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
N•• D•••• R•••••••• I•••
Latest filing Dec 18, 2025
First filing on the tape Dec 21, 2011 · 44 filings
SEC status approved since May 31, 2001
RAUM
$2.2M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
17
registered through the firm on IAPD
RAUM per advisor
$130,668
derived; firm RAUM over IAPD count
Employees
68
44 advisory (5.B.1)
Offices
2
beyond the principal office
Private funds
0
reported on Schedule D
History
44 filings and snapshots on the tape
RAUM$2.2M as of Dec 18, 2025
Dec 22, 2020$194,280 then
HNW client RAUM$0 as of Dec 18, 2025
Dec 19, 2017$0 then
State-registered IARs (5.B.3)19 as of Dec 18, 2025
Dec 20, 201240 then
Employees (5.A)68 as of Dec 18, 2025
Dec 20, 2012120 then
Private funds: no history
RAUM +997% over the last fiscal year+116% a year over threeIARs 15 to 19offices 3 to 2
Practice profile
derived from the filing of Dec 18, 2025; every figure names its basis
Archetypes, each a printed rule
- PE backed · a Schedule A entity owner at 25 percent or more whose exact legal name is a PE fund vehicle or a classified PE sponsor on the DFX private equity graph
- RAUM per advisor
- $130,668derivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 3derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $0derivedHNW RAUM over HNW clients
- Average account
- $1.1MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 4.0derivedItem 5.A over advisors
- Advisors per office
- 5.7derived3 offices incl. principal (1.F.5)
- RAUM growth, one year
- +23%derivedbetween the last two annual amendments
- Advisor growth, one year
- +6.7%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -12%derived
- Compensation
- hourly, fixed fees, subscription, otherreportedItem 5.E
- Advisory activities
- portfolio management for investment companies, pension consulting, publications, educational seminars, otherreportedItem 5.G
- Ownership
- a PE fund or sponsor is a 25 percent or greater owner 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)
- marketing includes testimonials (5.L.1.c)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$2.0M100%
- Individual clients
- 26reported
- HNW clients
- 28reported
- Pension plan clients
- 23reported
- Charitable clients
- 17reported
- Accounts
- 2reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- fixed, hourlyreported
- Class basis
- private_client_share=0.0 fund_share=0.88 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
17 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| B•••• T••••• S••••••Chartered Financial Analyst | Sarasota, Fl | May 1, 2012 | 21 y | 0 |
| M••• T•••• B••••Chartered Financial Analyst | Sarasota, Fl | May 24, 2012 | 26 y | 2 |
| J••••• F•••••••• K••••• | Sarasota, Fl | Jun 28, 2012 | 40 y | 0 |
| R•••••• D••••• J•••••• | Sarasota, Fl | Aug 28, 2012 | 28 y | 0 |
| U••••• J•••• F••• | Sarasota, Fl | Aug 31, 2012 | 32 y | 0 |
| S••••• R•••••• S•••••• | Sarasota, Fl | Sep 6, 2012 | 23 y | 2 |
| A•••••••• T••••• G•••••• | Sarasota, Fl | Sep 17, 2012 | 20 y | 0 |
| L••• M•••• M••••••••Chartered Financial Analyst | Sarasota, Fl | Oct 8, 2012 | 19 y | 0 |
| V••••• K••••• D•••••••• | Sarasota, Fl | Sep 27, 2013 | 17 y | 0 |
| P••••••• J•••••• R•••••• M••••Chartered Financial Analyst | Nokomis, Fl | Jun 22, 2023 | 12 y | 1 |
| T•••••• R•••••• F••••• | South Fork, Pa | Dec 26, 2024 | 10 y | 1 |
| A•• C••••• L••••Chartered Financial Analyst | Sarasota, Fl | Jan 1, 2025 | 28 y | 0 |
| T•••••• W••••••• H•••• | Sarasota, Fl | Jan 1, 2025 | 40 y | 0 |
| A••••• I•••• S•••••••Chartered Financial Analyst | New York, Ny | Jan 21, 2025 | 19 y | 1 |
| R••••• C•••••• S•••••••Chartered Financial Analyst | Venice, Fl | Feb 21, 2025 | 36 y | 2 |
| M••• W•••••• S•••••• | Sarasota, Fl | Oct 27, 2025 | 24 y | 1 |
| E••••• M•••••• C•••••••Chartered Financial Analyst | Sarasota, Fl | Dec 17, 2025 | 24 y | 0 |
Advisor movement
0 left, 1 joined in 12 months
net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- J••• N••••• C•••• L••• to L••• C•••••• M••••••••• L••Dec 17, 2020 · Other
- R••••• C•••••• S••••••• to C•• C•••••• M••••••••• G••••• I•••Oct 28, 2020 · Other
- W•••••• C••• G••••••• to C••••••••• F•••••••• N••••••Jul 2, 2020 · Other
- L••••••• S••• W•••• to B••• F•• A•••••••• L••Mar 26, 2020 · Other
- A•••••• W••••• W•••• to S••••••••• L••Apr 29, 2019 · Other
- W••••• L•• to T••••• I••••••••• L••Jul 21, 2017 · Other
- L•••• J•• S••••••••• to R•••••• C•••••• A•••••••• L••Nov 13, 2015 · Other
- J••••••• M•••••• L•••• to C••••••••• F•••••••• N••••••Nov 24, 2014 · Other
- M•••••• J•••• C••••••• to S•••••• N••••••• • C••••••• I•••••••••Oct 4, 2012 · Other
Joined, latest
- M••• W•••••• S•••••• from N••••••••• R••••••• P•••••••• L••Oct 27, 2025 · Other
- R••••• C•••••• S••••••• from C•• C•••••• M••••••••• G••••• I•••Feb 21, 2025 · Other
- A••••• I•••• S••••••• from G•• P••••••• L•Jan 21, 2025 · Other
- T•••••• R•••••• F••••• from L•• F•••••••• L••Dec 26, 2024 · Other
- P••••••• J•••••• R•••••• M•••• from M••••• S••••••Jun 22, 2023 · Other
- J••• N••••• C•••• L••• from A••••••••• C•••••• M••••••••• I•••Apr 17, 2014 · Other
- S••••• R•••••• S•••••• from P••• A•••••••• I•••Sep 6, 2012 · Other
- M••• T•••• B•••• from S••••• W••••• A•••••••• I•••May 24, 2012 · Other
- J••••••• M•••••• L•••• from C••••••• M••••••••• I••••••••• A•••••••• L••May 8, 2012 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- B•••• N•••• C••••••• · Board Member, Chief Legal Officer, Secretarycontrolsince 05/2024 · owns less than 5%
- C••••••• C••••••••• C•••••• · Chief Financial Officer, Asset Management Division, D•••••••controlsince 01/2022 · owns less than 5%
- J••••••••• P•••• M•••••• · Director And Chief Executive Officercontrolsince 12/2021 · owns less than 5%
- S••••••• B••••• T••••• · Chief Operations Officer, Head Of Investment Solutionscontrolsince 09/2024 · owns less than 5%
- M••••••••• J••••• A•••• · Chief Compliance Officer, Director M•••Et Data & Productionsince 03/2020 · owns less than 5%
Entity owners
- D••••••• H••••••• U• L•• · Shareholderdirect · owns 75% or more
- B••••••• B•••• L•••••• · Shareholderindirect · owns 75% or more of D••••••• L•••
- D••••••• H••••• L•••••• · Shareholderindirect · owns 75% or more of D••••••• H••••••• U• L••
- D••••••• H••••••• L•••••• · Shareholderindirect · owns 75% or more of D••••••• H••••• L••••••
- D••••••• L••• · Shareholder-Common Stockindirect · owns 75% or more of D••••••• H••••••• L••••••
- E••••• C•••••••• G• I•• L•••••• · General Partnerindirect · owns F of E••••• F••• I•• C••••••••• •• L•
- E••••• F••• I•• •• L• · Shareholderindirect · owns 25% to 50% of H••••• H••••• L••••••
- E••••• F••• I•• C••••••••• •• L• · Shareholderindirect · owns 25% to 50% of H••••• H••••• L••••••
- E••••• G• I•• L•••••• · General Partnerindirect · owns F of E••••• F••• I•• •• L•
- H••••• H••••• L•••••• · Shareholderindirect · owns 75% or more of M••••••• M•••• L••••••
- M••••••• M•••• L•••••• · Shareholderindirect · owns 75% or more of B••••••• B•••• L••••••
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 |
|---|---|---|---|---|---|
| Sarasota, Fl · principal | 15 | 2 | 0 |
Offices
Schedule D 1.F, the 25 largest
- London, United Kingdom7 employees
- New York, NY2 employees
What changed
consecutive filings, newest first
- Accounts · 1 to 2Oct 10, 2025 to Dec 18, 2025
- Advisory employees · 59 to 44Oct 10, 2025 to Dec 18, 2025
- Advisory activities · 6 to 7Oct 10, 2025 to Dec 18, 2025
- Charity clients · 9 to 17Oct 10, 2025 to Dec 18, 2025
- Corporate clients · 88 to 241Oct 10, 2025 to Dec 18, 2025
- HNW clients · 26 to 28Oct 10, 2025 to Dec 18, 2025
- Individual clients · 20 to 26Oct 10, 2025 to Dec 18, 2025
- Pension plan clients · 26 to 23Oct 10, 2025 to Dec 18, 2025
- Employees · 70 to 68Oct 10, 2025 to Dec 18, 2025
- State-registered IARs · 16 to 19Oct 10, 2025 to Dec 18, 2025
- Discretionary RAUM · $248,514 to $2.2MOct 10, 2025 to Dec 18, 2025
- RAUM · $248,514 to $2.2MOct 10, 2025 to Dec 18, 2025
- Financial planning clients · unset to Dec 18, 2024 to Oct 10, 2025
- Advisory employees · 60 to 59Oct 16, 2024 to Dec 18, 2024
- Charity clients · 10 to 9Oct 16, 2024 to Dec 18, 2024
- Corporate clients · 153 to 88Oct 16, 2024 to Dec 18, 2024
- HNW clients · 34 to 26Oct 16, 2024 to Dec 18, 2024
- Individual clients · 18 to 20Oct 16, 2024 to Dec 18, 2024
- Pension plan clients · 25 to 26Oct 16, 2024 to Dec 18, 2024
- Employees · 71 to 70Oct 16, 2024 to Dec 18, 2024
- State-registered IARs · 15 to 16Oct 16, 2024 to Dec 18, 2024
- Other offices · 3 to 2Oct 16, 2024 to Dec 18, 2024
- Discretionary RAUM · $202,484 to $248,514Oct 16, 2024 to Dec 18, 2024
- RAUM · $202,484 to $248,514Oct 16, 2024 to Dec 18, 2024
- Advisory employees · 80 to 60Aug 3, 2023 to Dec 20, 2023
- Charity clients · 8 to 10Aug 3, 2023 to Dec 20, 2023
- Corporate clients · 179 to 153Aug 3, 2023 to Dec 20, 2023
- HNW clients · 43 to 34Aug 3, 2023 to Dec 20, 2023
- Individual clients · 19 to 18Aug 3, 2023 to Dec 20, 2023
- Pension plan clients · 28 to 25Aug 3, 2023 to Dec 20, 2023
- Employees · 124 to 71Aug 3, 2023 to Dec 20, 2023
- HQ city · NOKOMIS to SARASOTAAug 3, 2023 to Dec 20, 2023
- Other offices · 6 to 3Aug 3, 2023 to Dec 20, 2023
- Discretionary RAUM · $183,824 to $202,484Aug 3, 2023 to Dec 20, 2023
- RAUM · $183,824 to $202,484Aug 3, 2023 to Dec 20, 2023
- Advisory employees · 41 to 80Dec 23, 2021 to Dec 21, 2022
- Corporate clients · 126 to 179Dec 23, 2021 to Dec 21, 2022
- HNW clients · 26 to 43Dec 23, 2021 to Dec 21, 2022
- Individual clients · 18 to 19Dec 23, 2021 to Dec 21, 2022
- Pension plan clients · 35 to 28Dec 23, 2021 to Dec 21, 2022
Signals
13 dated events
- Thomas Brian Sanborn (Chief Operations Officer, Head Of Investment Solutions) appeared on Schedule A of N•• D•••• R•••••••• I•••Dec 18, 2024 · Control person joined · fact
- Caroline Nina Best (Board Member, Chief Legal Officer, Secretary) appeared on Schedule A of N•• D•••• R•••••••• I•••Dec 18, 2024 · Control person joined · fact
- Robert J•••••• Herold (Board Director And Director Financial Planning & Analysis) no longer on Schedule A of N•• D•••• R•••••••• I••• (listed 2024-10-16, absent 2024-12-18)Dec 18, 2024 · Control person left · inference
- Langton Frances Cashman (Director And Portfolio Ceo, Asset Management Division, Delinian) no longer on Schedule A of N•• D•••• R•••••••• I••• (listed 2023-08-03, absent 2023-12-20)Dec 20, 2023 · Control person left · inference
- J•••••• H••••• (Board Director And Director Financial Planning & Analysis) appeared on Schedule A of N•• D•••• R•••••••• I•••Dec 20, 2023 · Control person joined · fact
- C••••••••• C•••••• (Chief Financial Officer, Asset Management Division, Delinian) appeared on Schedule A of N•• D•••• R•••••••• I•••Jul 31, 2023 · Control person joined · fact
- Matthew Brian Frohn (Chief Financial Officer, Managing Director) no longer on Schedule A of N•• D•••• R•••••••• I••• (listed 2020-12-22, absent 2021-12-23)Dec 23, 2021 · Control person left · inference
- B••••• A•••••••• (Chairman) no longer on Schedule A of N•• D•••• R•••••••• I••• (listed 2020-12-22, absent 2021-12-23)Dec 23, 2021 · Control person left · inference
- Langton Frances Cashman (Ceo Asset Management Division, Director) appeared on Schedule A of N•• D•••• R•••••••• I•••Dec 23, 2021 · Control person joined · fact
- Michael Paul Jakubowicz (Managing Director, Ndr And Co-Head Of Investment Research, Asset Management Division) appeared on Schedule A of N•• D•••• R•••••••• I•••Dec 23, 2021 · Control person joined · fact
- Seth Lawrence Winer (Chief Operating Officer And Chief Compliance Officer) no longer on Schedule A of N•• D•••• R•••••••• I••• (listed 2019-12-20, absent 2020-04-01)Apr 1, 2020 · Control person left · inference
- B••••• A•••••••• (Chairman) appeared on Schedule A of N•• D•••• R•••••••• I•••Dec 20, 2019 · Control person joined · fact
- E D•••• A•••• (Chief Executive Officer) no longer on Schedule A of N•• D•••• R•••••••• I••• (listed 2019-02-25, absent 2019-12-20)Dec 20, 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
- Firm profile
- linkedin.com/company/ned-davis-research-inc.reportedpublic record, Form ADV, Sep 18, 2026
- Website
- H••••://WWW.NDR.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 941-412-2300reportedpublic record, Form ADV, Dec 18, 2025
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
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- $130,668derivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026