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
M•••••• I••••••••• A•••••••• L••
Latest filing Mar 20, 2026
First filing on the tape Mar 20, 2012 · 41 filings
SEC status approved since Aug 29, 1996
RAUM
$14B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
46%
$6.3B individuals and HNW
Advisors
20
registered through the firm on IAPD
RAUM per advisor
$692M
derived; firm RAUM over IAPD count
Employees
92
44 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
41 filings and snapshots on the tape
RAUM$14B as of Mar 20, 2026
Mar 20, 2012$5.8B then
HNW client RAUM$3.0B as of Mar 20, 2026
Mar 29, 2018$1.1B then
State-registered IARs (5.B.3)23 as of Mar 20, 2026
Mar 20, 20120 then
Employees (5.A)92 as of Mar 20, 2026
Mar 20, 201375 then
Private funds: no history
RAUM +3.7% over the last fiscal year+2.2% a year over threeIARs 23 to 23
Practice profile
derived from the filing of Mar 20, 2026; every figure names its basis
Archetypes, each a printed rule
- Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent
- p••••••• led practice · financial planning activity (5.G.1), at least 100 financial planning clients (5.H), and hourly, fixed or subscription compensation (5.E)
- Retirement plan adviser · pension consulting activity (Item 5.G.6) and pension plans at least 25 percent of RAUM or at least 25 pension-plan clients
- RAUM per advisor
- $692MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 730derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.4MderivedHNW RAUM over HNW clients
- Average account
- $856,191derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 40%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 4.6derivedItem 5.A over advisors
- Advisors per office
- 10.0derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- +3.7%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +2.2%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisers, otherreportedItem 5.G
- Financial planning clients
- 14,500reportedItem 5.H
- Wrap fee program
- participatesreportedItem 5.I
- Custody
- $860M, 610 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)
- 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Individuals$3.3B24%
- High-net-worth individuals$3.0B22%
- Charitable organizations$2.1B15%
- Insurance companies$2.0B14%
- Corporations and businesses$1.3B9.8%
- State and municipal entities$1.0B7.4%
- Banks and thrifts$611M4.4%
- Pension and profit-sharing plans$499M3.6%
- Individual clients
- 12,359reported
- HNW clients
- 2,243reported
- Pension plan clients
- 169reported
- Charitable clients
- 622reported
- Accounts
- 16,164reported
- Financial planning clients
- 14,500reported
- Wrap fee programs
- $0 sponsored, $5.7B managedreported
- Custody of client assets
- $860M for 610 clientsreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.46 fund_share=0.0 institutional_share=0.4 related_bd=true related_bank=false bd_reps=20.0derived
Advisors registered through the firm
20 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| J•••••• E••••• S••••••••• | M••••••, Wi | Jan 27, 2011 | 27 y | 2 |
| J•••••• T••••• M•••••••Chartered Financial Analyst | M••••••, Wi | Aug 4, 2011 | 39 y | 1 |
| D••••• J••••• M•••••Chartered Financial Analyst | S••••Sdale, Az | Jan 16, 2015 | 33 y | 0 |
| S••••• P••• D•••••• | M••••••, Wi | Sep 3, 2015 | 12 y | 1 |
| L••••• O•••••••• | M••••••, Wi | Feb 23, 2017 | 15 y | 0 |
| M•••••• R••• G••••••••• | M••••••, Wi | Feb 1, 2019 | 27 y | 3 |
| C••••••••• A•••• R•••••• | M••••••, Wi | Mar 27, 2019 | 24 y | 0 |
| C••••••••• A•••••• A••••• | M••••••, Wi | Apr 3, 2019 | 18 y | 1 |
| D•••• G•••••• | M••••••, Wi | Aug 27, 2019 | 21 y | 2 |
| T••••• R•••• H•••• T••••••Chartered Financial Analyst | M••••••, Wi | Oct 29, 2020 | 12 y | 1 |
| N•••••• L• J•••••• | M••••••, Wi | Feb 9, 2021 | 24 y | 4 |
| J••• A••••• D••••• | M••••••, Wi | Jul 1, 2021 | 28 y | 3 |
| S••••• A•••• C••• | M••••••, Wi | Oct 12, 2021 | 30 y | 3 |
| M•••••• H••••• W•••• | M••••••, Wi | Jun 22, 2022 | 13 y | 1 |
| T•••••• J••• V•• P••• | M••••••, Wi | Mar 20, 2023 | 11 y | 2 |
| K•••••• H•••• | M••••••, Wi | Mar 23, 2023 | 10 y | 1 |
| M•••• A••• E••••• | M••••••, Wi | May 22, 2024 | 21 y | 0 |
| M•••••• Z•••••••• G••••• | M••••••, Wi | Mar 25, 2025 | 27 y | 2 |
| N••••••• A••••• H•••••• | M••••••, Wi | Oct 29, 2025 | 11 y | 0 |
| A•••• R••• H•••••Chartered Financial Analyst | M••••••, Wi | Feb 3, 2026 | 18 y | 1 |
Advisor movement
2 left, 1 joined in 12 months
net -1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 10% of current headcount2 left over 36 months
Left, latest
- T••••• L••• W••••••••• to C•••••• A••••••• L••Jun 3, 2026 · Other
- D•••• S••••• to E•••••••• C•••••• M••••••••• L••Mar 3, 2026 · RIA to RIA
- C••••••••• S••••• to E•••••• A••••••• G••••• L••Apr 5, 2023 · RIA to affiliated broker-dealer or bank
- C••••••• L••••• D••• to N•••••••• C•••••• M••••••••• L••Nov 17, 2020 · Other
- P•••••• R••••• W•••• to E•••• I•••Nov 13, 2019 · Other
- R•••• C•••••• R••••••• to N•••••••• C•••••• M••••••••• L••Nov 13, 2019 · Other
- B••••••• N••••• D••••• to R••••••• C•••••• A•••••••• L••Nov 1, 2018 · RIA to a newly registered adviser
- J••• C•••••• C••••• to F•••••••• W••••• M••••••••• L••Oct 5, 2018 · RIA to RIA
- C•••• J••• V••••• S•••• to N•••••••• C•••••• M••••••••• L••Nov 16, 2016 · Other
- B•••• J••• C••••• to P••••• W••••• M••••••••• C••Apr 6, 2011 · Other
Joined, latest
- A•••• R••• H••••• from R•• C•••••• M••••••• L••Feb 3, 2026 · Affiliated broker-dealer or bank to independent RIA
- T••••• L••• W••••••••• from B•• A•••• M••••••••• C••••Apr 30, 2025 · Other
- M•••••• Z•••••••• G••••• from R••••••• P•••••••• L••Mar 25, 2025 · Other
- K•••••• H•••• from K•••• M•••••••••Mar 23, 2023 · Affiliated broker-dealer or bank to independent RIA
- T•••••• J••• V•• P••• from S••••• C•••••• M••••••••• I•••Mar 20, 2023 · Other
- C••••••••• S••••• from A••••• A•• P••••••• S•••••••Sep 29, 2022 · Affiliated broker-dealer or bank to independent RIA
- M•••••• H••••• W•••• from K•••• F•••••••• A•••• A•••••••• L•••Jun 22, 2022 · RIA to RIA
- S••••• A•••• C••• from N•••••••• C•••••• M••••••••• L••Oct 12, 2021 · Other
- J••• A••••• D••••• from R••••••• P•••••••• L••Jul 1, 2021 · RIA to RIA
- N•••••• L• J•••••• from F••••••• P••••••• A•• W•••••••• A•••••••Feb 9, 2021 · Affiliated broker-dealer or bank to independent RIA
- T••••• R•••• H•••• T•••••• from H••••••••• G••••• I••••••••• L•Oct 29, 2020 · RIA to RIA
- D•••• G•••••• from C•••••• C••••••• L••Aug 27, 2019 · Other
- C••••••••• A•••••• A••••• from J••• M••••• S••••••••• L••Apr 3, 2019 · Wirehouse to independent RIA
- M•••••• R••• G••••••••• from H•••••••• A•••••••• I•••Feb 1, 2019 · Other
- P•••••• R••••• W•••• from H••••••••• G••••• I••••••••• L•Feb 23, 2017 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- C•••• S•••••• A•••• · Chief Distribution Officer, Chairman Of The Executive Committee Chief Legal Officercontrolsince 01/2014 · owns less than 5%
- E•••••••• R••••••• A•••• · Head Of Equities, Portfolio Managercontrolsince 11/2023 · owns less than 5%
- F••••••••• S•••••• J••••• · Chief Compliance Officer And Chief Legal Officercontrolsince 05/2018 · owns less than 5%
- F••••••• J•••• M••••••••• · Head Of Operations And Chief Technology Officercontrolsince 03/2020 · owns less than 5%
- H••••••••• M•••• D••• · Chief Financial Officercontrolsince 01/2018 · owns less than 5%
- R•••• P••••••• F• · Head Of Multi-Asset Solutions, Portfolio Managercontrolsince 01/2023 · owns less than 5%
- S••••••• M••••••• S•••• · Head Of Fixed Income, Portfolio Managercontrolsince 01/2023 · owns less than 5%
- T•••••• H••••• · Head Of Mid Cap & Large Cap Equity, Portfolio Managercontrolsince 01/2023 · owns less than 5%
Entity owners
- M•••••• A•••• M••••••••• L•• · Immediate Corporate Parentdirect · owns 75% or more
- M•••••• I••••••••• H•••••••• I•• · Holding Companyindirect · owns 75% or more of M•••••• A•••• M••••••••• L••
Related persons
Schedule D 7.A
- M•••••• A•••• M•••••••••investment adviseryRAUM $4.9B
- M•• D••••••••• L••broker-dealern
Advisers that list M•••••• I••••••••• A•••••••• L•• as a related person
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| M••••••, Wi · principal | 20 | 2 | 1 | ||
| Columbus, Oh | 0 | 0 | 1 |
Offices
Schedule D 1.F, the 25 largest
- Milwaukee, WI9 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Mar 20, 2026F••••••••• S•••••• J••••• (CHIEF COMPLIANCE OFFICER AND CHIEF LEGAL OFFICER) left Schedule A between the filings of 2023-12-07 and 2026-03-20peers: independent wealth managers, $5B to $20B (289)
What changed
consecutive filings, newest first
- Accounts · 15,949 to 16,164Mar 28, 2025 to Mar 20, 2026
- Advisory employees · 42 to 44Mar 28, 2025 to Mar 20, 2026
- BD registered reps · 14 to 20Mar 28, 2025 to Mar 20, 2026
- Charity clients · 633 to 622Mar 28, 2025 to Mar 20, 2026
- Corporate clients · 527 to 495Mar 28, 2025 to Mar 20, 2026
- HNW clients · 2,109 to 2,243Mar 28, 2025 to Mar 20, 2026
- Individual clients · 12,182 to 12,359Mar 28, 2025 to Mar 20, 2026
- Pension plan clients · 199 to 169Mar 28, 2025 to Mar 20, 2026
- Assets in custody · $837M to $860MMar 28, 2025 to Mar 20, 2026
- Employees · 94 to 92Mar 28, 2025 to Mar 20, 2026
- Discretionary RAUM · $13B to $14BMar 28, 2025 to Mar 20, 2026
- HNW RAUM · $2.9B to $3.0BMar 28, 2025 to Mar 20, 2026
- Individual RAUM · $3.1B to $3.3BMar 28, 2025 to Mar 20, 2026
- Pension RAUM · $529M to $499MMar 28, 2025 to Mar 20, 2026
- RAUM · $13B to $14BMar 28, 2025 to Mar 20, 2026
- Accounts · 14,743 to 15,949Mar 22, 2024 to Mar 28, 2025
- Advisory employees · 43 to 42Mar 22, 2024 to Mar 28, 2025
- BD registered reps · 13 to 14Mar 22, 2024 to Mar 28, 2025
- Charity clients · 624 to 633Mar 22, 2024 to Mar 28, 2025
- Corporate clients · 561 to 527Mar 22, 2024 to Mar 28, 2025
- HNW clients · 1,778 to 2,109Mar 22, 2024 to Mar 28, 2025
- Individual clients · 11,259 to 12,182Mar 22, 2024 to Mar 28, 2025
- Pension plan clients · 213 to 199Mar 22, 2024 to Mar 28, 2025
- Assets in custody · $702M to $837MMar 22, 2024 to Mar 28, 2025
- Employees · 95 to 94Mar 22, 2024 to Mar 28, 2025
- Financial planning clients · More than 500 to More than 500Mar 22, 2024 to Mar 28, 2025
- State-registered IARs · 21 to 23Mar 22, 2024 to Mar 28, 2025
- Discretionary RAUM · $13B to $13BMar 22, 2024 to Mar 28, 2025
- HNW RAUM · $2.5B to $2.9BMar 22, 2024 to Mar 28, 2025
- Individual RAUM · $2.9B to $3.1BMar 22, 2024 to Mar 28, 2025
- Pension RAUM · $557M to $529MMar 22, 2024 to Mar 28, 2025
- RAUM · $13B to $13BMar 22, 2024 to Mar 28, 2025
- Wrap assets (manager) · $5.7B to $5.7BMar 22, 2024 to Mar 28, 2025
- Accounts · 14,261 to 14,743Dec 7, 2023 to Mar 22, 2024
- Advisory employees · 44 to 43Dec 7, 2023 to Mar 22, 2024
- Advisory activities · 5 to 6Dec 7, 2023 to Mar 22, 2024
- BD registered reps · 19 to 13Dec 7, 2023 to Mar 22, 2024
- Charity clients · 656 to 624Dec 7, 2023 to Mar 22, 2024
- Corporate clients · 587 to 561Dec 7, 2023 to Mar 22, 2024
- HNW clients · 1,525 to 1,778Dec 7, 2023 to Mar 22, 2024
Signals
15 dated events
- T••••• L••• W••••••••• left M•••••• I••••••••• A•••••••• L•• for C•••••• A••••••• L•• (registered 2026-09-11)Jun 3, 2026 · Advisor changed firm · fact
- D•••• S••••• left M•••••• I••••••••• A•••••••• L•• for E•••••••• C•••••• M••••••••• L•• (registered 2026-04-09)Mar 3, 2026 · Advisor changed firm · fact
- Louise Katherine Frank (Board Member Of Parent Company) no longer on Schedule A of M•••••• I••••••••• A•••••••• L•• (listed 2023-03-29, absent 2023-12-07)Dec 7, 2023 · Control person left · inference
- Anthony Paul Lefurgey (Co-Head Of Investments And Board Member Of Parent Company) no longer on Schedule A of M•••••• I••••••••• A•••••••• L•• (listed 2023-03-29, absent 2023-12-07)Dec 7, 2023 · Control person left · inference
- Edward Frank Burgess (Chairman Of The Board Of M•••••• I••••••••• H•••••••• I••.) no longer on Schedule A of M•••••• I••••••••• A•••••••• L•• (listed 2023-03-29, absent 2023-12-07)Dec 7, 2023 · Control person left · inference
- Dana Mark Henrickson (Chief Financial Officer) appeared on Schedule A of M•••••• I••••••••• A•••••••• L••Dec 7, 2023 · Control person joined · fact
- C••••••••• S••••• left M•••••• I••••••••• A•••••••• L•• for E•••••• A••••••• G••••• L•• (registered 2023-08-10)Apr 5, 2023 · Advisor changed firm · fact
- Haruki Toyama (Head Of Mid Cap & Large Cap Equity, Portfolio Manager) appeared on Schedule A of M•••••• I••••••••• A•••••••• L••Mar 29, 2023 · Control person joined · fact
- F Patrick Ryan (Head Of Multi-Asset Solutions, Portfolio Manager) appeared on Schedule A of M•••••• I••••••••• A•••••••• L••Mar 29, 2023 · Control person joined · fact
- Scott Michael Sanders (Head Of Madison Fixed Income, Portfolio Manager) appeared on Schedule A of M•••••• I••••••••• A•••••••• L••Mar 29, 2023 · Control person joined · fact
- M•••••• I••••••••• A•••••••• L•• reported RAUM $14.4B, down 26% from $19.4B (2022-06-10 to 2023-01-09)Jan 9, 2023 · RAUM change · derived
- M•••••• I••••••••• A•••••••• L•• reported RAUM $19.4B, up 41% from $13.8B (2021-06-11 to 2022-03-24)Mar 24, 2022 · RAUM change · derived
- Manternach Jill Friedow (Chief Technology Officer) appeared on Schedule A of M•••••• I••••••••• A•••••••• L••Jun 16, 2020 · Control person joined · fact
- Sean Kevin Thompson (Chief Legal Officer And Chief Administrative Officer) no longer on Schedule A of M•••••• I••••••••• A•••••••• L•• (listed 2019-11-08, absent 2020-03-24)Mar 24, 2020 · Control person left · inference
- Anne Elizabeth Dettman (Chief Operating Officer) no longer on Schedule A of M•••••• I••••••••• A•••••••• L•• (listed 2019-03-29, absent 2019-11-08)Nov 8, 2019 · Control person left · inference
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
- 888-971-7135reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 800-767-0300reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 800-877-6089reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/madison-investment-advisorsreportedpublic record, Form ADV, Sep 18, 2026
- Website
- madisoninvestments.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 608-274-0300reportedpublic record, Form ADV, Mar 20, 2026
- Contact form
- madisoninvestments.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- madisoninvestments.com/about-us/our-peoplereportedpublished 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
- Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $692Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026