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
Wbh Advisory, Inc.
Latest filing Apr 30, 2026
First filing on the tape Jan 20, 2012 · 55 filings
SEC status approved since Oct 3, 1986
RAUM
$1.7B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
99%
$1.7B individuals and HNW
Advisors
11
registered through the firm on IAPD
RAUM per advisor
$158M
derived; firm RAUM over IAPD count
Employees
16
11 advisory (5.B.1)
Offices
4
beyond the principal office
Private funds
0
reported on Schedule D
History
55 filings and snapshots on the tape
RAUM$1.7B as of Apr 30, 2026
Jan 20, 2012$287M then
HNW client RAUM$1.6B as of Apr 30, 2026
Mar 3, 2018$506M then
State-registered IARs (5.B.3)11 as of Apr 30, 2026
Feb 5, 20136 then
Employees (5.A)16 as of Apr 30, 2026
Feb 5, 20136 then
Private funds: no history
RAUM +17% over the last fiscal year+16% a year over threeIARs 11 to 11
Practice profile
derived from the filing of Apr 30, 2026; every figure names its basis
- RAUM per advisor
- $158MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 66derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.8MderivedHNW RAUM over HNW clients
- Average account
- $744,122derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.9%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.5derivedItem 5.A over advisors
- Advisors per office
- 2.2derived5 offices incl. principal (1.F.5)
- RAUM growth, one year
- +17%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +2.5%derived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 5.G
- Custody
- $442M, 411 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$1.6B91%
- Individuals$136M7.8%
- Pension and profit-sharing plans$13.5M0.8%
- Charitable organizations$2.8M0.2%
- Corporations and businesses$2.3M0.1%
- Individual clients
- 307reported
- HNW clients
- 418reported
- Pension plan clients
- 6reported
- Charitable clients
- 10reported
- Accounts
- 2,335reported
- Financial planning clients
- 101-250reported
- Wrap fee programs
- noreported
- Custody of client assets
- $442M for 411 clientsreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=0.99 fund_share=0.0 institutional_share=0.01 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 |
|---|---|---|---|---|
| John Raymond Ciccarone | Baltimore, Md | Jun 16, 1992 | 34 y | 0 |
| Marc Jeffrey HertzbergChartered Financial Analyst | Baltimore, Md | Feb 25, 1999 | 27 y | 0 |
| Robert Joel WillenChartered Financial Analyst | Baltimore, Md | Oct 23, 2000 | 26 y | 0 |
| Benjamin M WallerCertified Financial Planner, Chartered Financial Analyst | Baltimore, Md | Sep 4, 2009 | 17 y | 0 |
| Gregory Aaron BitzCertified Financial Planner, Chartered Financial Consultant | Surfside, Fl | Jul 7, 2016 | 29 y | 1 |
| Jack Arthur RameyCertified Financial Planner | Baltimore, Md | Apr 22, 2020 | 39 y | 2 |
| Carrie Eloise Durbin BerenCertified Financial Planner | Baltimore, Md | Sep 3, 2021 | 18 y | 4 |
| Joshua Akeroyd MasonCertified Financial Planner | Baltimore, Md | Sep 3, 2021 | 31 y | 3 |
| Conor Jonathan Renn | Katy, Tx | Nov 22, 2022 | 11 y | 0 |
| Joel Douglas HosnerCertified Financial Planner | Baltimore, Md | May 9, 2023 | 11 y | 1 |
| Charles William Kenny | Baltimore, Md | Oct 9, 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 headcount1 left over 36 months
Left, latest
- Ivy Monique Alexander to Rzh Advisors LLCJul 18, 2024 · RIA to RIA
Joined, latest
- Joel Douglas Hosner from Lynx Investment Advisory, LLCMay 9, 2023 · RIA to RIA
- Carrie Eloise Durbin Beren from Cw Advisors, LLCSep 3, 2021 · RIA to RIA
- Joshua Akeroyd Mason from Cw Advisors, LLCSep 3, 2021 · RIA to RIA
- Jack Arthur Ramey from Biegel Waller Investment Advisory ServicesApr 22, 2020 · RIA to RIA
- Gregory Aaron Bitz from Metropolitan Financial Group, Inc.Jul 7, 2016 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Jeffrey Marc Hertzberg · Chief Compliance Officercontrolsince 01/2004 · owns 75% or more
- M Benjamin Waller · Shareholdersince 01/2021 · owns 10% to 25%
- Joel Robert Willen · Shareholdersince 01/2021 · owns 10% to 25%
Related persons
Schedule D 7.A
- Marc J. Hertzberginsurancey
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Baltimore, Md · principal | 11 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- , 1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- HNW share shiftChange between filings · filing Apr 30, 2026HNW share of RAUM moved from 10.0% to 91.0% between the annual amendments of 2025-03-12 and 2026-04-30peers: independent wealth managers, $1B to $5B (1,360)
What changed
consecutive filings, newest first
- Accounts · 2,149 to 2,335Sep 30, 2025 to Feb 18, 2026
- Charity clients · 7 to 10Sep 30, 2025 to Feb 18, 2026
- HNW clients · 368 to 418Sep 30, 2025 to Feb 18, 2026
- Individual clients · 339 to 307Sep 30, 2025 to Feb 18, 2026
- Assets in custody · $380M to $442MSep 30, 2025 to Feb 18, 2026
- Discretionary RAUM · $1.5B to $1.7BSep 30, 2025 to Feb 18, 2026
- HNW RAUM · $145M to $1.6BSep 30, 2025 to Feb 18, 2026
- Individual RAUM · $1.3B to $136MSep 30, 2025 to Feb 18, 2026
- Pension RAUM · $19.2M to $13.5MSep 30, 2025 to Feb 18, 2026
- RAUM · $1.5B to $1.7BSep 30, 2025 to Feb 18, 2026
- Accounts · 2,220 to 2,149May 10, 2024 to Mar 12, 2025
- Charity clients · unset to 7.0May 10, 2024 to Mar 12, 2025
- Corporate clients · unset to 5.0May 10, 2024 to Mar 12, 2025
- HNW clients · 336 to 368May 10, 2024 to Mar 12, 2025
- Individual clients · 394 to 339May 10, 2024 to Mar 12, 2025
- Pension plan clients · unset to 6.0May 10, 2024 to Mar 12, 2025
- Assets in custody · $306M to $380MMay 10, 2024 to Mar 12, 2025
- Employees · 14 to 16May 10, 2024 to Mar 12, 2025
- Financial planning clients · 101-250 to 101-250May 10, 2024 to Mar 12, 2025
- State-registered IARs · 12 to 11May 10, 2024 to Mar 12, 2025
- Discretionary RAUM · $1.3B to $1.5BMay 10, 2024 to Mar 12, 2025
- HNW RAUM · $1.1B to $145MMay 10, 2024 to Mar 12, 2025
- Individual RAUM · $164M to $1.3BMay 10, 2024 to Mar 12, 2025
- Pension RAUM · $22.3M to $19.2MMay 10, 2024 to Mar 12, 2025
- RAUM · $1.3B to $1.5BMay 10, 2024 to Mar 12, 2025
- HNW RAUM · $164M to $1.1BMar 7, 2024 to May 10, 2024
- Individual RAUM · $1.1B to $164MMar 7, 2024 to May 10, 2024
- Accounts · 2,121 to 2,220Oct 26, 2023 to Mar 4, 2024
- Advisory employees · 12 to 11Oct 26, 2023 to Mar 4, 2024
- HNW clients · 294 to 336Oct 26, 2023 to Mar 4, 2024
- Individual clients · 459 to 394Oct 26, 2023 to Mar 4, 2024
- Assets in custody · $17.0M to $306MOct 26, 2023 to Mar 4, 2024
- Employees · 13 to 14Oct 26, 2023 to Mar 4, 2024
- Financial planning clients · 1-10 to 101-250Oct 26, 2023 to Mar 4, 2024
- Other offices · 6 to 4Oct 26, 2023 to Mar 4, 2024
- Discretionary RAUM · $1.1B to $1.3BOct 26, 2023 to Mar 4, 2024
- HNW RAUM · $926M to $164MOct 26, 2023 to Mar 4, 2024
- Individual RAUM · $171M to $1.1BOct 26, 2023 to Mar 4, 2024
- Pension RAUM · $6.0M to $22.3MOct 26, 2023 to Mar 4, 2024
- RAUM · $1.1B to $1.3BOct 26, 2023 to Mar 4, 2024
Signals
2 dated events
- Ivy Monique Alexander left Wbh Advisory, Inc. for Rzh Advisors Llc (registered 2024-07-26)Jul 18, 2024 · Advisor changed firm · fact
- Wbh Advisory, Inc. reported RAUM $1.3B, up 51% from $856.6M (2021-11-05 to 2022-03-02)Mar 2, 2022 · RAUM change · derived
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 email
- info@wbhadvisory.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- tenzler@wbhadvisory.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- wmiller@wbhadvisory.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- msavage@wbhadvisory.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- aromaniszyn@wbhadvisory.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 410-653-7979reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 410-653-8142reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- LINKEDIN.COM/COMPANY/WBH-ADVISORYreportedpublic record, Form ADV, Sep 17, 2026
- Website
- WBHADVISORY.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 410-653-7979reportedpublic record, Form ADV, Apr 30, 2026
- Contact form
- wbhadvisory.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- wbhadvisory.com/teamreportedpublished by the firm, firm site, Sep 15, 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
- $158Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026