# Cedar Spring Advisors, LLC

> Cedar Spring Advisors, LLC is an SEC-registered investment advisory firm, registered since 2023, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated January 27, 2026.

- CRD: 289329
- Filed as: CEDAR SPRING ADVISORS, LLC
- Also doing business as: FLETCH FINANCIAL, HALCYON FINANCIAL, MCMASTER FINANCIAL, RAGO FINANCIAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Filing period: October 2026
- Form ADV filing dated: January 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/289329
- AdvisorCensus page: https://advisorcensus.com/firm/cedar-spring-advisors-llc-289329

## Quick answers

**How is Cedar Spring Advisors, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Cedar Spring Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).

**How much does Cedar Spring Advisors, LLC charge?**
Its Form ADV Part 2A brochure dated January 27, 2026 states: Flat fee: $1,000 to $5,000 (Financial Planning Services). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Is Cedar Spring Advisors, LLC registered with the SEC or a state?**
Cedar Spring Advisors, LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 289329.

**How much does Cedar Spring Advisors, LLC manage?**
Cedar Spring Advisors, LLC reports $169,418,524 in regulatory assets under management in its Form ADV filing dated January 27, 2026 (89% discretionary).

**How have Cedar Spring Advisors, LLC's assets and staff changed since 2023?**
In the Form ADV data for Cedar Spring Advisors, LLC: Regulatory assets under management: $107,227,770 in the October 2023 data and $169,418,524 in the October 2026 data, up 58%. Total employees: 4 in October 2023 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Cedar Spring Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (231); high net worth individuals (53); charitable organizations (1).

**Which custodians does Cedar Spring Advisors, LLC use?**
Cedar Spring Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Cedar Spring Advisors, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/289329

**Does Cedar Spring Advisors, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated January 27, 2026 says: "CSA does not require a minimum to open an account."

**What changed in Cedar Spring Advisors, LLC's recent Form ADV filings?**
In the February 2026 filing data: Regulatory assets under management went from $139,398,193 to $169,418,524 (+22%). Registered or notice-filed in VA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated January 27, 2026)

- Account minimum: None

> CSA does not require a minimum to open an account.

- Flat fee: $1,000 to $5,000 (Financial Planning Services)

> Financial Planning Services are offered based on a flat fee between $1,000 and $5,000.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $169,418,524
- Discretionary: $151,035,086
- Non-discretionary: $18,383,438

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 231 | $67,733,323 |
| High net worth individuals | 53 | $101,232,946 |
| Charitable organizations | 1 | $452,255 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2023 (3 years)
- Employees: 4 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, KY, MD, MI, NH, NJ, PA, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- halcyonfin.com
- LinkedIn @bob-rago-chfc®-46ab0664
- LinkedIn @brendonworst
- LinkedIn @justinmcmaster

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $107,227,770 | 4 | September 29, 2023 |
| October 2024 | $115,399,021 | 4 | July 11, 2024 |
| October 2025 | $139,398,193 | 4 | January 29, 2025 |
| October 2026 | $169,418,524 | 4 | January 27, 2026 |

Regulatory assets under management: $107,227,770 in the October 2023 data and $169,418,524 in the October 2026 data, up 58%.
Total employees: 4 in October 2023 and 4 in October 2026.

## Changes in the filing (last 12 months)

### February 2026
- Regulatory assets under management went from $139,398,193 to $169,418,524 (+22%).
- Registered or notice-filed in VA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cedar Spring Advisors, LLC (CRD 289329): Form ADV filing data as of October 2026.