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.
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SEC-registered adviser
G•••• W••••• F••••••••
Legal name G•••• W••••• W••••• M•••••••••
Latest filing Apr 7, 2026
First filing on the tape Feb 24, 2022 · 22 filings
SEC status approved since Mar 28, 2022
RAUM
$1.2B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$1.2B individuals and HNW
Advisors
25
registered through the firm on IAPD
RAUM per advisor
$49.4M
derived; firm RAUM over IAPD count
Employees
42
23 advisory (5.B.1)
Offices
3
beyond the principal office
Private funds
0
reported on Schedule D
History
22 filings and snapshots on the tape
RAUM$1.2B as of Apr 7, 2026
Mar 29, 2023$958M then
HNW client RAUM$774M as of Apr 7, 2026
Mar 29, 2023$421M then
State-registered IARs (5.B.3)23 as of Apr 7, 2026
Mar 29, 202325 then
Employees (5.A)42 as of Apr 7, 2026
Mar 29, 202340 then
Private funds: no history
RAUM +4.4% over the last fiscal year+8.9% a year over threeIARs 25 to 23offices 2 to 3
Practice profile
derived from the filing of Apr 7, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- RAUM per advisor
- $47.5MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 63derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.0MderivedHNW RAUM over HNW clients
- Average account
- $201,124derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.1%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.6derivedItem 5.A over advisors
- Advisors per office
- 6.5derived4 offices incl. principal (1.F.5)
- RAUM growth, one year
- +4.4%derivedbetween the last two annual amendments
- Advisor growth, one year
- -8.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -7.5%derived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, selection of other advisers, educational seminarsreportedItem 5.G
- Custody
- $6.3M, 31 clientsreportedItem 9.A
- 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
- is an insurance broker or agent (6.A.6)
- 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$774M63%
- Individuals$460M37%
- Charitable organizations$626,2490.1%
- Corporations and businesses$153,6870.0%
- Individual clients
- 1,244reported
- HNW clients
- 383reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 6,141reported
- Financial planning clients
- 1-10reported
- Wrap fee programs
- noreported
- Custody of client assets
- $6.3M for 31 clientsreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
26 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| N••••••• C••••••••• B••••••• F••••• | Hudson, Wi | Apr 5, 2022 | 12 y | 2 |
| D•••• D•••••• J•••••• | Shoreview, Mn | Apr 6, 2022 | 11 y | 1 |
| M•••••• J••••• P•••••• | Shoreview, Mn | Apr 6, 2022 | 13 y | 2 |
| J••••• R•••••• H•••••••• | Shoreview, Mn | Apr 6, 2022 | 14 y | 2 |
| M•••••• J••••• S•••••••Certified Financial Planner | Shoreview, Mn | Apr 6, 2022 | 15 y | 2 |
| E•••• K••• S•••• | Shoreview, Mn | Apr 6, 2022 | 11 y | 1 |
| S•••• E•••• K•••••• | Shoreview, Mn | Apr 6, 2022 | 10 y | 1 |
| J••••• D••• A•••••• | Shoreview, Mn | Apr 6, 2022 | 11 y | 1 |
| D••••• J•• M••••••• | Shoreview, Mn | Apr 11, 2022 | 13 y | 1 |
| E••••• R••• K•••• | Shoreview, Mn | Apr 11, 2022 | 14 y | 2 |
| T••••• J••• H••••Certified Financial Planner | Shoreview, Mn | Apr 11, 2022 | 13 y | 1 |
| J••••• D•••• T••••• | Shoreview, Mn | Apr 14, 2022 | 11 y | 2 |
| J••••• M••••• L•••••• | Shoreview, Mn | Apr 14, 2022 | 24 y | 2 |
| N••••••• B•••• F•••••• | Shoreview, Mn | May 19, 2022 | 12 y | 0 |
| A•••••••• E•••• | Shoreview, Mn | May 24, 2022 | 10 y | 1 |
| A••• J•••• C•••••• | Shoreview, Mn | Aug 10, 2022 | 14 y | 0 |
| T•••••• J•••• L• S••••••Certified Financial Planner | Shoreview, Mn | Sep 6, 2022 | 12 y | 0 |
| M•••••• J••• H•••••• | Shoreview, Mn | May 1, 2023 | 10 y | 0 |
| M•••••• P••• S•••••• | Shoreview, Mn | Jul 7, 2023 | 12 y | 0 |
| I•••• M• H•••• | Shoreview, Mn | Sep 18, 2024 | 16 y | 0 |
| A••• M•••••Certified Financial Planner | Superior, Wi | Apr 9, 2025 | 10 y | 3 |
| D•••• T••••• G•• | Shoreview, Mn | Feb 2, 2026 | 10 y | 3 |
| A••••• L••••• K•••• | Shoreview, Mn | Mar 4, 2026 | 11 y | 0 |
| K•••• J• V•••• | Shoreview, Mn | Jun 15, 2026 | 23 y | 0 |
| G••••• S••••• G••••• C•••••••Certified Financial Planner | Shoreview, Mn | Jun 23, 2026 | 12 y | 2 |
| C••••• E•••••••• O••••• | Shoreview, Mn | Sep 14, 2026 | 10 y | 0 |
Advisor movement
2 left, 2 joined in 12 months
net 0 in 12 months0 left in 90 days1 joined in 90 daysdeparture rate 8.0% of current headcount7 left over 36 months
Left, latest
- C••••••••• R••• K•••••• to E•••••• F•••••••• G••••Mar 6, 2026 · RIA to RIA
- D•••••• C••• G••••••••• to G••••••• W••••• A•••••••• L••Dec 31, 2025 · RIA to RIA
- B•••• D•••• B•••••• to F••••••Jan 16, 2025 · RIA to RIA
- J•••• A•••• B••• to F••••••Jan 16, 2025 · RIA to RIA
- P•••••• C•••• M•••••• to T•••••••• W•••••• L••Jan 29, 2024 · RIA to RIA
- S••••••• R•• G••••••• to S•••••• F•••••••• G••••• L•••••Dec 1, 2023 · RIA to RIA
- K•••••••• N••••• to R••••• W• B•••• • C•• I•••••••••Nov 2, 2023 · RIA to RIA
- P••••• B••••••• to M••••••Dec 15, 2022 · RIA to affiliated broker-dealer or bank
- M•••• M•••• N••••• to T•••••••• W•••••• L••Aug 16, 2022 · RIA to a newly registered adviser
- C••• J••••• N••••• to T•••••••• W•••••• L••Aug 16, 2022 · RIA to a newly registered adviser
- B•••• J•••••• J••• to T•••••••• W•••••• L••Aug 8, 2022 · RIA to a newly registered adviser
- W••• K•••• J•••••• to T•••••••• W•••••• L••Aug 8, 2022 · RIA to a newly registered adviser
Joined, latest
- G••••• S••••• G••••• C••••••• from H•••••••• A•••••••• L••Jun 23, 2026 · Affiliated broker-dealer or bank to independent RIA
- D•••• T••••• G•• from S•••••••• A••••••• L••Feb 2, 2026 · Affiliated broker-dealer or bank to independent RIA
- A••• M••••• from M•••••• P••••••••• P•••••••• L•••Apr 9, 2025 · RIA to RIA
- D•••••• C••• G••••••••• from B•• P•••••••• I•••Dec 15, 2023 · Other
- A•••••••• E•••• from P•••• S••••••••• L••May 24, 2022 · Affiliated broker-dealer or bank to a newly registered adviser
- J••••• M••••• L•••••• from A••••••••• W••••• P•••••••Apr 14, 2022 · RIA to a newly registered adviser
- P••••• B••••••• from A••••••••• W••••• P•••••••Apr 14, 2022 · RIA to a newly registered adviser
- J•••• A•••• B••• from A••••••••• W••••• P•••••••Apr 14, 2022 · RIA to a newly registered adviser
- J••••• D•••• T••••• from A••••••••• W••••• P•••••••Apr 14, 2022 · RIA to a newly registered adviser
- B•••• J•••••• J••• from C••••• A•••••• N••••••• L••Apr 11, 2022 · Affiliated broker-dealer or bank to a newly registered adviser
- E••••• R••• K•••• from A••••••••• W••••• P•••••••Apr 11, 2022 · RIA to a newly registered adviser
- C••••••••• R••• K•••••• from A••••••••• W••••• P•••••••Apr 11, 2022 · RIA to a newly registered adviser
- D••••• J•• M••••••• from A••••••••• W••••• P•••••••Apr 11, 2022 · RIA to a newly registered adviser
- T••••• J••• H•••• from A••••••••• W••••• P•••••••Apr 11, 2022 · RIA to a newly registered adviser
- M•••••• J••••• S••••••• from A••••••••• W••••• P•••••••Apr 6, 2022 · RIA to a newly registered adviser
Teams: two or more advisors moving together within fourteen days, from one state
- 4 left for T•••••••• W•••••• L••Aug 8, 2022 · Shoreview, Mn
- 21 joined from A••••••••• W••••• P•••••••Apr 28, 2022 · Minneapolis, Mn
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- A•••••••• M•••• R••• · Chief Of Staffcontrolsince 03/2023 · owns less than 5%
- F•••••• N•••••••• C••••••••• · Director Of Strategycontrolsince 09/2021 · owns less than 5%
- H••••••••• J•••••• R•••••• · Chief Compliance Officercontrolsince 09/2021 · owns less than 5%
- K•••••• K••••••• J•• · Director Of People & Culturecontrolsince 03/2023 · owns less than 5%
- K••••• E•••••• R••• · Partnercontrolsince 09/2021 · owns less than 5%
- P••••••• M••••••• J••••• · Chief Executive Officercontrolsince 09/2021 · owns less than 5%
- S•••••••• M••••••• J••••• · A••••••, Director Of Client Experiencecontrolsince 11/2023 · owns less than 5%
- S•••••••• C••••• A••• · Director Of Financecontrolsince 09/2022 · owns less than 5%
- K••••• E•••••• R••• · Ownercontrolsince 09/2021 · owns 75% or more of P••••••••• F••••••••
Entity owners
- G•••• W••••• F•••••••• · Ownerdirect · owns 75% or more
- G•••• W••••• F•••••••• M••••••••• · Ownerdirect · owns 75% or more
- H•••••••• F•••••••• · Ownerindirect · owns 25% to 50% of G•••• W••••• F•••••••• M•••••••••
- P••••••••• F•••••••• · Ownerindirect · owns 25% to 50% of G•••• W••••• F•••••••• M•••••••••
- S••••• G•••• · Ownerindirect · owns 25% to 50% of G•••• W••••• F•••••••• M•••••••••
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 |
|---|---|---|---|---|---|
| Shoreview, Mn · principal | 25 | 4 | 2 | ||
| Superior, Wi | 1 | 0 | 0 | ||
| New Richmond, Wi | 0 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Duluth, MN2 employees
- , 1 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Apr 7, 2026K•••••• K••••••• J•• (DIRECTOR OF PEOPLE & CULTURE) left Schedule A between the filings of 2024-03-06 and 2026-04-07peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Apr 7, 2026S•••••••• C••••• A••• (DIRECTOR OF FINANCE) left Schedule A between the filings of 2024-03-06 and 2026-04-07peers: independent wealth managers, $1B to $5B (1,362)
What changed
consecutive filings, newest first
- Accounts · 5,944 to 6,141Nov 3, 2025 to Feb 16, 2026
- Advisory employees · 25 to 23Nov 3, 2025 to Feb 16, 2026
- HNW clients · 346 to 383Nov 3, 2025 to Feb 16, 2026
- Individual clients · 1,413 to 1,244Nov 3, 2025 to Feb 16, 2026
- Assets in custody · $19.1M to $6.3MNov 3, 2025 to Feb 16, 2026
- State-registered IARs · 25 to 23Nov 3, 2025 to Feb 16, 2026
- Other offices · 2 to 3Nov 3, 2025 to Feb 16, 2026
- Discretionary RAUM · $1.2B to $1.2BNov 3, 2025 to Feb 16, 2026
- HNW RAUM · $647M to $774MNov 3, 2025 to Feb 16, 2026
- Individual RAUM · $535M to $460MNov 3, 2025 to Feb 16, 2026
- RAUM · $1.2B to $1.2BNov 3, 2025 to Feb 16, 2026
- Financial planning clients · 1-10 to 1-10Mar 27, 2025 to May 23, 2025
- Accounts · 6,321 to 5,944Oct 16, 2024 to Mar 27, 2025
- Advisory employees · 26 to 25Oct 16, 2024 to Mar 27, 2025
- HNW clients · 285 to 346Oct 16, 2024 to Mar 27, 2025
- Individual clients · 1,464 to 1,413Oct 16, 2024 to Mar 27, 2025
- Assets in custody · $13.3M to $19.1MOct 16, 2024 to Mar 27, 2025
- State-registered IARs · 26 to 25Oct 16, 2024 to Mar 27, 2025
- Other offices · 3 to 2Oct 16, 2024 to Mar 27, 2025
- Discretionary RAUM · $1.0B to $1.2BOct 16, 2024 to Mar 27, 2025
- HNW RAUM · $485M to $647MOct 16, 2024 to Mar 27, 2025
- Individual RAUM · $531M to $535MOct 16, 2024 to Mar 27, 2025
- RAUM · $1.0B to $1.2BOct 16, 2024 to Mar 27, 2025
- Other offices · 2 to 3Mar 11, 2024 to Jul 26, 2024
- Accounts · 6,636 to 6,321Sep 25, 2023 to Mar 6, 2024
- Advisory employees · 25 to 26Sep 25, 2023 to Mar 6, 2024
- HNW clients · 259 to 285Sep 25, 2023 to Mar 6, 2024
- Individual clients · 1,558 to 1,464Sep 25, 2023 to Mar 6, 2024
- Assets in custody · $15.1M to $13.3MSep 25, 2023 to Mar 6, 2024
- Employees · 40 to 42Sep 25, 2023 to Mar 6, 2024
- Financial planning clients · 11-25 to 1-10Sep 25, 2023 to Mar 6, 2024
- State-registered IARs · 25 to 26Sep 25, 2023 to Mar 6, 2024
- Other offices · 3 to 2Sep 25, 2023 to Mar 6, 2024
- Discretionary RAUM · $958M to $1.0BSep 25, 2023 to Mar 6, 2024
- HNW RAUM · $421M to $485MSep 25, 2023 to Mar 6, 2024
- Individual RAUM · $536M to $531MSep 25, 2023 to Mar 6, 2024
- RAUM · $958M to $1.0BSep 25, 2023 to Mar 6, 2024
- HQ city · MINNEAPOLIS to SHOREVIEWMay 15, 2023 to Jul 10, 2023
- Other offices · 5 to 3May 15, 2023 to Jul 10, 2023
- Advisory activities · 4 to 5Mar 30, 2023 to May 15, 2023
Signals
21 dated events
- C••••• E•••••••• O••••• registered as an investment adviser representative at G•••• W••••• F••••••••Sep 14, 2026 · a•••••• registered · fact
- C••••••••• R••• K•••••• left G•••• W••••• F•••••••• for E•••••• F•••••••• G•••• (registered 2026-03-20)Mar 6, 2026 · a•••••• firm change · fact
- D•••••• C••• G••••••••• left G•••• W••••• F•••••••• for G••••••• W••••• A•••••••• L•• (registered 2026-01-06)Dec 31, 2025 · a•••••• firm change · fact
- B•••• D•••• B•••••• left G•••• W••••• F•••••••• for Farther (registered 2025-01-14)Jan 16, 2025 · a•••••• firm change · fact
- J•••• A•••• B••• left G•••• W••••• F•••••••• for Farther (registered 2025-01-14)Jan 16, 2025 · a•••••• firm change · fact
- R••• M••• A••••••• (Chief Of Staff) appeared on Schedule A of G•••• W••••• F••••••••Mar 6, 2024 · Control person joined · fact
- A••• C•••• S••••••• (Director Of Finance) appeared on Schedule A of G•••• W••••• F••••••••Mar 6, 2024 · Control person joined · fact
- Joy K•••••• K••••• (Director Of People & Culture) appeared on Schedule A of G•••• W••••• F••••••••Mar 6, 2024 · Control person joined · fact
- J••••• M•••••• Schwartz (Advisor, Director Of Client Experience) appeared on Schedule A of G•••• W••••• F••••••••Mar 6, 2024 · Control person joined · fact
- P•••••• C•••• M•••••• left G•••• W••••• F•••••••• for T•••••••• W•••••• L•• (registered 2025-10-31)Jan 29, 2024 · a•••••• firm change · fact
- S••••••• R•• G••••••• left G•••• W••••• F•••••••• for S•••••• F•••••••• G••••• L••••• (registered 2024-07-20)Dec 1, 2023 · a•••••• firm change · fact
- K•••••••• N••••• left G•••• W••••• F•••••••• for R••••• W• B•••• • C•• I••••••••• (registered 2024-04-09)Nov 2, 2023 · a•••••• firm change · fact
- E•••••••• A••• O•••• (Director Of Leadership And Organizational Development) no longer on Schedule A of G•••• W••••• F•••••••• (listed 2022-10-20, absent 2023-03-29)Mar 29, 2023 · Control person left · inference
- P••••• B••••••• left G•••• W••••• F•••••••• for Mariner (registered 2022-12-22)Dec 15, 2022 · a•••••• firm change · fact
- C••• J••••• N••••• left G•••• W••••• F•••••••• for T•••••••• W•••••• L•• (registered 2022-10-11)Aug 16, 2022 · a•••••• firm change · fact
- M•••• M•••• N••••• left G•••• W••••• F•••••••• for T•••••••• W•••••• L•• (registered 2022-09-30)Aug 16, 2022 · a•••••• firm change · fact
- B•••• J•••••• J••• left G•••• W••••• F•••••••• for T•••••••• W•••••• L•• (registered 2022-09-02)Aug 8, 2022 · a•••••• firm change · fact
- W••• K•••• J•••••• left G•••• W••••• F•••••••• for T•••••••• W•••••• L•• (registered 2022-09-02)Aug 8, 2022 · a•••••• firm change · fact
- 4 advisors left G•••• W••••• F•••••••• (Vadnais Heights, MN) for T•••••••• W•••••• L•• within 8 daysAug 8, 2022 · Team lift-out · derived
- 21 advisors left A••••••••• W••••• P••••••• (Minneapolis, MN) for G•••• W••••• F•••••••• on the same dayApr 28, 2022 · Team lift-out · derived
- G•••• W••••• W••••• M••••••••• filed its initial SEC registration (Form ADV)Feb 24, 2022 · First SEC registration · fact
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
- Business phone
- 218-464-4399reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 612-360-2127reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/great-waters-financialreportedpublic record, Form ADV, Sep 18, 2026
- Website
- greatwatersfinancial.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 612-360-2127reportedpublic record, Form ADV, Apr 7, 2026
- Team page
- greatwatersfinancial.com/teamreportedpublished by the firm, firm site, Sep 15, 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
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $49.4Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026