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
L. Roy Papp & Associates, Llp
Latest filing May 27, 2026
First filing on the tape Mar 28, 2012 · 23 filings
SEC status approved since Oct 1, 1989
RAUM
$1.6B
reported, Item 5.F
Discretionary
84%
of RAUM
Private clients
90%
$1.5B individuals and HNW
Advisors
11
registered through the firm on IAPD
RAUM per advisor
$147M
derived; firm RAUM over IAPD count
Employees
10
10 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
23 filings and snapshots on the tape
RAUM$1.6B as of May 27, 2026
Mar 28, 2012$660M then
HNW client RAUM$1.3B as of May 27, 2026
Mar 28, 2018$605M then
State-registered IARs (5.B.3)10 as of May 27, 2026
Mar 28, 20120 then
Employees (5.A)10 as of May 27, 2026
Mar 26, 20139 then
Private funds: no history
RAUM +5.7% over the last fiscal year+8.6% a year over threeIARs 10 to 10
Practice profile
derived from the filing of May 27, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $147MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 50derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $4.8MderivedHNW RAUM over HNW clients
- Average account
- $878,075derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 84%derivedof RAUM
- Institutional
- 6.1%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 0.9derivedItem 5.A over advisors
- Advisors per office
- 11.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +5.7%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -1.6%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for investment companies, pension consultingreportedItem 5.G
- Custody
- $183M, 51 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$1.3B82%
- Individuals$129M7.9%
- Charitable organizations$66.9M4.1%
- Investment companies$44.1M2.7%
- Pension and profit-sharing plans$31.5M1.9%
- Corporations and businesses$13.0M0.8%
- Individual clients
- 273reported
- HNW clients
- 276reported
- Pension plan clients
- 6reported
- Charitable clients
- 13reported
- Accounts
- 1,847reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $183M for 51 clientsreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.9 fund_share=0.03 institutional_share=0.06 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
11 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Jeffrey Nels EdwardsChartered Financial Analyst | Phoenix, Az | Aug 9, 1995 | 39 y | 0 |
| Harry A PappChartered Financial Analyst | Phoenix, Az | Jul 24, 2000 | 45 y | 0 |
| Rosellen C PappChartered Financial Analyst | Phoenix, Az | Sep 15, 2003 | 45 y | 0 |
| Julie Ann Hein | Phoenix, Az | Nov 23, 2004 | 36 y | 0 |
| Christopher Lauren SchaeferChartered Financial Analyst | Phoenix, Az | Jul 14, 2005 | 21 y | 0 |
| Brian Michael RiordanChartered Financial Analyst | Phoenix, Az | May 7, 2012 | 27 y | 0 |
| Judith Ann Macias | Phoenix, Az | Apr 19, 2016 | 33 y | 0 |
| Matthew Philip BaumChartered Financial Analyst | Phoenix, Az | Jul 25, 2016 | 12 y | 1 |
| Gregory S SmithChartered Financial Analyst | Phoenix, Az | Nov 12, 2021 | 21 y | 0 |
| Russell Allen Biehl | Phoenix, Az | Oct 5, 2023 | 25 y | 3 |
| Alexander Jacques Robert Arnon-Bennett | Phoenix, Az | Oct 17, 2023 | 12 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- Russell Allen Biehl to Rts Private Wealth ManagementSep 29, 2006 · Other
- John Leslie Stull to Foothills Asset Management LtdApr 14, 2004 · Other
- Bruce Conklin Williams to Ironwood Investment Counsel, LLCNov 28, 2003 · Other
- Kenneth Kaj Haycraft to Merrill Lynch, Pierce, Fenner & Smith IncorporatedOct 16, 2002 · Other
Joined, latest
- Russell Allen Biehl from Classic Investment Management, LLCOct 5, 2023 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Susan Victoria Cavallero · General Partnercontrolsince 01/1993 · owns 25% to 50%
- A Harry Papp · General Partnercontrolsince 10/1989 · owns 50% to 75%
- Philip Matthew Baum · General Partnersince 02/2018 · owns less than 5%
- Allen Russell Biehl · General Partnersince 09/2015 · owns less than 5%
- Nels Jeffrey Edwards · General Partnersince 01/1993 · owns 5% to 10%
- Michelle Anne Haggerty · Chief Compliance Officersince 03/2026 · owns less than 5%
- Ann Julie Hein · Compliance Officersince 01/1996 · owns less than 5%
- Ann Judith Macias · General Partnersince 02/2018 · owns less than 5%
- C Rosellen Papp · General Partnersince 10/1989 · owns 10% to 25%
- Michael Brian Riordan · General Partnersince 06/2007 · owns less than 5%
- Elizabeth Anne Ross · General Partnersince 05/2026 · owns less than 5%
- Lauren Christopher Schaefer · General Partnersince 06/2007 · owns less than 5%
- S Gregory Smith · General Partnersince 06/2007 · owns less than 5%
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Phoenix, Az · principal | 11 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing May 27, 2026CAVALLERO, VICTORIA, SUSAN (GENERAL PARTNER) left Schedule A between the filings of 2020-03-30 and 2026-05-27peers: independent wealth managers, $1B to $5B (1,360)
What changed
consecutive filings, newest first
- Accounts · 1,833 to 1,847Feb 3, 2025 to Mar 12, 2026
- Charity clients · 25 to 13Feb 3, 2025 to Mar 12, 2026
- Corporate clients · 50 to 7Feb 3, 2025 to Mar 12, 2026
- HNW clients · 322 to 276Feb 3, 2025 to Mar 12, 2026
- Individual clients · 236 to 273Feb 3, 2025 to Mar 12, 2026
- Pension plan clients · 10 to 6Feb 3, 2025 to Mar 12, 2026
- Assets in custody · $187M to $183MFeb 3, 2025 to Mar 12, 2026
- Discretionary RAUM · $1.3B to $1.4BFeb 3, 2025 to Mar 12, 2026
- HNW RAUM · $1.2B to $1.3BFeb 3, 2025 to Mar 12, 2026
- Individual RAUM · $123M to $129MFeb 3, 2025 to Mar 12, 2026
- Non-discretionary RAUM · $252M to $264MFeb 3, 2025 to Mar 12, 2026
- Pension RAUM · $37.5M to $31.5MFeb 3, 2025 to Mar 12, 2026
- RAUM · $1.5B to $1.6BFeb 3, 2025 to Mar 12, 2026
- Assets in custody · $179M to $187MJan 24, 2025 to Feb 3, 2025
- Financial planning clients · unset to Jan 24, 2025 to Feb 3, 2025
- Accounts · 1,741 to 1,833Feb 16, 2024 to Jan 24, 2025
- Charity clients · 26 to 25Feb 16, 2024 to Jan 24, 2025
- Corporate clients · 51 to 50Feb 16, 2024 to Jan 24, 2025
- HNW clients · 311 to 322Feb 16, 2024 to Jan 24, 2025
- Individual clients · 207 to 236Feb 16, 2024 to Jan 24, 2025
- Pension plan clients · 14 to 10Feb 16, 2024 to Jan 24, 2025
- Assets in custody · $190M to $179MFeb 16, 2024 to Jan 24, 2025
- Discretionary RAUM · $1.2B to $1.3BFeb 16, 2024 to Jan 24, 2025
- HNW RAUM · $1.1B to $1.2BFeb 16, 2024 to Jan 24, 2025
- Individual RAUM · $111M to $123MFeb 16, 2024 to Jan 24, 2025
- Non-discretionary RAUM · $236M to $252MFeb 16, 2024 to Jan 24, 2025
- Pension RAUM · $41.2M to $37.5MFeb 16, 2024 to Jan 24, 2025
- RAUM · $1.4B to $1.5BFeb 16, 2024 to Jan 24, 2025
- Advisory employees · 9 to 10Mar 6, 2023 to Feb 15, 2024
- Accounts · 1,724 to 1,741Mar 6, 2023 to Feb 15, 2024
- Charity clients · 24 to 26Mar 6, 2023 to Feb 15, 2024
- Corporate clients · 55 to 51Mar 6, 2023 to Feb 15, 2024
- HNW clients · 324 to 311Mar 6, 2023 to Feb 15, 2024
- Individual clients · 199 to 207Mar 6, 2023 to Feb 15, 2024
- Pension plan clients · 16 to 14Mar 6, 2023 to Feb 15, 2024
- Assets in custody · $157M to $190MMar 6, 2023 to Feb 15, 2024
- Discretionary RAUM · $1.0B to $1.2BMar 6, 2023 to Feb 15, 2024
- HNW RAUM · $1.1B to $1.1BMar 6, 2023 to Feb 15, 2024
- Individual RAUM · $28.6M to $111MMar 6, 2023 to Feb 15, 2024
- Non-discretionary RAUM · $216M to $236MMar 6, 2023 to Feb 15, 2024
Signals
No event on the tape.
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
- 602-956-0980reportedpublished by the firm, firm site, Sep 16, 2026
- Business phone
- 602-956-1985reportedpublished by the firm, firm site, Sep 16, 2026
- Business phone
- 877-370-7277reportedpublished by the firm, firm site, Sep 16, 2026
- Website
- pappmutualfunds.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 602-956-0980reportedpublic record, Form ADV, May 27, 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
- $147Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026