DBA Upal or United Professionals Assoc. Ltd.
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
About
Utica Physicians’ Association, Ltd. (UPAL) is a physician membership organization that provides investment advisory services to individual retail clients through an IRA and Personal Investment Program at Charles Schwab and acts as program sponsor for defined contribution ERISA retirement plans. Its clients include physician members and their employees as well as other individual investors, and the firm provides investment recommendations, plan design and retirement program administration in partnership with an institutional trustee/recordkeeper.
UPAL’s investment approach emphasizes passive or minimally managed mutual funds and ETFs, buy-and-hold discipline, and global diversification while generally avoiding individual stock selection for retail accounts. UPAL reports that its Schwab retail program holds $82,963,529 in non-discretionary assets while the Retirement Program holds $159,168,252 in discretionary assets as of April 30, 2025, and the firm does not accept discretionary authority over client retail accounts—an arrangement that is uncommon among peers.
The firm’s ownership and governance by physician members, with oversight from a Financial Management Committee and board officers who are physicians, differentiates its organizational structure from many advisers. UPAL also centralizes retail custody and execution with Charles Schwab and outsources retirement trustee and recordkeeping functions to Bank of Oklahoma Financial Services, N.A., combining member-driven governance with institutional service providers.
Client services
Expertise
Occupation focus
Fee options
$0+: 0.35% annually (IRA and Personal Investment Program at Charles Schwab) $0+: 0.21% to 1.36% annually (Retirement Program depending on asset mix)
Fee-only: 0.35% annually for IRA and Personal Investment Program; 0.21%-1.36% annually for Retirement Program
Main office
6840 South Trenton Avenue
Tulsa OK 74136-4106
Advisors at this office
2
Most active in
Oklahoma
Also doing business as
Dba Upal Or United Professionals Assoc. Ltd. · United Professionals Association, Ltd. · Upal · Utica Physicans' Association, Ltd. · Utica Physicians' Association, Ltd.
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is not active or affiliated with:
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Insurance agent
They sell insurance products and may earn commissions on those sales.
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Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Forms ADV
Quick links
Advisors at this firm
Lincoln A
CFA®, Series 63, Series 66
Tulsa, OK
DBA Upal or United Professionals Assoc. Ltd.
Lincoln Anderson is a CFA® charterholder with 18 years of industry experience. He currently serves as an advisor at Utica Physicians’ Association, Ltd. (UPAL) and has previously worked at LPL Financial, Oklahoma Central Credit Union, Edward Jones, AmeriTrust Investment Advisors, Inc., and Merrill. Outside of his advisory role, he is co-owner of LinLin Creative Ventures, a non-investment related business. UPAL is a physician membership organization that provides investment advisory services to physician members, their employees, and other individual investors. The firm emphasizes passive or minimally managed mutual funds and ETFs, buy-and-hold discipline, and global diversification, and operates with a member-driven governance structure alongside institutional service providers.
Lea N
Series 65
Tulsa, OK
DBA Upal or United Professionals Assoc. Ltd.
Lea Nunley is a financial advisor with Upal (United Professionals Association, Ltd.) in Tulsa, OK, holding a Series 65 credential and nine years of industry experience. She has been associated with Utica Physicians' Association, Ltd. since 2000. Upal is a physician membership organization that provides investment advisory services primarily to physician members, their employees, and other individual investors. The firm focuses on passive or minimally managed mutual funds and ETFs with a buy-and-hold strategy and global diversification, and it operates with a member-driven governance structure combined with institutional custody and recordkeeping services.
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