SEC-registered wealth management firm Broker-dealer affiliated
Frost Investment Services
As of its Form ADV filed March 24, 2026, Frost Investment Services, an SEC-registered, broker-dealer affiliated wealth management firm in San Antonio, Texas, reported $3.7 billion in regulatory assets under management across 3,656 accounts, ranking #23 among all wealth firms in Texas by assets.
Registration
- Main office
- San Antonio, TX
- Registration
- SEC-registered, Approved
- CRD number
- 286129
- SEC file number
- 801-108754
- Registered since
- January 3, 2017
- Latest Form ADV filing
- March 24, 2026
- Legal name
- FROST INVESTMENT SERVICES, LLC
- Organized as
- Limited Liability Company
- Fiscal year ends
- December
- Other offices
- 50
Key figures
- Regulatory assets under management
- $3.7 billion
- Discretionary
- $3.7 billion (100.0%)
- Non-discretionary
- $0
- Accounts
- 3,656 (3,656 discretionary)
- Clients
- 3,656, approximate as reported
- Employees
- 177
- Advisory staff
- 111 performing investment advisory functions
- Average account
- $1.0 million
- Asset growth, 1 year
- 23.3% (from $3.0 billion a year earlier)
- Asset growth, 3-year annual rate
- 15.1% (from $2.4 billion three years earlier)
- Asset growth, 5-year annual rate
- 12.4% (from $2.0 billion five years earlier)
- Client growth, 1 year
- 15.0% (from 3,179)
Broker-dealer affiliated. The firm is affiliated with a bank (Item 7.A(8)) that is part of a group with a broker-dealer (Item 7.A(1)) or controlled by a public company (Schedule D, Item 10.A). It is ranked among all wealth firms, the directory's view that includes wirehouses and broker-dealer firms, not in the main lists of independent RIAs. How firms are classed.
Growth rates come from the SEC's yearly snapshots and are left blank when the years are not comparable.
Rankings
Among all wealth firms, including wirehouses and broker-dealer firms.
Assets over time
Data table
| As of | RAUM |
|---|---|
| October 2, 2017 | $160.0 million |
| October 1, 2018 | $1.1 billion |
| October 1, 2019 | $1.2 billion |
| October 1, 2020 | $1.7 billion |
| October 4, 2021 | $2.0 billion |
| October 3, 2022 | $2.7 billion |
| October 5, 2023 | $2.4 billion |
| October 1, 2024 | $2.7 billion |
| September 2, 2025 | $3.0 billion |
| October 2, 2026 | $3.7 billion |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| Corporations or other businesses 633 clients | $1.5 billion | |
| High net worth individuals 535 clients | $1.4 billion | |
| Individuals (other than high net worth) 2,484 clients | $777.7 million | |
| Charitable organizations fewer than 5 clients | $2.0 million |
How the firm is paid
- A percentage of assets under management
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Portfolio management for businesses or institutional clients
Financial planning clients (Item 5.H): 3000.
Wrap fee program sponsor or portfolio manager: no.
Other business, affiliations and custody
Other business activities (Item 6.A)
None reported.
Financial industry affiliations (Item 7.A)
- Broker-dealer
- Other investment adviser
- Banking or thrift institution
- Insurance company or agency
Custody (Item 9)
The firm reported custody of client cash or securities, $312.9 million in total.
Investment adviser representatives
- IARs registered with the firm
- 163
- Also registered through a broker-dealer
- 157
- Employees who are IARs (Form ADV 5.B(3))
- 107
Designations held by the firm's IARs: CFP 18, CFA 3, ChFC 1.
Between 10 and 44 of the firm's 163 IARs are registered in jurisdictions that require IAR CE. The source counts registrations by jurisdiction, and many IARs are registered in more than one, so the exact number is not knowable from it. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 1 disclosure question. See the detail on IAPD.
Succession and acquired firms
On Form ADV Item 4 the firm did not report succeeding to another adviser's business.
Similar-sized firms in Texas
| Firm | City | RAUM |
|---|---|---|
| Texas Capital Bank Private Wealth Advisors | Dallas | $4.2 billion |
| Alamo Advisors, LP | San Antonio | $3.9 billion |
| Retirement Planners of America | Plano | $3.6 billion |
| Advisor Resource Council | Dallas | $3.5 billion |
| Chilton Capital Management LLC | Houston | $3.2 billion |
The five wealth firms, broker-dealer affiliated firms included, nearest in regulatory assets with a main office in the same state.
Elsewhere
- Frost Investment Services on IAPD: Form ADV, brochures and disclosure detail.
- Wealth management firms in Texas
Firm data as of October 2, 2026, from ia100226.zip. Figures are as the firm reported them; corrections are made on Form ADV and appear after the next monthly reload.
Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.