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
Ipex, Inc.
Latest filing Jun 17, 2026
First filing on the tape Feb 27, 2012 · 22 filings
SEC status approved since Sep 23, 2010
RAUM
$2.7B
reported, Item 5.F
Discretionary
59%
of RAUM
Private clients
2.2%
$58.0M individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$885M
derived; firm RAUM over IAPD count
Employees
3
2 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
22 filings and snapshots on the tape
RAUM$2.7B as of Jun 17, 2026
Feb 27, 2012$106M then
HNW client RAUM$58.0M as of Jun 17, 2026
Apr 2, 2018$37.9M then
State-registered IARs (5.B.3)3 as of Jun 17, 2026
Feb 27, 20120 then
Employees (5.A)3 as of Jun 17, 2026
Mar 8, 20135 then
Private funds: no history
RAUM +19% over the last fiscal year+14% a year over threeIARs 3 to 3
Practice profile
derived from the filing of Jun 17, 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
- RAUM per advisor
- $885MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $19.3MderivedHNW RAUM over HNW clients
- Average account
- $49.1MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 59%derivedof RAUM
- Institutional
- 78%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.0derivedItem 5.A over advisors
- Advisors per office
- 3.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +19%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, otherreportedItem 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
- 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Charitable organizations$2.1B78%
- Corporations and businesses$534M20%
- High-net-worth individuals$58.0M2.2%
- Individual clients
- n/areported
- HNW clients
- 3reported
- Pension plan clients
- n/areported
- Charitable clients
- 22reported
- Accounts
- 54reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.02 fund_share=0.0 institutional_share=0.78 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 |
|---|---|---|---|---|
| Shale Philip LappingChartered Financial Analyst | Plymouth, Mi | Nov 30, 2009 | 37 y | 0 |
| Steven John CupchakChartered Financial Analyst | Plymouth, Mi | Feb 12, 2010 | 31 y | 0 |
| Neha K Patel | Plymouth, Mi | Mar 21, 2023 | 20 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
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- John Steven Cupchak · Vice Presidentcontrolsince 10/1995 · owns less than 5%
- Philip Shale Lapping · Presidentcontrolsince 08/1995 · owns 75% or more
- K Neha Patel · Chief Compliance Officercontrolsince 03/2014 · owns less than 5%
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 |
|---|---|---|---|---|---|
| Plymouth, Mi · principal | 3 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 51 to 54Mar 31, 2025 to Apr 15, 2026
- Charity clients · 21 to 22Mar 31, 2025 to Apr 15, 2026
- Discretionary RAUM · $1.4B to $1.6BMar 31, 2025 to Apr 15, 2026
- HNW RAUM · $50.2M to $58.0MMar 31, 2025 to Apr 15, 2026
- Non-discretionary RAUM · $874M to $1.1BMar 31, 2025 to Apr 15, 2026
- RAUM · $2.2B to $2.7BMar 31, 2025 to Apr 15, 2026
- Accounts · 50 to 51Mar 27, 2024 to Mar 31, 2025
- Corporate clients · 18 to 19Mar 27, 2024 to Mar 31, 2025
- Pension plan clients · 1.0 to unsetMar 27, 2024 to Mar 31, 2025
- Financial planning clients · 0 to 0Mar 27, 2024 to Mar 31, 2025
- Discretionary RAUM · $1.2B to $1.4BMar 27, 2024 to Mar 31, 2025
- HNW RAUM · $45.1M to $50.2MMar 27, 2024 to Mar 31, 2025
- Non-discretionary RAUM · $834M to $874MMar 27, 2024 to Mar 31, 2025
- Pension RAUM · 9411123.0 to unsetMar 27, 2024 to Mar 31, 2025
- RAUM · $2.0B to $2.2BMar 27, 2024 to Mar 31, 2025
- Accounts · 42 to 50Mar 23, 2023 to Mar 27, 2024
- Charity clients · 22 to 21Mar 23, 2023 to Mar 27, 2024
- Corporate clients · 15 to 18Mar 23, 2023 to Mar 27, 2024
- Pension plan clients · unset to 1.0Mar 23, 2023 to Mar 27, 2024
- Employees · 5 to 3Mar 23, 2023 to Mar 27, 2024
- Discretionary RAUM · $1.1B to $1.2BMar 23, 2023 to Mar 27, 2024
- HNW RAUM · $39.6M to $45.1MMar 23, 2023 to Mar 27, 2024
- Non-discretionary RAUM · $746M to $834MMar 23, 2023 to Mar 27, 2024
- Pension RAUM · $8.8M to $9.4MMar 23, 2023 to Mar 27, 2024
- RAUM · $1.8B to $2.0BMar 23, 2023 to Mar 27, 2024
- Accounts · 47 to 42Mar 31, 2022 to Mar 23, 2023
- State-registered IARs · 2 to 3Mar 31, 2022 to Mar 23, 2023
- Discretionary RAUM · $1.3B to $1.1BMar 31, 2022 to Mar 23, 2023
- HNW RAUM · $46.2M to $39.6MMar 31, 2022 to Mar 23, 2023
- Non-discretionary RAUM · $905M to $746MMar 31, 2022 to Mar 23, 2023
- Pension RAUM · unset to 8787793.0Mar 31, 2022 to Mar 23, 2023
- RAUM · $2.2B to $1.8BMar 31, 2022 to Mar 23, 2023
- Accounts · 48 to 47Dec 10, 2021 to Mar 31, 2022
- Discretionary RAUM · $784M to $1.3BDec 10, 2021 to Mar 31, 2022
- HNW RAUM · $41.6M to $46.2MDec 10, 2021 to Mar 31, 2022
- Non-discretionary RAUM · $1.2B to $905MDec 10, 2021 to Mar 31, 2022
- RAUM · $1.9B to $2.2BDec 10, 2021 to Mar 31, 2022
- Charity clients · 21 to 22Jun 22, 2020 to Mar 25, 2021
- Corporate clients · 16 to 15Jun 22, 2020 to Mar 25, 2021
- Discretionary RAUM · $691M to $784MJun 22, 2020 to Mar 25, 2021
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.
How to reach
public business contact points only, each with its source
- Website
- IPEXUSA.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 734-451-0777reportedpublic record, Form ADV, Jun 17, 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
- $885Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026