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
M•••••••• A••••••••• I•••
Legal name P••••• P••• G•••• I•••
Latest filing May 15, 2026
First filing on the tape Mar 30, 2012 · 28 filings
SEC status approved since Apr 16, 2010
RAUM
$316M
reported, Item 5.F
Discretionary
99%
of RAUM
Private clients
1.0%
$3.0M individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$105M
derived; firm RAUM over IAPD count
Employees
6
5 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
28 filings and snapshots on the tape
RAUM$316M as of May 15, 2026
Mar 30, 2012$2.5B then
HNW client RAUM$3.0M as of May 15, 2026
Mar 29, 2018$11.8M then
State-registered IARs (5.B.3)3 as of May 15, 2026
Mar 30, 20120 then
Employees (5.A)6 as of May 15, 2026
Apr 3, 201310 then
Private funds: no history
RAUM -33% over the last fiscal year-28% a year over threeIARs 3 to 3
Practice profile
derived from the filing of May 15, 2026; every figure names its basis
Archetypes, each a printed rule
- Institutional asset manager · institutional share (pensions, government, insurance, corporations, charities, banks, other advisers) at least 60 percent and private-client share under 20 percent
- OCIO / institutional advisory · selection of other advisers (5.G.7) and institutional share at least 50 percent
- RAUM per advisor
- $105MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 0derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.0MderivedHNW RAUM over HNW clients
- Average account
- $63.1MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 99%derivedof RAUM
- Institutional
- 99%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.0derivedItem 5.A over advisors
- Advisors per office
- 1.5derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- -33%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -50%derived
- Compensation
- percentage of assets, hourly, fixed fees, otherreportedItem 5.E
- Advisory activities
- portfolio management for individuals, pension consulting, selection of other advisers, publications, educational seminars, otherreportedItem 5.G
- Custody
- $316M, 5 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
- 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)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- State and municipal entities$313M99%
- High-net-worth individuals$3.0M1.0%
- Individual clients
- 0reported
- HNW clients
- 1reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 5reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- $316M for 5 clientsreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=0.01 fund_share=0.0 institutional_share=0.99 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
3 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| L•• H••••••• M••••• | West Chester, Pa | Apr 25, 2003 | 25 y | 1 |
| S•••• E• W••••• | West Chester, Pa | Feb 17, 2011 | 15 y | 0 |
| P•••••• W•••••• W•••Chartered Financial Analyst | West Chester, Pa | May 16, 2016 | 13 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
- M•••••• W•••••• S•••• to W•••••• E••••• C•••••••••Feb 9, 2022 · Other
Joined, latest
none on the tape
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- W•••••• B••••• M••••••• · Chief Executive Officercontrolsince 01/2017 · owns less than 5%
- P••••• L•••••• S•••••••• · Chief Compliance Officer / Managing Partnersince 08/2021 · owns less than 5%
Entity owners
- M•••••••• A••••••••• I••• · Ownerdirect · owns 75% or more
Related persons
Schedule D 7.A
- M•••••••• A••••••••• I•••investment adviseryRAUM $47B
Advisers that list M•••••••• A••••••••• I••• as a related person
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| West Chester, Pa · principal | 3 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Chicago, IL30 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- RAUM down 25 %Change between filings · filing Mar 26, 2026RAUM (Item 5.F) moved from $468,041,527 to $315,729,132 (-33.0%) between the annual amendments of 2025-03-26 and 2026-03-26; the peer median change was +9.0% (93 comparable advisers, 3.0th percentile of changes)peers: institutional managers, $100M to $500M (93) · 3.3% percentile
What changed
consecutive filings, newest first
- Accounts · 12 to 5Mar 26, 2025 to Mar 26, 2026
- HNW clients · 2 to 1Mar 26, 2025 to Mar 26, 2026
- Pension plan clients · 1 to 0Mar 26, 2025 to Mar 26, 2026
- Assets in custody · $468M to $316MMar 26, 2025 to Mar 26, 2026
- Discretionary RAUM · $460M to $313MMar 26, 2025 to Mar 26, 2026
- HNW RAUM · $8.4M to $3.0MMar 26, 2025 to Mar 26, 2026
- Non-discretionary RAUM · $8.4M to $3.0MMar 26, 2025 to Mar 26, 2026
- Pension RAUM · $36.7M to $0Mar 26, 2025 to Mar 26, 2026
- RAUM · $468M to $316MMar 26, 2025 to Mar 26, 2026
- Advisory employees · 6 to 5Mar 27, 2024 to Mar 26, 2025
- Assets in custody · $411M to $468MMar 27, 2024 to Mar 26, 2025
- Financial planning clients · 0 to 0Mar 27, 2024 to Mar 26, 2025
- Discretionary RAUM · $388M to $460MMar 27, 2024 to Mar 26, 2025
- HNW RAUM · $7.9M to $8.4MMar 27, 2024 to Mar 26, 2025
- Non-discretionary RAUM · $22.5M to $8.4MMar 27, 2024 to Mar 26, 2025
- Pension RAUM · $14.6M to $36.7MMar 27, 2024 to Mar 26, 2025
- RAUM · $411M to $468MMar 27, 2024 to Mar 26, 2025
- Accounts · 18 to 12Mar 24, 2023 to Mar 27, 2024
- Charity clients · 4 to 0Mar 24, 2023 to Mar 27, 2024
- HNW clients · 0 to 2Mar 24, 2023 to Mar 27, 2024
- Assets in custody · $826M to $411MMar 24, 2023 to Mar 27, 2024
- Financial planning clients · unset to 0Mar 24, 2023 to Mar 27, 2024
- Discretionary RAUM · $838M to $388MMar 24, 2023 to Mar 27, 2024
- HNW RAUM · $0 to $7.9MMar 24, 2023 to Mar 27, 2024
- Non-discretionary RAUM · $0 to $22.5MMar 24, 2023 to Mar 27, 2024
- Pension RAUM · $32.0M to $14.6MMar 24, 2023 to Mar 27, 2024
- RAUM · $838M to $411MMar 24, 2023 to Mar 27, 2024
- Accounts · 42 to 18Mar 25, 2022 to Mar 24, 2023
- HNW clients · 12 to 0Mar 25, 2022 to Mar 24, 2023
- Pension plan clients · 2 to 1Mar 25, 2022 to Mar 24, 2023
- Assets in custody · unset to 826063991.0Mar 25, 2022 to Mar 24, 2023
- Custody of client assets · false to trueMar 25, 2022 to Mar 24, 2023
- Discretionary RAUM · $1.9B to $838MMar 25, 2022 to Mar 24, 2023
- HNW RAUM · $19.6M to $0Mar 25, 2022 to Mar 24, 2023
- Pension RAUM · $56.0M to $32.0MMar 25, 2022 to Mar 24, 2023
- RAUM · $1.9B to $838MMar 25, 2022 to Mar 24, 2023
- Accounts · 41 to 42Aug 10, 2021 to Mar 25, 2022
- Advisory employees · 8 to 6Aug 10, 2021 to Mar 25, 2022
- Employees · 8 to 6Aug 10, 2021 to Mar 25, 2022
- State-registered IARs · 5 to 3Aug 10, 2021 to Mar 25, 2022
Signals
6 dated events
- M•••••••• A••••••••• I••• reported RAUM $315.7M, down 33% from $468.0M (2025-03-26 to 2026-03-26)Mar 26, 2026 · RAUM change · derived
- M•••••••• A••••••••• I••• reported RAUM $410.6M, down 51% from $838.5M (2023-03-24 to 2024-03-27)Mar 27, 2024 · RAUM change · derived
- M•••••••• A••••••••• I••• reported RAUM $838.5M, down 56% from $1.9B (2022-03-25 to 2023-03-24)Mar 24, 2023 · RAUM change · derived
- M•••••••• A••••••••• I••• reported RAUM $1.9B, up 25% from $1.5B (2021-08-10 to 2022-03-25)Mar 25, 2022 · RAUM change · derived
- M•••••• W•••••• S•••• left M•••••••• A••••••••• I••• for W•••••• E••••• C••••••••• (registered 2005-01-03)Feb 9, 2022 · Advisor changed firm · fact
- Schoemehl Linsey Payne (Chief Compliance Officer / Managing Partner) appeared on Schedule A of M•••••••• A••••••••• I•••Aug 6, 2021 · Control person joined · fact
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
- Website
- P•••••P•••.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 610-719-0300reportedpublic record, Form ADV, May 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
- Institutional managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $105Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026