AdvisorCensus / Financial advisors / Minnesota / Minneapolis / Great Waters Financial
Great Waters Financial
Filed as GREAT WATERS FINANCIAL · Legal name Great Waters Wealth Management
Great Waters Financial is an SEC-registered investment advisory firm in Shoreview, MN, registered since 2022, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 7, 2026.
Quick answers
From the filingHow is Great Waters Financial compensated?
On its Form ADV (Item 5.E, October 2026), Great Waters Financial reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).
How much does Great Waters Financial charge?
Its Form ADV Part 2A brochure dated February 14, 2026 states: Flat fee: $2,000 to $4,500 (financial planning and/or consulting services…); Hourly rate: $150 to $350 an hour (financial planning and/or consulting services…). Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Great Waters Financial located?
Great Waters Financial's principal office is in Shoreview, MN, according to its Form ADV; the May 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is Great Waters Financial registered with the SEC or a state?
Great Waters Financial is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 308215.
How much does Great Waters Financial manage?
Great Waters Financial reports $1,235,101,181 in regulatory assets under management in its Form ADV filing dated April 7, 2026 (100% discretionary).
How have Great Waters Financial's assets and staff changed since 2022?
In the Form ADV data for Great Waters Financial: Regulatory assets under management: $978,503,713 in the October 2022 data and $1,235,101,181 in the October 2026 data, up 26%. Total employees: 44 in October 2022 and 42 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Great Waters Financial serve?
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (1,244); high net worth individuals (383).
Which custodians does Great Waters Financial use?
Great Waters Financial'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 Great Waters Financial 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/308215
What changed in Great Waters Financial's recent Form ADV filings?
In the May 2026 filing data: Registered or notice-filed in IL.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AThe brochure lists different fees for different services or strategies; see the brochure for them.
Flat fee: $2,000 to $4,500 (financial planning and/or consulting services…)
The brochure's wording
Registrant’s planning and consulting fees are negotiable, but generally range from $2,000 to $4,500 on a fixed fee basis, and from $150 to $350 on an hourly rate basis, depending upon the level and scope of the service(s) required and the professional(s) rendering the service(s).
Hourly rate: $150 to $350 an hour (financial planning and/or consulting services…)
The brochure's wording
Registrant’s planning and consulting fees are negotiable, but generally range from $2,000 to $4,500 on a fixed fee basis, and from $150 to $350 on an hourly rate basis, depending upon the level and scope of the service(s) required and the professional(s) rendering the service(s).
As stated in the firm's Form ADV Part 2A brochure dated February 14, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$1,235,101,181 as of October 2026, filing dated April 7, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
- Educational seminars/workshops
Registration and firm details
Items 1, 2, 5- Legal name
- Great Waters Wealth Management
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2022 (4 years)
- Employees
- Total: 42. Performing investment advisory functions: 23.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the May 2026 filing
- States registered or notice-filed
-
10 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $1,235,101,181 | 42 | April 7, 2026 |
| October 2025 | $1,183,117,490 | 42 | May 23, 2025 |
| October 2024 | $1,017,194,635 | 42 | July 26, 2024 |
| October 2023 | $957,609,573 | 40 | September 25, 2023 |
| October 2022 | $978,503,713 | 44 | July 7, 2022 |
Regulatory assets under management: $978,503,713 in the October 2022 data and $1,235,101,181 in the October 2026 data, up 26%.
Total employees: 44 in October 2022 and 42 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- May 2026
- Registered or notice-filed in IL.
- March 2026
- Employees performing advisory functions went from 25 to 23.
- Updated its list of owners and control persons (Schedule A).
- January 2026
- No longer registered or notice-filed in IL.
- December 2025
- Registered or notice-filed in GA.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Great Waters Financial (CRD 308215): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/great-waters-financial-shoreview-mn-308215