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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Former SEC-registered adviser

M••••••• F••••• W•••••

Former SEC-registered adviserMinnetonka, MinnesotaCRD 109141SEC 801-57126IAPD

Legal name M••••••• F••••• W•••••• L••

Latest filing Aug 30, 2022

First filing on the tape Mar 28, 2012 · 63 filings

RAUM

$5.4B

reported, Item 5.F

Discretionary

59%

of RAUM

Private clients

74%

$4.0B individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

20 advisory (5.B.1)

Offices

beyond the principal office

Private funds

$793M gross assets

History

63 filings and snapshots on the tape

RAUM$5.4B as of Mar 28, 2022

Mar 28, 2012$1.7B then

HNW client RAUM$4.0B as of Mar 28, 2022

Mar 19, 2018$2.2B then

State-registered IARs (5.B.3)17 as of Mar 28, 2022

Mar 28, 20120 then

Employees (5.A)41 as of Mar 28, 2022

Mar 27, 201340 then

Private funds15 as of Mar 28, 2022

Mar 28, 201210 then

RAUM +26% over the last fiscal year+19% a year over threeIARs 12 to 17

Practice profile

derived from the filing of Aug 30, 2022; every figure names its basis

RAUM per advisor: $319MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 34derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $10.2MderivedHNW RAUM over HNW clients
Average account: $7.1MderivedRAUM over accounts (5.F.2.f)
Discretionary: 59%derivedof RAUM
Institutional: 8.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 2.4derivedItem 5.A over advisors
Advisors per office: 4.3derived4 offices incl. principal (1.F.5)
RAUM growth, one year: +26%derivedbetween the last two annual amendments
Advisor growth, one year: +42%derivedItem 5.B.3 between annual amendments
Client growth, one year: +7.4%derived
Compensation: percentage of assets, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, selection of other advisers, otherreportedItem 5.G
Custody: $3.9B, 491 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$4.0B73%
Pooled investment vehicles$791M15%
Charitable organizations$434M8.0%
Corporations and businesses$198M3.6%
Individuals$50.8M0.9%

Individual clients: 195reported
HNW clients: 388reported
Pension plan clients: n/areported
Charitable clients: 114reported
Accounts: 768reported
Financial planning clients: 0reported
Wrap fee programs: noreported
Custody of client assets: $3.9B for 491 clientsreported
Compensation: % of AUM, fixedreported
Class basis: absent from the latest SEC rosterderived

Advisors registered through the firm

0 on IAPD today, longest tenure first

No representative is registered through this CRD on IAPD.

Advisor movement

Left, latest

A••••• A••• O•••• to C•••••• A•••• M••••••••• L••
Aug 30, 2022 · RIA to RIA
D••••• S••••• K••••••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
J•• K•••••• C••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
J•••• P••• S••••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
T••••• C•••••• P••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
P•••••• J•••••• S••••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
P•••••• S•••••• S•••••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
C•••••• J••••• M•••••• to S•••••• M••••••••• C•
Jun 2, 2022 · Other
J•••• M•••••• R•••••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
P•••••• R••• R•••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
B•••• M•••••• M•••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
R•••• H•••• H•••••••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
A••• C•••••••• N•••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
D•••• J••• L•••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA
R••• M••• S•••••• to C•••••• A•••• M••••••••• L••
Jun 2, 2022 · RIA to RIA

Joined, latest

T••••• C•••••• P••• from A••••••••• W••••• P•••••••
Feb 14, 2022 · RIA to RIA
C•••••• V••••••••• from C••••••••• W••••• A•••••••• L••
Oct 14, 2021 · Affiliated broker-dealer or bank to independent RIA
R••• M••• S•••••• from A••••••••• F•••••••• S•••••••• L••
Apr 15, 2021 · Affiliated broker-dealer or bank to independent RIA
D•••• J••• L•••• from U••• B•••••• I••••••••• I•••
Mar 29, 2017 · Other
A••••• A••• O•••• from D••••••• I••••••••• A••••••• L••
Aug 18, 2005 · Other

Every departure Every arrival

Teams: two or more advisors moving together within fourteen days, from one state

15 left for C•••••• A•••• M••••••••• L••
Jun 2, 2022 · Minnetonka, Mn · Firm absorbed

Teams out Teams in

Private funds

8 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
B•••••••• M••••• H••••• L•••	Hedge Fund	$267M	148	Mar 21, 2019
M••••••• M••• Q•no longer reported	Other Private Fund	$54.6M	104	Mar 28, 2012
M••••••• S•••••••• C••no longer reported	Other Private Fund	$25.2M	45	Mar 28, 2012
W•• L•••• C•• G•••••no longer reported	Other Private Fund	$12.1M	48	Mar 28, 2012
W•• L•••• C•• V••••no longer reported	Other Private Fund	$12.0M	48	Mar 28, 2012
M••••••• M••• A•no longer reported	Other Private Fund	$11.0M	68	Mar 28, 2012
W•• S•••• C•• G•••••no longer reported	Other Private Fund	$3.1M	47	Mar 28, 2012
W•• S•••• C•• V••••no longer reported	Other Private Fund	$3.1M	47	Mar 28, 2012

Owners and control persons

Schedule A and B, latest filing

C•••• J••• K•••••• · President, Coo & Treasurer; Member, Class Bcontrol
since 01/2007 · owns 10% to 25%
M••••••• C••••••• J••••• · Chairman & Ceo; Member, Class Bcontrol
since 06/2003 · owns 25% to 50%
R••••• P••••••• R••• · Cio; Member, Class Bcontrol
since 01/2008 · owns 10% to 25%
R••••••• J••••• M•••••• · Member, Class Bcontrol
since 01/2007 · owns 10% to 25%
H••••••••• R••••• H•••• · Member, Class B
since 01/2020 · owns less than 5%
L•••••••• G••••••• J••••• · Member, Class B
since 01/2022 · owns less than 5%
L••••• D••••• J••• · Member, Class B
since 01/2022 · owns less than 5%
N••••• A•••• C•••••••• · Member, Class B
since 01/2020 · owns less than 5%
O••••• A•••••• A••• · Cco; Member, Class B
since 01/2020 · owns less than 5%
P••••• A••• · Member, Class B
since 01/2022 · owns less than 5%
Q••••••• J•••• C•••••• · Member, Class B
since 01/2020 · owns less than 5%
S••••••• P••••••• S•••••• · Member, Class B
since 01/2022 · owns less than 5%
S•••••• J••••• P••• · Member, Class B
since 01/2020 · owns less than 5%
S•••••• P••••••• J•••••• · Member, Class B
since 01/2020 · owns less than 5%

Entity owners

P• 3• V•••••• L•• · Member, Class A
direct · owns 10% to 25%

Related persons

Schedule D 7.A

M••••••• T•••• C••••••• L••
y
S•••••• M••••••••• C•
investment adviserpooled vehicle sponsory

Advisers that list M••••••• F••••• W••••• as a related person

110276 y

Offices

Schedule D 1.F, the 25 largest

Naples, FL2 employees
Scottsdale, AZ1 employees
Sioux Falls, SD1 employees

What changed

consecutive filings, newest first

Accounts · 712 to 768
Jan 12, 2022 to Mar 28, 2022
Advisory employees · 17 to 20
Jan 12, 2022 to Mar 28, 2022
Charity clients · 93 to 114
Jan 12, 2022 to Mar 28, 2022
Corporate clients · 62 to 65
Jan 12, 2022 to Mar 28, 2022
HNW clients · 350 to 388
Jan 12, 2022 to Mar 28, 2022
Individual clients · 193 to 195
Jan 12, 2022 to Mar 28, 2022
Pooled vehicle clients · 14 to 19
Jan 12, 2022 to Mar 28, 2022
Assets in custody · $1.3B to $3.9B
Jan 12, 2022 to Mar 28, 2022
Employees · 38 to 41
Jan 12, 2022 to Mar 28, 2022
State-registered IARs · 12 to 17
Jan 12, 2022 to Mar 28, 2022
Private funds · 14 to 15
Jan 12, 2022 to Mar 28, 2022
Discretionary RAUM · $1.4B to $3.2B
Jan 12, 2022 to Mar 28, 2022
HNW RAUM · $3.4B to $4.0B
Jan 12, 2022 to Mar 28, 2022
Individual RAUM · $50.5M to $50.8M
Jan 12, 2022 to Mar 28, 2022
Non-discretionary RAUM · $2.9B to $2.2B
Jan 12, 2022 to Mar 28, 2022
Pooled vehicle RAUM · $602M to $791M
Jan 12, 2022 to Mar 28, 2022
RAUM · $4.3B to $5.4B
Jan 12, 2022 to Mar 28, 2022
Accounts · 672 to 712
Oct 28, 2020 to Mar 31, 2021
Advisory employees · 18 to 17
Oct 28, 2020 to Mar 31, 2021
Charity clients · 87 to 93
Oct 28, 2020 to Mar 31, 2021
Corporate clients · 50 to 62
Oct 28, 2020 to Mar 31, 2021
HNW clients · 334 to 350
Oct 28, 2020 to Mar 31, 2021
Individual clients · 187 to 193
Oct 28, 2020 to Mar 31, 2021
Assets in custody · $1.4B to $1.3B
Oct 28, 2020 to Mar 31, 2021
Employees · 36 to 38
Oct 28, 2020 to Mar 31, 2021
State-registered IARs · 16 to 12
Oct 28, 2020 to Mar 31, 2021
Private funds · 12 to 14
Oct 28, 2020 to Mar 31, 2021
Discretionary RAUM · $1.5B to $1.4B
Oct 28, 2020 to Mar 31, 2021
HNW RAUM · $3.2B to $3.4B
Oct 28, 2020 to Mar 31, 2021
Individual RAUM · $51.0M to $50.5M
Oct 28, 2020 to Mar 31, 2021
Non-discretionary RAUM · $2.4B to $2.9B
Oct 28, 2020 to Mar 31, 2021
Pooled vehicle RAUM · $492M to $602M
Oct 28, 2020 to Mar 31, 2021
RAUM · $3.9B to $4.3B
Oct 28, 2020 to Mar 31, 2021
Accounts · 578 to 672
Jan 21, 2020 to Mar 30, 2020
Advisory employees · 20 to 18
Jan 21, 2020 to Mar 30, 2020
Charity clients · 27 to 87
Jan 21, 2020 to Mar 30, 2020
Corporate clients · 44 to 50
Jan 21, 2020 to Mar 30, 2020
HNW clients · 297 to 334
Jan 21, 2020 to Mar 30, 2020
Individual clients · 198 to 187
Jan 21, 2020 to Mar 30, 2020
Pooled vehicle clients · 12 to 14
Jan 21, 2020 to Mar 30, 2020

Signals

22 dated events

A••••• A••• O•••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Aug 30, 2022 · Advisor changed firm · fact
G•••••• J••••• L••••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
J•••• M•••••• R•••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
P•••••• J•••••• S••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
C•••••• V••••••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
J•• K•••••• C••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-09)
Jun 2, 2022 · Advisor changed firm · fact
P•••••• R••• R•••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
P•••••• S•••••• S•••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
C•••••• J••••• M•••••• left M••••••• F••••• W••••• for S•••••• M••••••••• C• (registered 2014-11-26)
Jun 2, 2022 · Advisor changed firm · fact
J•••• P••• S••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
D•••• J••• L•••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-07)
Jun 2, 2022 · Advisor changed firm · fact
M••••••• F••••• W•••••'s advisors moved to C•••••• A•••• M••••••••• L•• (Minnetonka, MN): 15 of 17 registered, on the same day
Jun 2, 2022 · Firm absorbed (people side) · derived
T••••• C•••••• P••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
R••• M••• S•••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
R•••• H•••• H•••••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
A••• C•••••••• N•••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
B•••• M•••••• M•••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
D••••• S••••• K••••••• left M••••••• F••••• W••••• for C•••••• A•••• M••••••••• L•• (registered 2022-06-01)
Jun 2, 2022 · Advisor changed firm · fact
David M•••••• Benson (Member, Class A) no longer on Schedule A of M••••••• F••••• W••••• (listed 2022-01-12, absent 2022-03-28)
Mar 28, 2022 · Control person left · inference
M••••••• F••••• W••••• reported RAUM $5.4B, up 26% from $4.3B (2022-01-12 to 2022-03-28)
Mar 28, 2022 · RAUM change · derived
Rev Tr Richard Schulze (Member, Class 2) no longer on Schedule A of M••••••• F••••• W••••• (listed 2019-07-24, absent 2020-01-21)
Jan 21, 2020 · Control person left · inference
Kevin Bergman (Member, Class 3) no longer on Schedule A of M••••••• F••••• W••••• (listed 2019-07-24, absent 2020-01-21)
Jan 21, 2020 · Control person left · inference

Across DFX

shared identifiers only, never a name match

M••••••• F••••• W••••• · Private Equity
shared crd · organization

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: Former SEC-registered adviserderiveda rule over Items 5.D and 7.A
RAUM per advisor: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026