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

N•• E•• F•••••••• A•••••••• I•••

Former SEC-registered adviserWayzata, MinnesotaCRD 110603SEC 801-26809IAPD
Legal name N•• E•• F•••••••• A•••••••• I••
Latest filing Mar 9, 2023
First filing on the tape Mar 26, 2012 · 21 filings
RAUM
$964M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
99%
$955M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
11
11 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
21 filings and snapshots on the tape
RAUM$964M as of Mar 9, 2023
Mar 26, 2012$291M then
HNW client RAUM$734M as of Mar 9, 2023
Apr 27, 2018$414M then
State-registered IARs (5.B.3)11 as of Mar 9, 2023
Mar 26, 20120 then
Employees (5.A)11 as of Mar 9, 2023
Mar 25, 20139 then
Private funds: no history
RAUM -5.8% over the last fiscal year+9.6% a year over threeIARs 11 to 11
Practice profile
derived from the filing of Mar 9, 2023; every figure names its basis
RAUM per advisor
$87.7MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
249derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$561,358derivedHNW RAUM over HNW clients
Average account
$349,166derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.1%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.0derivedItem 5.A over advisors
Advisors per office
5.5derived2 offices incl. principal (1.F.5)
RAUM growth, one year
-5.8%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
+107%derived
Compensation
percentage of assets, fixed feesreportedItem 5.E
Advisory activities
financial planning, portfolio management for individualsreportedItem 5.G
Custody
$351M, 565 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$734M76%
  • Individuals$220M23%
  • Corporations and businesses$8.8M0.9%
  • Charitable organizations$850,4100.1%
Individual clients
1,436reported
HNW clients
1,308reported
Pension plan clients
n/areported
Charitable clients
11reported
Accounts
2,762reported
Financial planning clients
1-10reported
Wrap fee programs
noreported
Custody of client assets
$351M for 565 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
Every departureEvery arrival
Teams: two or more advisors moving together within fourteen days, from one state
    Teams outTeams in
    Private funds
    No private fund reported.
    Owners and control persons
    Schedule A and B, latest filing
    • W•••••• D•••••• A••• · Ceo, Chief Compliance Officercontrol
      since 05/1986 · owns less than 5%
    • K••••••• S•••• R•• · Principalcontrol
      since 04/2020 · owns 25% to 50% of N•• E•• F•••••••• H•••••••• L••
    • L•••••••• G••••• F• · Presidentcontrol
      since 05/1986 · owns 25% to 50% of N•• E•• F•••••••• H•••••••• L••
    • W•••••• D•••••• A••• · Ceo, Chief Compliance Compliance Officercontrol
      since 05/1986 · owns 25% to 50% of N•• E•• F•••••••• H•••••••• L••
    Entity owners
    • N•• E•• F•••••••• H•••••••• L•• · Holding Company
      direct · owns 75% or more
    Related persons
    Schedule D 7.A
    • N•• E•• F•••••••• G••••• I•••
      real estatey
    Offices
    Schedule D 1.F, the 25 largest
    • Hutchinson, MN2 employees
    What changed
    consecutive filings, newest first
    • Accounts · 2,540 to 2,762
      May 2, 2022 to Mar 9, 2023
    • BD registered reps · 10 to 9
      May 2, 2022 to Mar 9, 2023
    • Charity clients · 8 to 11
      May 2, 2022 to Mar 9, 2023
    • Corporate clients · 4 to 7
      May 2, 2022 to Mar 9, 2023
    • HNW clients · 499 to 1,308
      May 2, 2022 to Mar 9, 2023
    • Individual clients · 826 to 1,436
      May 2, 2022 to Mar 9, 2023
    • Assets in custody · $418M to $351M
      May 2, 2022 to Mar 9, 2023
    • Insurance-licensed employees · 4 to 3
      May 2, 2022 to Mar 9, 2023
    • Discretionary RAUM · $1.0B to $964M
      May 2, 2022 to Mar 9, 2023
    • HNW RAUM · $787M to $734M
      May 2, 2022 to Mar 9, 2023
    • Individual RAUM · $228M to $220M
      May 2, 2022 to Mar 9, 2023
    • RAUM · $1.0B to $964M
      May 2, 2022 to Mar 9, 2023
    • Accounts · 2,181 to 2,540
      Dec 10, 2021 to May 2, 2022
    • Advisory employees · 10 to 11
      Dec 10, 2021 to May 2, 2022
    • BD registered reps · 9 to 10
      Dec 10, 2021 to May 2, 2022
    • Charity clients · 11 to 8
      Dec 10, 2021 to May 2, 2022
    • Corporate clients · 3 to 4
      Dec 10, 2021 to May 2, 2022
    • HNW clients · 279 to 499
      Dec 10, 2021 to May 2, 2022
    • Individual clients · 942 to 826
      Dec 10, 2021 to May 2, 2022
    • Assets in custody · $258M to $418M
      Dec 10, 2021 to May 2, 2022
    • Employees · 10 to 11
      Dec 10, 2021 to May 2, 2022
    • Insurance-licensed employees · 3 to 4
      Dec 10, 2021 to May 2, 2022
    • State-registered IARs · 10 to 11
      Dec 10, 2021 to May 2, 2022
    • Discretionary RAUM · $851M to $1.0B
      Dec 10, 2021 to May 2, 2022
    • HNW RAUM · $576M to $787M
      Dec 10, 2021 to May 2, 2022
    • Individual RAUM · $269M to $228M
      Dec 10, 2021 to May 2, 2022
    • RAUM · $851M to $1.0B
      Dec 10, 2021 to May 2, 2022
    • Accounts · 2,021 to 2,181
      Jun 25, 2020 to Apr 28, 2021
    • Charity clients · 9 to 11
      Jun 25, 2020 to Apr 28, 2021
    • HNW clients · 229 to 279
      Jun 25, 2020 to Apr 28, 2021
    • Individual clients · 898 to 942
      Jun 25, 2020 to Apr 28, 2021
    • Assets in custody · $223M to $258M
      Jun 25, 2020 to Apr 28, 2021
    • Discretionary RAUM · $733M to $851M
      Jun 25, 2020 to Apr 28, 2021
    • HNW RAUM · $485M to $576M
      Jun 25, 2020 to Apr 28, 2021
    • Individual RAUM · $242M to $269M
      Jun 25, 2020 to Apr 28, 2021
    • RAUM · $733M to $851M
      Jun 25, 2020 to Apr 28, 2021
    • Accounts · 1,873 to 2,021
      Dec 5, 2019 to Apr 29, 2020
    • Advisory activities · 3 to 2
      Dec 5, 2019 to Apr 29, 2020
    • BD registered reps · 8 to 9
      Dec 5, 2019 to Apr 29, 2020
    • Charity clients · 8 to 9
      Dec 5, 2019 to Apr 29, 2020
    Signals
    9 dated events
    • A••• E•••••• left N•• E•• F•••••••• A•••••••• I••• for W••••• E••••••••• A••••••• S•••••••• L•• (registered 2023-05-01)
      May 31, 2023 · Advisor changed firm · fact
    • C•••• C••••••••• M•••• left N•• E•• F•••••••• A•••••••• I••• for W••••• E••••••••• A••••••• S•••••••• L•• (registered 2023-05-17)
      May 31, 2023 · Advisor changed firm · fact
    • E••••• T••••• L••••• left N•• E•• F•••••••• A•••••••• I••• for W••••• E••••••••• A••••••• S•••••••• L•• (registered 2023-05-17)
      May 31, 2023 · Advisor changed firm · fact
    • G•••• F• L••••••• left N•• E•• F•••••••• A•••••••• I••• for W••••• E••••••••• A••••••• S•••••••• L•• (registered 2023-05-04)
      May 31, 2023 · Advisor changed firm · fact
    • B••••••• M• J•••••• left N•• E•• F•••••••• A•••••••• I••• for T•••••••• W••••• M••••••••• L•• (registered 2023-03-15)
      May 31, 2023 · Advisor changed firm · fact
    • S••• K•••••• left N•• E•• F•••••••• A•••••••• I••• for J• W• C••• A•••••••• I••• (registered 2014-01-30)
      May 31, 2023 · Advisor changed firm · fact
    • K•••• E•••••••• R••••••• left N•• E•• F•••••••• A•••••••• I••• for W••••• E••••••••• A••••••• S•••••••• L•• (registered 2023-05-01)
      May 31, 2023 · Advisor changed firm · fact
    • N•• E•• F•••••••• A•••••••• I•••'s advisors moved to W••••• E••••••••• A••••••• S•••••••• L•• (Wayzata, MN): 5 of 7 registered, on the same day
      May 31, 2023 · Firm absorbed (people side) · derived
    • Ray S••• K•••••• (Principal) appeared on Schedule A of N•• E•• F•••••••• A•••••••• I•••
      Apr 29, 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.
    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