Changing Parameters provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, and selecting other managers. Financial planning was provided to 101–250 clients last fiscal year.
Changing Parameters reports 115 clients. They include 67 individual clients, 42 high-net-worth individuals, and 5 corporations and other businesses. Of its assets, 100.0% ($105M across 249 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 58% | 17% |
| High-net-worth individuals | 37% | 77% |
| Investment companies | <1% | 0% |
| Pension and profit-sharing plans | Fewer than 5 | 4% |
| Corporations and other businesses | 4% | 2% |
| Other client typesOther | Not reported | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 67 | $17.7M | 16.8% | $265K |
| High-net-worth individuals | 42 | $81M | 76.8% | $1.93M |
| Investment companies | 1 | $0 | 0.0% | $0 |
| Pension and profit-sharing plans | Fewer than 5 | $3.88M | 3.7% | — |
| Corporations and other businesses | 5 | $2.04M | 1.9% | $408K |
| Other | Fewer than 5 | $769K | 0.7% | — |
| Total | 115 | $105M | 100% | — |
- Clients
- 67
- Regulatory AUM
- $17.7M
- AUM share
- 16.8%
- Avg. per client
- $265K
- Clients
- 42
- Regulatory AUM
- $81M
- AUM share
- 76.8%
- Avg. per client
- $1.93M
- Clients
- 1
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- $0
- Clients
- Fewer than 5
- Regulatory AUM
- $3.88M
- AUM share
- 3.7%
- Avg. per client
- —
- Clients
- 5
- Regulatory AUM
- $2.04M
- AUM share
- 1.9%
- Avg. per client
- $408K
- Clients
- Fewer than 5
- Regulatory AUM
- $769K
- AUM share
- 0.7%
- Avg. per client
- —
Total
- Clients
- 115
- Regulatory AUM
- $105M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 101–250
Changing Parameters charges up to 2.50% a year for its Separately managed account fee. The fee is billed in arrears and is negotiable.
Fee details and sources
Howard Smith owns 75% or more of Changing Parameters. The leadership team of Changing Parameters includes President Howard Smith and Chief Financial Officer Jonathan Nakagawa. It has 4 employees, 2 of them in advisory roles.
Staff
- 4 employees
- 2 in advisory functions
- 2 state-registered reps
- Owns 75% or more of Changing Parameters, LLC
Howard Smith
Control person · since July 2004
Changing Parameters’ regulatory assets grew from $82.7M (January 2021) to $105M (March 2026); clients were 115 in both filings and employees rose from 3 to 4.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $105M | 115 | 4 | 2 |
| Jan 2025January 2025 | $102M | 119 | 3 | 2 |
| Jan 2024January 2024 | $93M | 119 | 3 | 2 |
| Jan 2023January 2023 | $92.2M | 120 | 3 | 2 |
| Jul 2022July 2022 | $97M | 122 | 4 | 1 |
| Jan 2021January 2021 | $82.7M | 117 | 3 | 2 |
Besides its headquarters, Changing Parameters has 1 office (1 private residence, listed without an address), with 1 listed address in 1 state.
California · 1 listed address
- 201 Main Street, Suite 150, Los AltosHQ
Contact and registration details
- Legal name
- Changing Parameters, LLC
- Headquarters
- 201 Main Street, Suite 150, Los Altos, CA 94022
- Website
- Not reported
- Phone
- 650-327-7705
- SEC file
- 801-63495
- Structure
- Delaware LLC
- Fiscal year end
- October
Changing Parameters’ named custodian for separately managed accounts is U.S. Bank National Association ($95.3M). Changing Parameters does not have custody of client assets.
- U.S. Bank National AssociationU.S. Bank National Association · Cincinnati, OH · $95.3M100%
At year end, Changing Parameters’ separately managed accounts were mostly in funds (86%) and cash (14%).
What the accounts hold
- Funds86%
- Cash14%
How many clients does Changing Parameters have?
Changing Parameters has 115 clients and manages $105 million for them, as of March 2026. They include 67 individual clients, 42 high-net-worth individuals, and 5 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 13 March 2026
What services does Changing Parameters offer?
Changing Parameters provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Changing Parameters charge?
Changing Parameters charges up to 2.50% a year for its Separately managed account fee. The fee is billed in arrears and is negotiable.
Source: CHANGING PARAMETERS, LLC FORM ADV PART 2A - FIRM BROCHURE (JAN 2025), filed 26 January 2026
Which custodians does Changing Parameters use?
Changing Parameters’ separately managed account assets are held at U.S. Bank National Association (Cincinnati, OH), with $95.3M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 13 March 2026
How many financial advisors does Changing Parameters have?
Changing Parameters has 2 investment adviser representatives registered with state securities authorities, out of 4 employees, and 2 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Changing Parameters invest in?
At the end of its last fiscal year, Changing Parameters’ separately managed accounts held 86% registered funds (mutual funds, ETFs, BDCs) and 14% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Changing Parameters?
Changing Parameters’ direct owner is Howard Smith (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 13 March 2026
How does Changing Parameters get paid?
Changing Parameters is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Changing Parameters?
Changing Parameters’ main office is at 201 Main Street, Suite 150, Los Altos, CA 94022. Its phone number is 650-327-7705.