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
Freegulliver, LLC
Legal name Freegulliver, L.L.C.
Latest filing Sep 9, 2026
First filing on the tape Mar 26, 2012 · 48 filings
SEC status approved since Jan 30, 2006
RAUM
$837M
reported, Item 5.F
Discretionary
66%
of RAUM
Private clients
63%
$527M individuals and HNW
Advisors
6
registered through the firm on IAPD
RAUM per advisor
$139M
derived; firm RAUM over IAPD count
Employees
17
9 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
48 filings and snapshots on the tape
RAUM$837M as of Aug 5, 2026
Mar 26, 2012$209M then
HNW client RAUM$507M as of Aug 5, 2026
Mar 29, 2018$151M then
State-registered IARs (5.B.3)7 as of Aug 5, 2026
Mar 26, 20120 then
Employees (5.A)17 as of Aug 5, 2026
Mar 13, 20136 then
Private funds29 as of Aug 5, 2026
Mar 26, 20129 then
RAUM +4.8% over the last fiscal year+22% a year over threeIARs 8 to 7offices 4 to 0
Practice profile
derived from the filing of Sep 9, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $139MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 28derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $5.8MderivedHNW RAUM over HNW clients
- Average account
- $1.4MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 66%derivedof RAUM
- Institutional
- 3.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.8derivedItem 5.A over advisors
- Advisors per office
- 6.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +4.8%derivedbetween the last two annual amendments
- Advisor growth, one year
- -13%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -28%derived
- Compensation
- percentage of assets, fixed fees, performance-based, commissionsreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, pension consulting, selection of other advisers, publications, otherreportedItem 5.G
- Custody
- $268M, 192 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
- 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- 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)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$507M61%
- Pooled investment vehicles$268M32%
- Individuals$20.4M2.4%
- Pension and profit-sharing plans$19.5M2.3%
- Corporations and businesses$13.1M1.6%
- Charitable organizations$9.0M1.1%
- Individual clients
- 83reported
- HNW clients
- 87reported
- Pension plan clients
- 11reported
- Charitable clients
- 1reported
- Accounts
- 584reported
- Financial planning clients
- 101-250reported
- Wrap fee programs
- noreported
- Custody of client assets
- $268M for 192 clientsreported
- Compensation
- % of AUM, fixed, performance, commissionsreported
- Class basis
- private_client_share=0.63 fund_share=0.32 institutional_share=0.03 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
6 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Frank FriedlerChartered Financial Consultant | New Orleans, La | Oct 11, 2010 | 31 y | 1 |
| Michael Allen Kirschman | New Orleans, La | Apr 18, 2013 | 13 y | 0 |
| Clifford Strauss Mintz | Denver, Co | Feb 15, 2019 | 11 y | 0 |
| Andrew Troy HanselChartered Financial Analyst | Fort Worth, Tx | Mar 21, 2022 | 25 y | 0 |
| Amanda Marie Kiefer | New Orleans, La | Feb 11, 2023 | 11 y | 0 |
| Raymond Michel Rathle | New Orleans, La | Mar 4, 2026 | 13 y | 0 |
Advisor movement
3 left, 0 joined in 12 months
net -3 in 12 months2 left in 90 days0 joined in 90 daysdeparture rate 50% of current headcount3 left over 36 months
Left, latest
- Eric Michael Deroche to Ridge Road Wealth Management, LLCSep 4, 2026 · RIA to a newly registered adviser
- John Walton Barton to Ridge Road Wealth Management, LLCSep 4, 2026 · RIA to a newly registered adviser
- Maxwell Marc Zwain to FartherNov 20, 2025 · RIA to RIA
- Scott David Madden to Rice, Voelker, LLCJun 12, 2014 · Other
Joined, latest
- Maxwell Marc Zwain from Morgan StanleyJan 9, 2018 · Other
- Eric Michael Deroche from Morgan StanleyNov 21, 2016 · Other
- Frank Friedler from Transamerica Financial Advisors, LLCOct 11, 2010 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 2 left for Ridge Road Wealth Management, LLCSep 4, 2026 · New Orleans, La
Private funds
53 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Laurel Pe Fund II LLC | Private Equity Fund | $51.8M | 79 | Mar 28, 2023 |
| Laurel Pe Fund I LLC | Private Equity Fund | $44.5M | 68 | Feb 4, 2022 |
| Gulliverone Limited Partnership | Hedge Fund | $23.7M | 36 | Mar 26, 2012 |
| Focus Automated Equities, LLCno longer reported | Other Private Fund | $11.0M | 21 | Mar 4, 2016 |
| Antelope Corporate Bonds, LPno longer reported | Other Private Fund | $7.1M | 15 | Mar 26, 2012 |
| Laurel Arbor I LLC | Private Equity Fund | $5.8M | 40 | Mar 31, 2021 |
| Quotidian Investment Fund LLC | Hedge Fund | $5.4M | 76 | Aug 3, 2023 |
| Elcano Hedged Equity Fund, LLC | Hedge Fund | $5.1M | 53 | Aug 24, 2022 |
| Panthera Investment Fund LPno longer reported | Hedge Fund | $4.8M | 28 | Oct 2, 2013 |
| Gulliver Structured Credit, L.P. | Hedge Fund | $4.6M | 83 | Mar 13, 2013 |
| Lemuel Two, L.L.C. | Private Equity Fund | $4.3M | 20 | Mar 26, 2012 |
| Santa Rosa Investment Fund, LLC | Hedge Fund | $4.1M | 53 | Mar 26, 2015 |
| Elcano Market Neutral Fund, LLC | Hedge Fund | $4.0M | 53 | Mar 25, 2020 |
| Octavia Four LLC | Real Estate Fund | $4.0M | 40 | Mar 25, 2020 |
| Laurel Bain LLC | Private Equity Fund | $4.0M | 41 | Mar 31, 2021 |
| Fff15 Investments LLC | Private Equity Fund | $3.5M | 16 | Jan 3, 2014 |
| Lemuel Vi, LLC | Venture Capital Fund | $3.4M | 30 | Dec 8, 2015 |
| Lemuel Viii, LLC | Private Equity Fund | $3.2M | 31 | Mar 27, 2017 |
| Octavia Acm Braselton LLC | Real Estate Fund | $3.0M | 16 | Mar 26, 2024 |
| Fff16 Investments LLC | Private Equity Fund | $3.0M | 24 | Mar 26, 2015 |
| Fffiv Investments, LLC | Private Equity Fund | $3.0M | 27 | Mar 4, 2016 |
| Antelope Covered Calls, LPno longer reported | Other Private Fund | $3.0M | 20 | Mar 26, 2012 |
| Octavia Three, LLCno longer reported | Real Estate Fund | $2.8M | 24 | Mar 29, 2018 |
| Fff18 Investments, LLC | Private Equity Fund | $2.6M | 28 | Mar 27, 2017 |
| Lemuel Xi, LLC | Private Equity Fund | $2.6M | 30 | Mar 31, 2021 |
| Octavia Two, LLCno longer reported | Real Estate Fund | $2.5M | 20 | Jun 13, 2014 |
| Fff19 Investments LLC | Private Equity Fund | $2.2M | 23 | Nov 14, 2018 |
| Lemuel X, LLC | Venture Capital Fund | $2.1M | 22 | Mar 25, 2020 |
| Elcano Value Focus Fund, LLC | Hedge Fund | $2.1M | 53 | Mar 29, 2022 |
| Fff21 Investments LLC | Private Equity Fund | $2.0M | 20 | Mar 25, 2020 |
| Octavia Five LLC | Real Estate Fund | $1.7M | 25 | Aug 24, 2022 |
| Gulliver Technology Opportunities Fund, LLC | Other Private Fund | $1.7M | 20 | Mar 29, 2022 |
| Freegulliver Hedged Equity Income, LLCno longer reported | Other Private Fund | $1.5M | 17 | Aug 25, 2017 |
| Fff20 Investments LLC | Private Equity Fund | $1.4M | 10 | Nov 14, 2018 |
| Antelope International, LPno longer reported | Other Private Fund | $1.3M | 16 | Mar 26, 2012 |
| Willow Two, LLC | Private Equity Fund | $1.3M | 17 | Mar 29, 2018 |
| Fff17 Investments LLC | Private Equity Fund | $1.2M | 11 | Jan 3, 2014 |
| Octavia 805 Lea LLC | Real Estate Fund | $758,020 | 23 | Mar 25, 2020 |
| Willow One, LLC | Private Equity Fund | $750,000 | 7 | Sep 4, 2014 |
| Laurel Snowmass Hotels LLC | Private Equity Fund | $750,000 | 12 | Mar 31, 2021 |
Owners and control persons
Schedule A and B, latest filing
- Frank Friedler · Managing Member/Chief Compliance Officer/Chief Executive Officercontrolsince 03/2001 · owns 25% to 50%
- Allen Michael Kirschman · Member, Co-Owner, Investment Adviser Representativecontrolsince 01/2017 · owns 25% to 50%
- Michael Eric Deroche · Membersince 01/2024 · owns 5% to 10%
- Anne Denise Guttenberg · Member/Consultantsince 03/2007 · owns 5% to 10%
Related persons
Schedule D 7.A
- Frank Friedler, IIIpooled vehicle sponsory
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| New Orleans, La · principal | 6 | 1 | 3 | 1 |
Offices
Schedule D 1.F, the 25 largest
- Denver, CO1 employees
- , 1 employees
ADV anomalies
6 against comparable advisers; where to look, not conclusions
- institutional to wealth shiftCombination · filing Apr 8, 2026institutional share fell 15 points or more while private-client share rose 15 points or more. RAUM $798,146,866 to $836,584,355, advisors 8 to 7, private clients 235 to 170, offices 4 to 0 (2025-03-25 to 2026-04-08)peers: independent wealth managers, $500M to $1B (1,483)
- clients down average size upCombination · filing Apr 8, 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 $798,146,866 to $836,584,355, advisors 8 to 7, private clients 235 to 170, offices 4 to 0 (2025-03-25 to 2026-04-08)peers: independent wealth managers, $500M to $1B (1,483)
- client mix shiftChange between filings · filing Apr 8, 2026private-client share of RAUM moved from 39.0% to 63.0% between the annual amendments of 2025-03-25 and 2026-04-08peers: independent wealth managers, $500M to $1B (1,483)
- HNW share shiftChange between filings · filing Apr 8, 2026HNW share of RAUM moved from 35.0% to 61.0% between the annual amendments of 2025-03-25 and 2026-04-08peers: independent wealth managers, $500M to $1B (1,483)
- institutional asset share shiftChange between filings · filing Apr 8, 2026institutional share of RAUM moved from 27.0% to 5.0% between the annual amendments of 2025-03-25 and 2026-04-08peers: independent wealth managers, $500M to $1B (1,483)
- office count dropChange between filings · filing Apr 8, 2026offices other than the principal office (Item 1.F.5) moved from 4.0 to 0.0 (-100.0%) between the annual amendments of 2025-03-25 and 2026-04-08; the peer median change was 0.0% (233 comparable advisers, 0.0th percentile of changes)peers: independent wealth managers, $500M to $1B (233) · 0.0% percentile
What changed
consecutive filings, newest first
- Financial planning clients · 101-250 to 101-250Aug 5, 2026 to Sep 9, 2026
- Private funds · 29 to unsetAug 5, 2026 to Sep 9, 2026
- Succession · false to unsetAug 5, 2026 to Sep 9, 2026
- Private funds · 28 to 29Mar 31, 2026 to Apr 8, 2026
- Accounts · 767 to 584Dec 22, 2025 to Mar 31, 2026
- Advisory employees · 8 to 9Dec 22, 2025 to Mar 31, 2026
- Charity clients · unset to 1.0Dec 22, 2025 to Mar 31, 2026
- Corporate clients · unset to 4.0Dec 22, 2025 to Mar 31, 2026
- HNW clients · 89 to 87Dec 22, 2025 to Mar 31, 2026
- Individual clients · 146 to 83Dec 22, 2025 to Mar 31, 2026
- Pension plan clients · 55 to 11Dec 22, 2025 to Mar 31, 2026
- Pooled vehicle clients · 43 to 35Dec 22, 2025 to Mar 31, 2026
- Assets in custody · $159M to $268MDec 22, 2025 to Mar 31, 2026
- Employees · 16 to 17Dec 22, 2025 to Mar 31, 2026
- State-registered IARs · 8 to 7Dec 22, 2025 to Mar 31, 2026
- Other offices · 3 to 0Dec 22, 2025 to Mar 31, 2026
- Private funds · 36 to 28Dec 22, 2025 to Mar 31, 2026
- Discretionary RAUM · $539M to $549MDec 22, 2025 to Mar 31, 2026
- HNW RAUM · $283M to $507MDec 22, 2025 to Mar 31, 2026
- Individual RAUM · $30.5M to $20.4MDec 22, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $259M to $287MDec 22, 2025 to Mar 31, 2026
- Pension RAUM · $147M to $19.5MDec 22, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $266M to $268MDec 22, 2025 to Mar 31, 2026
- RAUM · $798M to $837MDec 22, 2025 to Mar 31, 2026
- Other offices · 4 to 3May 8, 2025 to Aug 13, 2025
- Financial planning clients · 101-250 to 101-250Mar 25, 2025 to May 8, 2025
- Accounts · 716 to 767Aug 15, 2024 to Mar 25, 2025
- HNW clients · 74 to 89Aug 15, 2024 to Mar 25, 2025
- Individual clients · 136 to 146Aug 15, 2024 to Mar 25, 2025
- Pooled vehicle clients · 42 to 43Aug 15, 2024 to Mar 25, 2025
- Assets in custody · $95.6M to $159MAug 15, 2024 to Mar 25, 2025
- Employees · 17 to 16Aug 15, 2024 to Mar 25, 2025
- Financial planning clients · 0 to 101-250Aug 15, 2024 to Mar 25, 2025
- Other offices · 2 to 4Aug 15, 2024 to Mar 25, 2025
- Private funds · 35 to 36Aug 15, 2024 to Mar 25, 2025
- Discretionary RAUM · $265M to $539MAug 15, 2024 to Mar 25, 2025
- HNW RAUM · $197M to $283MAug 15, 2024 to Mar 25, 2025
- Individual RAUM · $22.2M to $30.5MAug 15, 2024 to Mar 25, 2025
- Non-discretionary RAUM · $283M to $259MAug 15, 2024 to Mar 25, 2025
- Pension RAUM · $127M to $147MAug 15, 2024 to Mar 25, 2025
Signals
5 dated events
- John Walton Barton left Freegulliver, Llc for Ridge Road Wealth Management, Llc (registered 2026-09-04)Sep 4, 2026 · Advisor changed firm · fact
- Eric Michael Deroche left Freegulliver, Llc for Ridge Road Wealth Management, Llc (registered 2026-09-04)Sep 4, 2026 · Advisor changed firm · fact
- 2 advisors left Freegulliver, LLC (New Orleans, LA) for Ridge Road Wealth Management, LLC on the same daySep 4, 2026 · Team lift-out · derived
- Maxwell Marc Zwain left Freegulliver, Llc for Farther (registered 2025-11-21)Nov 20, 2025 · Advisor changed firm · fact
- Freegulliver, Llc reported RAUM $798.1M, up 46% from $548.3M (2024-08-15 to 2025-03-25)Mar 25, 2025 · RAUM change · derived
Across DFX
shared identifiers only, never a name match
- Freegulliver, LLC · Independent Sponsorsshared crd · capital_provider
- Freegulliver, LLC · Private Equityshared crd · organization
- Freegulliver, LLC · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Business phone
- 504-899-0300reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 504-899-0123reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/freegulliverreportedpublic record, Form ADV, Sep 17, 2026
- Website
- FREEGULLIVER.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 504-899-0300reportedpublic record, Form ADV, Sep 9, 2026
- Contact form
- freegulliver.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- freegulliver.com/who-we-arereportedpublished 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
- $139Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026
Across the graphs
Freegulliver, LLC is the same institution as 1 record in Real Estate Funds.
Real Estate Funds1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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