{
  "crd_number": 115399,
  "slug": "shearwater-capital-denver-co-115399",
  "primary_business_name": "SHEARWATER CAPITAL",
  "legal_name": "SHEARWATER CAPITAL, LLC",
  "dbas": [],
  "city": "Denver",
  "state": "CO",
  "country": "United States",
  "cbsa_code": "19740",
  "metro": {
    "cbsa_code": "19740",
    "common_name": "Denver",
    "msa_name": "Denver-Aurora-Centennial, CO",
    "path": "/advisors/co/denver"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2013-04-02",
  "years_registered": 13,
  "period": "2026-10-01",
  "filing_date": "2026-03-17",
  "carried_forward": false,
  "raum_total": 427265198.0,
  "raum_discretionary": 426037096.0,
  "raum_non_discretionary": 1228102.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 4,
  "advisory_employees": 4,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "individuals": {
      "raum": 18831136.0,
      "count": 60
    },
    "pension_profit_sharing": {
      "raum": 6368942.0,
      "count": null,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 402065120.0,
      "count": 120
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "educational_seminars",
    "financial_planning",
    "periodicals_newsletters",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "CO",
    "FL",
    "IL",
    "MO",
    "NY",
    "PA",
    "TX",
    "WA"
  ],
  "websites": [
    "https://facebook.com/SHEARWATERCAPITAL",
    "https://linkedin.com/in/jeffrey-brown-cfp",
    "https://shearcap.com",
    "https://shearwatercapital.com",
    "https://twitter.com/ShearwaterCap"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/115399",
  "city_as_filed": "DENVER",
  "url": "https://advisorcensus.com/firm/shearwater-capital-denver-co-115399",
  "display_name": "Shearwater Capital",
  "summary": "Shearwater Capital is an SEC-registered investment advisory firm in Denver, CO, registered since 2013, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 17, 2026.",
  "citation": "AdvisorCensus. Shearwater Capital (CRD 115399): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "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)",
    "Publication of periodicals or newsletters",
    "Educational seminars/workshops"
  ],
  "quick_answers": [
    {
      "q": "How is Shearwater Capital compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Shearwater Capital reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "What does Shearwater Capital's brochure say about its fees?",
      "a": "Its Form ADV Part 2A brochure dated March 17, 2026 states: Up to $100,000: 0.85% a year; $100,000 to $250,000: 0.75% a year; $250,000 to $500,000: 0.65% a year; $500,000 to $1,000,000: 0.55% a year; $1,000,000 to $2,500,000: 0.45% a year; $2,500,000 to $5,000,000: 0.35% a year; $5,000,000 to $10,000,000: 0.25% a year; Above $10,000,000: 0.15% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Shearwater Capital located?",
      "a": "Shearwater Capital's principal office is in Denver, CO, according to its Form ADV."
    },
    {
      "q": "Is Shearwater Capital registered with the SEC or a state?",
      "a": "Shearwater Capital is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 115399."
    },
    {
      "q": "How much does Shearwater Capital manage?",
      "a": "Shearwater Capital reports $427,265,198 in regulatory assets under management in its Form ADV filing dated March 17, 2026 (100% discretionary)."
    },
    {
      "q": "How have Shearwater Capital's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Shearwater Capital: Regulatory assets under management: $308,633,087 in the October 2021 data and $427,265,198 in the October 2026 data, up 38%. Total employees: 1 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Shearwater Capital serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (120); individuals (other than high net worth individuals) (60)."
    },
    {
      "q": "Which custodians does Shearwater Capital use?",
      "a": "Shearwater Capital'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."
    },
    {
      "q": "Does Shearwater Capital report any disciplinary disclosures?",
      "a": "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/115399"
    },
    {
      "q": "Does Shearwater Capital state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 17, 2026 says: \"The minimum account size for a new client is $500,000; however, this requirement can be waived at the discretion of the company Principals.\""
    },
    {
      "q": "What changed in Shearwater Capital's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $348,161,272 to $427,265,198 (+23%). Registered or notice-filed in PA."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 308633087.0,
      "total_employees": 1,
      "filing_date": "2021-02-18"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 306023575.0,
      "total_employees": 5,
      "filing_date": "2022-02-02"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 279763823.0,
      "total_employees": 4,
      "filing_date": "2023-03-18"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 306864566.0,
      "total_employees": 4,
      "filing_date": "2024-03-22"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 348161272.0,
      "total_employees": 4,
      "filing_date": "2025-02-07"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 427265198.0,
      "total_employees": 4,
      "filing_date": "2026-03-17"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $348,161,272 to $427,265,198 (+23%).",
        "Registered or notice-filed in PA."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 17, 2026",
    "tiers": [
      {
        "band": "Up to $100,000",
        "rate": "0.85%"
      },
      {
        "band": "$100,000 to $250,000",
        "rate": "0.75%"
      },
      {
        "band": "$250,000 to $500,000",
        "rate": "0.65%"
      },
      {
        "band": "$500,000 to $1,000,000",
        "rate": "0.55%"
      },
      {
        "band": "$1,000,000 to $2,500,000",
        "rate": "0.45%"
      },
      {
        "band": "$2,500,000 to $5,000,000",
        "rate": "0.35%"
      },
      {
        "band": "$5,000,000 to $10,000,000",
        "rate": "0.25%"
      },
      {
        "band": "Above $10,000,000",
        "rate": "0.15%"
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$500,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "Up to $100,000: 0.85% a year",
          "$100,000 to $250,000: 0.75% a year",
          "$250,000 to $500,000: 0.65% a year",
          "$500,000 to $1,000,000: 0.55% a year",
          "$1,000,000 to $2,500,000: 0.45% a year",
          "$2,500,000 to $5,000,000: 0.35% a year",
          "$5,000,000 to $10,000,000: 0.25% a year",
          "Above $10,000,000: 0.15% a year"
        ],
        "quotes": [
          "Fees are charged quarterly, in arrears for the prior quarter, based on the following annualized fee schedule: Account Size Annual Fee <$100,000 0.85% $100,000-$250,000 0.75% $250,000-$500,000 0.65% $500,000-$1,000,000 0.55% $1,000,000-$2,500,000 0.45% $2,500,000-$5,000,000 0.35% $5,000,000-$10,000,000 0.25% > $10,000,000 0.15%"
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $500,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "The minimum account size for a new client is $500,000; however, this requirement can be waived at the discretion of the company Principals."
        ]
      }
    ],
    "quotes": [
      "Fees are charged quarterly, in arrears for the prior quarter, based on the following annualized fee schedule: Account Size Annual Fee <$100,000 0.85% $100,000-$250,000 0.75% $250,000-$500,000 0.65% $500,000-$1,000,000 0.55% $1,000,000-$2,500,000 0.45% $2,500,000-$5,000,000 0.35% $5,000,000-$10,000,000 0.25% > $10,000,000 0.15%",
      "The minimum account size for a new client is $500,000; however, this requirement can be waived at the discretion of the company Principals."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/shearwater-capital-denver-co-115399.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 60,
      "fewer_than_5": false,
      "raum": 18831136.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 120,
      "fewer_than_5": false,
      "raum": 402065120.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 6368942.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/115399",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}