandon Michael Smith | Registered representative | Apr 2025 (1y) | ||
| Kyla Anne Burke | Registered representative | Nov 2025 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Frost Bank | Parent Corporation / Managing Member | Dec 2007 | A | 75% or more |
| Cullen/Frost Bankers, Inc. | Parent Corporation | Jun 2013 | B | ≈ 56.25% – 100% via Frost Bank |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Cullen/Frost Bankers, Inc.: 75% – 100% of Frost Bank × 75% – 100% direct ≈ 56.25% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/24/2026 | 1.21 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Other fees
- • PROVIDE MODELS TO 3RD PARTIES AND RECEIVE ASSET-BASED FEES
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Frost Bank $408M (8% of AUM) Mar 2026
- Citibank $130M (3% of AUM) Mar 2022
- Northern Trust $65.1M (1% of AUM) Jun 2020
- Wells Fargo $49.6M (1% of AUM) Jun 2020
- RBC $33.5M (1% of AUM) Jun 2020
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 24, 2026.
View current Form ADV (SEC/IAPD) ↗