DFX Intelligence

RIA Intelligence

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SEC-registered adviser

S•••••• C•••••• M••••••••• L••

Wealth manager with institutional or fund businessWaltham, MassachusettsCRD 118404SEC 801-60852website IAPD

Latest filing Mar 31, 2026

First filing on the tape Mar 30, 2012 · 19 filings

SEC status approved since Jun 19, 2002

RAUM

$171M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

36%

$61.2M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$85.3M

derived; firm RAUM over IAPD count

Employees

2 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

19 filings and snapshots on the tape

RAUM$171M as of Mar 31, 2026

Mar 30, 2012$432M then

HNW client RAUM$58.3M as of Mar 31, 2026

Mar 28, 2018$35.6M then

State-registered IARs (5.B.3)1 as of Mar 31, 2026

Mar 28, 20132 then

Employees (5.A)9 as of Mar 31, 2026

Mar 28, 20138 then

Private funds7 as of Mar 31, 2026

Mar 30, 20126 then

RAUM +37% over the last fiscal year+23% a year over threeIARs 1 to 1

Practice profile

derived from the filing of Mar 31, 2026; every figure names its basis

Archetypes, each a printed rule

Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent

RAUM per advisor: $85.3MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 17derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $3.1MderivedHNW RAUM over HNW clients
Average account: $3.9MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 4.6%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 4.5derivedItem 5.A over advisors
Advisors per office: 2.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +37%derivedbetween the last two annual amendments
Advisor growth, one year: +0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year: +31%derived
Compensation: percentage of assets, performance-basedreportedItem 5.E
Advisory activities: portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
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)
compensates persons for client referrals (8.G.1)
compensates non-employees for client referrals (8.G.2)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$102M60%
High-net-worth individuals$58.3M34%
Charitable organizations$7.5M4.4%
Individuals$2.9M1.7%
Pension and profit-sharing plans$313,1680.2%

Individual clients: 15reported
HNW clients: 19reported
Pension plan clients: 1reported
Charitable clients: 2reported
Accounts: 44reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, performancereported
Class basis: private_client_share=0.36 fund_share=0.6 institutional_share=0.05 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

2 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
R•••••• F••••• S••••••Chartered Investment Counselor	Waltham, Ma	Apr 14, 2005	40 y	0
R••••• C••••••• S••••••	Waltham, Ma	Apr 14, 2005	33 y	0

Advisor movement

0 left, 0 joined in 12 months

net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

11 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
S•••••• P•••••• S••••• F••• I• L•• S••••• C•••••• C•	Private Equity Fund	$34.9M	30	Mar 31, 2021
S•••••• P•••••• S••••• F••• I• L•• S••••• C•••••• B•	Private Equity Fund	$12.0M	39	Mar 28, 2019
S•••••• G••••• E••••• I••••• F•••• L••no longer reported	Other Private Fund	$6.5M	15	Mar 30, 2012
S•••••• O••••••• O••••••••• F•••• L•••	Other Private Fund	$6.3M	4	Mar 30, 2012
S•••••• G••••• B••• F••• Q•• L••no longer reported	Other Private Fund	$5.9M	11	Mar 30, 2012
S•••••• G••••• O••••••••• F•••• L••	Other Private Fund	$5.6M	38	Mar 30, 2012
S•••••• P•••••• S••••• F••• I• L•• • S••••• C•••••• 1•	Private Equity Fund	$4.8M	22	Mar 28, 2019
S•••••• N•• E•• T••••••••• G••••• F•••• L••	Other Private Fund	$3.7M	7	Apr 1, 2014
S•••••• P•••••• S••••• F••• I• L•• S••••• C•••••• D•	Private Equity Fund	$2.5M	15	Mar 31, 2022
S•••••• G••••• I••••• P•••••••• 6• F•••• L••	Other Private Fund	$1.9M	14	Mar 30, 2012
S•••••• G••••• B••• F••• L••no longer reported	Other Private Fund	$0	0	Mar 30, 2012

Owners and control persons

Schedule A and B, latest filing

M••••••• S••••••• E••••••• R••• · Chief Executive Officercontrol
since 11/2002 · owns 50% to 75%
S••••••• R••••••• F••••• · Managing Director/Chief Compliance Officercontrol
since 08/1986 · owns 25% to 50%

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
Waltham, Ma · principal	2	0	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

1 against comparable advisers; where to look, not conclusions

RAUM up 25 %Change between filings · filing Mar 31, 2026
RAUM (Item 5.F) moved from $124,822,314 to $170,677,730 (+37.0%) between the annual amendments of 2025-03-27 and 2026-03-31; the peer median change was +15.0% (4548 comparable advisers, 91.0th percentile of changes)
peers: independent wealth managers, $100M to $500M (4,548) · 91% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 40 to 44
Mar 27, 2025 to Mar 31, 2026
Advisory employees · 3 to 2
Mar 27, 2025 to Mar 31, 2026
Charity clients · 4 to 2
Mar 27, 2025 to Mar 31, 2026
HNW clients · 22 to 19
Mar 27, 2025 to Mar 31, 2026
Individual clients · 4 to 15
Mar 27, 2025 to Mar 31, 2026
Pension plan clients · unset to 1.0
Mar 27, 2025 to Mar 31, 2026
Employees · 8 to 9
Mar 27, 2025 to Mar 31, 2026
Discretionary RAUM · $125M to $171M
Mar 27, 2025 to Mar 31, 2026
HNW RAUM · $37.9M to $58.3M
Mar 27, 2025 to Mar 31, 2026
Individual RAUM · $70,000 to $2.9M
Mar 27, 2025 to Mar 31, 2026
Pension RAUM · unset to 313168.0
Mar 27, 2025 to Mar 31, 2026
Pooled vehicle RAUM · $71.9M to $102M
Mar 27, 2025 to Mar 31, 2026
RAUM · $125M to $171M
Mar 27, 2025 to Mar 31, 2026
Accounts · 42 to 40
Mar 18, 2024 to Mar 27, 2025
Advisory employees · 4 to 3
Mar 18, 2024 to Mar 27, 2025
Charity clients · 3 to 4
Mar 18, 2024 to Mar 27, 2025
HNW clients · 25 to 22
Mar 18, 2024 to Mar 27, 2025
Individual clients · 5 to 4
Mar 18, 2024 to Mar 27, 2025
Pension plan clients · 1.0 to unset
Mar 18, 2024 to Mar 27, 2025
Pooled vehicle clients · 8 to 7
Mar 18, 2024 to Mar 27, 2025
Financial planning clients · unset to
Mar 18, 2024 to Mar 27, 2025
HQ city · LEXINGTON to WALTHAM
Mar 18, 2024 to Mar 27, 2025
Private funds · 8 to 7
Mar 18, 2024 to Mar 27, 2025
Discretionary RAUM · $114M to $125M
Mar 18, 2024 to Mar 27, 2025
HNW RAUM · $42.9M to $37.9M
Mar 18, 2024 to Mar 27, 2025
Individual RAUM · $911,628 to $70,000
Mar 18, 2024 to Mar 27, 2025
Pension RAUM · 256958.0 to unset
Mar 18, 2024 to Mar 27, 2025
Pooled vehicle RAUM · $65.7M to $71.9M
Mar 18, 2024 to Mar 27, 2025
RAUM · $114M to $125M
Mar 18, 2024 to Mar 27, 2025
Accounts · 27 to 42
Mar 31, 2023 to Mar 18, 2024
Charity clients · 2 to 3
Mar 31, 2023 to Mar 18, 2024
HNW clients · 19 to 25
Mar 31, 2023 to Mar 18, 2024
Individual clients · 6 to 5
Mar 31, 2023 to Mar 18, 2024
Discretionary RAUM · $91.5M to $114M
Mar 31, 2023 to Mar 18, 2024
HNW RAUM · $38.8M to $42.9M
Mar 31, 2023 to Mar 18, 2024
Individual RAUM · $1.6M to $911,628
Mar 31, 2023 to Mar 18, 2024
Pension RAUM · $316,437 to $256,958
Mar 31, 2023 to Mar 18, 2024
Pooled vehicle RAUM · $46.7M to $65.7M
Mar 31, 2023 to Mar 18, 2024
RAUM · $91.5M to $114M
Mar 31, 2023 to Mar 18, 2024
Accounts · 28 to 27
Dec 6, 2022 to Mar 31, 2023

Signals

No event on the tape.

Across DFX

shared identifiers only, never a name match

S•••••• C•••••• M••••••••• L•• · Independent Sponsors
shared crd · capital_provider
S•••••• C•••••• M••••••••• L•• · Private Equity
shared crd · organization

How to reach

public business contact points only, each with its source

Business email: i•••@s•••••••••.comreportedpublished by the firm, firm site, Sep 16, 2026
Business phone: 781-890-5225reportedpublished by the firm, firm site, Sep 16, 2026
Website: S••••••HOLDINGS.COMreportedpublic record, Form ADV, Sep 21, 2026
Principal office phone: 781-890-5225reportedpublic record, Form ADV, Mar 31, 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: Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
RAUM per advisor: $85.3Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026