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

Morningstar Investment Management LLC

Wealth manager with institutional or fund businessChicago, IllinoisCRD 108031SEC 801-56896websiteIAPD
Latest filing Aug 18, 2026
First filing on the tape Apr 2, 2012 · 44 filings
SEC status approved since Oct 18, 1999
RAUM
$88B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
45%
$40B individuals and HNW
Advisors
26
registered through the firm on IAPD
RAUM per advisor
$3.4B
derived; firm RAUM over IAPD count
Employees
267
52 advisory (5.B.1)
Offices
40
beyond the principal office
Private funds
0
reported on Schedule D
History
44 filings and snapshots on the tape
RAUM$88B as of Aug 18, 2026
Apr 2, 2012$23B then
HNW client RAUM$4.0B as of Aug 18, 2026
Mar 27, 2018$10.8M then
State-registered IARs (5.B.3)23 as of Aug 18, 2026
Mar 28, 20132 then
Employees (5.A)267 as of Aug 18, 2026
Mar 28, 201383 then
Private funds: no history
RAUM +15% over the last fiscal year+19% a year over threeIARs 32 to 23
Practice profile
derived from the filing of Aug 18, 2026; every figure names its basis
RAUM per advisor
$3.4BderivedRAUM over IAPD advisors; not a book size
Clients per advisor
19,845derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$1.2MderivedHNW RAUM over HNW clients
Average account
$170,209derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
14%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
10.3derivedItem 5.A over advisors
Advisors per office
0.6derived41 offices incl. principal (1.F.5)
RAUM growth, one year
+15%derivedbetween the last two annual amendments
Advisor growth, one year
-28%derivedItem 5.B.3 between annual amendments
Client growth, one year
-13%derived
Compensation
percentage of assets, fixed fees, otherreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companies, pension consulting, selection of other advisersreportedItem 5.G
Ownership
no PE, bank or public-company owner found on Schedule Aderived
Firms absorbed, 24 months
1derivedhalf or more of a firm's advisors moved here within 14 days
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)
  • marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Individuals$36B61%
  • Pension and profit-sharing plans$12B21%
  • Investment companies$6.2B11%
  • High-net-worth individuals$4.0B6.9%
Individual clients
512,688reported
HNW clients
3,271reported
Pension plan clients
3reported
Charitable clients
n/areported
Accounts
515,981reported
Financial planning clients
0reported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, fixedreported
Class basis
private_client_share=0.45 fund_share=0.07 institutional_share=0.14 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
26 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
Hannah L RitchieColumbus, Oh Jul 6, 202112 y1
Francis A AnelloChicago, Il Sep 1, 202124 y1
Peter John DugeryChicago, Il Jan 31, 202225 y1
David Trevor RixCenterville, Ut Jan 24, 202333 y5
Katherine KingsburyChicago, IlJun 9, 202313 y0
Christopher Edward FitzgeraldChicago, IlJun 16, 202333 y4
Murray Alan CleanerRocklin, Ca May 3, 202433 y0
Brian MccarthyGlastonbury, Ct Nov 6, 202434 y5
Risa L LamontagneChicago, Il Jan 7, 202526 y7
Sara Elizabeth BuffingtonChicago, IlJan 7, 202514 y2
Rebecca Lynn BennettChicago, IlMay 29, 202521 y3
Maria Demitra BlanasChicago, IlMay 29, 202510 y1
Aaron Brent PetersonChicago, Il May 30, 202530 y2
Timothy John BottomlyCohasset, Ma May 30, 202513 y5
Sara Frances Kasun-FretzChicago, IlMay 30, 202516 y2
Matthew J OchoaLeawood, Ks May 30, 202519 y1
Madeline Elizabeth RappAustin, Tx May 30, 202512 y2
Robert David MizaurChicago, IlMay 30, 202510 y4
Robert Emmet MccabeChicago, Il May 30, 202511 y1
Ryan Michael WalkerChicago, IlMay 30, 202511 y2
Edward Joseph ReynoldsChicago, IlMay 30, 202510 y1
Kenneth Lavon ChambersChicago, Il Jun 9, 202510 y3
Max SchankermanNashville, Tn Jun 12, 202510 y1
Joselyn Morales OntiverosChicago, IlJul 24, 202511 y0
Michael Edward GroverChicago, IlAug 8, 202512 y1
Louise C MccullochChicago, IlAug 21, 202610 y1
Advisor movement
6 left, 1 joined in 12 months
net -5 in 12 months1 left in 90 days1 joined in 90 daysdeparture rate 23% of current headcount6 left over 36 months
Left, latest
Joined, latest
Every departureEvery arrival
Teams: two or more advisors moving together within fourteen days, from one state
    Teams outTeams in
    Private funds
    No private fund reported.
    Owners and control persons
    Schedule A and B, latest filing
    • Allan Brock Johnson · Co-President, Morningstar Retirementcontrol
      since 01/2019 · owns less than 5%
    • Frances Sara Kasun-Fretz · Chief Compliance Officer & Secretarycontrol
      since 11/2023 · owns less than 5%
    • Daniel Kemp · Chief Research And Investment Officercontrol
      since 07/2023 · owns less than 5%
    • Edward Daniel Needham · Co-President, Morningstar Wealthcontrol
      since 02/2015 · owns less than 5%
    • D Joseph Mansueto · Shareholdercontrol
      since 04/1984 · owns 25% to 50% of Morningstar, Inc.
    Entity owners
    • Morningstar, Inc. · Sole Member
      direct · owns 75% or more · public reporting company
    Related persons
    Schedule D 7.A
    • Ibbotson Associates Japan, Inc.
      investment advisery
    • Morningstar Associates, Inc.
      investment advisern
    • Morningstar Australasia Pty Limited
      investment advisern
    • Morningstar Investment Adviser Singapore Pte Limited
      investment advisern
    • Morningstar Investment Consulting France Sas
      investment advisern
    • Morningstar Investment Management Asia Ltd
      investment advisery
    • Morningstar Investment Management Australia Ltd
      investment advisern
    • Morningstar Investment Management Europe Ltd
      investment advisery
    • Morningstar Investment Management South Africa (Pty) Ltd
      investment advisery
    • Morningstar Investment Research India Private Limited
      investment advisery
    • Morningstar Investment Services LLC
      broker-dealerinvestment advisery
    • Morningstar Korea Ltd
      investment advisery
    • Morningstar Research Services LLC
      investment advisern
    • Morningstar Wealth Administration Limited
      investment advisery
    • Morningstar Wealth Administration Limited
      investment advisery
    • Morningstar Wealth International Limited
      investment advisery
    • Morningstar Wealth Retirement Services Limited
      investment advisery
    • Smart Investment Management Limited
      investment advisery
    Advisers that list Morningstar Investment Management LLC as a related person
    Office movement
    IAPD branch city; joins and departures in 12 months
    OfficeAdvisorsJoinedLeftTeams outForming
    Chicago, Il · principal2615
    Silverlake, Oh001
    Offices
    Schedule D 1.F, the 25 largest
    • , 1 employees
    ADV anomalies
    3 against comparable advisers; where to look, not conclusions
    • high office count relative to headcountStatic outlier · filing Aug 18, 2026
      offices per registered advisor of 1.6 against a peer median of 0.1 (52 comparable advisers, 100.0th percentile, 14.4 robust deviations)
      peers: independent wealth managers, $20B and over (52) · 100% percentile
    • control person changedChange between filings · filing Aug 18, 2026
      MANSUETO, JOSEPH, D (SHAREHOLDER) left Schedule A between the filings of 2023-11-15 and 2026-08-18
      peers: independent wealth managers, $20B and over (84)
    • control person changedChange between filings · filing Aug 18, 2026
      Kemp, Daniel (CHIEF RESEARCH AND INVESTMENT OFFICER) left Schedule A between the filings of 2023-11-15 and 2026-08-18
      peers: independent wealth managers, $20B and over (84)
    How anomalies are measured
    What changed
    consecutive filings, newest first
    • Accounts · 592,301 to 515,981
      Jan 2, 2026 to Mar 27, 2026
    • Advisory employees · 113 to 52
      Jan 2, 2026 to Mar 27, 2026
    • BD registered reps · 40 to 0
      Jan 2, 2026 to Mar 27, 2026
    • HNW clients · 2,898 to 3,271
      Jan 2, 2026 to Mar 27, 2026
    • Individual clients · 589,385 to 512,688
      Jan 2, 2026 to Mar 27, 2026
    • Employees · 323 to 267
      Jan 2, 2026 to Mar 27, 2026
    • Insurance-licensed employees · 18 to 0
      Jan 2, 2026 to Mar 27, 2026
    • State-registered IARs · 32 to 23
      Jan 2, 2026 to Mar 27, 2026
    • Discretionary RAUM · $77B to $88B
      Jan 2, 2026 to Mar 27, 2026
    • HNW RAUM · $3.5B to $4.0B
      Jan 2, 2026 to Mar 27, 2026
    • Individual RAUM · $31B to $36B
      Jan 2, 2026 to Mar 27, 2026
    • Pension RAUM · $10B to $12B
      Jan 2, 2026 to Mar 27, 2026
    • Pooled vehicle RAUM · 630100000.0 to unset
      Jan 2, 2026 to Mar 27, 2026
    • RAUM · $77B to $88B
      Jan 2, 2026 to Mar 27, 2026
    • Related broker-dealer · true to false
      Nov 10, 2025 to Jan 2, 2026
    • Financial planning clients · 0 to 0
      Mar 28, 2025 to Nov 10, 2025
    • Accounts · 236,964 to 592,301
      Dec 2, 2024 to Mar 28, 2025
    • Advisory employees · 83 to 113
      Dec 2, 2024 to Mar 28, 2025
    • BD registered reps · 24 to 40
      Dec 2, 2024 to Mar 28, 2025
    • HNW clients · 1,451 to 2,898
      Dec 2, 2024 to Mar 28, 2025
    • Individual clients · 235,490 to 589,385
      Dec 2, 2024 to Mar 28, 2025
    • Pension plan clients · 9 to 3
      Dec 2, 2024 to Mar 28, 2025
    • Employees · 373 to 323
      Dec 2, 2024 to Mar 28, 2025
    • Insurance-licensed employees · 7 to 18
      Dec 2, 2024 to Mar 28, 2025
    • State-registered IARs · 15 to 32
      Dec 2, 2024 to Mar 28, 2025
    • Other offices · 25 to 40
      Dec 2, 2024 to Mar 28, 2025
    • Discretionary RAUM · $55B to $77B
      Dec 2, 2024 to Mar 28, 2025
    • HNW RAUM · $1.6B to $3.5B
      Dec 2, 2024 to Mar 28, 2025
    • Individual RAUM · $18B to $31B
      Dec 2, 2024 to Mar 28, 2025
    • Pension RAUM · $9.4B to $10B
      Dec 2, 2024 to Mar 28, 2025
    • Pooled vehicle RAUM · $641M to $630M
      Dec 2, 2024 to Mar 28, 2025
    • RAUM · $55B to $77B
      Dec 2, 2024 to Mar 28, 2025
    • Accounts · 290,504 to 236,964
      Nov 15, 2023 to Mar 25, 2024
    • Advisory employees · 103 to 83
      Nov 15, 2023 to Mar 25, 2024
    • BD registered reps · 14 to 24
      Nov 15, 2023 to Mar 25, 2024
    • HNW clients · 397 to 1,451
      Nov 15, 2023 to Mar 25, 2024
    • Individual clients · 290,083 to 235,490
      Nov 15, 2023 to Mar 25, 2024
    • Employees · 364 to 373
      Nov 15, 2023 to Mar 25, 2024
    • Insurance-licensed employees · 4 to 7
      Nov 15, 2023 to Mar 25, 2024
    • State-registered IARs · 11 to 15
      Nov 15, 2023 to Mar 25, 2024
    Signals
    23 dated events
    • Adam John Herakovich left Morningstar Investment Management Llc for Fisher Investments (registered 2026-08-18)
      Aug 13, 2026 · Advisor changed firm · fact
    • Andrew Hudson left Morningstar Investment Management Llc for Charles Schwab & Co., Inc. (registered 2026-03-18)
      Mar 16, 2026 · Advisor changed firm · fact
    • Trevor James Santoro left Morningstar Investment Management Llc for Edelman Financial Engines (registered 2026-02-12)
      Feb 2, 2026 · Advisor changed firm · fact
    • Bradley Michael Cohen left Morningstar Investment Management Llc for William Blair & Company L.L.C. (registered 2026-04-16)
      Jan 20, 2026 · Advisor changed firm · fact
    • Jeff Richert left Morningstar Investment Management Llc for Morgan Stanley (registered 2025-12-12)
      Dec 1, 2025 · Advisor changed firm · fact
    • Maxwell Bauer Bromley left Morningstar Investment Management Llc for Mercer Global Advisors Inc. (registered 2025-11-19)
      Nov 11, 2025 · Advisor changed firm · fact
    • Morningstar Investment Services LLC's advisors moved to Morningstar Investment Management LLC (Chicago, IL): 15 of 23 registered, on the same day
      Jun 16, 2025 · Firm absorbed (people side) · derived
    • Morningstar Investment Management Llc reported 32 state-registered advisory representatives, up from 15 (2024-12-02 to 2025-03-28)
      Mar 28, 2025 · Advisor headcount change · derived
    • Morningstar Investment Management Llc reported 40 offices beyond its principal office, up from 25 (2024-12-02 to 2025-03-28)
      Mar 28, 2025 · Office count change · derived
    • Morningstar Investment Management Llc reported RAUM $76.6B, up 40% from $54.7B (2024-12-02 to 2025-03-28)
      Mar 28, 2025 · RAUM change · derived
    • Rajneesh Motay (Head Of Advice And Financial Planning) no longer on Schedule A of Morningstar Investment Management Llc (listed 2023-11-15, absent 2024-03-25)
      Mar 25, 2024 · Control person left · inference
    • Ann Lori Loftus (Chief Compliance Officer & Secretary) no longer on Schedule A of Morningstar Investment Management Llc (listed 2023-07-27, absent 2023-11-15)
      Nov 15, 2023 · Control person left · inference
    • Frances Sara Kasun-Fretz (Interim Chief Compliance Officer & Secretary) appeared on Schedule A of Morningstar Investment Management Llc
      Nov 15, 2023 · Control person joined · fact
    • Daniel Kemp (Chief Research And Investment Officer) appeared on Schedule A of Morningstar Investment Management Llc
      Jul 27, 2023 · Control person joined · fact
    • Rajneesh Motay (Head Of Advice And Financial Planning) appeared on Schedule A of Morningstar Investment Management Llc
      Jul 27, 2023 · Control person joined · fact
    • Sandie Kay Rodda left Morningstar Investment Management Llc for Lpl Financial Llc (registered 2026-04-10)
      Jun 30, 2023 · Advisor changed firm · fact
    • Morningstar Investment Management Llc reported 22 offices beyond its principal office, up from 15 (2022-05-13 to 2023-03-27)
      Mar 27, 2023 · Office count change · derived
    • Paul Raymond Dowd left Morningstar Investment Management Llc for Cetera Investment Advisers Llc (registered 2023-06-29)
      Sep 14, 2022 · Advisor changed firm · fact
    • Kirby Powers Lawson left Morningstar Investment Management Llc for Ima Advisory Services, Inc. (registered 2022-07-27)
      Jul 12, 2022 · Advisor changed firm · fact
    • Morningstar Investment Management Llc reported 15 offices beyond its principal office, up from 9 (2021-06-08 to 2022-03-24)
      Mar 24, 2022 · Office count change · derived
    • Joseph Matthew Radgowski (Managing Director) no longer on Schedule A of Morningstar Investment Management Llc (listed 2019-10-21, absent 2020-01-06)
      Jan 6, 2020 · Control person left · inference
    • Allan Brock Johnson (Co-President, Global Retirement & Workplace Solutions) appeared on Schedule A of Morningstar Investment Management Llc
      Mar 30, 2019 · Control person joined · fact
    • Morningstar Investment Management Llc reported RAUM $33.6B, down 48% from $64.9B (2017-03-28 to 2018-03-27)
      Mar 27, 2018 · 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
    Firm profile
    linkedin.com/company/morningstarreportedpublic record, Form ADV, Sep 17, 2026
    Principal office phone
    312-696-6000reportedpublic record, Form ADV, Aug 18, 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
    Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
    RAUM per advisor
    $3.4Bderivedfirm RAUM over the IAPD count; not a book size
    Loaded
    Sep 14, 2026