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.
SEC-registered adviser
Clearwater Advisors, LLC
Latest filing May 7, 2026
First filing on the tape Mar 21, 2012 · 34 filings
SEC status approved since Nov 9, 2001
RAUM
$4.7B
reported, Item 5.F
Discretionary
84%
of RAUM
Private clients
1.7%
$78.9M individuals and HNW
Advisors
6
registered through the firm on IAPD
RAUM per advisor
$775M
derived; firm RAUM over IAPD count
Employees
9
5 advisory (5.B.1)
Offices
2
beyond the principal office
Private funds
0
reported on Schedule D
History
34 filings and snapshots on the tape
RAUM$4.7B as of May 7, 2026
Mar 21, 2012$6.5B then
HNW client RAUM$78.9M as of May 7, 2026
Mar 21, 2018$75.2M then
State-registered IARs (5.B.3)5 as of May 7, 2026
Mar 21, 20120 then
Employees (5.A)9 as of May 7, 2026
Apr 30, 201315 then
Private funds: no history
RAUM +2.8% over the last fiscal year+8.6% a year over threeIARs 6 to 5offices 3 to 2
Practice profile
derived from the filing of May 7, 2026; every figure names its basis
- RAUM per advisor
- $775MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $55.4MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 84%derivedof RAUM
- Institutional
- 48%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.5derivedItem 5.A over advisors
- Advisors per office
- 2.0derived3 offices incl. principal (1.F.5)
- RAUM growth, one year
- +2.8%derivedbetween the last two annual amendments
- Advisor growth, one year
- -17%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, otherreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- 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)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Corporations and businesses$2.3B49%
- Pension and profit-sharing plans$861M19%
- State and municipal entities$740M16%
- Insurance companies$626M13%
- High-net-worth individuals$78.9M1.7%
- Banks and thrifts$43.1M0.9%
- Individual clients
- 0reported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- 0reported
- Accounts
- 84reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.02 fund_share=0.0 institutional_share=0.48 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
6 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Rhet Nmn Hulbert | Boise, Id | Oct 30, 2006 | 23 y | 1 |
| Richard Ming Yuh LinChartered Financial Analyst | Boise, Id | Oct 30, 2014 | 11 y | 0 |
| Daniel Bates | Boise, Id | May 15, 2018 | 11 y | 0 |
| Brandon John BeallChartered Financial Analyst | Boise, Id | Oct 15, 2021 | 12 y | 0 |
| Garrett Evan CudaheyChartered Financial Analyst | Salem, Or | Feb 7, 2024 | 17 y | 1 |
| Michelle Anne Martin | Boise, Id | Mar 15, 2025 | 12 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- Matthew Jared Peterson to LPL Financial LLCFeb 16, 2021 · Other
- Philip James Bartlett to RBC Capital Markets, LLCJun 20, 2018 · Other
- Joshua Lee Hoisington to LPL Financial LLCMar 28, 2014 · Other
- Erik Van Jensen to The Caprock Group, LLCJan 14, 2011 · Other
Joined, latest
- Garrett Evan Cudahey from Government Portfolio Advisors LLCFeb 7, 2024 · Other
- Matthew Jared Peterson from Strategic Advisers LLCFeb 6, 2017 · Other
- Joshua Lee Hoisington from Marathon Advisors, IncMar 1, 2011 · Other
- Rhet Nmn Hulbert from Sawtooth Investment Management LLCOct 30, 2006 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Daniel Bates · Chief Executive Officercontrolsince 05/2018 · owns less than 5%
- David C Dunn · Managercontrolsince 09/2001 · owns 5% to 10%
- Nmn Rhet Hulbert · Membercontrolsince 08/2009 · owns 5% to 10%
- Daniel Bates · Membercontrolsince 05/2018 · owns 75% or more of Honey Badger Investment Development LLC
- K Douglas Bates · Membercontrolsince 02/1999 · owns 75% or more of Bid, LLC
- R David Boren · Membercontrolsince 09/2001 · owns 75% or more of Sage Investors, LLC
- Kenneth Michael Boren · Membercontrolsince 09/2001 · owns 75% or more of Obsidian Investments, LLC
- Nicole Hayley Nelson · Chief Compliance Officersince 05/2018 · owns less than 5%
Entity owners
- Honey Badger Investment Development LLC · Memberdirect · owns 25% to 50%
- Bid, LLC · Ownerdirect · owns 10% to 25%
- Obsidian Investments, LLC · Ownerdirect · owns 10% to 25%
- Sage Investors, LLC · Ownerdirect · owns 10% to 25%
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Boise, Id · principal | 5 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- , 1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- unusually large average accountStatic outlier · filing May 7, 2026RAUM per account of $55,363,882 against a peer median of $7,545,100 (108 comparable advisers, 98.0th percentile, 5.8 robust deviations)peers: other advisers, $1B to $5B (108) · 98% percentile
What changed
consecutive filings, newest first
- Discretionary RAUM · $4.7B to $3.9BMar 6, 2026 to May 7, 2026
- Non-discretionary RAUM · $0 to $727MMar 6, 2026 to May 7, 2026
- Accounts · 82 to 84Mar 6, 2025 to Mar 6, 2026
- Corporate clients · 18 to 17Mar 6, 2025 to Mar 6, 2026
- Employees · 10 to 9Mar 6, 2025 to Mar 6, 2026
- State-registered IARs · 6 to 5Mar 6, 2025 to Mar 6, 2026
- Other offices · 3 to 2Mar 6, 2025 to Mar 6, 2026
- Discretionary RAUM · $4.5B to $4.7BMar 6, 2025 to Mar 6, 2026
- HNW RAUM · $72.9M to $78.9MMar 6, 2025 to Mar 6, 2026
- Pension RAUM · $759M to $861MMar 6, 2025 to Mar 6, 2026
- RAUM · $4.5B to $4.7BMar 6, 2025 to Mar 6, 2026
- Accounts · 78 to 82Mar 7, 2024 to Mar 6, 2025
- Corporate clients · 17 to 18Mar 7, 2024 to Mar 6, 2025
- Financial planning clients · 0 to 0Mar 7, 2024 to Mar 6, 2025
- Discretionary RAUM · $3.8B to $4.5BMar 7, 2024 to Mar 6, 2025
- HNW RAUM · $76.5M to $72.9MMar 7, 2024 to Mar 6, 2025
- Pension RAUM · $559M to $759MMar 7, 2024 to Mar 6, 2025
- RAUM · $3.8B to $4.5BMar 7, 2024 to Mar 6, 2025
- Accounts · 72 to 78Feb 5, 2024 to Mar 4, 2024
- Corporate clients · 11 to 17Feb 5, 2024 to Mar 4, 2024
- Other offices · 2 to 3Feb 5, 2024 to Mar 4, 2024
- Discretionary RAUM · $3.6B to $3.8BFeb 5, 2024 to Mar 4, 2024
- HNW RAUM · $77.8M to $76.5MFeb 5, 2024 to Mar 4, 2024
- Pension RAUM · $535M to $559MFeb 5, 2024 to Mar 4, 2024
- RAUM · $3.6B to $3.8BFeb 5, 2024 to Mar 4, 2024
- Accounts · 69 to 72Nov 9, 2022 to Mar 3, 2023
- Corporate clients · 12 to 11Nov 9, 2022 to Mar 3, 2023
- Discretionary RAUM · $4.0B to $3.6BNov 9, 2022 to Mar 3, 2023
- HNW RAUM · $92.2M to $77.8MNov 9, 2022 to Mar 3, 2023
- Pension RAUM · $619M to $535MNov 9, 2022 to Mar 3, 2023
- RAUM · $4.0B to $3.6BNov 9, 2022 to Mar 3, 2023
- Accounts · 62 to 69Sep 21, 2021 to Feb 15, 2022
- Corporate clients · 14 to 12Sep 21, 2021 to Feb 15, 2022
- Employees · 9 to 10Sep 21, 2021 to Feb 15, 2022
- State-registered IARs · 7 to 6Sep 21, 2021 to Feb 15, 2022
- Discretionary RAUM · $4.0B to $4.0BSep 21, 2021 to Feb 15, 2022
- HNW RAUM · $50.3M to $92.2MSep 21, 2021 to Feb 15, 2022
- Pension RAUM · $626M to $619MSep 21, 2021 to Feb 15, 2022
- RAUM · $4.0B to $4.0BSep 21, 2021 to Feb 15, 2022
- Other offices · 0 to 2Sep 16, 2021 to Sep 21, 2021
Signals
4 dated events
- Alan Christopher Brechbuhler (Member) no longer on Schedule A of Clearwater Advisors, Llc (listed 2024-02-05, absent 2024-03-04)Mar 4, 2024 · Control person left · inference
- Clearwater Advisors, Llc reported RAUM $4.0B, up 27% from $3.2B (2020-11-05 to 2021-02-24)Feb 24, 2021 · RAUM change · derived
- Timothy James Dunn (Advisory Board) no longer on Schedule A of Clearwater Advisors, Llc (listed 2020-11-05, absent 2021-02-24)Feb 24, 2021 · Control person left · inference
- Clearwater Advisors, Llc reported RAUM $4.2B, down 39% from $6.8B (2018-10-25 to 2019-02-19)Feb 19, 2019 · RAUM change · derived
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Firm profile
- LINKEDIN.COM/COMPANY/CLEARWATERADVISORSreportedpublic record, Form ADV, Sep 17, 2026
- Website
- CLEARWATERADVISORS.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 208-433-1222reportedpublic record, Form ADV, May 7, 2026
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
- Other adviserderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $775Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026