Great Waters Financial

What Great Waters Financial does

Great Waters Financial, LLC is a privately held, fee-only financial advisory firm headquartered in Shoreview, Minnesota, founded in 2012 by advisors seeking to address the gap between accumulating wealth and using it purposefully in retirement. The firm serves individuals and couples in the pre-retiree and retiree segments — primarily mass-affluent to high-net-worth households — across 36 U.S. states, with a Midwest concentration. Its core offering integrates financial planning (retirement, investment management, tax, estate, and Medicare) with a values-based life planning service delivered through the proprietary 'Compass: Live Greatly® Guidebook' and the firm-wide Clarity Framework planning process introduced in 2025.

The underlying technology stack is conventional for an independent RIA: Charles Schwab provides custodial and client-portal access, Orion handles portfolio management and reporting, MoneyGuide supports financial planning, Wealth.com powers estate planning workflows, and Zix (now OpenText) secures communications. No proprietary technology platform, mobile app, or AI/ML capability is disclosed. The firm's intellectual property is concentrated in its registered 'Live Greatly®' brand, the Compass Guidebook, and the Clarity Framework methodology, supported by a content library and over 1,500 community educational events.

The business model is a regressive AUM-based fee schedule (1.25% on the first $1M down to 0.60% above $5M, negotiable above $10M) with a flat annual fee alternative for clients who self-direct investments, complemented by separate fees for estate planning and Medicare planning, and a $150 Create Your Compass workshop. Advisors are salaried with no commissions, and the firm operates on a team-based model (25+ specialized advisors with certified life coaches) intended to remove single-advisor dependency. The firm manages $1.7B+ in Assets Under Administration but does not disclose revenue, AUM growth rates, or external financing. Leadership includes CEO Michael Palumbo and VP of Operations Austin Schmitt.

Name

Great Waters Financial

Legal name

Great Waters Financial, LLC

Website

https://greatwatersfinancial.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Great Waters Financial is a fee-only, team-based RIA in Shoreview, Minnesota, serving pre-retirees and retirees across 36 U.S. states with integrated financial and life planning, managing $1.7B+ in Assets Under Administration under a regressive AUM fee model.

Ownership category

akta.pro rank

Product category

Retirement Financial Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Comprehensive Financial Planning (FSAEAAAA)

Keywords

• Retirement planning
• Investment management
• Financial advisory services
• Estate planning
• Life planning

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations, Infrastructure

Revenue model

1. Assets Under Management (AUM) Fees: Regressive annualized fee schedule based on assets managed. Fee rate decreases as portfolio size increases: 1.25% for $0-$1M, 1.00% for $1M-$2M, 0.80% for $2M-$5M, 0.60% for $5M-$10M, negotiable above $10M.
2. Flat Annual Fee: Alternative to AUM-based pricing for clients who prefer managing their own investments but want financial planning services.
3. Planning Fees: Comprehensive review of current retirement strategy with personalized recommendations. Covers income planning, Social Security timing, protection strategies, and risk management.
4. Create Your Compass Workshop: $150 for workshop (free for clients). Interactive session with certified life coach covering life planning and values clarification.
5. Medicare Planning: No cost to clients for Medicare guidance as part of comprehensive planning.
6. Estate Planning: Separate cost from other planning services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Great Waters Financial is a fee-only financial advisory firm that delivers integrated retirement and life planning services to pre-retirees and retirees. Its core offerings combine retirement income planning, investment management, tax strategy, estate planning, Medicare planning, and life planning through a salaried team of advisors and certified life coaches, supported by the proprietary Compass: Live Greatly® Guidebook.

Product overview

Great Waters Financial is a fee-only financial advisory firm offering a unified platform of integrated retirement planning and life planning services. The core offering combines financial strategy (retirement planning, investment management, tax strategy, estate planning, Medicare planning) with life planning centered around the proprietary Compass: Live Greatly® Guidebook. The firm operates on a salaried advisor model with no commissions, offering services through a regressive AUM fee schedule or flat annual fee. The Clarity Framework planning process integrates all services under one team approach, supported by client portal integrations with Charles Schwab, Orion/MoneyGuide, Zix/OpenText, and Wealth.com.

Differentiator

Problem solved

Functional benefit

Brands

• Live Greatly: The company's holistic planning philosophy and brand concept focused on aligning financial planning with personal values and life purpose.
• Compass: Live Greatly Guidebook
• Clarity Framework

Products and services

• Retirement Planning Income and spending planning for retirement, helping pre-retirees and retirees determine how much they can spend, identify opportunities, and make informed financial moves for retirement readiness.
• Investment Management Growth-minded and risk-aware investment management strategies to help clients reach their financial goals, delivered via a regressive AUM fee schedule with Charles Schwab as custodian.
• Tax Strategy Proactive tax-efficient planning strategies including Roth conversion strategies and tax-efficient distribution planning, with in-house tax preparation to help clients keep more of what they earn.
• Estate Planning Personalized estate plans that coordinate wills, trusts, powers of attorney, and strategies to minimize inheritance taxes, provided in-house since 2023.
• Medicare Planning Expert support to help clients choose the right Medicare coverage with confidence, integrated into the overall retirement planning engagement at no additional cost.
• Life Planning Values-based life planning service that uses the Compass: Live Greatly® Guidebook to help clients align their finances with what matters most to them in retirement.
• Compass: Live Greatly® Guidebook A proprietary practical workbook and life design tool that helps clients reflect on their current reality across all areas of life, identify gaps between reality and ideal future, and outline intentional steps. Used as the foundation for the Create Your Compass workshop.
• Create Your Compass Workshop Interactive workshop where participants work through the Compass: Live Greatly® Guidebook with guidance from certified life coaches, covering values identification, life lists, and action planning. $150 per person; free for existing clients.
• Professional Asset Management Assets under management (AUM) service with regressive annualized fee schedule (1.25% to 0.60% based on asset tier; negotiable above $10M), covering investment management, ongoing strategy reviews, and coordination with overall financial plan. Flat annual fee alternative available for clients managing their own investments.
• Clarity Framework Planning Process A tailored planning process that integrates all of the firm's financial advisory services under one framework, designed to bring order to finances and purpose to retirement decisions, shaped around the client's life, goals, and vision for retirement.

Quantifiable outcome

• Assets Under Administration: $1.7B+
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Charles SchwabcoreTechnology or IntegrationCharles Schwab serves as the custodial platform for client investment accounts. Clients access their accounts through the Charles Schwab Client Portal for seamless experience managing investments and financial activities.
• OrioncoreTechnology or IntegrationOrion portfolio management platform used for client portfolio overview and reporting. Accessed through Orion login portal integrated with company workflow.
• MoneyGuidecoreTechnology or IntegrationFinancial planning software used for creating and managing client financial plans. Accessed alongside Orion for comprehensive planning and portfolio management.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Halbert Hargrove: Fee-only, salaried-advisor RIA providing comprehensive retirement and life planning — closely comparable operating model and client philosophy.
• Buckingham Strategic Wealth: Fee-only RIA focused on evidence-based financial planning for retirees and pre-retirees; comparable client segment, fiduciary model, and regressive AUM pricing structure.
• Carson Wealth: Large US RIA platform serving individuals and families with holistic retirement, tax, and estate planning under a team-based model — highly comparable in target market, fee philosophy, and growth posture.
• Facet Wealth: Tech-enabled fee-only RIA targeting mass-affluent and HNW clients with flat-fee planning — directly competes on the 'no-AUM pricing' alternative Great Waters also offers.
• Creative Planning: Large fee-only RIA delivering comprehensive retirement, tax, and estate planning to affluent households; one of the closest comparable business models at greater scale.
• Sequoia Financial Group: Mid-sized fee-only RIA offering integrated wealth, retirement, tax, and estate services to individuals, with an explicit focus on planning-driven relationships.
• Mariner Wealth Advisors: National RIA offering integrated retirement, tax, estate, and planning services under a team-based model — direct peer in positioning and pricing.

Broad incumbents

• Vanguard Personal Advisor Services: Low-fee incumbent combining digital planning with human advisors for retiree/HNW segments; key competitive threat on price for Great Waters' mass-affluent tier.
• Schwab Wealth Advisory: Custodian-affiliated advisory service offering retirement planning to a similar demographic; a credible substitute especially given Great Waters' reliance on Schwab custody.
• Edelman Financial Engines: Largest US retirement-focused RIA with employer-sponsored and individual channels; broad incumbent whose scale and brand press on Great Waters' target retiree demographic.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Great Waters Financial