DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

Former SEC-registered adviser

Watermark Asset Management, Inc.

Former SEC-registered adviserSan Ramon, CaliforniaCRD 108407SEC 801-57796IAPD
Latest filing Jan 14, 2019
First filing on the tape Jan 27, 2012 · 14 filings
RAUM
$408M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
89%
$364M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
10
7 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
14 filings and snapshots on the tape
RAUM$408M as of Mar 19, 2018
Jan 27, 2012$180M then
HNW client RAUM: $269M
State-registered IARs (5.B.3)8 as of Mar 19, 2018
Jan 27, 20120 then
Employees (5.A)10 as of Mar 19, 2018
Apr 1, 20137 then
Private funds: no history
RAUM +18% over the last fiscal year+11% a year over threeIARs 9 to 8
Practice profile
derived from the filing of Jan 14, 2019; every figure names its basis
RAUM per advisor
$51.0MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
51derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$2.4MderivedHNW RAUM over HNW clients
Average account
$356,124derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
6.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.3derivedItem 5.A over advisors
Advisors per office
4.0derived2 offices incl. principal (1.F.5)
RAUM growth, one year
+18%derivedbetween the last two annual amendments
Advisor growth, one year
-11%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assets, hourlyreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, pension consulting, selection of other advisersreportedItem 5.G
Ownership
controlled by a public reporting companyderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • receives research or other products from a broker-dealer, soft dollars (8.E)
  • compensates persons for client referrals (8.G.1)
  • compensates non-employees for client referrals (8.G.2)
  • controlled by a public reporting company (10.A)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$269M66%
  • Individuals$95.1M23%
  • State and municipal entities$23.5M5.8%
  • Corporations and businesses$18.5M4.5%
  • Charitable organizations$1.8M0.4%
Individual clients
298reported
HNW clients
112reported
Pension plan clients
0reported
Charitable clients
n/areported
Accounts
1,146reported
Financial planning clients
51-100reported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, hourlyreported
Class basis
absent from the latest SEC rosterderived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
Joined, latest
Every departureEvery arrival
Teams: two or more advisors moving together within fourteen days, from one state
    Teams outTeams in
    Private funds
    No private fund reported.
    Owners and control persons
    Schedule A and B, latest filing
    • Rosanne Costello · Vice Presidentcontrol
      since 07/2016 · owns less than 5%
    • Louise Barbara Miller · Board Membercontrol
      since 06/1997 · owns 25% to 50%
    • Irwin Mark Miller · President/Chief Compliance Officercontrol
      since 06/1997 · owns 25% to 50%
    Related persons
    Schedule D 7.A
    Offices
    Schedule D 1.F, the 25 largest
    • Phoenix, AZ2 employees
    What changed
    consecutive filings, newest first
    • Related adviser · false to true
      Mar 19, 2018 to Jan 14, 2019
    • Related broker-dealer · false to true
      Mar 19, 2018 to Jan 14, 2019
    • Accounts · 1,036 to 1,146
      Feb 16, 2017 to Mar 19, 2018
    • Advisory employees · 8 to 7
      Feb 16, 2017 to Mar 19, 2018
    • Advisory activities · 5 to 4
      Feb 16, 2017 to Mar 19, 2018
    • HNW clients · unset to 112.0
      Feb 16, 2017 to Mar 19, 2018
    • Individual clients · unset to 298.0
      Feb 16, 2017 to Mar 19, 2018
    • Pension plan clients · unset to 0.0
      Feb 16, 2017 to Mar 19, 2018
    • Pooled vehicle clients · unset to 0.0
      Feb 16, 2017 to Mar 19, 2018
    • Financial planning clients · 101-250 to 51-100
      Feb 16, 2017 to Mar 19, 2018
    • State-registered IARs · 9 to 8
      Feb 16, 2017 to Mar 19, 2018
    • Other offices · unset to 1.0
      Feb 16, 2017 to Mar 19, 2018
    • Discretionary RAUM · $346M to $408M
      Feb 16, 2017 to Mar 19, 2018
    • HNW RAUM · unset to 269141553.0
      Feb 16, 2017 to Mar 19, 2018
    • Individual RAUM · unset to 95148585.0
      Feb 16, 2017 to Mar 19, 2018
    • RAUM · $346M to $408M
      Feb 16, 2017 to Mar 19, 2018
    • Accounts · 1,020 to 1,036
      Mar 10, 2016 to Feb 16, 2017
    • Advisory employees · 7 to 8
      Mar 10, 2016 to Feb 16, 2017
    • State-registered IARs · 8 to 9
      Mar 10, 2016 to Feb 16, 2017
    • Discretionary RAUM · $310M to $346M
      Mar 10, 2016 to Feb 16, 2017
    • RAUM · $310M to $346M
      Mar 10, 2016 to Feb 16, 2017
    • Accounts · 1,042 to 1,020
      Dec 22, 2015 to Mar 10, 2016
    • Advisory employees · 8 to 7
      Dec 22, 2015 to Mar 10, 2016
    • Employees · 11 to 10
      Dec 22, 2015 to Mar 10, 2016
    • Financial planning clients · 251-500 to 101-250
      Dec 22, 2015 to Mar 10, 2016
    • Discretionary RAUM · $302M to $310M
      Dec 22, 2015 to Mar 10, 2016
    • RAUM · $302M to $310M
      Dec 22, 2015 to Mar 10, 2016
    • Accounts · 1,053 to 1,042
      Dec 22, 2014 to Apr 1, 2015
    • Advisory employees · 5 to 8
      Dec 22, 2014 to Apr 1, 2015
    • Advisory activities · 4 to 5
      Dec 22, 2014 to Apr 1, 2015
    • Employees · 9 to 11
      Dec 22, 2014 to Apr 1, 2015
    • State-registered IARs · 6 to 8
      Dec 22, 2014 to Apr 1, 2015
    • Discretionary RAUM · $243M to $302M
      Dec 22, 2014 to Apr 1, 2015
    • RAUM · $243M to $302M
      Dec 22, 2014 to Apr 1, 2015
    • Accounts · 930 to 1,053
      Sep 5, 2013 to Mar 31, 2014
    • Advisory employees · 4 to 5
      Sep 5, 2013 to Mar 31, 2014
    • Employees · 7 to 9
      Sep 5, 2013 to Mar 31, 2014
    • State-registered IARs · 4 to 6
      Sep 5, 2013 to Mar 31, 2014
    • Discretionary RAUM · $217M to $243M
      Sep 5, 2013 to Mar 31, 2014
    • RAUM · $217M to $243M
      Sep 5, 2013 to Mar 31, 2014
    Signals
    No event on the tape.
    Across DFX
    shared identifiers only, never a name match
    No identifier-backed link to the venture, private equity, family office or sponsor graphs.
    Provenance
    Form ADV
    SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
    Advisors
    IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
    Class
    Former SEC-registered adviserderiveda rule over Items 5.D and 7.A
    RAUM per advisor
    n/aderivedfirm RAUM over the IAPD count; not a book size
    Loaded
    Sep 14, 2026