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L. Roy Papp & Associates
Roy Papp, a former Wellington Management partner, established the firm in 1979 in Phoenix, Arizona.
L. Roy Papp & Associates
Roy Papp, a former Wellington Management partner, established the firm in 1979 in Phoenix, Arizona. The firm remains independently owned and structured as an SEC-registered investment adviser with 11 partners, 8 CFA charterholders and 1 CPA on staff. It serves high-net-worth individuals, trusts, businesses and institutional investors, with a practice built around tailored portfolio management and financial planning. L. Roy Papp & Associates runs concentrated equity portfolios composed of 25–35 high-quality, dividend-growing companies, while its fixed-income strategy emphasizes investment-grade corporates and municipals. The firm takes an active, research-driven approach — its investment team conducts proprietary fundamental analysis and holds positions for multi-year periods. Beyond direct stock and bond management, the firm advises a mutual fund and delivers a suite of planning services spanning retirement income, education funding, legacy planning, tax planning and charitable giving. The client base is national in reach, with all investment and planning services managed from the single Phoenix office. The firm operates as a partnership of 11 principals, supported by a dedicated investment team and support staff listed in its Form ADV. Eight of the partners hold the CFA designation, a high concentration for a boutique advisory. In December 2025 the firm published a note on its Views from Camelback blog detailing tax-planning strategies following the passage of new legislation, signaling an ongoing emphasis on after-tax return optimization for clients. The partnership structure itself is the firm's structural differentiator. Unlike many RIAs that centralize ownership with a single founder or parent consolidator, L. Roy Papp & Associates distributes equity and investment-decision authority across a bench of career partners. This architecture aligns manager tenure with client time horizons and creates a built-in succession mechanism within the practice.
General information
Firm type
RIA
Year founded
1979
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Phoenix
Corporate office
2201 E. Camelback Road, Suite 227B, Phoenix, AZ 85016
Frequently asked questions
What investment strategies does L. Roy Papp & Associates employ?
The firm applies an active, research-driven management approach across equities and fixed income. Its equity portfolios are concentrated, typically holding 25–35 dividend-growing, high-quality companies. The fixed-income strategy focuses on investment-grade corporate and municipal bonds. Portfolios are constructed for each client individually, based on their objectives and risk tolerance.
Is L. Roy Papp & Associates an independent firm?
Yes. The firm was founded in 1979 and remains independently owned by its 11 partners. It is not a subsidiary of a bank, insurer or consolidator, which allows the investment team to make decisions without pressure from a parent company's product desk.
What is the firm's approach to tax management in portfolios?
After-tax return is a central tenet of the firm's investment philosophy. The firm explicitly states that the after-tax, after-fee return is what counts, and it integrates tax planning — including tax-loss harvesting, municipal-bond allocation and charitable-giving strategies — directly into portfolio construction and ongoing management.
Who are the investment decision-makers at the firm?
Investment decisions are made collectively by the partnership team, which includes 8 CFA charterholders. The firm's mutual fund vehicle lists specific portfolio managers in its regulatory filings, but individual client portfolios are managed through the same in-house research process overseen by the partners.
Does L. Roy Papp & Associates serve institutional investors or only individuals?
The firm serves both high-net-worth individuals and institutional investors. Its client base, as described in its Form ADV, includes individuals, trusts, businesses and institutional accounts. The firm's mutual fund also provides a pooled vehicle for smaller investors seeking access to its stock-selection strategy.
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