{"url":"https://nivawealth.com/firms/changing-parameters-132551","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/132551","regulatoryAum":105384876,"crd":"132551","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"2097495","suffix":null,"lastName":"SMITH","firstName":"HOWARD","middleName":"PAUL"},{"crd":"7353567","suffix":null,"lastName":"Winstead","firstName":"Nicholas","middleName":null}],"total":2,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-01-29","regulatoryAum":82675527,"clients":117,"employees":3,"offices":2},{"filedOn":"2022-07-07","regulatoryAum":96971356,"clients":122,"employees":4,"offices":1},{"filedOn":"2023-01-27","regulatoryAum":92194442,"clients":120,"employees":3,"offices":2},{"filedOn":"2024-01-24","regulatoryAum":93040421,"clients":119,"employees":3,"offices":2},{"filedOn":"2025-01-21","regulatoryAum":102336811,"clients":119,"employees":3,"offices":2},{"filedOn":"2026-03-13","regulatoryAum":105384876,"clients":115,"employees":4,"offices":2}],"secFileNumber":"801-63495","legalName":"Changing Parameters, LLC","displayName":"Changing Parameters","slug":"changing-parameters-132551","website":null,"classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"October","headquarters":{"street":"201 Main Street, Suite 150","city":"Los Altos","state":"CA","stateName":"California","country":"United States","postalCode":"94022"},"tradeNames":[],"registration":{"secApproved":"10 September 2004","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":905438.9541284404,"staff":{"employees":4,"advisory":2,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":105384876,"discretionary":105384876,"discretionaryAccounts":249,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"Individuals (other than HNW)","clients":67,"regulatoryAum":17742624},{"label":"High-net-worth individuals","clients":42,"regulatoryAum":80950222},{"label":"Investment companies","clients":1,"regulatoryAum":0},{"label":"Pension and profit-sharing plans","clients":null,"fewerThan5":true,"regulatoryAum":3881756},{"label":"Corporations and other businesses","clients":5,"regulatoryAum":2041757},{"label":"Other","clients":null,"fewerThan5":true,"regulatoryAum":768517}],"feePrograms":[{"role":"main","program":"Separately managed account fee","feeBasis":"ceiling","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1004063","versionId":1004063,"ratePeriod":"annual","fee_billing":"arrears","submittedOn":"2026-01-26","documentName":"CHANGING PARAMETERS, LLC FORM ADV PART 2A - FIRM BROCHURE (JAN 2025)","fee_rate_low":null,"fee_rate_high":2.5,"fee_negotiable":true,"minimum_account":null,"feeMinimumPeriod":null,"fee_minimum_annual":null}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T13:09:35.032482+00:00","documents":[{"name":"CHANGING PARAMETERS, LLC FORM ADV PART 2A - FIRM BROCHURE (JAN 2025)","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1004063","versionId":1004063,"submittedOn":"2026-01-26"}]},"custodians":[{"name":"U.S. Bank National Association","shortName":"U.S. Bank National Association","location":"Cincinnati, OH","smaAssets":95333853}],"custodyNote":"Changing Parameters does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Howard Smith","title":"Managing Member, President, Chief Compliance Officer","crd":"2097495"},{"name":"Jonathan Nakagawa","title":"Chief Financial Officer","crd":"8215955"}],"ownership":[{"label":"Howard Smith","detail":"Managing member, president, chief compliance officer in the 75% or more ownership band and a control person, since July 2004."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":1,"privateResidences":1},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"California","offices":1,"addresses":[{"street":"201 Main Street, Suite 150","city":"Los Altos","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"650-327-7705","stateRegisteredReps":2,"otherAdviserReps":0,"compensation":["A percentage of assets under management"],"activities":["Financial planning services","Portfolio management for individuals and/or small businesses","Portfolio management for investment companies","Selection of other advisers (including private fund managers)","Other"],"financialPlanningClients":"101-250","assetMix":[{"label":"Securities issued by registered investment companies or business development companies","percent":86},{"label":"Cash and cash equivalents","percent":14}],"privateFunds":0},"sources":{"adv1FilingDate":"13 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/132551/PDF/132551.pdf","brochureDate":"26 January 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1004063","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Changing Parameters have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Changing Parameters offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Changing Parameters charge?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Changing Parameters use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Changing Parameters have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Changing Parameters invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Changing Parameters?","answer":"Changing Parameters’ direct owner is Howard Smith (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 13 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Changing Parameters get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Changing Parameters?","answer":"Changing Parameters’ main office is at 201 Main Street, Suite 150, Los Altos, CA 94022. Its phone number is 650-327-7705.","source":"Form ADV Part 1A, Item 1.F, filed 13 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}