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
N••••••• I••••••••• M••••••••• I•••
Latest filing May 4, 2026
First filing on the tape Mar 12, 2012 · 32 filings
SEC status approved since Feb 22, 2000
RAUM
$557M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
99%
$553M individuals and HNW
Advisors
6
registered through the firm on IAPD
RAUM per advisor
$92.9M
derived; firm RAUM over IAPD count
Employees
9
6 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
32 filings and snapshots on the tape
RAUM$557M as of May 4, 2026
Mar 12, 2012$149M then
HNW client RAUM$508M as of May 4, 2026
Mar 22, 2018$184M then
State-registered IARs (5.B.3)6 as of May 4, 2026
Mar 22, 20131 then
Employees (5.A)9 as of May 4, 2026
Mar 22, 20135 then
Private funds: no history
RAUM +4.7% over the last fiscal year+13% a year over threeIARs 7 to 6
Practice profile
derived from the filing of May 4, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $92.9MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 50derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.0MderivedHNW RAUM over HNW clients
- Average account
- $648,152derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.1%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.5derivedItem 5.A over advisors
- Advisors per office
- 6.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +4.7%derivedbetween the last two annual amendments
- Advisor growth, one year
- -14%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -4.5%derived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisers, publications, educational seminarsreportedItem 5.G
- 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$508M91%
- Individuals$44.9M8.1%
- Corporations and businesses$3.7M0.7%
- Charitable organizations$626,1630.1%
- Individual clients
- 126reported
- HNW clients
- 171reported
- Pension plan clients
- n/areported
- Charitable clients
- 2reported
- Accounts
- 860reported
- Financial planning clients
- 1-10reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=0.99 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
6 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| N••••••• K•••••• H•••• | Minneapolis, Mn | Jan 21, 2014 | 23 y | 0 |
| M••• C••••••••• H•••••Certified Financial Planner | Minneapolis, Mn | Apr 18, 2017 | 40 y | 1 |
| T•••••• S•••••• F•••• | Minneapolis, Mn | Nov 13, 2018 | 31 y | 0 |
| N••••• R• T••••• | Minneapolis, Mn | Nov 21, 2019 | 13 y | 1 |
| S•••• J••••• B•••••Chartered Financial Analyst | Minneapolis, Mn | Nov 9, 2021 | 16 y | 0 |
| N••••• P••• S•••••Certified Financial Planner | Minneapolis, Mn | Jun 26, 2024 | 33 y | 5 |
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 headcount0 left over 36 months
Left, latest
- C•••• S•••• H••••• to T•• L••• G•••• F•••••••• S•••••••Aug 9, 2023 · RIA to RIA
- S•••••• L•• C•••• to K••••• A••••••• S•••••••• L••Jun 30, 2021 · RIA to affiliated broker-dealer or bank
Joined, latest
- N••••• P••• S••••• from U••• B•••••• I••••••••• I•••Jun 26, 2024 · Affiliated broker-dealer or bank to independent RIA
- N••••• R• T••••• from M••••• S••••••Nov 21, 2019 · Wirehouse to independent RIA
- M••• C••••••••• H••••• from W•••••••• R••••••• A•••••••Apr 18, 2017 · Other
- S•••••• L•• C•••• from W•••••••• R••••••• A•••••••Apr 18, 2017 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 2 joined from W•••••••• R••••••• A•••••••Apr 7, 2017 · Saint Paul, Mn
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- C••••••• K••••• A•• · Chief Compliance Officercontrolsince 08/2023 · owns less than 5%
- H••••••••• M•••• C••••• · President, Secretary, Directorcontrolsince 12/1999 · owns 75% or more
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Minneapolis, Mn · principal | 6 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 868 to 860Sep 17, 2025 to Mar 31, 2026
- Advisory employees · 7 to 6Sep 17, 2025 to Mar 31, 2026
- Corporate clients · 1 to 2Sep 17, 2025 to Mar 31, 2026
- HNW clients · 146 to 171Sep 17, 2025 to Mar 31, 2026
- Individual clients · 165 to 126Sep 17, 2025 to Mar 31, 2026
- Pension plan clients · 0.0 to unsetSep 17, 2025 to Mar 31, 2026
- Pooled vehicle clients · 0.0 to unsetSep 17, 2025 to Mar 31, 2026
- Employees · 8 to 9Sep 17, 2025 to Mar 31, 2026
- State-registered IARs · 7 to 6Sep 17, 2025 to Mar 31, 2026
- Discretionary RAUM · $533M to $557MSep 17, 2025 to Mar 31, 2026
- HNW RAUM · $446M to $508MSep 17, 2025 to Mar 31, 2026
- Individual RAUM · $81.7M to $44.9MSep 17, 2025 to Mar 31, 2026
- RAUM · $533M to $557MSep 17, 2025 to Mar 31, 2026
- Accounts · 846 to 868Mar 1, 2025 to Apr 16, 2025
- Individual clients · 158 to 165Mar 1, 2025 to Apr 16, 2025
- Employees · 9 to 8Mar 1, 2025 to Apr 16, 2025
- Financial planning clients · 1-10 to 1-10Mar 1, 2025 to Apr 16, 2025
- State-registered IARs · 8 to 7Mar 1, 2025 to Apr 16, 2025
- Discretionary RAUM · $527M to $533MMar 1, 2025 to Apr 16, 2025
- HNW RAUM · $446M to $446MMar 1, 2025 to Apr 16, 2025
- Individual RAUM · $76.6M to $81.7MMar 1, 2025 to Apr 16, 2025
- RAUM · $527M to $533MMar 1, 2025 to Apr 16, 2025
- Accounts · 820 to 846Jun 26, 2024 to Mar 1, 2025
- HNW clients · 148 to 146Jun 26, 2024 to Mar 1, 2025
- Discretionary RAUM · $477M to $527MJun 26, 2024 to Mar 1, 2025
- HNW RAUM · $409M to $446MJun 26, 2024 to Mar 1, 2025
- Individual RAUM · $63.7M to $76.6MJun 26, 2024 to Mar 1, 2025
- RAUM · $477M to $527MJun 26, 2024 to Mar 1, 2025
- Accounts · 815 to 820Feb 15, 2024 to Jun 26, 2024
- Advisory employees · 5 to 7Feb 15, 2024 to Jun 26, 2024
- HNW clients · 147 to 148Feb 15, 2024 to Jun 26, 2024
- Individual clients · 157 to 158Feb 15, 2024 to Jun 26, 2024
- Employees · 8 to 9Feb 15, 2024 to Jun 26, 2024
- State-registered IARs · 7 to 8Feb 15, 2024 to Jun 26, 2024
- Discretionary RAUM · $464M to $477MFeb 15, 2024 to Jun 26, 2024
- HNW RAUM · $399M to $409MFeb 15, 2024 to Jun 26, 2024
- Individual RAUM · $59.6M to $63.7MFeb 15, 2024 to Jun 26, 2024
- RAUM · $464M to $477MFeb 15, 2024 to Jun 26, 2024
- Accounts · 795 to 815Aug 9, 2023 to Feb 15, 2024
- Charity clients · 4 to 2Aug 9, 2023 to Feb 15, 2024
Signals
2 dated events
- C•••• S•••• H••••• left N••••••• I••••••••• M••••••••• I••• for T•• L••• G•••• F•••••••• S••••••• (registered 2023-09-05)Aug 9, 2023 · Advisor changed firm · fact
- Ann Kathy Carlson (Chief Compliance Officer) appeared on Schedule A of N••••••• I••••••••• M••••••••• I•••Aug 9, 2023 · Control person joined · 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 email
- info@nicolletinvest.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 612-915-3033reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 612-915-3034reportedpublished by the firm, firm site, Sep 15, 2026
- Website
- H•••••••••reportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 612-915-3033reportedpublic record, Form ADV, May 4, 2026
- Contact form
- nicolletinvest.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- nicolletinvest.com/about-us/meet-the-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
- $92.9Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026