DFX Intelligence

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Former SEC-registered adviser

D••••• I••••••••• S•••••••• I•••

Former SEC-registered adviserSan Angelo, TexasCRD 114196SEC 801-110396IAPD

Latest filing Mar 26, 2025

First filing on the tape Mar 13, 2012 · 24 filings

SEC status approved since Apr 13, 2017

RAUM

$272M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

87%

$236M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

5 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

24 filings and snapshots on the tape

RAUM$272M as of Mar 26, 2025

Mar 13, 2012$54.0M then

HNW client RAUM$200M as of Mar 26, 2025

Mar 22, 2018$60.4M then

State-registered IARs (5.B.3)5 as of Mar 26, 2025

Mar 13, 20120 then

Employees (5.A)6 as of Mar 26, 2025

Mar 22, 20185 then

Private funds: no history

RAUM +23% over the last fiscal year+15% a year over threeIARs 4 to 5

Practice profile

derived from the filing of Mar 26, 2025; every figure names its basis

RAUM per advisor: $54.4MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 63derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $1.8MderivedHNW RAUM over HNW clients
Average account: $797,622derivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.2derivedItem 5.A over advisors
Advisors per office: 5.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +23%derivedbetween the last two annual amendments
Advisor growth, one year: +25%derivedItem 5.B.3 between annual amendments
Client growth, one year: +9.3%derived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: portfolio management for individuals, portfolio management for businesses and institutions, pension consultingreportedItem 5.G
Custody: $61.5M, 98 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)
compensates persons for client referrals (8.G.1)
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$200M84%
Individuals$36.1M15%
Corporations and businesses$2.5M1.0%
Charitable organizations$778,2620.3%

Individual clients: 205reported
HNW clients: 111reported
Pension plan clients: 0reported
Charitable clients: 1reported
Accounts: 341reported
Financial planning clients: n/areported
Wrap fee programs: noreported
Custody of client assets: $61.5M for 98 clientsreported
Compensation: % of AUMreported
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

K••• L•• T••••• to P•••••• • T••••• W••••• M•••••••••
Jun 17, 2025 · RIA to a newly registered adviser
S•••••• J••••• P•••••• to P•••••• • T••••• W••••• M•••••••••
Jun 17, 2025 · RIA to a newly registered adviser
F•••• M••••• to P•••••• • T••••• W••••• M•••••••••
Jun 17, 2025 · RIA to a newly registered adviser
C•••••• D••••• R•••••••• to P•••••• • T••••• W••••• M•••••••••
Jun 17, 2025 · RIA to a newly registered adviser
R•••• J•• T••••• to P•••••• • T••••• W••••• M•••••••••
Jun 17, 2025 · RIA to a newly registered adviser
R••• W•••• S•••• to E••••• J••••
Nov 12, 2008 · Other

Joined, latest

none on the tape

Every departure Every arrival

Teams: two or more advisors moving together within fourteen days, from one state

5 left for P•••••• • T••••• W••••• M•••••••••
Jun 17, 2025 · San Angelo, Tx · Firm absorbed

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

E•••••• D••••••• D•••• · Directorcontrol
since 02/1997 · owns 10% to 25%
K•••• K••••••• B•••• · Directorcontrol
since 12/2013 · owns less than 5%
P••••••• S••••••• J••••• · President / Chief Compliance Officercontrol
since 01/2019 · owns 10% to 25%
R••••••••• C••••••• D••••• · Ceocontrol
since 01/1997 · owns 10% to 25%
T•••••• K•••• L•• · Chief Operations Officercontrol
since 01/2019 · owns less than 5%
T•••••• R••••• J•• · Chief Financial Officercontrol
since 01/2022 · owns 10% to 25%
W•••••••• L••••••• R••• · Directorcontrol
since 12/2013 · owns less than 5%
K•••• D•••••• S•••• · Shareholder
since 12/2018 · owns 10% to 25%
K•••• N•••••• E• · Shareholder
since 12/2018 · owns 10% to 25%

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
San Angelo, Tx · principal	0	0	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

What changed

consecutive filings, newest first

Accounts · 308 to 341
May 14, 2024 to Mar 26, 2025
Advisory employees · 4 to 5
May 14, 2024 to Mar 26, 2025
Corporate clients · 1 to 12
May 14, 2024 to Mar 26, 2025
HNW clients · 99 to 111
May 14, 2024 to Mar 26, 2025
Individual clients · 190 to 205
May 14, 2024 to Mar 26, 2025
Assets in custody · $51.7M to $61.5M
May 14, 2024 to Mar 26, 2025
State-registered IARs · 4 to 5
May 14, 2024 to Mar 26, 2025
Discretionary RAUM · $221M to $272M
May 14, 2024 to Mar 26, 2025
HNW RAUM · $160M to $200M
May 14, 2024 to Mar 26, 2025
Individual RAUM · $31.6M to $36.1M
May 14, 2024 to Mar 26, 2025
RAUM · $221M to $272M
May 14, 2024 to Mar 26, 2025
Accounts · 274 to 308
Feb 15, 2023 to Mar 26, 2024
Corporate clients · 5 to 1
Feb 15, 2023 to Mar 26, 2024
HNW clients · 76 to 99
Feb 15, 2023 to Mar 26, 2024
Individual clients · 178 to 190
Feb 15, 2023 to Mar 26, 2024
Assets in custody · $37.9M to $51.7M
Feb 15, 2023 to Mar 26, 2024
Employees · 7 to 6
Feb 15, 2023 to Mar 26, 2024
Discretionary RAUM · $177M to $221M
Feb 15, 2023 to Mar 26, 2024
HNW RAUM · $128M to $160M
Feb 15, 2023 to Mar 26, 2024
Individual RAUM · $26.3M to $31.6M
Feb 15, 2023 to Mar 26, 2024
RAUM · $177M to $221M
Feb 15, 2023 to Mar 26, 2024
Accounts · 252 to 274
Sep 9, 2022 to Feb 15, 2023
Corporate clients · 4 to 5
Sep 9, 2022 to Feb 15, 2023
HNW clients · 68 to 76
Sep 9, 2022 to Feb 15, 2023
Individual clients · 164 to 178
Sep 9, 2022 to Feb 15, 2023
Pension plan clients · unset to 0.0
Sep 9, 2022 to Feb 15, 2023
Pooled vehicle clients · unset to 0.0
Sep 9, 2022 to Feb 15, 2023
Assets in custody · $23.1M to $37.9M
Sep 9, 2022 to Feb 15, 2023
Discretionary RAUM · $186M to $177M
Sep 9, 2022 to Feb 15, 2023
HNW RAUM · $141M to $128M
Sep 9, 2022 to Feb 15, 2023
Individual RAUM · $26.2M to $26.3M
Sep 9, 2022 to Feb 15, 2023
Pension RAUM · unset to 0.0
Sep 9, 2022 to Feb 15, 2023
Pooled vehicle RAUM · unset to 0.0
Sep 9, 2022 to Feb 15, 2023
RAUM · $186M to $177M
Sep 9, 2022 to Feb 15, 2023
Advisory activities · 2 to 3
Apr 22, 2022 to Sep 9, 2022
Accounts · 250 to 252
Mar 28, 2022 to Apr 22, 2022
Assets in custody · unset to 23109294.0
Mar 28, 2022 to Apr 22, 2022
Custody of client assets · false to true
Mar 28, 2022 to Apr 22, 2022
Discretionary RAUM · $180M to $186M
Mar 28, 2022 to Apr 22, 2022
RAUM · $180M to $186M
Mar 28, 2022 to Apr 22, 2022

Signals

14 dated events

D••••• I••••••••• S•••••••• I••• no longer on the SEC adviser roster (last listed 2025-06-02, RAUM $272.0M)
Jul 1, 2025 · Left the SEC roster · derived
F•••• M••••• left D••••• I••••••••• S•••••••• I••• for P•••••• • T••••• W••••• M••••••••• (registered 2025-03-28)
Jun 17, 2025 · Advisor changed firm · fact
C•••••• D••••• R•••••••• left D••••• I••••••••• S•••••••• I••• for P•••••• • T••••• W••••• M••••••••• (registered 2025-03-28)
Jun 17, 2025 · Advisor changed firm · fact
S•••••• J••••• P•••••• left D••••• I••••••••• S•••••••• I••• for P•••••• • T••••• W••••• M••••••••• (registered 2025-03-28)
Jun 17, 2025 · Advisor changed firm · fact
D••••• I••••••••• S•••••••• I•••'s advisors moved to P•••••• • T••••• W••••• M••••••••• (San Angelo, TX): 5 of 5 registered, on the same day
Jun 17, 2025 · Firm absorbed (people side) · derived
K••• L•• T••••• left D••••• I••••••••• S•••••••• I••• for P•••••• • T••••• W••••• M••••••••• (registered 2025-03-28)
Jun 17, 2025 · Advisor changed firm · fact
R•••• J•• T••••• left D••••• I••••••••• S•••••••• I••• for P•••••• • T••••• W••••• M••••••••• (registered 2025-03-28)
Jun 17, 2025 · Advisor changed firm · fact
Lindsay T••••• Todd (Chief Compliance Officer) no longer on Schedule A of D••••• I••••••••• S•••••••• I••• (listed 2022-09-09, absent 2023-02-15)
Feb 15, 2023 · Control person left · inference
Lindsay T••••• Todd (Chief Compliance Officer) appeared on Schedule A of D••••• I••••••••• S•••••••• I•••
Mar 28, 2022 · Control person joined · fact
Joe R•••• T••••• (Chief Financial Officer) appeared on Schedule A of D••••• I••••••••• S•••••••• I•••
Oct 8, 2021 · Control person joined · fact
Judson Spencer P•••••• (President/Chief Compliance Officer) appeared on Schedule A of D••••• I••••••••• S•••••••• I•••
Mar 21, 2019 · Control person joined · fact
Lin Katy T••••• (Chief Operations Officer) appeared on Schedule A of D••••• I••••••••• S•••••••• I•••
Mar 21, 2019 · Control person joined · fact
E••• M••• R•••••••• (Chief Compliance Officer) no longer on Schedule A of D••••• I••••••••• S•••••••• I••• (listed 2018-03-22, absent 2019-03-21)
Mar 21, 2019 · Control person left · inference
D••••• C•••••• filed its initial SEC registration (Form ADV)
Apr 5, 2017 · First SEC registration · 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