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.
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SEC-registered adviser
S•••••••• L••••• A•••••••• I•••
Latest filing Mar 9, 2026
First filing on the tape Mar 30, 2012 · 26 filings
SEC status approved since May 4, 2021
RAUM
$181M
reported, Item 5.F
Discretionary
74%
of RAUM
Private clients
98%
$178M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$45.2M
derived; firm RAUM over IAPD count
Employees
5
4 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
26 filings and snapshots on the tape
RAUM$181M as of Mar 9, 2026
Mar 30, 2012$6.3M then
HNW client RAUM$143M as of Mar 9, 2026
Mar 30, 2022$53.9M then
State-registered IARs (5.B.3)4 as of Mar 9, 2026
Mar 30, 20120 then
Employees (5.A)5 as of Mar 9, 2026
Mar 27, 20136 then
Private funds: no history
RAUM +218% over the last fiscal year+54% a year over threeIARs 3 to 4
Practice profile
derived from the filing of Mar 9, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- RAUM per advisor
- $45.2MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 107derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.1MderivedHNW RAUM over HNW clients
- Average account
- $414,653derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 74%derivedof RAUM
- Institutional
- 0.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.3derivedItem 5.A over advisors
- Advisors per office
- 2.0derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- +218%derivedbetween the last two annual amendments
- Advisor growth, one year
- +33%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +261%derived
- Compensation
- percentage of assets, hourlyreportedItem 5.E
- Advisory activities
- portfolio management for individuals, otherreportedItem 5.G
- Custody
- $1.1M, 6 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)
- 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$143M79%
- Individuals$35.1M19%
- Corporations and businesses$2.4M1.4%
- Pension and profit-sharing plans$282,8520.2%
- Individual clients
- 295reported
- HNW clients
- 134reported
- Pension plan clients
- 1reported
- Charitable clients
- n/areported
- Accounts
- 436reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $1.1M for 6 clientsreported
- Compensation
- % of AUM, hourlyreported
- Class basis
- private_client_share=0.98 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
4 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| K••••••• L••• S•••••••• | Hamburg, Ny | Aug 13, 2021 | 28 y | 2 |
| W•••••• B•••• S•••••••• | Hamburg, Ny | Aug 13, 2021 | 45 y | 3 |
| J•••• G••••• T••••• | Hamburg, Ny | Jun 29, 2022 | 32 y | 1 |
| D•••• M••• B••••••••• | Hamburg, Ny | Nov 6, 2025 | 46 y | 1 |
Advisor movement
0 left, 1 joined in 12 months
net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- W•••••• B•••• S•••••••• to S•••••••• A•••• M••••••••• I•••Nov 21, 2018 · Other
Joined, latest
- D•••• M••• B••••••••• from B••••••• S••••••••• C••••Nov 6, 2025 · RIA to RIA
- J•••• G••••• T••••• from B••••••• S••••••••• C••••Jun 29, 2022 · RIA to RIA
- K••••••• L••• S•••••••• from B••••••• S••••••••• C••••Aug 13, 2021 · RIA to RIA
- W•••••• B•••• S•••••••• from B••••••• S••••••••• C••••Aug 13, 2021 · RIA to RIA
Teams: two or more advisors moving together within fourteen days, from one state
- 2 joined from B••••••• S••••••••• C••••Dec 31, 2025 · Sarasota, Fl
- 2 joined from B••••••• S••••••••• C••••Dec 31, 2025 · Rochester, Ny
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- S••••••••• K•••••••• L••• · President/Secretarycontrolsince 01/2017 · owns less than 5%
Entity owners
- H••••••• I••• L•• · Shareholderdirect · owns 75% or more
- K•••• S•••••••• T•••••• F•• D••••• S•••••••• I••••••••• T•••• · Memberindirect · owns 25% to 50% of H••••••• I••• L••
- K•••• S•••••••• T•••••• F•• K••••••• S•••••••• I••••••••• T•••• · Memberindirect · owns 25% to 50% of H••••••• I••• L••
- K•••• S•••••••• T•••••• F•• W•••••• H••• S•••••••• I••••••••• T•••• · Memberindirect · owns 25% to 50% of H••••••• I••• L••
Related persons
Schedule D 7.A
- F••••••• M••••••••• S•••••••real estatey
- S•••••••• M••••••••• S•••••••• I•••insurancey
- S•••••••• R••• E••••• C••••investment companyy
Advisers that list S•••••••• L••••• A•••••••• I••• as a related person
- 44379 y
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Hamburg, Ny · principal | 4 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Sarasota, FL2 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- client count surgeChange between filings · filing Mar 9, 2026individual and HNW clients (Item 5.D) moved from 119.0 to 429.0 (+261.0%) between the annual amendments of 2025-03-25 and 2026-03-09; the peer median change was +3.0% (3309 comparable advisers, 100.0th percentile of changes)peers: independent wealth managers, $100M to $500M (3,309) · 100% percentile
- RAUM up 50 %Change between filings · filing Mar 9, 2026RAUM (Item 5.F) moved from $56,919,495 to $180,788,751 (+218.0%) between the annual amendments of 2025-03-25 and 2026-03-09; the peer median change was +15.0% (4550 comparable advisers, 100.0th percentile of changes)peers: independent wealth managers, $100M to $500M (4,550) · 100% percentile
What changed
consecutive filings, newest first
- Accounts · 121 to 436Jan 30, 2026 to Feb 28, 2026
- Advisory employees · 3 to 4Jan 30, 2026 to Feb 28, 2026
- BD registered reps · 3 to 0Jan 30, 2026 to Feb 28, 2026
- Corporate clients · 2 to 6Jan 30, 2026 to Feb 28, 2026
- HNW clients · 7 to 134Jan 30, 2026 to Feb 28, 2026
- Individual clients · 112 to 295Jan 30, 2026 to Feb 28, 2026
- Pension plan clients · unset to 1.0Jan 30, 2026 to Feb 28, 2026
- Assets in custody · $6.2M to $1.1MJan 30, 2026 to Feb 28, 2026
- Employees · 3 to 5Jan 30, 2026 to Feb 28, 2026
- Insurance-licensed employees · 3 to 0Jan 30, 2026 to Feb 28, 2026
- State-registered IARs · 3 to 4Jan 30, 2026 to Feb 28, 2026
- Discretionary RAUM · $49.0M to $134MJan 30, 2026 to Feb 28, 2026
- HNW RAUM · $49.9M to $143MJan 30, 2026 to Feb 28, 2026
- Individual RAUM · $6.9M to $35.1MJan 30, 2026 to Feb 28, 2026
- Non-discretionary RAUM · $7.9M to $46.7MJan 30, 2026 to Feb 28, 2026
- Pension RAUM · unset to 282852.0Jan 30, 2026 to Feb 28, 2026
- RAUM · $56.9M to $181MJan 30, 2026 to Feb 28, 2026
- Advisory activities · 1 to 2Oct 31, 2025 to Jan 30, 2026
- Accounts · 123 to 121Mar 28, 2024 to Mar 25, 2025
- Individual clients · 114 to 112Mar 28, 2024 to Mar 25, 2025
- Assets in custody · $5.9M to $6.2MMar 28, 2024 to Mar 25, 2025
- Financial planning clients · unset to Mar 28, 2024 to Mar 25, 2025
- Discretionary RAUM · $46.5M to $49.0MMar 28, 2024 to Mar 25, 2025
- HNW RAUM · $47.3M to $49.9MMar 28, 2024 to Mar 25, 2025
- Individual RAUM · $6.5M to $6.9MMar 28, 2024 to Mar 25, 2025
- Non-discretionary RAUM · $7.4M to $7.9MMar 28, 2024 to Mar 25, 2025
- RAUM · $53.9M to $56.9MMar 28, 2024 to Mar 25, 2025
- Accounts · 122 to 123Mar 27, 2023 to Mar 28, 2024
- Individual clients · 113 to 114Mar 27, 2023 to Mar 28, 2024
- Assets in custody · $5.9M to $5.9MMar 27, 2023 to Mar 28, 2024
- Discretionary RAUM · $42.9M to $46.5MMar 27, 2023 to Mar 28, 2024
- HNW RAUM · $43.9M to $47.3MMar 27, 2023 to Mar 28, 2024
- Individual RAUM · $6.0M to $6.5MMar 27, 2023 to Mar 28, 2024
- Non-discretionary RAUM · $7.0M to $7.4MMar 27, 2023 to Mar 28, 2024
- RAUM · $49.9M to $53.9MMar 27, 2023 to Mar 28, 2024
- Accounts · 113 to 122Mar 30, 2022 to Mar 27, 2023
- Advisory employees · 2 to 3Mar 30, 2022 to Mar 27, 2023
- BD registered reps · 2 to 3Mar 30, 2022 to Mar 27, 2023
- Corporate clients · 1 to 2Mar 30, 2022 to Mar 27, 2023
- Individual clients · 105 to 113Mar 30, 2022 to Mar 27, 2023
Signals
5 dated events
- S•••••••• L••••• A•••••••• I••• reported RAUM $180.8M, up 218% from $56.9M (2026-01-30 to 2026-02-28)Feb 28, 2026 · RAUM change · derived
- 2 advisors left B••••••• S••••••••• C•••• (Hamburg, NY) for S•••••••• L••••• A•••••••• I••• on the same dayDec 31, 2025 · Team lift-out · derived
- 2 advisors left B••••••• S••••••••• C•••• (Sarasota, FL) for S•••••••• L••••• A•••••••• I••• on the same dayDec 31, 2025 · Team lift-out · derived
- S•••••••• L••••• A•••••••• I••• filed its initial SEC registration (Form ADV)Mar 30, 2021 · First SEC registration · fact
- W•••••• B• S••••••••• I••• reported succeeding to the business of Another Adviser (Form ADV Item 4)Mar 30, 2017 · Succession (Item 4) · 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
- 716-649-9800reportedpublished by the firm, firm site, Sep 17, 2026
- Business phone
- 800-879-7541reportedpublished by the firm, firm site, Sep 17, 2026
- Website
- saperston.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 716-649-9800reportedpublic record, Form ADV, Mar 9, 2026
- Contact form
- saperston.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
- $45.2Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026