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.
SEC-registered adviser
Next Capital Management LLC
Latest filing Jan 31, 2026
First filing on the tape Mar 28, 2012 · 66 filings
SEC status approved since Mar 24, 1999
RAUM
$2.1B
reported, Item 5.F
Discretionary
75%
of RAUM
Private clients
79%
$1.7B individuals and HNW
Advisors
10
registered through the firm on IAPD
RAUM per advisor
$214M
derived; firm RAUM over IAPD count
Employees
23
9 advisory (5.B.1)
Offices
5
beyond the principal office
Private funds
0
reported on Schedule D
History
66 filings and snapshots on the tape
RAUM$2.1B as of Jan 31, 2026
Mar 28, 2012$493M then
HNW client RAUM$1.7B as of Jan 31, 2026
Mar 29, 2018$757M then
State-registered IARs (5.B.3)9 as of Jan 31, 2026
Mar 28, 20120 then
Employees (5.A)23 as of Jan 31, 2026
Mar 1, 201312 then
Private funds: no history
RAUM +20% over the last fiscal year+23% a year over threeIARs 9 to 9
Practice profile
derived from the filing of Jan 31, 2026; every figure names its basis
- RAUM per advisor
- $214MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 26derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $9.2MderivedHNW RAUM over HNW clients
- Average account
- $915,730derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 75%derivedof RAUM
- Institutional
- 1.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.3derivedItem 5.A over advisors
- Advisors per office
- 1.7derived6 offices incl. principal (1.F.5)
- RAUM growth, one year
- +20%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -61%derived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, selection of other advisersreportedItem 5.G
- Custody
- $685M, 227 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)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$1.7B78%
- Corporations and businesses$412M19%
- Individuals$40.9M1.9%
- Charitable organizations$23.2M1.1%
- Pension and profit-sharing plans$2.6M0.1%
- Insurance companies$251,8350.0%
- Individual clients
- 76reported
- HNW clients
- 181reported
- Pension plan clients
- n/areported
- Charitable clients
- 30reported
- Accounts
- 2,332reported
- Financial planning clients
- 1-10reported
- Wrap fee programs
- noreported
- Custody of client assets
- $685M for 227 clientsreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=0.79 fund_share=0.0 institutional_share=0.01 related_bd=false related_bank=false bd_reps=1.0derived
Advisors registered through the firm
10 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Andrew Craig Hart | New York, Ny | Sep 25, 2019 | 35 y | 1 |
| Christopher Joseph Ofsthun | New York, Ny | Feb 19, 2021 | 16 y | 0 |
| Daniel Isaac MagierCertified Financial Planner | New York, Ny | Jun 14, 2021 | 13 y | 1 |
| Ryan William DavisChartered Financial Analyst | New York, Ny | Jun 28, 2021 | 13 y | 1 |
| Ross Levin | Summit, Nj | Jul 19, 2021 | 30 y | 1 |
| Theodore Baskin Smith | Silver Spring, Md | Mar 2, 2022 | 12 y | 0 |
| Frazer Clark Rice | New York, Ny | Dec 1, 2022 | 23 y | 1 |
| Christopher Lee FineburgChartered Financial Analyst | Mars, Pa | Oct 18, 2023 | 26 y | 3 |
| Teresa Denise Armel | New York, Ny | Jan 2, 2024 | 18 y | 2 |
| Danielle Emily Udland | New York, Ny | Apr 27, 2026 | 11 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
- Alexandra Michelle Blake to Crestwood AdvisorsJul 14, 2022 · RIA to RIA
- Mark Russell Tepsich to UBS Financial Services Inc.Mar 17, 2022 · RIA to wirehouse
- James Vincent Mcgurren to Simon Quick Advisors, LLCOct 1, 2019 · RIA to RIA
Joined, latest
- Teresa Denise Armel from Rockefeller Capital ManagementJan 2, 2024 · Affiliated broker-dealer or bank to independent RIA
- Christopher Lee Fineburg from Rockefeller Capital ManagementOct 18, 2023 · RIA to RIA
- Frazer Clark Rice from Calamos Wealth Management LLCDec 1, 2022 · RIA to RIA
- Ross Levin from Merrill Lynch, Pierce, Fenner & Smith IncorporatedJul 19, 2021 · Wirehouse to independent RIA
- Alexandra Michelle Blake from Circle Wealth Management, LLCJul 7, 2021 · Other
- Ryan William Davis from Fortigent, LLCJun 28, 2021 · Other
- Daniel Isaac Magier from Strategic Advisers LLCJun 14, 2021 · Affiliated broker-dealer or bank to independent RIA
- James Vincent Mcgurren from Dartmouth Advisory Services,Inc.Nov 3, 2011 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- William Ryan Davis · Chief Investment Officer And Presidentcontrolsince 11/2019 · owns less than 5%
- Craig Andrew Hart · Chief Compliance Officer And Chief Executive Officercontrolsince 01/2022 · owns less than 5%
- Anne Catherine Sanford · Chief Operating Officercontrolsince 11/2019 · owns less than 5%
- Craig Andrew Hart · Manager And Beneficial Ownercontrolsince 01/2022 · owns 25% to 50% of Next Capital Holdings, LLC
- Craig Andrew Hart · Sole Ownercontrolsince 01/2022 · owns 75% or more of Ach Minority Interest Inc.
Entity owners
- Next Capital Holdings, LLC · Ownerdirect · owns 75% or more
- The Ach Family Trust · Memberindirect · owns 25% to 50% of Next Capital Holdings, LLC
- Ach Minority Interest Inc. · Ownerdirect · owns less than 5%
- Christiana Bank & Trust · Trusteeindirect · owns F of The Ach Family Trust
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 |
|---|---|---|---|---|---|
| New York, Ny · principal | 10 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
- , 1 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- clients down average size upCombination · filing Jan 31, 2026private clients fell 20 percent or more while RAUM per client rose 30 percent or more: a move up-market or the departure of small accounts. RAUM $1,784,921,125 to $2,135,481,487, advisors 9 to 9, private clients 653 to 257, offices 5 to 5 (2025-04-02 to 2026-01-31)peers: independent wealth managers, $1B to $5B (1,360)
- client count collapseChange between filings · filing Jan 31, 2026individual and HNW clients (Item 5.D) moved from 653.0 to 257.0 (-61.0%) between the annual amendments of 2025-04-02 and 2026-01-31; the peer median change was +5.0% (1132 comparable advisers, 1.0th percentile of changes)peers: independent wealth managers, $1B to $5B (1,132) · 0.7% percentile
What changed
consecutive filings, newest first
- Accounts · 1,945 to 2,332Apr 2, 2025 to Jan 31, 2026
- Charity clients · 24 to 30Apr 2, 2025 to Jan 31, 2026
- Corporate clients · 170 to 33Apr 2, 2025 to Jan 31, 2026
- HNW clients · 541 to 181Apr 2, 2025 to Jan 31, 2026
- Individual clients · 112 to 76Apr 2, 2025 to Jan 31, 2026
- Pension plan clients · 7.0 to unsetApr 2, 2025 to Jan 31, 2026
- Assets in custody · $582M to $685MApr 2, 2025 to Jan 31, 2026
- Employees · 20 to 23Apr 2, 2025 to Jan 31, 2026
- Discretionary RAUM · $1.3B to $1.6BApr 2, 2025 to Jan 31, 2026
- HNW RAUM · $1.4B to $1.7BApr 2, 2025 to Jan 31, 2026
- Individual RAUM · $38.7M to $40.9MApr 2, 2025 to Jan 31, 2026
- Non-discretionary RAUM · $490M to $530MApr 2, 2025 to Jan 31, 2026
- Pension RAUM · $2.1M to $2.6MApr 2, 2025 to Jan 31, 2026
- RAUM · $1.8B to $2.1BApr 2, 2025 to Jan 31, 2026
- Accounts · 1,660 to 1,945Oct 28, 2024 to Apr 2, 2025
- Charity clients · 16 to 24Oct 28, 2024 to Apr 2, 2025
- Corporate clients · 26 to 170Oct 28, 2024 to Apr 2, 2025
- HNW clients · 149 to 541Oct 28, 2024 to Apr 2, 2025
- Individual clients · 88 to 112Oct 28, 2024 to Apr 2, 2025
- Pension plan clients · 6 to 7Oct 28, 2024 to Apr 2, 2025
- Assets in custody · $505M to $582MOct 28, 2024 to Apr 2, 2025
- Financial planning clients · 1-10 to 1-10Oct 28, 2024 to Apr 2, 2025
- Other offices · 4 to 5Oct 28, 2024 to Apr 2, 2025
- Discretionary RAUM · $1.1B to $1.3BOct 28, 2024 to Apr 2, 2025
- HNW RAUM · $1.1B to $1.4BOct 28, 2024 to Apr 2, 2025
- Individual RAUM · $36.9M to $38.7MOct 28, 2024 to Apr 2, 2025
- Non-discretionary RAUM · $380M to $490MOct 28, 2024 to Apr 2, 2025
- Pension RAUM · $1.7M to $2.1MOct 28, 2024 to Apr 2, 2025
- RAUM · $1.4B to $1.8BOct 28, 2024 to Apr 2, 2025
- Accounts · 1,390 to 1,660Oct 18, 2023 to Mar 27, 2024
- Advisory employees · 7 to 9Oct 18, 2023 to Mar 27, 2024
- Charity clients · 13 to 16Oct 18, 2023 to Mar 27, 2024
- Corporate clients · 21 to 26Oct 18, 2023 to Mar 27, 2024
- HNW clients · 93 to 149Oct 18, 2023 to Mar 27, 2024
- Individual clients · 87 to 88Oct 18, 2023 to Mar 27, 2024
- Pension plan clients · unset to 6.0Oct 18, 2023 to Mar 27, 2024
- Assets in custody · $397M to $505MOct 18, 2023 to Mar 27, 2024
- Employees · 17 to 20Oct 18, 2023 to Mar 27, 2024
- State-registered IARs · 7 to 9Oct 18, 2023 to Mar 27, 2024
- Discretionary RAUM · $831M to $1.1BOct 18, 2023 to Mar 27, 2024
Signals
4 dated events
- Alexandra Michelle Blake left Next Capital Management Llc for Crestwood Advisors (registered 2022-07-20)Jul 14, 2022 · Advisor changed firm · fact
- Mark Russell Tepsich left Next Capital Management Llc for Ubs Financial Services Inc. (registered 2022-05-10)Mar 17, 2022 · Advisor changed firm · fact
- Next Capital Management Llc reported RAUM $1.3B, up 31% from $987.7M (2021-10-06 to 2022-01-31)Jan 31, 2022 · RAUM change · derived
- Anne Catherine Sanford (Chief Operating Officer) appeared on Schedule A of Next Capital Management LlcApr 3, 2020 · Control person joined · fact
Across DFX
shared identifiers only, never a name match
- Next Capital Management LLC · Private Equityshared crd · intermediary
How to reach
public business contact points only, each with its source
- Business phone
- 212-382-2080reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 212-433-1105reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 212-433-1108reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/nextvantage/posts/?feedView=allreportedpublic record, Form ADV, Sep 17, 2026
- Firm profile
- linkedin.com/company/next-capital-management/aboutreportedpublic record, Form ADV, Sep 17, 2026
- Website
- next-vantage.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 212-433-1111reportedpublic record, Form ADV, Jan 31, 2026
- Team page
- next-vantage.com/our-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
- $214Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026