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
U••••• I••••••••• A•••••••• L••
Latest filing Jun 8, 2026
First filing on the tape Feb 14, 2012 · 27 filings
SEC status approved since Apr 14, 2000
RAUM
$443M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$443M individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$148M
derived; firm RAUM over IAPD count
Employees
5
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
27 filings and snapshots on the tape
RAUM$443M as of Jun 8, 2026
Feb 14, 2012$171M then
HNW client RAUM$389M as of Jun 8, 2026
Mar 27, 2018$270M then
State-registered IARs (5.B.3)3 as of Jun 8, 2026
Feb 19, 20134 then
Employees (5.A)5 as of Jun 8, 2026
Feb 19, 20137 then
Private funds: no history
RAUM -1.9% over the last fiscal year-1.4% a year over threeIARs 3 to 3
Practice profile
derived from the filing of Jun 8, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- 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
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $148MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 70derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $4.5MderivedHNW RAUM over HNW clients
- Average account
- $2.1MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.7derivedItem 5.A over advisors
- Advisors per office
- 3.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -1.9%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -6.6%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 5.G
- Custody
- $101M, 67 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)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$389M88%
- Individuals$54.0M12%
- Individual clients
- 125reported
- HNW clients
- 86reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 211reported
- Financial planning clients
- 11-25reported
- Wrap fee programs
- noreported
- Custody of client assets
- $101M for 67 clientsreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
3 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| N•••••••• J••••• B••••Chartered Financial Analyst | Minneapolis, Mn | Jan 9, 2026 | 15 y | 0 |
| J•••• P•••• P••••Chartered Financial Analyst | Minneapolis, Mn | Jan 12, 2026 | 14 y | 0 |
| J•••• R•••• G••••••••• S••••• | Minneapolis, Mn | May 4, 2026 | 21 y | 0 |
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
- A••••• S• U••••• to J••• M••••• S••••••••• L••Dec 31, 2002 · Other
Joined, latest
none on the tape
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- B••••• N••••••••• J• · Presidentcontrolsince 10/2024 · owns 25% to 50%
- P••••• J••••• P•••• · Director Of Researchcontrolsince 01/2017 · owns 5% to 10%
- S•••••• J••••• R•••• G••••••••• · Chief Compliance Officercontrolsince 01/2006 · owns 5% to 10%
- U•••••• J••••• E••••• · Chief Executive Officercontrolsince 07/1997 · owns 50% to 75%
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 | 3 | 3 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- very high RAUM per advisorStatic outlier · filing Jun 8, 2026RAUM per registered advisor of $147,633,981 against a peer median of $55,731,856 (3254 comparable advisers, 98.0th percentile, 3.2 robust deviations)peers: independent wealth managers, $100M to $500M (3,254) · 98% percentile
- HNW share shiftChange between filings · filing Mar 31, 2026HNW share of RAUM moved from 57.0% to 88.0% between the annual amendments of 2025-03-28 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
What changed
consecutive filings, newest first
- Accounts · 226 to 211Mar 28, 2025 to Mar 31, 2026
- HNW clients · 22 to 86Mar 28, 2025 to Mar 31, 2026
- Individual clients · 204 to 125Mar 28, 2025 to Mar 31, 2026
- Assets in custody · $115M to $101MMar 28, 2025 to Mar 31, 2026
- Discretionary RAUM · $451M to $443MMar 28, 2025 to Mar 31, 2026
- HNW RAUM · $257M to $389MMar 28, 2025 to Mar 31, 2026
- Individual RAUM · $195M to $54.0MMar 28, 2025 to Mar 31, 2026
- RAUM · $451M to $443MMar 28, 2025 to Mar 31, 2026
- Accounts · 491 to 226Nov 8, 2024 to Mar 28, 2025
- Advisory employees · 5 to 4Nov 8, 2024 to Mar 28, 2025
- HNW clients · 18 to 22Nov 8, 2024 to Mar 28, 2025
- Individual clients · 199 to 204Nov 8, 2024 to Mar 28, 2025
- Assets in custody · $113M to $115MNov 8, 2024 to Mar 28, 2025
- Employees · 6 to 5Nov 8, 2024 to Mar 28, 2025
- Financial planning clients · 11-25 to 11-25Nov 8, 2024 to Mar 28, 2025
- State-registered IARs · 4 to 3Nov 8, 2024 to Mar 28, 2025
- Discretionary RAUM · $377M to $451MNov 8, 2024 to Mar 28, 2025
- HNW RAUM · $205M to $257MNov 8, 2024 to Mar 28, 2025
- Individual RAUM · $172M to $195MNov 8, 2024 to Mar 28, 2025
- RAUM · $377M to $451MNov 8, 2024 to Mar 28, 2025
- Accounts · 504 to 491Mar 31, 2023 to Mar 26, 2024
- HNW clients · 17 to 18Mar 31, 2023 to Mar 26, 2024
- Individual clients · 208 to 199Mar 31, 2023 to Mar 26, 2024
- Assets in custody · $118M to $113MMar 31, 2023 to Mar 26, 2024
- Discretionary RAUM · $454M to $377MMar 31, 2023 to Mar 26, 2024
- HNW RAUM · $263M to $205MMar 31, 2023 to Mar 26, 2024
- Individual RAUM · $171M to $172MMar 31, 2023 to Mar 26, 2024
- Non-discretionary RAUM · $7.4M to $0Mar 31, 2023 to Mar 26, 2024
- RAUM · $462M to $377MMar 31, 2023 to Mar 26, 2024
- Accounts · 498 to 504Nov 9, 2022 to Mar 31, 2023
- HNW clients · 19 to 17Nov 9, 2022 to Mar 31, 2023
- Individual clients · 204 to 208Nov 9, 2022 to Mar 31, 2023
- Assets in custody · $162M to $118MNov 9, 2022 to Mar 31, 2023
- Discretionary RAUM · $627M to $454MNov 9, 2022 to Mar 31, 2023
- HNW RAUM · $386M to $263MNov 9, 2022 to Mar 31, 2023
- Individual RAUM · $214M to $171MNov 9, 2022 to Mar 31, 2023
- Non-discretionary RAUM · $10.1M to $7.4MNov 9, 2022 to Mar 31, 2023
- RAUM · $637M to $462MNov 9, 2022 to Mar 31, 2023
- Accounts · 470 to 498Mar 17, 2021 to Mar 25, 2022
- HNW clients · 14 to 19Mar 17, 2021 to Mar 25, 2022
Signals
6 dated events
- U••••• I••••••••• A•••••••• L•• reported RAUM $461.9M, down 27% from $637.0M (2022-11-09 to 2023-03-31)Mar 31, 2023 · RAUM change · derived
- U••••• I••••••••• A•••••••• L•• reported RAUM $637.0M, up 36% from $468.3M (2021-03-17 to 2022-03-25)Mar 25, 2022 · RAUM change · derived
- U••••• I••••••••• A•••••••• L•• reported RAUM $468.3M, up 30% from $359.7M (2020-12-21 to 2021-03-17)Mar 17, 2021 · RAUM change · derived
- U••••• I••••••••• A•••••••• L•• reported succeeding to the business of Another Adviser (Form ADV Item 4)May 28, 2020 · Succession (Item 4) · fact
- J. N•••••••• B•••• (Portfolio Manager) appeared on Schedule A of U••••• I••••••••• A•••••••• L••Mar 30, 2020 · Control person joined · fact
- P•••• J•••• P•••• (Director Of Research) appeared on Schedule A of U••••• I••••••••• A•••••••• L••Mar 30, 2020 · 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 phone
- 612-204-3464reportedpublished by the firm, firm site, Sep 16, 2026
- Business phone
- 612-312-1400reportedpublished by the firm, firm site, Sep 16, 2026
- Website
- U•••••INVESTMENT.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 612-312-1400reportedpublic record, Form ADV, Jun 8, 2026
- Contact form
- u•••••••••.comreportedpublished by the firm, firm site, Sep 16, 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
- $148Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026