Capital Management Associates, Inc. is an SEC-Registered Investment Adviser with its
principal place of business located in Minnesota. Capital Management Associates, Inc. began
conducting business in 1982.
Listed below are the firm's principal shareholders (i.e., those individuals and/or entities
controlling 25% or more of this company).
• Gregory Alan Stroh, CEO/Chairman/Advisor Representative
•Capital Management Associates, Inc. offers the following advisory services to our clients:
INVESTMENT SUPERVISORY SERVICES ("ISS")
INDIVIDUAL PORTFOLIO MANAGEMENT
Our firm provides continuous advice to a client regarding the investment of client funds based
on the individual needs of the client. Through personal discussions in which goals and
objectives based on a client's particular circumstances are established, we create and
manage a portfolio based on the clients situation. During our data-gathering process, we
determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs.
As appropriate, we also review and discuss a client's prior investment history, as well as
family composition and background.
We manage these advisory accounts on a discretionary or non-discretionary basis. Account
supervision is guided by the client's stated objectives (i.e., maximum capital appreciation,
growth, income, growth and income or asset allocation), as well as tax considerations.
Clients may impose reasonable restrictions on investing in certain securities, types of
securities, or industry sectors.
Our investment recommendations are not limited to any specific product or service offered by
a broker-dealer or insurance company and will generally include advice regarding the
following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Warrants
• Corporate debt securities (other than commercial paper)
Thomas A. Luing, President/Advisor Representative
CMA Financial, Inc.•
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in real estate investment trusts - traded and non-
traded.
• Interests in partnerships investing in oil and gas interests
• Interests in partnerships investing in other
• Other
Because some types of investments involve certain additional degrees of risk, they will only
be implemented/recommended when consistent with the client's stated investment objectives,
tolerance for risk, liquidity and suitability.
MANAGED ACCOUNTS PROGRAM
Capital Management Associates, Inc. offers advisory management services to clients
through our Managed Accounts Program.
Capital Management Associates, Inc. performs management searches of various registered
investment advisers. Based on the client's individual circumstances and needs we determine
which selected registered investment adviser's ("adviser" or "asset manager") portfolio
management style is appropriate for that client. Factors considered in making this
determination include account size, risk tolerance, the opinion of each client and the
investment philosophy of the selected asset manager. Clients should refer to the asset
manager's Firm Brochure or other disclosure document for a full description of the services
offered. Client meetings are available on a regular basis, or as determined by the client, to
review the account.
Once we identify the most appropriate asset manager(s), our firm provides the selected
adviser with the client's account information, who then manages the client's portfolio based
on the strategy the client has chosen.
On an ongoing basis, we monitor the performance of the asset manager(s). If we determine
that a particular adviser is not providing sufficient management services to the client, then we
may move the client’s portfolio to a different asset manager and/or program sponsor.
INDIVIDUAL PORTFOLIO MANAGEMENT
Our firm provides non-continuous asset management of client funds based on the individual
needs of the client. Through personal discussions in which goals and objectives based on the
client's particular circumstances are established, we create and manage a portfolio based on
the clients situation. During our data-gathering process, we determine the client’s individual
objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we may also
review and discuss a client’s prior investment history, as well as family composition and
background.
We manage these advisory accounts on a discretionary or non-discretionary basis. Account
supervision is guided by the client's stated objectives (i.e., maximum capital appreciation,
growth, income, growth and income, or asset allocation), as well as tax considerations.
Clients may impose reasonable restrictions on investing in certain securities, types
of
securities, or industry sectors.
Once the client's portfolio has been established, we review the portfolio quarterly or upon
request.
Our investment recommendations are not limited to any specific product or service offered by
a broker-dealer or insurance company and will generally include advice regarding the
following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Warrants
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in real estate investment trusts - traded and non-traded
• Interests in partnerships investing in oil and gas interests
• Interests in partnerships investing in other
• Other
Because some types of investments involve certain additional degrees of risk, they will only
be recommended when consistent with the client's stated investment objectives, tolerance for
risk, liquidity and suitability.
FINANCIAL PLANNING
Financial planning is a comprehensive evaluation of a client’s current and future financial
state by using currently known variables to project future cash flows, asset values and
withdrawal plans. Through the financial planning process, all questions, information and
analysis are considered as they impact and are impacted by the entire financial and life
situation of the client. Clients purchasing this service, some or all of the services described
below, receive a written analysis designed to assist the client achieve his or her financial
goals and objectives.
In general, the financial plan can address any or all of the following areas:
• PERSONAL: We review family records, budgeting, personal liability, estate information
and financial goals.
• TAX & CASH FLOW: We analyze the client’s income tax and spending and planning for
past, current and future years; then illustrate the impact of various investments on the
client's current income tax and future tax liability.
• INVESTMENTS: We analyze investment alternatives and their effect on the client's
portfolio.
• INSURANCE: We review existing policies to ensure proper coverage for life, health,
disability, long-term care, liability, home and automobile.
• RETIREMENT: We analyze current strategies and investment plans to help the client
achieve his or her retirement goals.
• DEATH & DISABILITY: We review the client’s cash needs at death, income needs of
surviving dependents, estate planning and disability income.
• ESTATE: We assist the client in assessing and developing long-term strategies, including
as appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection
plans, nursing homes, Medicaid and elder law.
We gather required information through in-depth personal interviews. Information gathered
includes the client's current financial status, tax status, future goals, returns objectives and
attitudes towards risk. We carefully review documents supplied by the client, including a
questionnaire completed by the client, and prepare a written report. Should the client choose
to implement the recommendations contained in the plan, we suggest the client work closely
with his/her attorney, accountant, insurance agent, and/or broker. Implementation of
financial plan recommendations is entirely at the client's discretion.
We also provide general non-securities advice on topics that may include tax and budgetary
planning, estate planning and business planning.
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Warrants
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in real estate investment trusts - traded and non traded
• Interests in partnerships investing in oil and gas interests
• Interests in partnerships investing in other
• Other
Typically the financial plan is presented to the client within six months of the contract date,
provided that all information needed to prepare the financial plan has been promptly
provided.
Financial Planning recommendations are not limited to any specific product or service offered
by a broker-dealer or insurance company.
AMOUNT OF MANAGED ASSETS
As of 12/31/2023, we were actively managing $578,582,527.54 of clients'
assets on a discretionary basis, plus $
1,134,686,572.64 of clients' assets on a
non-discretionary basis
, and overseeing $4,766,049.38 of clients' assets being
managed by third-party money managers.
