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.

Former SEC-registered adviser

Trees Investment Counsel LLC

Former SEC-registered adviserChicago, IllinoisCRD 109427SEC 801-56565IAPD
Latest filing Mar 5, 2015
First filing on the tape Nov 15, 2011 · 5 filings
RAUM
$215M
reported, Item 5.F
Discretionary
99%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
4
3 advisory (5.B.1)
Offices
n/a
beyond the principal office
Private funds
0
reported on Schedule D
History
5 filings and snapshots on the tape
RAUM$215M as of Mar 5, 2015
Mar 21, 2012$238M then
HNW client RAUM: no history
State-registered IARs (5.B.3)3 as of Mar 5, 2015
Mar 21, 20120 then
Employees (5.A)4 as of Mar 5, 2015
Feb 20, 20134 then
Private funds: no history
RAUM -1.8% over the last fiscal year-3.2% a year over threeIARs 3 to 3
Practice profile
derived from the filing of Mar 5, 2015; every figure names its basis
RAUM per advisor
$71.8MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client
unknownderivedHNW RAUM over HNW clients
Average account
$2.9MderivedRAUM over accounts (5.F.2.f)
Discretionary
99%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.3derivedItem 5.A over advisors
Advisors per office
3.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
-1.8%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
Custody
$24.4M, 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)
  • an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
This filing has no Item 5.D breakdown (filings before 2017 reported ranges, not amounts).
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
74reported
Financial planning clients
0reported
Wrap fee programs
noreported
Custody of client assets
$24.4M for 6 clientsreported
Compensation
% of AUMreported
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
Joined, latest
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Jay Merle Trees · Chairmancontrol
    since 01/2008 · owns 50% to 75%
  • Havens Scott Newhall · Chief Compliance Officer & Chief Investment Officer & President
    since 01/2008 · owns 25% to 50%
Related persons
Schedule D 7.A
  • Merle Jay Trees
    pooled vehicle sponsory
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
  • Accounts · 80 to 74
    Feb 19, 2014 to Mar 5, 2015
  • Assets in custody · $23.5M to $24.4M
    Feb 19, 2014 to Mar 5, 2015
  • Discretionary RAUM · $215M to $213M
    Feb 19, 2014 to Mar 5, 2015
  • Non-discretionary RAUM · $4.2M to $2.2M
    Feb 19, 2014 to Mar 5, 2015
  • RAUM · $219M to $215M
    Feb 19, 2014 to Mar 5, 2015
  • Accounts · 79 to 80
    Feb 20, 2013 to Feb 19, 2014
  • Assets in custody · $20.6M to $23.5M
    Feb 20, 2013 to Feb 19, 2014
  • Discretionary RAUM · $217M to $215M
    Feb 20, 2013 to Feb 19, 2014
  • Non-discretionary RAUM · $3.8M to $4.2M
    Feb 20, 2013 to Feb 19, 2014
  • RAUM · $221M to $219M
    Feb 20, 2013 to Feb 19, 2014
  • Advisory employees · unset to 3.0
    Mar 21, 2012 to Feb 20, 2013
  • Assets in custody · $19.4M to $20.6M
    Mar 21, 2012 to Feb 20, 2013
  • Employees · unset to 4.0
    Mar 21, 2012 to Feb 20, 2013
  • State-registered IARs · 0 to 3
    Mar 21, 2012 to Feb 20, 2013
  • Discretionary RAUM · $234M to $217M
    Mar 21, 2012 to Feb 20, 2013
  • Non-discretionary RAUM · $3.6M to $3.8M
    Mar 21, 2012 to Feb 20, 2013
  • RAUM · $238M to $221M
    Mar 21, 2012 to Feb 20, 2013
  • Accounts · 68 to 79
    Nov 15, 2011 to Mar 21, 2012
  • Assets in custody · $19.7M to $19.4M
    Nov 15, 2011 to Mar 21, 2012
  • Discretionary RAUM · $259M to $234M
    Nov 15, 2011 to Mar 21, 2012
  • Non-discretionary RAUM · $3.6M to $3.6M
    Nov 15, 2011 to Mar 21, 2012
  • RAUM · $263M to $238M
    Nov 15, 2011 to Mar 21, 2012
Signals
No event on the tape.
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
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