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

A••••••••• W••••• P•••••••

Independent wealth managerMinnetonka, MinnesotaCRD 113074SEC 801-77035websiteIAPD
Legal name A••••••••• F••••••••• I•••
Latest filing Mar 25, 2026
First filing on the tape Aug 8, 2012 · 71 filings
SEC status approved since Aug 29, 2012
RAUM
$3.1B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
99%
$3.1B individuals and HNW
Advisors
58
registered through the firm on IAPD
RAUM per advisor
$54.3M
derived; firm RAUM over IAPD count
Employees
131
68 advisory (5.B.1)
Offices
37
beyond the principal office
Private funds
0
reported on Schedule D
History
71 filings and snapshots on the tape
RAUM$3.1B as of Mar 25, 2026
Mar 28, 2013$313M then
HNW client RAUM$2.3B as of Mar 25, 2026
Mar 30, 2018$121M then
State-registered IARs (5.B.3)68 as of Mar 25, 2026
Mar 28, 201315 then
Employees (5.A)131 as of Mar 25, 2026
Mar 28, 2013100 then
Private funds: no history
RAUM +35% over the last fiscal year+7.1% a year over threeIARs 74 to 68offices 36 to 37
Practice profile
derived from the filing of Mar 25, 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
  • Multi-office growth platform · an independent wealth manager (not a wirehouse, national broker-dealer RIA or broker-dealer affiliated firm) with at least five offices, at least 50 advisors, and RAUM up at least 20 percent over the last annual amendment
  • Planning-led practice · financial planning activity (5.G.1), at least 100 financial planning clients (5.H), and hourly, fixed or subscription compensation (5.E)
  • Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
RAUM per advisor
$54.3MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
60derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$2.5MderivedHNW RAUM over HNW clients
Average account
$338,911derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.3derivedItem 5.A over advisors
Advisors per office
1.5derived38 offices incl. principal (1.F.5)
RAUM growth, one year
+35%derivedbetween the last two annual amendments
Advisor growth, one year
-8.1%derivedItem 5.B.3 between annual amendments
Client growth, one year
+30%derived
Compensation
percentage of assets, hourly, fixed fees, otherreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, pension consulting, selection of other advisers, educational seminars, otherreportedItem 5.G
Financial planning clients
500reportedItem 5.H
Wrap fee program
$244MreportedItem 5.I
Custody
$1.7B, 3,538 clientsreportedItem 9.A
Ownership
controlled by a public reporting companyderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • is an insurance broker or agent (6.A.6)
  • 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)
  • controlled by a public reporting company (10.A)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$2.3B72%
  • Individuals$868M28%
  • Charitable organizations$11.4M0.4%
  • Corporations and businesses$5.7M0.2%
Individual clients
2,576reported
HNW clients
923reported
Pension plan clients
n/areported
Charitable clients
6reported
Accounts
9,293reported
Financial planning clients
500reported
Wrap fee programs
$0 sponsored, $0 managedreported
Custody of client assets
$1.7B for 3,538 clientsreported
Compensation
% of AUM, fixed, hourlyreported
Class basis
private_client_share=0.99 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=47.0derived
Advisors registered through the firm
29 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
P••• C•••••• S••••Certified Financial PlannerMinnetonka, Mn May 22, 201334 y2
D•••• S•••• W•••••••Certified Financial PlannerMinnetonka, Mn Jan 3, 201433 y1
D•••• A••••• S•••••••Certified Financial Planner, Chartered Financial ConsultantMinnetonka, Mn Jan 28, 201441 y1
J••••• P••• N•••••Certified Financial PlannerMinneapolis, Mn Jan 29, 201423 y1
J••• R••••• J•••Minnetonka, Mn Jun 6, 201814 y2
J•••• S•••• P••••Minnetonka, Mn Jun 11, 201812 y1
S••• P•••••• B••••••Minnetonka, Mn Oct 1, 201812 y2
S••••• A•••• M••••Minnetonka, Mn Mar 18, 201911 y1
G••••• C••••• M•••••Mokena, Il May 16, 201918 y1
R••• C•••••• G••••••••Minnetonka, Mn May 17, 201920 y5
T•••••• C••••• M•••••Certified Financial PlannerMinnetonka, Mn Jun 17, 201945 y1
W•••••• W•••Chartered Financial AnalystMokena, Il Aug 24, 202010 y0
R••• J•• K•••••••••Certified Financial PlannerFitchburg, Wi Mar 25, 202218 y2
Z•••••• B•••• M•••••Certified Financial Planner, Chartered Financial AnalystMinnetonka, Mn Jun 24, 202211 y0
D••••• M•••••• B•••••••Minnetonka, Mn Aug 3, 202317 y1
A•••••• R•••••• R•••••Minnetonka, Mn Sep 21, 202319 y5
D•••• T••• M•••••• M•••••••Minnetonka, Mn Nov 13, 202311 y1
J••••• P•••••• G••••••Certified Financial PlannerMinnetonka, Mn Dec 7, 202318 y3
B•••••• T••••• F•••••••••Minnetonka, Mn Nov 15, 202413 y4
V••••••• M••• M•••••Minnetonka, Mn Dec 10, 202429 y1
K•••• D••• H••••Minnetonka, Mn Jan 3, 202530 y5
P••••• T••••• B•••Minnetonka, MnMar 4, 202511 y3
T••••• J•••• S••••••Certified Financial PlannerMinnetonka, MnMar 4, 202520 y4
J••••••••• A•• F••••••Minnetonka, MnMar 7, 202511 y1
E••• D••••• H•••Certified Financial PlannerMinnetonka, Mn Mar 21, 202510 y0
E••• V• B••••••Minnetonka, MnJan 22, 202611 y4
J•••• S••••••••Mokena, Il Feb 4, 202611 y1
C••• S••••• Z••••Minnetonka, MnFeb 23, 202622 y2
S•••• L•• S•••••••••Certified Financial PlannerMinnetonka, MnAug 18, 202619 y4
Advisor movement
24 left, 4 joined in 12 months
net -20 in 12 months3 left in 90 days1 joined in 90 daysdeparture rate 41% of current headcount48 left over 36 months
Left, latest
Joined, latest
Teams: two or more advisors moving together within fourteen days, from one state
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • H•••• J•••••••• L••• · Coo / Directorcontrol
    since 11/2021 · owns less than 5%
  • K••••••••• J••••• A•••••• · Ceo & President & Chairmancontrol
    since 09/2021 · owns less than 5%
  • M••• D•••••• J••• · Direct Ownercontrol
    since 08/1999 · owns 25% to 50%
  • C••••• E•••• A••••• · Svp, Cco
    since 07/2022 · owns less than 5%
  • C••••••• S•••••• A••• · Vp, Cco
    since 06/2025 · owns less than 5%
  • P••••• J••••• S•••• · Direct Owner
    since 01/2025 · owns 5% to 10%
Related persons
Schedule D 7.A
  • A••••••••• F••••••••• I•••
    real estatey
  • D•••• S•••••••
    y
  • J•••• M•••••
    insurancey
  • J•••• P••••
    insurancey
  • J••• R• J•••
    insurancey
  • J••••• W•••••••••
    insurancey
  • R••••• H••••••
    real estatey
Office movement
IAPD branch city; joins and departures in 12 months
OfficeAdvisorsJoinedLeftTeams outForming
Minnetonka, Mn · principal587102
Mokena, Il610
Edina, Mn600
Minneapolis, Mn503
Bloomington, Mn300
Exton, Pa310
Rapid City, Sd300
Shoreview, Mn200
Lakewood, Co200
Carmel, In200
Frede•••K, Md100
St P•••, Mn000
Clifton Park, Ny001
Wayzata, Mn001
Baxter, Mn000
Bingham, Ny0011
Peoria, Az001
Delafield, Wi000
Blaine, Mn0041
Fort Collins, Co0021
Offices
Schedule D 1.F, the 25 largest
  • Minneapolis, MN7 employees
  • Arden Hills, MN7 employees
  • Clifton Park, NY5 employees
  • Mokena, IL5 employees
  • Minnetonka, MN5 employees
  • Exton, PA4 employees
  • Bloomington, MN4 employees
  • Edina, MN3 employees
  • Edina, MN3 employees
  • Wayzata, MN3 employees
  • Greensboro, NC3 employees
  • Indianapolis, IN3 employees
  • Minneapolis, MN3 employees
  • Lakewood, CO2 employees
  • Fort Collins, CO2 employees
  • Lake Elmo, MN2 employees
  • M••••••, WI2 employees
  • Rapid City, SD2 employees
  • Shoreview, MN2 employees
  • St. P••••, MN1 employees
  • Eugene, OR1 employees
  • , 1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
  • control person c••••edChange between filings · filing Mar 25, 2026
    H•••• J•••••••• L••• (COO / DIRECTOR) left Schedule A between the filings of 2022-03-29 and 2026-03-25
    peers: independent wealth managers, $1B to $5B (1,362)
What changed
consecutive filings, newest first
  • Accounts · 7,091 to 9,293
    Jan 5, 2026 to Mar 25, 2026
  • Advisory employees · 74 to 68
    Jan 5, 2026 to Mar 25, 2026
  • BD registered reps · 60 to 47
    Jan 5, 2026 to Mar 25, 2026
  • Charity clients · 5 to 6
    Jan 5, 2026 to Mar 25, 2026
  • Corporate clients · 7 to 9
    Jan 5, 2026 to Mar 25, 2026
  • HNW clients · 840 to 923
    Jan 5, 2026 to Mar 25, 2026
  • Individual clients · 1,860 to 2,576
    Jan 5, 2026 to Mar 25, 2026
  • Assets in custody · $1.5B to $1.7B
    Jan 5, 2026 to Mar 25, 2026
  • Employees · 114 to 131
    Jan 5, 2026 to Mar 25, 2026
  • Insurance-licensed employees · 60 to 39
    Jan 5, 2026 to Mar 25, 2026
  • State-registered IARs · 74 to 68
    Jan 5, 2026 to Mar 25, 2026
  • Other offices · 36 to 37
    Jan 5, 2026 to Mar 25, 2026
  • Discretionary RAUM · $2.3B to $3.1B
    Jan 5, 2026 to Mar 25, 2026
  • HNW RAUM · $1.8B to $2.3B
    Jan 5, 2026 to Mar 25, 2026
  • Individual RAUM · $567M to $868M
    Jan 5, 2026 to Mar 25, 2026
  • Non-discretionary RAUM · $5.5M to $6.1M
    Jan 5, 2026 to Mar 25, 2026
  • RAUM · $2.3B to $3.1B
    Jan 5, 2026 to Mar 25, 2026
  • Financial planning clients · More than 500 to More than 500
    Jun 6, 2025 to Jul 22, 2025
  • Accounts · 8,433 to 7,091
    Jan 2, 2025 to Mar 18, 2025
  • Advisory employees · 85 to 74
    Jan 2, 2025 to Mar 18, 2025
  • BD registered reps · 65 to 60
    Jan 2, 2025 to Mar 18, 2025
  • Corporate clients · 8 to 7
    Jan 2, 2025 to Mar 18, 2025
  • HNW clients · 701 to 840
    Jan 2, 2025 to Mar 18, 2025
  • Individual clients · 2,703 to 1,860
    Jan 2, 2025 to Mar 18, 2025
  • Assets in custody · $1.6B to $1.5B
    Jan 2, 2025 to Mar 18, 2025
  • Employees · 120 to 114
    Jan 2, 2025 to Mar 18, 2025
  • Insurance-licensed employees · 65 to 60
    Jan 2, 2025 to Mar 18, 2025
  • Financial planning clients · 251-500 to More than 500
    Jan 2, 2025 to Mar 18, 2025
  • State-registered IARs · 85 to 74
    Jan 2, 2025 to Mar 18, 2025
  • Other offices · 42 to 36
    Jan 2, 2025 to Mar 18, 2025
  • Discretionary RAUM · $2.3B to $2.3B
    Jan 2, 2025 to Mar 18, 2025
  • HNW RAUM · $1.4B to $1.8B
    Jan 2, 2025 to Mar 18, 2025
  • Individual RAUM · $816M to $567M
    Jan 2, 2025 to Mar 18, 2025
  • Non-discretionary RAUM · $1.5M to $5.5M
    Jan 2, 2025 to Mar 18, 2025
  • RAUM · $2.3B to $2.3B
    Jan 2, 2025 to Mar 18, 2025
  • Advisory employees · 102 to 85
    Jan 16, 2024 to Mar 27, 2024
  • BD registered reps · 74 to 65
    Jan 16, 2024 to Mar 27, 2024
  • Charity clients · 8 to 5
    Jan 16, 2024 to Mar 27, 2024
  • Accounts · 10,189 to 8,433
    Jan 16, 2024 to Mar 27, 2024
  • Corporate clients · 28 to 8
    Jan 16, 2024 to Mar 27, 2024
Signals
60 dated events
  • B•••••• R•••••• K•••••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-08)
    Aug 17, 2026 · a•••••• firm c••••e · fact
  • J••••• L••••• D••• left A••••••••• W••••• P••••••• for S•••• (registered 2026-07-07)
    Jul 10, 2026 · a•••••• firm c••••e · fact
  • T••• R••••• D••• left A••••••••• W••••• P••••••• for S•••• (registered 2026-07-07)
    Jul 10, 2026 · a•••••• firm c••••e · fact
  • 2 advisors left A••••••••• W••••• P••••••• (Fort Collins, CO) for S•••• on the same day
    Jul 10, 2026 · Team lift-out · derived
  • P••• P•••••• left A••••••••• W••••• P••••••• for W••••••••• A••••••• P••••••• L•• (registered 2026-06-01)
    May 20, 2026 · a•••••• firm c••••e · fact
  • J••• M••••••••• G••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    May 12, 2026 · a•••••• firm c••••e · fact
  • J••••••• L••• H••• left A••••••••• W••••• P••••••• for C••••• A•••••• N••••••• L•• (registered 2019-03-07)
    Apr 9, 2026 · a•••••• firm c••••e · fact
  • M•••••• B•• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • C•••• S•••• S••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • E••• S••••• H•••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • D••••• T•••••• A•••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • D•••••• R•• B•• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • J•••••• C•••••• S•••••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • M•••••• L••• B••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • C••••••••• J• H•••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Apr 1, 2026 · a•••••• firm c••••e · fact
  • 8 advisors left A••••••••• W••••• P••••••• (Blaine, MN) for C••••• I••••••••• A••••••• L•• on the same day
    Apr 1, 2026 · Team lift-out · derived
  • A••••••••• W••••• P••••••• reported RAUM $3.1B, up 35% from $2.3B (2026-01-05 to 2026-03-25)
    Mar 25, 2026 · ria raum c••••e · derived
  • W•••••• J••••• R••••••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Mar 9, 2026 · a•••••• firm c••••e · fact
  • M•••• E•••••••• G•••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Dec 24, 2025 · a•••••• firm c••••e · fact
  • L••• J•••• S•••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Dec 19, 2025 · a•••••• firm c••••e · fact
  • 2 advisors left A••••••••• W••••• P••••••• (Minnetonka, MN) for C••••• I••••••••• A••••••• L•• within 5 days
    Dec 19, 2025 · Team lift-out · derived
  • P•••••• F•••••• M•••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Dec 4, 2025 · a•••••• firm c••••e · fact
  • L•••• F•••• B••••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Dec 4, 2025 · a•••••• firm c••••e · fact
  • 2 advisors left A••••••••• W••••• P••••••• (Minnetonka, MN) for C••••• I••••••••• A••••••• L•• on the same day
    Dec 4, 2025 · Team lift-out · derived
  • M•••••• D•••• P••••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Nov 17, 2025 · a•••••• firm c••••e · fact
  • M•••••• T••••• O••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Nov 11, 2025 · a•••••• firm c••••e · fact
  • M•••••• M•••••• H•••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Nov 11, 2025 · a•••••• firm c••••e · fact
  • C•••••••• M••• Z••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Nov 11, 2025 · a•••••• firm c••••e · fact
  • L••• T• H••••••• left A••••••••• W••••• P••••••• for C••••• I••••••••• A••••••• L•• (registered 2023-06-29)
    Nov 11, 2025 · a•••••• firm c••••e · fact
  • 5 advisors left A••••••••• W••••• P••••••• (Minnetonka, MN) for C••••• I••••••••• A••••••• L•• within 6 days
    Nov 11, 2025 · Team lift-out · derived
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 email
info@advisornet.comreportedpublished by the firm, firm site, Sep 16, 2026
Business phone
612-347-8600reportedpublished by the firm, firm site, Sep 16, 2026
Firm profile
linkedin.com/company/ajw-financialreportedpublic record, Form ADV, Sep 18, 2026
Firm profile
linkedin.com/company/fsa-advisors-llpreportedpublic record, Form ADV, Sep 18, 2026
Website
advisornet.com/wealth-partners-homereportedpublic record, Form ADV, Sep 18, 2026
Principal office phone
612-347-8600reportedpublic record, Form ADV, Mar 25, 2026
Contact form
advisornet.com/contactreportedpublished 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
$54.3Mderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026