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

Voyager Capital Management, LLC

Former SEC-registered adviserLake Geneva, WisconsinCRD 124697SEC 801-62694websiteIAPD
Latest filing Mar 10, 2025
First filing on the tape Nov 9, 2011 · 34 filings
SEC status approved since Jan 14, 2004
RAUM
$217M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
99%
$215M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
5
2 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
34 filings and snapshots on the tape
RAUM$217M as of Mar 10, 2025
Feb 13, 2012$170M then
HNW client RAUM$147M as of Mar 10, 2025
Feb 9, 2018$119M then
State-registered IARs (5.B.3)2 as of Mar 10, 2025
Mar 27, 20134 then
Employees (5.A)5 as of Mar 10, 2025
Mar 27, 20136 then
Private funds: no history
RAUM +7.0% over the last fiscal year+0.4% a year over threeIARs 2 to 2
Practice profile
derived from the filing of Mar 10, 2025; every figure names its basis
RAUM per advisor
$108MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
119derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$2.2MderivedHNW RAUM over HNW clients
Average account
$319,910derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.7%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.5derivedItem 5.A over advisors
Advisors per office
1.0derived2 offices incl. principal (1.F.5)
RAUM growth, one year
+7.0%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
-11%derived
Compensation
percentage of assets, hourly, fixed feesreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisers, educational seminarsreportedItem 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)
  • receives research or other products from a broker-dealer, soft dollars (8.E)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$147M68%
  • Individuals$68.1M31%
  • Pension and profit-sharing plans$963,8270.4%
  • Charitable organizations$484,7620.2%
Individual clients
170reported
HNW clients
67reported
Pension plan clients
2reported
Charitable clients
2reported
Accounts
677reported
Financial planning clients
101-250reported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, fixed, 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
2 left, 0 joined in 12 months
net -2 in 12 months0 left in 90 days0 joined in 90 days3 left over 36 months
Left, latest
Joined, latest
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
    • Jay Robert Anderson · Owner And Chief Compliance Officercontrol
      since 06/2003 · owns 75% or more
    • Ann Rachael Nickelsen · Principalcontrol
      since 08/2023 · 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
    OfficeAdvisorsJoinedLeftTeams outForming
    Lake Geneva, Wi · principal0021
    Offices
    Schedule D 1.F, the 25 largest
    • Brookfield, WI2 employees
    What changed
    consecutive filings, newest first
    • Accounts · 272 to 677
      Apr 19, 2024 to Mar 10, 2025
    • Charity clients · 3 to 2
      Apr 19, 2024 to Mar 10, 2025
    • HNW clients · 64 to 67
      Apr 19, 2024 to Mar 10, 2025
    • Individual clients · 202 to 170
      Apr 19, 2024 to Mar 10, 2025
    • Pension plan clients · 3 to 2
      Apr 19, 2024 to Mar 10, 2025
    • Financial planning clients · 101-250 to 101-250
      Apr 19, 2024 to Mar 10, 2025
    • Discretionary RAUM · $196M to $216M
      Apr 19, 2024 to Mar 10, 2025
    • HNW RAUM · $128M to $147M
      Apr 19, 2024 to Mar 10, 2025
    • Individual RAUM · $71.7M to $68.1M
      Apr 19, 2024 to Mar 10, 2025
    • Non-discretionary RAUM · $6.2M to $893,186
      Apr 19, 2024 to Mar 10, 2025
    • Pension RAUM · $1.8M to $963,827
      Apr 19, 2024 to Mar 10, 2025
    • RAUM · $202M to $217M
      Apr 19, 2024 to Mar 10, 2025
    • Accounts · 268 to 272
      Aug 23, 2023 to Mar 12, 2024
    • Advisory activities · 5 to 6
      Aug 23, 2023 to Mar 12, 2024
    • HNW clients · 57 to 64
      Aug 23, 2023 to Mar 12, 2024
    • Individual clients · 205 to 202
      Aug 23, 2023 to Mar 12, 2024
    • Employees · 4 to 5
      Aug 23, 2023 to Mar 12, 2024
    • Discretionary RAUM · $180M to $196M
      Aug 23, 2023 to Mar 12, 2024
    • HNW RAUM · $110M to $128M
      Aug 23, 2023 to Mar 12, 2024
    • Individual RAUM · $71.2M to $71.7M
      Aug 23, 2023 to Mar 12, 2024
    • Non-discretionary RAUM · $4.5M to $6.2M
      Aug 23, 2023 to Mar 12, 2024
    • Pension RAUM · $2.3M to $1.8M
      Aug 23, 2023 to Mar 12, 2024
    • RAUM · $185M to $202M
      Aug 23, 2023 to Mar 12, 2024
    • Accounts · 624 to 268
      Jul 25, 2022 to Mar 6, 2023
    • HNW clients · 65 to 57
      Jul 25, 2022 to Mar 6, 2023
    • Individual clients · 158 to 205
      Jul 25, 2022 to Mar 6, 2023
    • Employees · 5 to 4
      Jul 25, 2022 to Mar 6, 2023
    • Financial planning clients · 51-100 to 101-250
      Jul 25, 2022 to Mar 6, 2023
    • Discretionary RAUM · $209M to $180M
      Jul 25, 2022 to Mar 6, 2023
    • HNW RAUM · $142M to $110M
      Jul 25, 2022 to Mar 6, 2023
    • Individual RAUM · $67.1M to $71.2M
      Jul 25, 2022 to Mar 6, 2023
    • Non-discretionary RAUM · $5.5M to $4.5M
      Jul 25, 2022 to Mar 6, 2023
    • Pension RAUM · $2.9M to $2.3M
      Jul 25, 2022 to Mar 6, 2023
    • RAUM · $214M to $185M
      Jul 25, 2022 to Mar 6, 2023
    • Accounts · 635 to 624
      Feb 22, 2021 to Mar 2, 2022
    • Advisory employees · 3 to 2
      Feb 22, 2021 to Mar 2, 2022
    • Charity clients · 2 to 3
      Feb 22, 2021 to Mar 2, 2022
    • HNW clients · 84 to 65
      Feb 22, 2021 to Mar 2, 2022
    • Individual clients · 148 to 158
      Feb 22, 2021 to Mar 2, 2022
    • Pension plan clients · 2 to 3
      Feb 22, 2021 to Mar 2, 2022
    Signals
    6 dated events
    • Voyager Capital Management, Llc no longer on the SEC adviser roster (last listed 2026-01-02, RAUM $216.6M)
      Feb 2, 2026 · Left the SEC roster · derived
    • Rachael Ann Nickelsen left Voyager Capital Management, Llc for Beacon Pointe Advisors, Llc (registered 2025-11-19)
      Dec 31, 2025 · Advisor changed firm · fact
    • Robert Jay Anderson left Voyager Capital Management, Llc for Beacon Pointe Advisors, Llc (registered 2025-11-24)
      Dec 31, 2025 · Advisor changed firm · fact
    • 2 advisors left Voyager Capital Management, LLC (Lake Geneva, WI) for Beacon Pointe Advisors, LLC on the same day
      Dec 31, 2025 · Team lift-out · derived
    • Cole James Fleischmann left Voyager Capital Management, Llc for Endowment Wealth Management, Inc. (registered 2025-04-14)
      Mar 24, 2025 · Advisor changed firm · fact
    • Ann Rachael Nickelsen (Principal) appeared on Schedule A of Voyager Capital Management, Llc
      Aug 23, 2023 · 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.
    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