Legal Disclosure
Last updated: October 2026
About Covenant Wealth Advisors
Covenant Wealth Advisors (CWA) is a d/b/a of Fonville Wealth Management, LLC, a fee-only investment adviser registered with the U.S. Securities and Exchange Commission (SEC), with offices in Richmond, Reston, and Williamsburg, Virginia. Registration with the SEC does not imply a certain level of skill or training. CWA may only transact business in states where it has made any required notice filings or is excluded or exempt from those requirements. For information about CWA's services, fees, and conflicts of interest, please review our Form CRS and Form ADV Part 2A, available on this website and upon request. Additional information about CWA is available on the SEC's Investment Adviser Public Disclosure website at adviserinfo.sec.gov.
Website Content
The information on this website reflects the thoughts and opinions of CWA, is subject to change without notice, and is protected by copyright. No part of this website may be modified, distributed, posted, or transmitted without the prior written consent of CWA.
Content on this website is provided for informational and educational purposes only. Nothing on this website is intended to constitute legal, tax, accounting, securities, or investment advice, or an opinion regarding the appropriateness of any investment or service for any individual, and it should not be relied upon in making an investment decision. Personalized advice is provided only to clients under a signed client service agreement. Nothing on this website is an offer or solicitation to buy or sell any security or financial instrument. Please consult your own tax or legal adviser about your individual circumstances.
CWA believes the information on this website has been obtained from reliable sources, but its accuracy, completeness, and suitability for any purpose cannot be guaranteed. The information on this website is not a complete description of CWA's services.
You are responsible for evaluating the merits and risks of using any information on this website before making any decision based on it. CWA and its third-party content providers are not liable for damages arising from decisions you make based on information made available on this website. Nothing in this disclosure waives or limits any rights you may have under federal or state securities laws.
Links to Third-Party Websites
Links to other websites, and references to other products, services, or publications, do not imply CWA's endorsement or approval. Third-party websites reached through links from this website may have privacy and security policies that differ from ours. CWA is not responsible for any damages that may result from visiting a linked website.
Investment Risk and Performance
Investing involves risk, including possible loss of principal. No investment strategy, including diversification and asset allocation, can ensure a profit or protect against loss. Value, small company, and international investing (including emerging markets) involve special risks, including greater volatility, currency risk, and political and economic risk. Returns, share prices, and yields will fluctuate, and an investment may be worth more or less than its original cost when sold.
Any reference to the performance of an investment, index, or portfolio is based on historical data. Past performance is not indicative of future results. It should not be assumed that any investment, product, or strategy mentioned on this website, directly or through links, will be appropriate or profitable for any particular investor or will perform as it has in the past.
Professional Designations
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks. Descriptions of the professional designations held by CWA team members, including the CFP®, CPA, EA, and FPQP® designations, are available in our Form ADV Part 2B.
Free Strategy Session Terms
No Monetary Cost. Our Strategy Session is provided at no monetary cost to you, and you are under no obligation to purchase any products or services. The Strategy Session is currently available to investors with $1 million or more in investable assets, excluding real estate.
Information Exchange. To request a Strategy Session, you must provide your contact information (name, email address, and phone number). By requesting a session, you acknowledge that you are exchanging your contact information for the session and registering for our weekly newsletter, offered at no monetary cost to you.
Assessment Process. We will schedule a meeting to discuss, document, and prioritize your retirement goals and concerns. During the conversation we may discuss strategies to consider in the areas of investment management, tax planning, and retirement income planning. Should you decide to become a client, we will design, build, and implement a financial plan to help you to and through retirement.
No Obligation. You are not required to provide additional financial information, meet with us beyond the initial consultation, or engage our services. You may discontinue the process or opt out of future communications at any time. Not providing additional information may prevent us from providing a thorough analysis.
Educational Nature. The Strategy Session is educational and analytical in nature. It does not constitute personalized investment advice or a recommendation to take any specific action, and no advisory relationship is formed as a result of participating. Investment advice and implementation of strategies are provided only after you formally engage CWA as a client by signing a client service agreement.
Communications Consent
When you submit a form on this website, you consent to be contacted as described in the consent language shown with that form, and you will be subscribed to our weekly newsletter. You may unsubscribe from emails at any time using the link in any email, opt out of text messages by replying STOP, or contact us at info@mycwa.com. Consent to receive communications is not a condition of purchasing any service.
Testimonials and Reviews
Client testimonials shown on this website are from current clients unless otherwise noted. CWA has not provided compensation for these testimonials. CWA solicited these testimonials but did not influence their content. To our knowledge, no other material conflicts of interest exist regarding these testimonials. Testimonials may not be representative of other clients' experiences and are not a guarantee of future performance or success.
Awards and Recognition
This section provides the full details for each award or ranking CWA references in its advertising: the date it was given, the period it was based on, the organization that created it, its methodology, and whether CWA paid any compensation to be considered for it or to use it.
Inc. 5000 America's Fastest-Growing Private Companies (2026): Covenant Wealth Advisors was ranked No. 1,803 on the 2026 Inc. 5000 list, published by Inc. on August 11, 2026. The 2026 list ranks companies by percentage revenue growth over the three-year period from 2022 to 2025. To qualify, companies must be privately held, for-profit, based in the U.S., and independent (not subsidiaries or divisions of other companies) as of December 31, 2025, must have generated revenue by March 31, 2022, and must have generated at least $100,000 in revenue in 2022 and at least $2 million in revenue in 2025. Applicants are subject to Inc.'s revenue verification and editorial review, and Inc. may disqualify companies that do not meet its standards. CWA paid Inc. a nonrefundable application fee to be considered for the list and paid a licensing fee for the right to use the Inc. 5000 name and logo in marketing materials. The ranking reflects CWA's business revenue growth only; it does not evaluate investment performance, the quality of advice, or any client's experience. See full methodology.
Inc. 5000 America's Fastest-Growing Private Companies (2025): Covenant Wealth Advisors was ranked No. 3,054 on the 2025 Inc. 5000 list, published by Inc. on August 12, 2025. Companies on the 2025 list are ranked by percentage revenue growth over the three-year period from 2021 to 2024. To qualify, companies must have been privately held, for-profit, based in the U.S., and independent (not subsidiaries or divisions of other companies) as of December 31, 2024, must have been founded and generating revenue by March 31, 2021, and must have generated at least $100,000 in revenue in 2021 and $2 million in revenue in 2024. Since then, some companies on the list may have gone public or been acquired. All honorees must pass Inc.'s editorial review. CWA paid Inc. a nonrefundable application fee to be considered for the list and paid a licensing fee for the right to use the Inc. 5000 name and logo in marketing materials. The ranking reflects CWA's business revenue growth only; it does not evaluate investment performance, the quality of advice, or any client's experience.
Newsweek America's Top Financial Advisory Firms 2026: Covenant Wealth Advisors was named one of America's Top Financial Advisory Firms 2026 in a ranking created and tabulated by Plant-A Insights Group and published by Newsweek on November 14, 2025. The ranking is based on SEC investment adviser data as of September 2025, with asset and client growth measured over the short term (September 2024 to September 2025) and the long term (September 2020 to September 2025). Plant-A Insights Group analyzed more than 16,000 SEC-registered advisory firms and recognized the top 1,000. To be eligible, firms needed more than $20 million in assets under management, at least three wealth advisers, at least five individual clients, at least two years of SEC registration, a clean disciplinary record, and portfolio management services for individual investors. Firms were scored on asset performance, client performance, adviser expertise and client ratio, breadth of service offerings, and conflicts of interest. There is no application process, and CWA did not pay to be considered for or included in the ranking. CWA paid Newsweek/Plant-A Insights Group a licensing fee for the right to use the ranking title and badge in advertising materials. You may access the methodology here, the list of financial advisory firms selected, and the ranking on Newsweek. This ranking was granted by an organization that is not a CWA client.
Newsweek America's Top Financial Advisory Firms 2025: Covenant Wealth Advisors was named one of America's Top Financial Advisory Firms 2025 in a ranking created and tabulated by Plant-A Insights Group and published by Newsweek in November 2024. The ranking is based on SEC investment adviser data as of September 2024. Plant-A Insights Group analyzed more than 15,000 SEC-registered advisory firms and recognized 750. To be eligible, firms needed more than $20 million in assets under management, at least three wealth advisers, at least five individual clients, and at least two years of SEC registration. Firms were scored on asset performance, client performance, adviser expertise and client ratio, breadth of service offerings, and conflicts of interest. CWA did not pay to be considered for or included in the ranking. CWA paid Newsweek/Plant-A Insights Group a licensing fee for the right to use the ranking title and badge in advertising materials. You may access the methodology here and a list of financial advisory firms selected. This ranking was granted by an organization that is not a CWA client.
USA TODAY Best Financial Advisory Firms 2026: Covenant Wealth Advisors was named to USA TODAY's Best Financial Advisory Firms 2026 list, compiled by Statista and published by USA TODAY on April 14, 2026. Statista recognized 1,000 registered investment advisory firms. Scores were based on recommendations (20% of the score) collected through an independent survey of more than 30,000 clients, industry experts, and financial advisors, and on growth in assets under management (80% of the score), measured with SEC data collected through January 2026 over a short-term period (January 2025 to January 2026) and a long-term period (2021 to 2026). To be eligible, firms must have been registered with the SEC and/or at the state level for at least one year, maintain a principal office in the United States, have a clean disciplinary record, provide financial planning or portfolio management services to individuals and/or small businesses, and manage more than $500,000 in assets. CWA did not pay to be considered for or included in the ranking. CWA paid USA TODAY/Statista a licensing fee for the right to use the ranking in advertising materials. See the Statista methodology here. See USA TODAY for more information. This ranking was granted by an organization that is not a CWA client.
USA TODAY Best Financial Advisory Firms 2025: Covenant Wealth Advisors was named to USA TODAY's Best Financial Advisory Firms 2025 list, compiled by Statista and published by USA TODAY on April 22, 2025. The 2025 list recognized 500 registered investment advisory firms based on recommendations from clients and peers and on short- and long-term growth in assets under management, using AUM data through January 2025. CWA did not pay to be considered for or included in the ranking. CWA paid USA TODAY/Statista a licensing fee for the right to use the ranking in advertising materials. See the 2025 ranking here. See the USA TODAY article here. This ranking was granted by an organization that is not a CWA client.
Forbes Best-In-State Wealth Advisors 2026: Mark Fonville was named to the Forbes Best-In-State Wealth Advisors 2026 list for Virginia. The ranking was developed by SHOOK Research, LLC and published by Forbes on April 7, 2026, based on data for the 12-month period from June 30, 2024 to June 30, 2025. Advisors considered must have at least seven years of experience and be nominated by their firm. SHOOK Research evaluates advisors through telephone, virtual, and in-person due diligence interviews and on criteria including client impact, client retention, industry experience, credentials, compliance records, best practices, assets under management, and revenue generated for their firms. Investment performance is not a criterion. Neither Forbes nor SHOOK Research receives compensation in exchange for placement on the rankings, and CWA did not pay to be considered for or included in the ranking. CWA paid Forbes a licensing fee for the right to use the ranking in advertising materials. Forbes Best-In-State Wealth Advisors ranking disclosure. See the ranking on Forbes. Read more about the SHOOK Research methodology here. This ranking was granted by an organization that is not a CWA client.
Forbes Best-In-State Wealth Advisors 2025: Mark Fonville was named to the Forbes Best-In-State Wealth Advisors 2025 list for Virginia. The ranking was developed by SHOOK Research, LLC and published by Forbes on April 8, 2025, based on data for the 12-month period from June 30, 2023 to June 30, 2024. Advisors considered must have at least seven years of experience and be nominated by their firm, and are evaluated through due diligence interviews and on qualitative and quantitative criteria including client retention, industry experience, compliance records, assets under management, and revenue generated for their firms. Investment performance is not a criterion. Neither Forbes nor SHOOK Research receives compensation in exchange for placement on the rankings, and CWA did not pay to be considered for or included in the ranking. CWA paid Forbes a licensing fee for the right to use the ranking in advertising materials. Forbes Best-In-State Wealth Advisors ranking disclosure. Read more about the SHOOK Research methodology here. This ranking was granted by an organization that is not a CWA client.
Forbes Best-In-State Wealth Advisors 2022: Mark Fonville was named to the Forbes Best-In-State Wealth Advisors 2022 list for Virginia. The ranking was developed by SHOOK Research, LLC and published by Forbes in April 2022, based on data for the 12-month period from June 30, 2020 to June 30, 2021. Advisors considered must have at least seven years of experience and be nominated by their firm, and are evaluated through due diligence interviews and on qualitative and quantitative criteria including client retention, industry experience, compliance records, assets under management, and revenue generated for their firms. Investment performance is not a criterion. Neither Forbes nor SHOOK Research receives compensation in exchange for placement on the rankings, and CWA did not pay to be considered for or included in the ranking. [CWA paid Forbes a licensing fee for the right to use the ranking in advertising materials. / CWA did not pay to use this ranking.] Read more about the 2022 ranking here. This ranking was granted by an organization that is not a CWA client.
Expertise.com Best Financial Advisors (2026): Expertise.com selected Covenant Wealth Advisors as one of the best financial advisors in Williamsburg, VA and best financial advisors in Richmond, VA for 2026, last updated as of this disclosure on March 12, 2026. Expertise.com's selection process evaluates providers across five criteria: (1) Availability: confirming the provider's service area and accessibility; (2) Qualifications: validating licenses, certifications, and professional accreditations; (3) Reputation: analyzing review data across public records, including volume, average scores, and rating consistency; (4) Experience: assessing primary area of expertise, variety of services offered, and years in practice; and (5) Professionalism: conducting mystery shopping calls to evaluate knowledgeability, friendliness, and responsiveness. Expertise.com researches more than 60,000 businesses monthly across over 200 industries. CWA compensated Expertise.com for advertising on their platform in connection with use of this rating. This selection was made by an organization that is not a CWA client.
RichmondBizSense #1 Fastest Growing Company (2020): CWA was awarded the #1 fastest growing company by RichmondBizSense on October 8, 2020 based on three-year annual revenue growth ending December 31, 2019. To qualify for the annual RVA 25, companies must be privately held, headquartered in the Richmond region, and able to submit financials for the last three full calendar years. Submissions were vetted by Henrico-based accounting firm Keiter. No compensation was provided to RichmondBizSense in connection with this ranking. This ranking reflects historical growth during the 2017 to 2019 period and is not indicative of current or future performance.
General Award Disclosures: The awards and rankings listed above were granted by organizations that are not CWA clients. Each ranking is based on the methodology and opinions of the organization that created it, which may rely in part on information provided by CWA. Where compensation has been provided in connection with obtaining or using any third-party rating, it is disclosed within the specific award entry above and with the award where it appears. Rankings and awards are not indicative of any client's experience or of future performance, do not evaluate the quality of advice provided to any individual client, and should not be construed as a guarantee that a client or prospective client will experience a certain level of results if CWA is engaged. They should not be construed as a current or past endorsement of CWA by any of its clients. While we seek to minimize conflicts of interest, no registered investment adviser is conflict-free, and we advise all interested parties to request a list of potential conflicts of interest prior to engaging in a relationship.
Better Business Bureau: CWA is a member of the Better Business Bureau. We compensate the BBB to be a member, and our BBB rating is independently determined by the BBB.
Client Retention Rate
Client retention rate is calculated as ((total clients at end of period minus new clients acquired during period) / total clients at start of period) x 100%. When displayed, the retention rate will specify the period measured, which can be assumed to run from January 1 to December 31 of the year provided. Past retention rates are not indicative of future client satisfaction or retention.
Chart and Slide Disclosures
Purpose and audience. This content is for general information and education only. It does not constitute personalized investment, tax, or legal advice, an offer to sell, or a solicitation to buy any security. All investing involves risk, including the risk of loss. Results will vary for each investor.
What you're viewing. Unless stated otherwise, charts on this website show market or index data, not the results of any Covenant Wealth Advisors portfolio or client account. Market indexes are unmanaged, cannot be invested in directly, and do not reflect advisory fees, trading costs, taxes, or the impact of cash flows. Any returns shown are typically total returns (dividends and interest reinvested); please see chart footnotes for the precise calculation. Your actual results will differ.
Data sources and assumptions. Data come from third-party sources we believe to be reliable (for example, index providers, academic datasets, and government series). Historical back-filled or reconstructed series may be used for periods before formal index inception and should be viewed as estimates. Methodologies, index constituents, and calculation practices may change without notice. All figures are as of the date indicated and are subject to revision.
Limitations and risks. Long-term market charts can obscure the severity and length of interim declines; short-term charts can overemphasize recent moves. Equity markets can be volatile and have experienced losses exceeding 50%; bond prices can decline when interest rates rise; inflation reduces purchasing power. Past performance is not indicative of future results.
Comparisons. Comparisons between an index and a managed strategy are for context only. Because indexes do not incur fees or trading costs, index returns are higher than the net returns an investor would have achieved in a comparable real-world investment.
Subset or segment results. If a chart shows the performance of a subset of a market (for example, a sector, factor, or segment), we will promptly provide the corresponding total index results through the most recent period for which we have data upon request so you can evaluate the subset in context. Email info@mycwa.com.
Hypothetical or model outputs. Any projections, scenarios, back-tests, or other hypothetical results are shown for illustration only, rely on assumptions that may not materialize, and have inherent limitations; they are not guarantees of future outcomes. Where used, we describe key inputs, assumptions, and limitations, and we present such material only to audiences for whom we have determined it is relevant, consistent with our policies and procedures.
Regulatory note. The SEC has not approved or reviewed the calculations or presentation of any performance shown.
Trademarks
All third-party trademarks referenced on this website, including index names such as S&P 500® and the names and logos of the publications and organizations listed above, belong to their respective owners and are used for reference only.
Privacy
Please review our Privacy Policy for information about how we collect, use, and protect your information. We do not sell your personal information.