# Watercolor Financial

> Watercolor Financial is an SEC-registered investment advisory firm in Austin, TX, registered since 2023, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 327254
- Filed as: WATERCOLOR FINANCIAL
- Legal name: CBM Financial, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Austin, TX
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/327254
- AdvisorCensus page: https://advisorcensus.com/firm/watercolor-financial-austin-tx-327254

## Quick answers

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

**Where is Watercolor Financial located?**
Watercolor Financial's principal office is in Austin, TX, according to its Form ADV.

**Is Watercolor Financial registered with the SEC or a state?**
Watercolor Financial is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 327254.

**How much does Watercolor Financial manage?**
Watercolor Financial reports $234,750,441 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Watercolor Financial's assets and staff changed since 2023?**
In the Form ADV data for Watercolor Financial: Regulatory assets under management: $0 in the October 2023 data and $234,750,441 in the October 2026 data. Total employees: 3 in October 2023 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Watercolor Financial serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (82); individuals (other than high net worth individuals) (70).

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

**Does Watercolor 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/327254

**Does Watercolor Financial state an account minimum?**
Its Form ADV Part 2A brochure dated March 27, 2026 says: "Watercolor Financial has an account minimum of $1,000,000 per household. However, we retain discretion to accept clients with smaller portfolios."

**What changed in Watercolor Financial's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $184,775,297 to $234,750,441 (+27%).

## 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 27, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> Watercolor Financial has an account minimum of $1,000,000 per household. However, we retain discretion to accept clients with smaller portfolios.

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

### Custodians (Schedule D, Section 5.K(3))
- National Financial Services LLC

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: $234,750,441
- Discretionary: $234,750,441
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 70 | $48,590,933 |
| High net worth individuals | 82 | $186,159,508 |

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

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

### Websites listed on Form ADV (Item 1.I)
- watercolorfinancial.com
- LinkedIn @watercolor-financial
- LinkedIn @bleckleydobbs
- LinkedIn @cassgrange
- LinkedIn @meganpoore

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $0 | 3 | September 12, 2023 |
| October 2024 | $152,823,767 | 3 | August 19, 2024 |
| October 2025 | $184,775,297 | 3 | March 19, 2025 |
| October 2026 | $234,750,441 | 3 | March 27, 2026 |

Regulatory assets under management: $0 in the October 2023 data and $234,750,441 in the October 2026 data.
Total employees: 3 in October 2023 and 3 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $184,775,297 to $234,750,441 (+27%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Watercolor Financial (CRD 327254): Form ADV filing data as of October 2026.