{"url":"https://nivawealth.com/firms/m4a3-336172","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/336172","regulatoryAum":322035401,"crd":"336172","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"2286858","suffix":null,"lastName":"SHERMAN","firstName":"MICHAEL","middleName":"JOHN"}],"total":1,"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":"2025-07-23","regulatoryAum":0,"clients":0,"employees":2,"offices":1},{"filedOn":"2026-03-31","regulatoryAum":322035401,"clients":65,"employees":6,"offices":1}],"secFileNumber":"801-132765","legalName":"M4a3 LLC","displayName":"M4a3","slug":"m4a3-336172","website":"https://m4a3.com/","classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"820 Pearl Street, Ste F","city":"Boulder","state":"CO","stateName":"Colorado","country":"United States","postalCode":"80302"},"tradeNames":[],"registration":{"secApproved":"12 May 2025","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":4805411.933333334,"staff":{"employees":6,"advisory":3,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":322035401,"discretionary":284017068,"discretionaryAccounts":324,"nonDiscretionary":38018333,"nonDiscretionaryAccounts":32,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"High-net-worth individuals","clients":60,"regulatoryAum":288324716},{"label":"Pooled investment vehicles","clients":5,"regulatoryAum":33710685}],"feePrograms":[{"role":"main","program":"Investment Management Fees","feeBasis":"ceiling","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1036660","versionId":1036660,"ratePeriod":"annual","fee_billing":"arrears","submittedOn":"2026-03-31","documentName":"DISCLOSURE BROCHURE FOR M4A3 LLC","fee_rate_low":null,"fee_rate_high":0.85,"fee_negotiable":null,"minimum_account":null,"feeMinimumPeriod":null,"fee_minimum_annual":null}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T18:01:55.22932+00:00","documents":[{"name":"DISCLOSURE BROCHURE FOR M4A3 LLC","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1036660","versionId":1036660,"submittedOn":"2026-03-31"}]},"custodians":[{"name":"Pershing LLC","shortName":"Pershing","location":"Jersey City, NJ","smaAssets":110224792},{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"Westlake, TX","smaAssets":53482662}],"custodyNote":"M4a3 has custody of $322M in client assets for 50 clients.","otherCustodians":[],"leadership":[{"name":"Michael Sherman","title":"Managing Member, Founder & Chief Executive Officer","crd":"2286858"},{"name":"Mandi Sherman","title":"Managing Member, Founder, Chief Operations Officer & Chief Compliance Officer","crd":"8070922"}],"ownership":[{"label":"Michael Sherman","detail":"Managing member, founder & chief executive officer in the 25% to 50% ownership band and a control person, since April 2025."},{"label":"Mandi Sherman","detail":"Managing member, founder, chief operations officer & chief compliance officer in the 50% to 75% ownership band and a control person, since April 2025."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Colorado","offices":1,"addresses":[{"street":"820 Pearl Street, Ste F","city":"Boulder","headquarters":true}]}],"brochureServices":["financial planning"],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"303-396-6204","stateRegisteredReps":3,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Other","percent":100,"detail":"The Firm Did Not Have Any Assets As of the End of the Fiscal Year-End."}],"privateFunds":5},"sources":{"adv1FilingDate":"31 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/336172/PDF/336172.pdf","brochureDate":"31 March 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1036660","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 M4a3 have?","answer":"M4a3 has 65 clients and manages $322 million for them, as of March 2026. They include 60 high-net-worth individuals and 5 pooled investment vehicles.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does M4a3 offer?","answer":"M4a3 provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, and financial planning.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does M4a3 charge?","answer":"M4a3 charges up to 0.85% a year for its Investment Management Fees. The fee is billed in arrears.","source":"DISCLOSURE BROCHURE FOR M4A3 LLC, filed 31 March 2026","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does M4a3 use?","answer":"M4a3’s separately managed account assets are held at Pershing LLC (Jersey City, NJ), with $110M and Charles Schwab & Co., Inc. (Westlake, TX), with $53.5M. 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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does M4a3 have?","answer":"M4a3 has 3 investment adviser representatives registered with state securities authorities, out of 6 employees, and 3 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 M4a3 invest in?","answer":"At the end of its last fiscal year, M4a3’s separately managed accounts held 100% other. The 100% other category is described as: The Firm Did Not Have Any Assets As of the End of the Fiscal Year-End. It advises 5 private funds.","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 M4a3?","answer":"M4a3’s direct owners are Michael Sherman (25% to 50%) and Mandi Sherman (50% to 75%).","source":"Form ADV Part 1A, Schedules A and B, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does M4a3 get paid?","answer":"M4a3 is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions 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 M4a3?","answer":"M4a3’s main office is at 820 Pearl Street, Ste F, Boulder, CO 80302. Its phone number is 303-396-6204. Its website is m4a3.com.","source":"Form ADV Part 1A, Item 1.F, filed 31 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."}