Wealth manager, independent · Shoreview, MN
Great Waters Financial
Great Waters Wealth Management · SEC-registered investment adviser · CRD 308215 · SEC 801-123543
At a glance
Great Waters Financial is an SEC-registered investment adviser based in Shoreview, Minnesota, with $1.2B in regulatory assets under management as of its Form ADV filed April 7, 2026. It reports 1,627 individual clients, 383 of them high-net-worth, holding an average of about $0.8 million each, and 42 employees. That ranks it 889th among the nation’s 5,657 independent wealth management RIAs and 25th of 140 in Minnesota. It reports Charles Schwab as the custodian for its clients’ separately managed accounts.
Main office 612-360-2127greatwatersfinancial.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $1.2B
- Rank among independent wealth managers
- #889 of 5,657
- Rank among all SEC RIAs
- #4,776 of 17,210
- Rank in Minnesota
- #25 of 140
- Individual clients
- 1,627
- High-net-worth clients
- 383
- Accounts
- 6,141
- Discretionary
- 100% of AUM
- Employees
- 42
- Advisory staff
- 23
- Offices
- 4
Owners and executives on its Form ADV
- Michael J. PalumboChief Executive Officer
- Justin R. HalversonChief Compliance Officer
- Elijah R. KovarPartner
- Nicholas C. FoulksDirector of Communications Strategy
- Maya R. ArseneauChief of Staff
- Matthew J. SchwartzAdvisor, Director of Client Experience
- Andrew L. WallerDirector of Finance
Custody and brokerage
Broker-dealer
No broker-dealer ties
Great Waters Financial reports no employees registered with a broker-dealer and no affiliated broker-dealer.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 383 | $774M | 63% |
| Individuals | 1,244 | $460M | 37% |
| Charitable organizations | – | $1M | <1% |
| Corporations or other businesses | – | $0M | <1% |
Disciplinary disclosures
Great Waters Financial reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗greatwatersfinancial.com ↗
AtlasMembers
The full record on Great Waters Financial
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, 3 years of filings
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- Growth over one, three and five years
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- Rank against 2,959 peers of its type and size
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- Owners and executives, with titles and stakes
- 7 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
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Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Similar-size RIAs in Minnesota
All of Minnesota →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Redhawk Wealth Advisors, Inc.Minneapolis | $1.5B | 3,118 |
| Affiance Financial LLCSt. Louis Park | $1.4B | 1,178 |
| Palisade Asset Management, LLCMinneapolis | $1.3B | 104 |
| Financial PerspectivesMinneapolis | $1.2B | 734 |
| Guardian Wealth Strategies, LLCMinneapols | $1.1B | 1,234 |
| Bluestem Wealth Partners, LLCMinnetonka | $1.1B | 1,679 |
Background
Questions
How much does Great Waters Financial manage?
Great Waters Financial reports $1.2B in regulatory assets under management across 6,141 accounts, 100% of it on a discretionary basis, on its Form ADV filed April 7, 2026.
How many clients does Great Waters Financial have?
It reports 1,627 individual clients: 383 high-net-worth individuals and 1,244 other individuals. Individuals account for about 100% of its regulatory assets.
Where is Great Waters Financial headquartered?
Its main office is in Shoreview, Minnesota. It reports 4 offices in total and 42 employees, 23 of whom perform investment advisory functions.
How does Great Waters Financial charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; fixed fees. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Great Waters Financial use?
It reports Charles Schwab as the custodian for its clients’ separately managed accounts. On Schedule D of its Form ADV filed April 7, 2026, it reports these amounts held: Charles Schwab ($1.2B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Great Waters Financial a hybrid RIA with a broker-dealer?
Great Waters Financial reports no employees registered with a broker-dealer and no affiliated broker-dealer.
Is Great Waters Financial a fiduciary?
As an SEC-registered investment adviser, Great Waters Financial owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. It reports no employees who are registered representatives of a broker-dealer.
Where these numbers come from
Every figure is Great Waters Financial’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-04-07), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →