# The Watermill Group

> The Watermill Group is an SEC-registered investment advisory firm in Boston, MA, registered since 2022, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 163370
- Filed as: THE WATERMILL GROUP
- Legal name: Watermill Management Company, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/163370
- AdvisorCensus page: https://advisorcensus.com/firm/the-watermill-group-boston-ma-163370

## Quick answers

**How is The Watermill Group compensated?**
On its Form ADV (Item 5.E, October 2026), The Watermill Group reports these compensation arrangements: fixed fees (other than subscription fees); performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is The Watermill Group located?**
The Watermill Group's principal office is in Boston, MA, according to its Form ADV.

**Is The Watermill Group registered with the SEC or a state?**
The Watermill Group is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 163370.

**How much does The Watermill Group manage?**
The Watermill Group reports $178,078,003 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have The Watermill Group's assets and staff changed since 2021?**
In the Form ADV data for The Watermill Group: Regulatory assets under management: $239,100,546 in the October 2022 data and $178,078,003 in the October 2026 data, down 26%. Total employees: 16 in October 2022 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does The Watermill Group serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (18).

**Does The Watermill Group 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/163370

**What changed in The Watermill Group's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 9.

## From the Form ADV filing

### Compensation (Item 5.E)
- Fixed fees (other than subscription fees)
- Performance-based fees
- Other

### Regulatory assets under management (Item 5.F)
- Total: $178,078,003
- Discretionary: $178,078,003
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 18 | $178,078,003 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2022 (4 years)
- Employees: 13 total, 9 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- watermill.com
- watermill.com/WMX
- Instagram @watermillgroup
- LinkedIn @THE-WATERMILL-GROUP
- YouTube @watermillgroup9763

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | Not reported | March 29, 2021 |
| October 2022 | $239,100,546 | 16 | July 27, 2022 |
| October 2023 | $245,885,830 | 15 | September 20, 2023 |
| October 2024 | $212,874,753 | 16 | May 28, 2024 |
| October 2025 | $145,088,497 | 14 | March 26, 2025 |
| October 2026 | $178,078,003 | 13 | March 30, 2026 |

Regulatory assets under management: $239,100,546 in the October 2022 data and $178,078,003 in the October 2026 data, down 26%.
Total employees: 16 in October 2022 and 13 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 9.

### December 2025
- Employees performing advisory functions went from 9 to 8.
- Regulatory assets under management went from $145,088,497 to $162,912,234 (+12%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. The Watermill Group (CRD 163370): Form ADV filing data as of October 2026.