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.

Former SEC-registered adviser

Karstens Investment Counsel, Inc.

Former SEC-registered adviserOmaha, NebraskaCRD 117977SEC 801-65213IAPD
Latest filing Nov 14, 2019
First filing on the tape Mar 13, 2012 · 20 filings
RAUM
$239M
reported, Item 5.F
Discretionary
71%
of RAUM
Private clients
98%
$235M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
8
5 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
20 filings and snapshots on the tape
RAUM$239M as of Mar 5, 2019
Mar 13, 2012$491M then
HNW client RAUM$160M as of Mar 5, 2019
Feb 27, 2018$177M then
State-registered IARs (5.B.3)5 as of Mar 5, 2019
Mar 13, 20120 then
Employees (5.A)8 as of Mar 5, 2019
Feb 20, 20138 then
Private funds: no history
RAUM -7.6% over the last fiscal year+4.2% a year over threeIARs 6 to 5
Practice profile
derived from the filing of Nov 14, 2019; every figure names its basis
RAUM per advisor
$47.9MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
53derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$2.0MderivedHNW RAUM over HNW clients
Average account
$226,762derivedRAUM over accounts (5.F.2.f)
Discretionary
71%derivedof RAUM
Institutional
1.7%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.6derivedItem 5.A over advisors
Advisors per office
5.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
-7.6%derivedbetween the last two annual amendments
Advisor growth, one year
-17%derivedItem 5.B.3 between annual amendments
Client growth, one year
+0.4%derived
Compensation
percentage of assets, hourlyreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consultingreportedItem 5.G
Custody
$3.6M, 12 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$160M67%
  • Individuals$75.7M32%
  • Charitable organizations$4.1M1.7%
Individual clients
185reported
HNW clients
81reported
Pension plan clients
n/areported
Charitable clients
4reported
Accounts
1,056reported
Financial planning clients
251-500reported
Wrap fee programs
noreported
Custody of client assets
$3.6M for 12 clientsreported
Compensation
% of AUM, hourlyreported
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
Every departureEvery arrival
Teams: two or more advisors moving together within fourteen days, from one state
    Teams outTeams in
    Private funds
    No private fund reported.
    Owners and control persons
    Schedule A and B, latest filing
    • Dean Michael Karstens · Presidentcontrol
      since 05/1993 · owns 75% or more
    • Lea Deborah Kavan · Ccocontrol
      since 01/2014 · owns less than 5%
    Related persons
    Schedule D 7.A
    No related person reported.
    Offices
    Schedule D 1.F, the 25 largest
    No branch office listed.
    What changed
    consecutive filings, newest first
    • Accounts · 1,053 to 1,056
      Sep 19, 2018 to Mar 5, 2019
    • Advisory employees · 6 to 5
      Sep 19, 2018 to Mar 5, 2019
    • Charity clients · unset to 4.0
      Sep 19, 2018 to Mar 5, 2019
    • HNW clients · 87 to 81
      Sep 19, 2018 to Mar 5, 2019
    • Individual clients · 178 to 185
      Sep 19, 2018 to Mar 5, 2019
    • Assets in custody · $3.3M to $3.6M
      Sep 19, 2018 to Mar 5, 2019
    • Employees · 10 to 8
      Sep 19, 2018 to Mar 5, 2019
    • State-registered IARs · 6 to 5
      Sep 19, 2018 to Mar 5, 2019
    • Discretionary RAUM · $179M to $171M
      Sep 19, 2018 to Mar 5, 2019
    • HNW RAUM · $177M to $160M
      Sep 19, 2018 to Mar 5, 2019
    • Individual RAUM · $77.0M to $75.7M
      Sep 19, 2018 to Mar 5, 2019
    • Non-discretionary RAUM · $80.1M to $68.8M
      Sep 19, 2018 to Mar 5, 2019
    • RAUM · $259M to $239M
      Sep 19, 2018 to Mar 5, 2019
    • Accounts · 263 to 1,053
      Aug 10, 2017 to Feb 27, 2018
    • HNW clients · unset to 87.0
      Aug 10, 2017 to Feb 27, 2018
    • Individual clients · unset to 178.0
      Aug 10, 2017 to Feb 27, 2018
    • Assets in custody · unset to 3299235.0
      Aug 10, 2017 to Feb 27, 2018
    • Custody of client assets · false to true
      Aug 10, 2017 to Feb 27, 2018
    • Other offices · unset to 0.0
      Aug 10, 2017 to Feb 27, 2018
    • Discretionary RAUM · $154M to $179M
      Aug 10, 2017 to Feb 27, 2018
    • HNW RAUM · unset to 177365316.0
      Aug 10, 2017 to Feb 27, 2018
    • Individual RAUM · unset to 76966708.0
      Aug 10, 2017 to Feb 27, 2018
    • Non-discretionary RAUM · $80.0M to $80.1M
      Aug 10, 2017 to Feb 27, 2018
    • RAUM · $234M to $259M
      Aug 10, 2017 to Feb 27, 2018
    • Accounts · 253 to 263
      Feb 11, 2016 to Feb 7, 2017
    • Advisory employees · 4 to 6
      Feb 11, 2016 to Feb 7, 2017
    • Employees · 7 to 10
      Feb 11, 2016 to Feb 7, 2017
    • State-registered IARs · 4 to 6
      Feb 11, 2016 to Feb 7, 2017
    • Discretionary RAUM · $133M to $154M
      Feb 11, 2016 to Feb 7, 2017
    • Non-discretionary RAUM · $79.2M to $80.0M
      Feb 11, 2016 to Feb 7, 2017
    • RAUM · $212M to $234M
      Feb 11, 2016 to Feb 7, 2017
    • Accounts · 275 to 253
      Aug 17, 2015 to Feb 11, 2016
    • Employees · 8 to 7
      Aug 17, 2015 to Feb 11, 2016
    • State-registered IARs · 5 to 4
      Aug 17, 2015 to Feb 11, 2016
    • Discretionary RAUM · $128M to $133M
      Aug 17, 2015 to Feb 11, 2016
    • Non-discretionary RAUM · $581M to $79.2M
      Aug 17, 2015 to Feb 11, 2016
    • RAUM · $708M to $212M
      Aug 17, 2015 to Feb 11, 2016
    • Accounts · 257 to 275
      Aug 11, 2014 to Feb 20, 2015
    • Discretionary RAUM · $120M to $128M
      Aug 11, 2014 to Feb 20, 2015
    • Non-discretionary RAUM · $96.6M to $581M
      Aug 11, 2014 to Feb 20, 2015
    Signals
    No event on the tape.
    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