Colonial River Investments provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers. Financial planning was provided to 251–500 clients last fiscal year.
Colonial River Investments reports 1,798 clients. They include 1,624 individual clients and 174 high-net-worth individuals. Of its assets, 100.0% ($464M across 1,799 accounts) are managed with discretion. A wrap fee program the firm both sponsors and manages holds $464M.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 90% | 32% |
| High-net-worth individuals | 10% | 68% |
| Charitable organizations | Fewer than 5 | <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) | 1,624 | $149M | 32.1% | $91.8K |
| High-net-worth individuals | 174 | $315M | 67.8% | $1.81M |
| Charitable organizations | Fewer than 5 | $394K | 0.1% | — |
| Total | 1,798 | $464M | 100% | — |
- Clients
- 1,624
- Regulatory AUM
- $149M
- AUM share
- 32.1%
- Avg. per client
- $91.8K
- Clients
- 174
- Regulatory AUM
- $315M
- AUM share
- 67.8%
- Avg. per client
- $1.81M
- Clients
- Fewer than 5
- Regulatory AUM
- $394K
- AUM share
- 0.1%
- Avg. per client
- —
Total
- Clients
- 1,798
- Regulatory AUM
- $464M
- 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
- 251–500
Colonial River Investments is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees). The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Colonial River Premiere Solutions
- Premiere Solutions clients are charged a fee of .15% to 1.00% based on the level of service selected, in addition to advisory fees.
- Financial Planning Services
- Hourly planning is billed at up to $550; fixed fees and annual retainers, with retainers billed quarterly in advance, are negotiated.
Devin Garofalo owns 75% or more of Colonial River Investments. The leadership team of Colonial River Investments includes President Devin Garofalo. It has 21 employees, 8 of them in advisory roles.
Leadership
- Devin GarofaloMember, President and Chief Compliance Officer
Investment adviser representatives
8 representatives listed in the SEC register as of 9 October 2026.
Staff
- 21 employees
- 8 in advisory functions
- 8 state-registered reps
- 9 broker-dealer reps
- 8 insurance agents
- Owns 75% or more of Colonial River Investments, LLC
Devin Garofalo
Control person · since October 2016
Colonial River Investments’ regulatory assets grew 1.6× from $294M (March 2021) to $464M (March 2026); clients rose from 721 to 1,798 and employees from 20 to 21.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $464M | 1,798 | 21 | 8 |
| April 2025 | $340M | 1,034 | 16 | 7 |
| March 2024 | $275M | 1,043 | 16 | 7 |
| March 2023 | $586M | 1,359 | 21 | 7 |
| April 2022 | $484M | 1,112 | 23 | 5 |
| March 2021 | $294M | 721 | 20 | 5 |
Besides its headquarters, Colonial River Investments has 7 offices (3 private residences, listed without an address), with 5 listed addresses in Virginia.
Virginia · 5 listed addresses
- 340 Browns Hill Court, MidlothianHQ
- 2110 William Styron Square S, Newport News
- 205 Bulifants BLVD., Williamsburg
- 918 Princess Ann Street, Fredericksburg
- 700 Tech Center Parkway, Newport News
Other business names
Colonial River Investments has reported 2 other business names to the SEC.
- Burleson Financial Strategies, Inc.
- Colonial River Wealth Management, LLC
Contact and registration details
- Legal name
- Colonial River Investments, LLC
- Headquarters
- 340 Browns Hill Court, Midlothian, VA 23114
- Website
- colonialriver.com
- Phone
- 804-335-1200
- @colonialriver
- SEC file
- 801-113243
- Structure
- Virginia LLC
- Fiscal year end
- December
Colonial River Investments uses LPL Financial ($425M) as custodian for its separately managed accounts. Colonial River Investments does not have custody of client assets.
- LPL FinancialLPL Financial LLC · Boston, MA · $425M100%
At year end, Colonial River Investments’ separately managed accounts were mostly in stocks (71%) and funds (19%). Its reported 13F holdings for the quarter ended 30 June 2026 total $352M across 249 positions; the largest are Nvidia Corporation (6.0%), Invesco Exch Traded FD TR II (4.6%) and Apple Inc. (3.8%).
What the accounts hold
- Stocks71%
- Funds19%
- Bonds2%
- U.S. government and agency bonds1%
- Investment grade corporate bonds1%
- Cash5%
- Other3%
- Structured products3%
Reported 13F holdings
- $352M
- Reported 13F value
- 249
- Positions
- 29.9%
- In the 10 largest
- +25.9%
- Value vs. prior quarter
- Nvidia Corporation6.0%
- Invesco Exch Traded FD TR II · S&P 500 Momntm4.6%
- Apple Inc.3.8%
- Microsoft Corp.3.1%
- Putnam ETF Trust · Focused Lar Cap2.5%
- Amazon Com Inc.2.4%
- AB Active ETFS Inc. · Disruptors ETF2.1%
- Invesco Exch Traded FD TR II · S&P 500 Revenue1.8%
- Invesco Exch Traded FD TR II · 500 Qvm Multi1.8%
- Meta Platforms Inc. · CL A1.8%
Together, the ten largest are 29.9% of reported value.
How many clients does Colonial River Investments have?
Colonial River Investments has 1,798 clients and manages $464 million for them, as of March 2026. They include 1,624 individual clients and 174 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Colonial River Investments offer?
Colonial River Investments provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Colonial River Investments use?
Colonial River Investments’ separately managed account assets are held at LPL Financial LLC (Boston, MA), with $425M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Colonial River Investments have?
Colonial River Investments has 8 investment adviser representatives registered with state securities authorities, out of 21 employees, and 8 perform investment advisory functions. 9 employees are registered representatives of a broker-dealer and 8 employees are 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 Colonial River Investments invest in?
At the end of its last fiscal year, Colonial River Investments’ separately managed accounts held 71% exchange-traded equities, 19% registered funds (mutual funds, ETFs, BDCs), 5% cash and equivalents, 3% other, 1% U.S. government and agency bonds and 1% investment grade corporate bonds. The 3% other category is described as: Structured Products.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Colonial River Investments?
Colonial River Investments’ direct owner is Devin Garofalo (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Colonial River Investments get paid?
Colonial River Investments is paid through a percentage of assets under management, hourly charges and fixed fees. 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 Colonial River Investments?
Colonial River Investments’ main office is at 340 Browns Hill Court, Midlothian, VA 23114. Its phone number is 804-335-1200. Its website is colonialriver.com.