# Heron Finance

> Heron Finance is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2023, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 327608
- Filed as: HERON FINANCE
- Legal name: Heron Advisory Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/327608
- AdvisorCensus page: https://advisorcensus.com/firm/heron-finance-san-francisco-ca-327608

## Quick answers

**How is Heron Finance compensated?**
On its Form ADV (Item 5.E, October 2026), Heron Finance reports these compensation arrangements: a percentage of assets under its management.

**How much does Heron Finance charge?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Heron Finance located?**
Heron Finance's principal office is in San Francisco, CA, according to its Form ADV.

**Is Heron Finance registered with the SEC or a state?**
Heron Finance is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 327608.

**How much does Heron Finance manage?**
Heron Finance reports $37,684,104 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Heron Finance's assets and staff changed since 2023?**
In the Form ADV data for Heron Finance: Regulatory assets under management: $0 in the October 2023 data and $37,684,104 in the October 2026 data. Total employees: 2 in October 2023 and 17 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Heron Finance serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (272).

**Which custodians does Heron Finance use?**
Heron Finance's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Inspira as a custodian holding 10% or more of its separately managed account assets.

**Does Heron Finance 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/327608

**Does Heron Finance state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "The minimum initial investment for Clients is $10,000."

**What changed in Heron Finance's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $15,309,283 to $37,684,104 (+146%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Asset-based fee: 1% of assets a year

> Heron Finance imposes a management fee equal to one percent (1.00%) per annum of the value of the Correlated Assets of each Investor, calculated and payable at each month end (the “Management Fee”).

- Account minimum: $10,000

> The minimum initial investment for Clients is $10,000.

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

### Custodians (Schedule D, Section 5.K(3))
- Inspira

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: $37,684,104
- Discretionary: $37,684,104
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 272 | $37,684,104 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2023 (3 years)
- Employees: 17 total, 2 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: CA, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [heronfinance.com](https://heronfinance.com)
- Facebook facebook.com
- Instagram @heronfinance
- LinkedIn @heron-finance
- X @heron_finance

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $0 | 2 | September 8, 2023 |
| October 2024 | $0 | 2 | September 25, 2024 |
| October 2025 | $2,389,964 | 17 | March 28, 2025 |
| October 2026 | $37,684,104 | 17 | March 30, 2026 |

Regulatory assets under management: $0 in the October 2023 data and $37,684,104 in the October 2026 data.
Total employees: 2 in October 2023 and 17 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $15,309,283 to $37,684,104 (+146%).

### December 2025
- Regulatory assets under management went from $2,389,964 to $15,309,283 (+541%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Heron Finance (CRD 327608): Form ADV filing data as of October 2026.