DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

USA Financial Securities LLC

Independent wealth managerAda, MichiganCRD 103857SEC 801-68276websiteIAPD
Latest filing Mar 27, 2026
First filing on the tape Mar 14, 2012 · 39 filings
SEC status approved since Aug 24, 2007
RAUM
$297M
reported, Item 5.F
Discretionary
69%
of RAUM
Private clients
98%
$291M individuals and HNW
Advisors
128
registered through the firm on IAPD
RAUM per advisor
$2.3M
derived; firm RAUM over IAPD count
Employees
172
134 advisory (5.B.1)
Offices
100
beyond the principal office
Private funds
0
reported on Schedule D
History
39 filings and snapshots on the tape
RAUM$297M as of Mar 27, 2026
Mar 14, 2012$65.1M then
HNW client RAUM$79.4M as of Mar 27, 2026
Mar 29, 2018$13.7M then
State-registered IARs (5.B.3)134 as of Mar 27, 2026
Mar 28, 201390 then
Employees (5.A)172 as of Mar 27, 2026
Mar 28, 201390 then
Private funds: no history
RAUM -1.7% over the last fiscal year+9.9% a year over threeIARs 141 to 134offices 126 to 100
Practice profile
derived from the filing of Mar 27, 2026; every figure names its basis
Archetypes, each a printed rule
  • Broker-dealer affiliated · Item 7.A.1 (broker-dealer affiliate) and at least 50 registered representatives (Item 5.B.2), or the adviser is itself a broker-dealer (6.A.1)
  • Mass-affluent RIA · private-client share at least 50 percent, non-HNW individuals at least 60 percent of private-client RAUM
  • Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
RAUM per advisor
$2.3MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
10derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$1.5MderivedHNW RAUM over HNW clients
Average account
$193,921derivedRAUM over accounts (5.F.2.f)
Discretionary
69%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.3derivedItem 5.A over advisors
Advisors per office
1.3derived101 offices incl. principal (1.F.5)
RAUM growth, one year
-1.7%derivedbetween the last two annual amendments
Advisor growth, one year
-5.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
-28%derived
Compensation
percentage of assets, hourly, fixed fees, commissionsreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, selection of other advisersreportedItem 5.G
Wrap fee program
$297MreportedItem 5.I
Ownership
controlled by a public reporting companyderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • is a broker-dealer (6.A.1)
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • receives research or other products from a broker-dealer, soft dollars (8.E)
  • controlled by a public reporting company (10.A)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Individuals$212M71%
  • High-net-worth individuals$79.4M27%
  • Corporations and businesses$5.2M1.7%
Individual clients
1,185reported
HNW clients
53reported
Pension plan clients
0reported
Charitable clients
0reported
Accounts
1,529reported
Financial planning clients
51-100reported
Wrap fee programs
$297M sponsored, $0 managedreported
Custody of client assets
noreported
Compensation
% of AUM, fixed, hourly, commissionsreported
Class basis
private_client_share=0.98 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=152.0derived
Advisors registered through the firm
128 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
Michael Scott DumMandeville, La Aug 29, 200236 y0
Michael David WaltersGrand Rapids, Mi May 21, 200431 y0
Yong WangCertified Financial Planner, Chartered Financial ConsultantAda, Mi Jan 3, 200528 y1
Matthew Robert HoogterpAda, MiJan 27, 200526 y0
Brent David EndersAda, Mi Mar 2, 200529 y0
James Berthelot YentChartered Financial Consultant, Chartered Financial AnalystAda, Mi Oct 10, 200623 y0
William Joseph LacasseAda, Mi Dec 4, 200637 y1
Bruce Allen WislerAda, MiMar 20, 200726 y3
Gerald Best HanifanWest Jefferson, Nc Mar 27, 200734 y1
Michael James AlexanderAda, Mi May 15, 200726 y0
Daniel Steven WelpAda, Mi May 29, 200726 y0
Steven Grant KeetonRogue River, Or May 31, 200739 y0
Robert Andrew WolfAda, Mi Aug 6, 200831 y0
Teresa Diane YentChartered Financial ConsultantAda, Mi Oct 15, 200829 y0
Jeffrey Earl BushChartered Financial ConsultantAda, Mi Oct 16, 200831 y0
Peter Michael PetrusoAda, Mi Oct 17, 200846 y0
Jason David SustarAda, Mi Nov 26, 200826 y0
David Lee GreeneAda, Mi Mar 26, 200930 y1
Andrew James PaladinoAda, Mi Sep 22, 200932 y3
Donald Wayne CoplinCertified Financial Planner, Chartered Financial ConsultantAda, Mi Feb 1, 201043 y3
Craig Jay WatkinsShingle Springs, Ca Jun 16, 201033 y2
Millard Lee StewartAda, Mi Jul 15, 201038 y2
Andrew Blair HowardGrand Rapids, Mi Sep 22, 201044 y0
Mark Robert MersmanAda, MiNov 9, 201022 y0
Seth Andrew BakerChambersburg, Pa Dec 8, 201119 y1
Wayne J HentrupAda, Mi Feb 2, 201215 y0
Kevin Theodore RoskamAda, Mi Aug 13, 201223 y0
James Franklin JohnsonPawleys Island, Sc Jan 30, 201343 y2
David Lee CobbChartered Financial ConsultantBelmont, Mi Jan 31, 201321 y2
Cheri Lynn JohnsonGig Harbor, Wa Mar 7, 201329 y4
Michael Eric FrantzAda, MiApr 24, 201423 y1
Andrew Robert KaylaFlorence, Ms May 1, 201427 y2
Melissa Anne CarlonAda, Mi Dec 2, 201418 y0
Clifton Howard SparrowReynoldsburg, Oh Feb 3, 201532 y2
David Randall BarnesAda, Mi Feb 25, 201523 y2
Troy ChattertonRockland, Ma Apr 27, 201530 y2
Elissa Louise BeimalAda, Mi Jun 18, 201517 y3
Samuel B HarveyConnersville, In Jul 29, 201516 y1
Shannon E LarosseCertified Financial Planner, Chartered Financial ConsultantNorristown, Pa Oct 2, 201513 y0
Kaleb RobuckRed Oak, Ia May 13, 201611 y1
All 128 advisors at USA Financial Securities LLC
Advisor movement
6 left, 12 joined in 12 months
net +6 in 12 months0 left in 90 days2 joined in 90 daysdeparture rate 4.7% of current headcount29 left over 36 months
Left, latest
Joined, latest
Teams: two or more advisors moving together within fourteen days, from one state
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • William Clayton Bachert · Chief Financial Officer/Financial Operations Principal (Primary)/Municipal Principal/Directorcontrol
    since 06/2006 · owns less than 5%
  • Brent David Enders · President/Director/Trustee Of Brent D. Enders Trust U/A Dtd 06/17/2004control
    since 08/2005 · owns less than 5%
  • James Carroll Jr Mcconnell · Chief Operations Officercontrol
    since 11/2021 · owns less than 5%
  • Mark Robert Mersman · Chief Marketing Officercontrol
    since 10/2012 · owns less than 5%
  • Dawn M Thomason · Chief Compliance Officercontrol
    since 08/2022 · owns less than 5%
  • Michael David Walters · Chairman Of The Board/Chief Executive Officer/Director/Trustee Of The Michael D. Walters Trust U/A Dtd 3/13/1996control
    since 02/1998 · owns less than 5%
Entity owners
  • USA Financial LLC · Owner
    direct · owns 75% or more
  • Accelerate Buyer LLC · Member
    indirect · owns 75% or more of Amerilife Holdings LLC
  • Accelerate Intermediate Holdings 1 LLC · Member
    indirect · owns 75% or more of Accelerate Buyer LLC
  • Accelerate Intermediate Holdings 2 LLC · Member
    indirect · owns 75% or more of Accelerte Intermediate Holdings 1 LLC
  • Accelerate Topco Holdings LLC · Member
    indirect · owns 75% or more of Accelerate Intermediate Holdings 2 LLC
  • Al Marketing LLC · Member
    indirect · owns 75% or more of USA Financial LLC
  • Amerilife Blocker Holdings LLC · Member
    indirect · owns 25% to 50% of Accelerate Topco Holdings LLC
  • Amerilife Group LLC · Member
    indirect · owns 75% or more of Al Marketing LLC
  • Amerilife Holdings LLC · Member
    indirect · owns 75% or more of Amerilife Midco LLC
  • Amerilife Midco LLC · Member
    indirect · owns 75% or more of Amerilife Group LLC
  • Gc Propel Aggregator Gp LLC · General Partner
    indirect · owns F of Gc Propel Aggregator LP
  • Gc Propel Aggregator LP · Shareholder
    indirect · owns 25% to 50% of Gc Propel Holdings Inc
  • Gc Propel Holdings Inc · Member
    indirect · owns 25% to 50% of Accelerate Topco Holdings LLC
  • Genstar Capital Partners X LP · Limited Partner
    indirect · owns 50% to 75% of Gc Propel Aggregator LP
  • Genstar Capital Partners X LP · Member
    indirect · owns 75% or more of Gc Propel Aggregator Gp LLC
  • Genstar Capital X LP · General Partner
    indirect · owns F of Genstar Capital Partners X LP
  • Genstar X Gp LLC · General Partner
    indirect · owns F of Genstar Capital X LP
  • Icg Holiday Partners I LP · Limited Partner
    indirect · owns 75% or more of Thl Blocked Buyer Feeder LP
  • Thl Al Blocked Buyer Feeder LP · Limited Partner
    indirect · owns 75% or more of Thl Amerilife Parallel Svp LP
  • Thl Amerilife Equity Advisors LLC · General Partner
    indirect · owns F of Thl Amerilife Parallel Svp LP
Related persons
Schedule D 7.A
  • USA Financial Exchange Corporation
    investment advisern
  • USA Financial Formulas Corporation
    investment advisernRAUM $534M
  • USA Financial Insurance Services Corporation
    real estaten
Advisers that list USA Financial Securities LLC as a related person
Office movement
IAPD branch city; joins and departures in 12 months
OfficeAdvisorsJoinedLeftTeams outForming
Ada, Mi · principal127171
Saint Joseph, Mi610
St Joseph, Mi610
Osage Beach, Mo510
Minneapolis, Mn550
Oakland, Ia400
Grand Rapids, Mi410
Red Oak, Ia400
Allentown, Pa300
Bridgeport, Wv300
Clearwater, Fl320
Erie, Pa300
Lees Summit, Mo310
Norristown, Pa300
Omaha, Ne300
Pottstown, Pa300
Raleigh, Nc300
Wyomissing, Pa300
Birmingham, Al200
Bangor, Me200
Offices
Schedule D 1.F, the 25 largest
  • St Joseph, MI6 employees
  • Bridgeport, WV3 employees
  • Erie, PA3 employees
  • Grand Rapids, MI2 employees
  • Norristown, PA2 employees
  • Raleigh, NC2 employees
  • Osage Beach, MO2 employees
  • Westerville, OH2 employees
  • Homer Glen, IL2 employees
  • Evansville, IN2 employees
  • Bangor, ME2 employees
  • Puyallup, WA2 employees
  • Republic, MO2 employees
  • Meridian, ID2 employees
  • Poulsbo, WA2 employees
  • Tustin, CA2 employees
  • Grand Rapids, MI2 employees
  • , 1 employees
  • Belmont, MI1 employees
  • Shingle Springs, CA1 employees
  • Lansing, MI1 employees
  • Timonium, MD1 employees
  • Red Oak, IA1 employees
  • Chambersburg, PA1 employees
  • Troy, MI1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
  • clients down average size upCombination · filing Mar 27, 2026
    private clients fell 20 percent or more while RAUM per client rose 30 percent or more: a move up-market or the departure of small accounts. RAUM $301,510,438 to $296,504,775, advisors 141 to 134, private clients 1731 to 1238, offices 126 to 100 (2025-03-27 to 2026-03-27)
    peers: independent wealth managers, $100M to $500M (5,676)
What changed
consecutive filings, newest first
  • Accounts · 1,750 to 1,529
    Sep 22, 2025 to Mar 27, 2026
  • Advisory employees · 141 to 134
    Sep 22, 2025 to Mar 27, 2026
  • BD registered reps · 147 to 152
    Sep 22, 2025 to Mar 27, 2026
  • Business name · USA FINANCIAL SECURITIES CORPORATION to USA FINANCIAL SECURITIES LLC
    Sep 22, 2025 to Mar 27, 2026
  • Corporate clients · 19 to 8
    Sep 22, 2025 to Mar 27, 2026
  • HNW clients · 45 to 53
    Sep 22, 2025 to Mar 27, 2026
  • Individual clients · 1,686 to 1,185
    Sep 22, 2025 to Mar 27, 2026
  • Employees · 166 to 172
    Sep 22, 2025 to Mar 27, 2026
  • State-registered IARs · 141 to 134
    Sep 22, 2025 to Mar 27, 2026
  • Other offices · 126 to 100
    Sep 22, 2025 to Mar 27, 2026
  • Discretionary RAUM · $196M to $205M
    Sep 22, 2025 to Mar 27, 2026
  • HNW RAUM · $79.3M to $79.4M
    Sep 22, 2025 to Mar 27, 2026
  • Individual RAUM · $213M to $212M
    Sep 22, 2025 to Mar 27, 2026
  • Non-discretionary RAUM · $106M to $91.2M
    Sep 22, 2025 to Mar 27, 2026
  • RAUM · $302M to $297M
    Sep 22, 2025 to Mar 27, 2026
  • Wrap assets (sponsor) · $302M to $297M
    Sep 22, 2025 to Mar 27, 2026
  • Accounts · 1,395 to 1,750
    Sep 26, 2024 to Mar 27, 2025
  • Corporate clients · 4 to 19
    Sep 26, 2024 to Mar 27, 2025
  • HNW clients · 31 to 45
    Sep 26, 2024 to Mar 27, 2025
  • Individual clients · 1,364 to 1,686
    Sep 26, 2024 to Mar 27, 2025
  • Financial planning clients · 251-500 to 51-100
    Sep 26, 2024 to Mar 27, 2025
  • Discretionary RAUM · $174M to $196M
    Sep 26, 2024 to Mar 27, 2025
  • HNW RAUM · $48.9M to $79.3M
    Sep 26, 2024 to Mar 27, 2025
  • Individual RAUM · $219M to $213M
    Sep 26, 2024 to Mar 27, 2025
  • Non-discretionary RAUM · $94.7M to $106M
    Sep 26, 2024 to Mar 27, 2025
  • RAUM · $269M to $302M
    Sep 26, 2024 to Mar 27, 2025
  • Wrap assets (sponsor) · $269M to $302M
    Sep 26, 2024 to Mar 27, 2025
  • Legal name · USA FINANCIAL SECURITIES CORPORATION to USA FINANCIAL SECURITIES LLC
    Aug 16, 2024 to Aug 19, 2024
  • Succession · true to false
    Aug 16, 2024 to Aug 19, 2024
  • Organization form · Corporation to Limited Liability Company
    Aug 15, 2024 to Aug 16, 2024
  • Succession · false to true
    Aug 15, 2024 to Aug 16, 2024
  • Accounts · 1,433 to 1,395
    Mar 31, 2023 to Mar 27, 2024
  • Advisory employees · 143 to 141
    Mar 31, 2023 to Mar 27, 2024
  • BD registered reps · 154 to 147
    Mar 31, 2023 to Mar 27, 2024
  • Corporate clients · 10 to 4
    Mar 31, 2023 to Mar 27, 2024
  • HNW clients · 24 to 31
    Mar 31, 2023 to Mar 27, 2024
  • Individual clients · 2,499 to 1,364
    Mar 31, 2023 to Mar 27, 2024
  • Financial planning clients · 101-250 to 251-500
    Mar 31, 2023 to Mar 27, 2024
  • State-registered IARs · 143 to 141
    Mar 31, 2023 to Mar 27, 2024
  • Discretionary RAUM · $141M to $174M
    Mar 31, 2023 to Mar 27, 2024
Signals
60 dated events
  • Jeffrey Scott Powell no longer holds an investment adviser registration (last listed at Usa Financial Securities Llc on the 2026-09-16 feed)
    Sep 16, 2026 · Advisor registration ended · derived
  • Michael Barry Smolko left Usa Financial Securities Llc for Raymond James Financial Services Advisors, Inc (registered 2026-05-04)
    May 4, 2026 · Advisor changed firm · fact
  • Usa Financial Securities Llc reported 100 offices beyond its principal office, down from 126 (2025-09-22 to 2026-03-27)
    Mar 27, 2026 · Office count change · derived
  • Elizabeth K Williams left Usa Financial Securities Llc for Clear Creek Financial Management, Llc (registered 2026-01-27)
    Jan 28, 2026 · Advisor changed firm · fact
  • 3 advisors left Tlg Advisors, Inc. (Minneapolis, MN) for USA Financial Securities LLC on the same day
    Dec 31, 2025 · Team lift-out · derived
  • 3 advisors left Tlg Advisors, Inc. (Summit, NJ) for USA Financial Securities LLC within 7 days
    Dec 31, 2025 · Team lift-out · derived
  • Timothy Ray Smith left Usa Financial Securities Llc for American Independent Securities Group, Llc (registered 2026-03-30)
    Dec 19, 2025 · Advisor changed firm · fact
  • Erica Bearer left Usa Financial Securities Llc for Ameriprise Financial Services, Llc (registered 2026-01-13)
    Dec 16, 2025 · Advisor changed firm · fact
  • John Allen Cindia left Usa Financial Securities Llc for Ameriprise Financial Services, Llc (registered 2025-10-24)
    Oct 28, 2025 · Advisor changed firm · fact
  • Kevin Jordan Campbell left Usa Financial Securities Llc for Raymond James Financial Services Advisors, Inc (registered 2025-10-23)
    Oct 24, 2025 · Advisor changed firm · fact
  • Charles Delbert Rushmore left Usa Financial Securities Llc for J. W. Cole Advisors, Inc. (registered 2025-09-03)
    Sep 8, 2025 · Advisor changed firm · fact
  • Keagan W Rushmore left Usa Financial Securities Llc for J. W. Cole Advisors, Inc. (registered 2025-09-03)
    Sep 8, 2025 · Advisor changed firm · fact
  • 2 advisors left USA Financial Securities LLC (Grand Rapids, MI) for J. W. Cole Advisors, Inc. on the same day
    Sep 8, 2025 · Team lift-out · derived
  • Douglas Carlton Bryan left Usa Financial Securities Llc for Simplicity Wealth (registered 2025-08-20)
    Jul 30, 2025 · Advisor changed firm · fact
  • Matthew Thomas Effinger left Usa Financial Securities Llc for Lpl Financial Llc (registered 2025-07-14)
    Jun 24, 2025 · Advisor changed firm · fact
  • Kathy Lynne Colby left Usa Financial Securities Llc for Lpl Financial Llc (registered 2025-04-25)
    Apr 25, 2025 · Advisor changed firm · fact
  • Joseph Anthony Green left Usa Financial Securities Llc for Ameriprise Financial Services, Llc (registered 2025-03-10)
    Mar 10, 2025 · Advisor changed firm · fact
  • Thomas Cole left Usa Financial Securities Llc for Lpl Financial Llc (registered 2025-03-03)
    Feb 24, 2025 · Advisor changed firm · fact
  • Scot Bradley Landborg left Usa Financial Securities Llc for Commonwealth Financial Network (registered 2025-02-03)
    Feb 12, 2025 · Advisor changed firm · fact
  • Ledell Johnson left Usa Financial Securities Llc for Ji Financial Services, Llc (registered 2025-01-09)
    Jan 2, 2025 · Advisor changed firm · fact
  • Steven Chandler Murphy left Usa Financial Securities Llc for Root Financial Partners (registered 2024-09-27)
    Sep 6, 2024 · Advisor changed firm · fact
  • Usa Financial Securities Corporation reported succeeding to the business of Another Adviser (Form ADV Item 4)
    Aug 16, 2024 · Succession (Item 4) · fact
  • Robert Michael Gianchiglia left Usa Financial Securities Llc for Oneamerica Securities, Inc. (registered 2026-01-13)
    Jul 9, 2024 · Advisor changed firm · fact
  • William E Goff left Usa Financial Securities Llc for Kestra Advisory Services, Llc (registered 2024-06-03)
    Jun 3, 2024 · Advisor changed firm · fact
  • Julie Ann Albright left Usa Financial Securities Llc for Acorns (registered 2024-03-19)
    Mar 5, 2024 · Advisor changed firm · fact
  • Ronald Kent Haller left Usa Financial Securities Llc for Richmark Private Wealth Management (registered 2024-02-14)
    Feb 1, 2024 · Advisor changed firm · fact
  • Madison Leigh Parker left Usa Financial Securities Llc for Prevail Innovative Wealth Advisors, Llc (registered 2024-01-11)
    Jan 11, 2024 · Advisor changed firm · fact
  • Diana Lynn Avery left Usa Financial Securities Llc for Lpl Financial Llc (registered 2024-01-31)
    Jan 2, 2024 · Advisor changed firm · fact
  • Nathan Allan Shelton left Usa Financial Securities Llc for Kestra Advisory Services, Llc (registered 2023-11-27)
    Nov 27, 2023 · Advisor changed firm · fact
  • Piercen Harnish left Usa Financial Securities Llc for Kestra Advisory Services, Llc (registered 2023-11-27)
    Nov 27, 2023 · Advisor changed firm · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
Business phone
888-444-0125reportedpublished by the firm, firm site, Sep 17, 2026
Firm profile
linkedin.com/company/usa-financial-securitiesreportedpublic record, Form ADV, Sep 17, 2026
Website
USAFINANCIAL.COMreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone
888-407-8198reportedpublic record, Form ADV, Mar 27, 2026
Contact form
usafinancial.com/contact-usreportedpublished by the firm, firm site, Sep 17, 2026
Provenance
Form ADV
SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors
IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class
Independent wealth managerderiveda rule over Items 5.D and 7.A
RAUM per advisor
$2.3Mderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026