Clearwater Advisors, Llc
- Regulatory AUM
- $4.7B
- Discretionary
- $3.9B
- Clients
- 32
- Avg AUM / client
- $145M
- Accounts
- 84
- Employees
- 9
AUM over time
Annual snapshots from Form ADV filings · as of May 07, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | Fewer than 5 clients | $78.9M | 1.7% |
| Banking or thrift institutions | Fewer than 5 clients | $43.1M | 0.93% |
| Pension and profit sharing plans | Fewer than 5 clients | $861M | 18.5% |
| State or municipal government entities | 10 | $740M | 15.9% |
| Insurance companies | 5 | $626M | 13.5% |
| Corporations and other businesses | 17 | $2.3B | 49.5% |
People (11)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Bates, Douglas, K | Member | Feb 1999 (28y) | ≈ 7.5% – 25% via Bid, Llc | |
| Boren, David, R | Member | Sep 2001 (25y) | ≈ 7.5% – 25% via Sage Investors, Llc | |
| Boren, Michael, Kenneth | Member | Sep 2001 (25y) | ≈ 7.5% – 25% via Obsidian Investments, Llc | |
| Dunn, C, David | Manager | Sep 2001 (25y) | 5% – 10% | |
| Rhet Nmn Hulbert | Member | Oct 2006 (20y) | 5% – 10% | |
| Daniel Bates | Member | May 2018 (8y) | ≈ 18.75% – 50% via Honey Badger Investment Development Llc | |
| Nelson, Hayley, Nicole | Chief Compliance Officer | May 2018 (8y) | Less than 5% | |
| Richard Ming Yuh Lin | Registered representative | CFA | Oct 2014 (12y) | |
| Brandon John Beall | Registered representative | CFA | Oct 2021 (5y) | |
| Garrett Evan Cudahey | Registered representative | CFA | Feb 2024 (2y) | |
| Michelle Anne Martin | Registered representative | Mar 2025 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Honey Badger Investment Development Llc | Member | May 2018 | A | 25% – 50% |
| Bid, Llc | Owner | Oct 2022 | A | 10% – 25% |
| Sage Investors, Llc | Owner | Oct 2022 | A | 10% – 25% |
| Obsidian Investments, Llc | Owner | Oct 2022 | A | 10% – 25% |
Undisclosed: 0% – 35% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Bates, Douglas, K: 75% – 100% of Bid, Llc × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Boren, David, R: 75% – 100% of Sage Investors, Llc × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Boren, Michael, Kenneth: 75% – 100% of Obsidian Investments, Llc × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Daniel Bates: 75% – 100% of Honey Badger Investment Development Llc × 25% – 50% direct ≈ 18.75% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 05/07/2026 | 998 KB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- U.S. Bancorp Investments, Inc. $2.6B (55% of AUM) May 2026
- Wells Fargo $1.2B (18% of AUM) Oct 2018
- BNY Mellon $876M (19% of AUM) May 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: May 07, 2026.
View current Form ADV (SEC/IAPD) ↗