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
Thomas J. Herzfeld Advisors, Inc.
Latest filing Aug 18, 2026
First filing on the tape Mar 12, 2012 · 28 filings
SEC status approved since Apr 9, 1984
RAUM
$890M
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
16%
$146M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$223M
derived; firm RAUM over IAPD count
Employees
15
6 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
9
reported on Schedule D
History
28 filings and snapshots on the tape
RAUM$890M as of Aug 18, 2026
Mar 12, 2012$131M then
HNW client RAUM$141M as of Aug 18, 2026
Mar 28, 2018$199M then
State-registered IARs (5.B.3)3 as of Aug 18, 2026
Mar 28, 20134 then
Employees (5.A)15 as of Aug 18, 2026
Mar 28, 20137 then
Private funds9 as of Aug 18, 2026
Mar 30, 20201 then
RAUM +5.1% over the last fiscal year+12% a year over threeIARs 0 to 3
Practice profile
derived from the filing of Aug 18, 2026; every figure names its basis
- RAUM per advisor
- $223MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 35derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.1MderivedHNW RAUM over HNW clients
- Average account
- $2.6MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 5.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 3.8derivedItem 5.A over advisors
- Advisors per office
- 4.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +5.1%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- +2.9%derived
- Compensation
- percentage of assets, performance-based, 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, otherreportedItem 5.G
- Wrap fee program
- participatesreportedItem 5.I
- Custody
- $485M, 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)
- 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)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$485M63%
- High-net-worth individuals$141M18%
- Charitable organizations$47.0M6.1%
- Corporations and businesses$44.7M5.8%
- Investment companies$41.7M5.4%
- Individuals$5.2M0.7%
- Pension and profit-sharing plans$1.1M0.1%
- Individual clients
- 15reported
- HNW clients
- 125reported
- Pension plan clients
- 3reported
- Charitable clients
- 11reported
- Accounts
- 349reported
- Financial planning clients
- reported
- Wrap fee programs
- $0 sponsored, $183M managedreported
- Custody of client assets
- $485M for 6 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.16 fund_share=0.59 institutional_share=0.05 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 |
|---|---|---|---|---|
| Erik Mervin Herzfeld | Miami, Fl | Nov 14, 2008 | 27 y | 0 |
| Ryan Mark Paylor | Miami Beach, Fl | Dec 18, 2025 | 14 y | 0 |
| Alexander Nathan KnappChartered Financial Analyst | New York, Ny | Dec 22, 2025 | 13 y | 2 |
| Rhowan Babekir Ahmed | Miami Beach, Fl | Sep 2, 2026 | 11 y | 2 |
Advisor movement
0 left, 2 joined in 12 months
net +2 in 12 months0 left in 90 days1 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- Rhowan Babekir Ahmed from Ernst & Young Investment Advisers LlpSep 2, 2026 · Other
- Alexander Nathan Knapp from Aviva Investors AmericasDec 22, 2025 · Other
Private funds
3 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| The Hcm Master Fund Limited | Hedge Fund | $340M | 47 | Jan 17, 2020 |
| Hcm Co-Investment II, LLC | Hedge Fund | $9.0M | 2 | Mar 28, 2024 |
| Hcm Co-Investment I LLC | Hedge Fund | $8.5M | 4 | Mar 28, 2024 |
Owners and control persons
Schedule A and B, latest filing
- Mervin Erik Herzfeld · President, Secretary, Treasurercontrolsince 10/2008 · owns less than 5%
- Jay Thomas Herzfeld · Chairman And Sole Directorcontrolsince 02/1984 · owns 75% or more
- Kenneth Thomas Morgan · Chief Compliance Officer And Chief Operating Officercontrolsince 09/2018 · owns less than 5%
Related persons
Schedule D 7.A
- Hcm Gp LLCpooled vehicle sponsory
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Miami Beach, Fl · principal | 3 | 3 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- employee count surgeChange between filings · filing Mar 31, 2026employees (Item 5.A) moved from 10.0 to 15.0 (+50.0%) between the annual amendments of 2025-03-27 and 2026-03-31; the peer median change was -6.0% (27 comparable advisers, 100.0th percentile of changes)peers: other advisers, $500M to $1B (27) · 100% percentile
What changed
consecutive filings, newest first
- Private funds · 6 to 9Mar 31, 2026 to Aug 18, 2026
- Accounts · 294 to 349Sep 12, 2025 to Mar 31, 2026
- Advisory employees · 4 to 6Sep 12, 2025 to Mar 31, 2026
- Charity clients · 10 to 11Sep 12, 2025 to Mar 31, 2026
- Corporate clients · 12 to 10Sep 12, 2025 to Mar 31, 2026
- HNW clients · 124 to 125Sep 12, 2025 to Mar 31, 2026
- Individual clients · 12 to 15Sep 12, 2025 to Mar 31, 2026
- Pension plan clients · 4 to 3Sep 12, 2025 to Mar 31, 2026
- Pooled vehicle clients · 7 to 8Sep 12, 2025 to Mar 31, 2026
- Assets in custody · $448M to $485MSep 12, 2025 to Mar 31, 2026
- Employees · 10 to 15Sep 12, 2025 to Mar 31, 2026
- State-registered IARs · 0 to 3Sep 12, 2025 to Mar 31, 2026
- Private funds · 5 to 6Sep 12, 2025 to Mar 31, 2026
- Discretionary RAUM · $827M to $870MSep 12, 2025 to Mar 31, 2026
- HNW RAUM · $133M to $141MSep 12, 2025 to Mar 31, 2026
- Individual RAUM · $3.9M to $5.2MSep 12, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $20.8M to $20.1MSep 12, 2025 to Mar 31, 2026
- Pension RAUM · $1.5M to $1.1MSep 12, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $448M to $485MSep 12, 2025 to Mar 31, 2026
- RAUM · $848M to $890MSep 12, 2025 to Mar 31, 2026
- Related adviser · true to falseSep 12, 2025 to Mar 31, 2026
- Wrap assets (manager) · $180M to $183MSep 12, 2025 to Mar 31, 2026
- Accounts · 280 to 294Dec 10, 2024 to Mar 27, 2025
- Charity clients · 9 to 10Dec 10, 2024 to Mar 27, 2025
- HNW clients · 116 to 124Dec 10, 2024 to Mar 27, 2025
- Individual clients · 9 to 12Dec 10, 2024 to Mar 27, 2025
- Pension plan clients · 5 to 4Dec 10, 2024 to Mar 27, 2025
- Pooled vehicle clients · 5 to 7Dec 10, 2024 to Mar 27, 2025
- Assets in custody · $357M to $448MDec 10, 2024 to Mar 27, 2025
- Employees · 9 to 10Dec 10, 2024 to Mar 27, 2025
- Financial planning clients · unset to Dec 10, 2024 to Mar 27, 2025
- Private funds · 3 to 5Dec 10, 2024 to Mar 27, 2025
- Discretionary RAUM · $708M to $827MDec 10, 2024 to Mar 27, 2025
- HNW RAUM · $120M to $133MDec 10, 2024 to Mar 27, 2025
- Individual RAUM · $2.5M to $3.9MDec 10, 2024 to Mar 27, 2025
- Non-discretionary RAUM · $19.2M to $20.8MDec 10, 2024 to Mar 27, 2025
- Pension RAUM · $2.0M to $1.5MDec 10, 2024 to Mar 27, 2025
- Pooled vehicle RAUM · $357M to $448MDec 10, 2024 to Mar 27, 2025
- RAUM · $727M to $848MDec 10, 2024 to Mar 27, 2025
- Related adviser · false to trueDec 10, 2024 to Mar 27, 2025
Signals
1 dated events
- Thomas J. Herzfeld Advisors, Inc. reported RAUM $543.3M, up 51% from $361.0M (2021-03-29 to 2022-03-24)Mar 24, 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
- Firm profile
- LINKEDIN.COM/COMPANY/THOMAS-J--HERZFELD-ADVISORS-INC-reportedpublic record, Form ADV, Sep 17, 2026
- Website
- herzfeld.com/herzreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 305-777-1660reportedpublic 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
- Other adviserderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $223Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026