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

C••••••• C•••••• M••••••••• I•••

Independent wealth managerWinnipeg, CRD 124729SEC 801-61764website IAPD

Latest filing Jan 6, 2026

First filing on the tape Dec 16, 2011 · 37 filings

SEC status approved since Feb 4, 2003

RAUM

$4.0B

reported, Item 5.F

Discretionary

99%

of RAUM

Private clients

62%

$2.5B individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$502M

derived; firm RAUM over IAPD count

Employees

16 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

37 filings and snapshots on the tape

RAUM$4.0B as of Jan 6, 2026

Dec 16, 2011$1.5B then

HNW client RAUM$1.6B as of Jan 6, 2026

Dec 12, 2017$536M then

State-registered IARs (5.B.3)8 as of Jan 6, 2026

Dec 20, 20121 then

Employees (5.A)81 as of Jan 6, 2026

Dec 20, 201232 then

Private funds: no history

RAUM +12% over the last fiscal year+16% a year over threeIARs 7 to 8offices 5 to 6

Practice profile

derived from the filing of Jan 6, 2026; every figure names its basis

Archetypes, each a printed rule

HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent

RAUM per advisor: $502MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 379derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $2.4MderivedHNW RAUM over HNW clients
Average account: $385,871derivedRAUM over accounts (5.F.2.f)
Discretionary: 99%derivedof RAUM
Institutional: 25%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 10.1derivedItem 5.A over advisors
Advisors per office: 1.1derived7 offices incl. principal (1.F.5)
RAUM growth, one year: +12%derivedbetween the last two annual amendments
Advisor growth, one year: +14%derivedItem 5.B.3 between annual amendments
Client growth, one year: +11%derived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 5.G
Wrap fee program: participatesreportedItem 5.I
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$1.6B41%
State and municipal entities$860M21%
Individuals$856M21%
Corporations and businesses$509M13%
Charitable organizations$100M2.5%
Pension and profit-sharing plans$24.4M0.6%
Pooled investment vehicles$23.0M0.6%
Insurance companies$14.3M0.4%

Individual clients: 2,354reported
HNW clients: 675reported
Pension plan clients: n/areported
Charitable clients: 25reported
Accounts: 10,416reported
Financial planning clients: 251-500reported
Wrap fee programs: $0 sponsored, $32.0M managedreported
Custody of client assets: noreported
Compensation: % of AUMreported
Class basis: private_client_share=0.62 fund_share=0.01 institutional_share=0.25 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

8 on IAPD today, longest tenure first

Name	Branch	Here since	In industry
G•••••• J••• P•••••••	Winnipeg	Apr 22, 2014	13 y
B•••• R••••• C•••••••	Winnipeg	Jun 22, 2015	23 y
E••• M•••••Chartered Financial Analyst	Winnipeg	Oct 27, 2016	20 y
E•••• A••• B•••Chartered Financial Analyst	Winnipeg	Oct 19, 2018	17 y
T•••• J•••• M•••• L••••••••Chartered Financial Analyst	Winnipeg	Nov 2, 2018	12 y
R••••• T•••••• M•••••	Winnipeg	Feb 12, 2019	19 y
I•• J•••• W•••	Winnipeg	Mar 10, 2023	12 y
A••••• R••••• G••••• C•••••••	Winnipeg	Mar 19, 2025	12 y

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 headcount1 left over 36 months

Left, latest

K••••••••• S••••• K•••• to G•••••• F••••• L••
Sep 6, 2024 · Other

Joined, latest

none on the tape

Every departure Every arrival

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

B•••• E••••• A••• · Chairman/Shareholdercontrol
since 09/2019 · owns 10% to 25%
B•••• T••••••• E• · Shareholdercontrol
since 10/2016 · owns 10% to 25%
C•••••••• D••••• B•••• · Directorcontrol
since 12/2019 · owns less than 5%
C•••••••• B••••• R••••• · Director/Shareholdercontrol
since 12/2016 · owns 10% to 25%
E••••• D•••••• C•••• · Directorcontrol
since 05/2000 · owns less than 5%
F•••••• D•••• · Chief Financial Officercontrol
since 09/2017 · owns less than 5%
M•••••• R•••••• T•••••• · Directorcontrol
since 07/2021 · owns less than 5%
M•••••• E••• · President/Cio/Shareholdercontrol
since 10/2016 · owns 10% to 25%
O•••••• D•••••• · Chief Compliance Officercontrol
since 03/2017 · owns less than 5%
W••••••••• S•••••• M•••• · Director/Shareholdercontrol
since 12/2019 · owns less than 5%
P••••• B••••• A•• M•••••• · Shareholder
since 12/2019 · owns 5% to 10%

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
Agoura Hills, Ca	0	0	0

Offices

Schedule D 1.F, the 25 largest

Brandon Manitoba, Canada4 employees
Calgary Alberta, Canada2 employees
Winnipeg, Mb, Canada2 employees
Edmonton, Ab, Canada1 employees
Toronto Ontario, Canada1 employees

ADV anomalies

2 against comparable advisers; where to look, not conclusions

high employee count relative to advisorsStatic outlier · filing Jan 6, 2026
employees per registered advisor of 10.1 against a peer median of 1.5 (1101 comparable advisers, 100.0th percentile, 17.8 robust deviations)
peers: independent wealth managers, $1B to $5B (1,101) · 100% percentile
employee count surgeChange between filings · filing Jan 6, 2026
employees (Item 5.A) moved from 45.0 to 81.0 (+80.0%) between the annual amendments of 2025-04-14 and 2026-01-06; the peer median change was +4.0% (1050 comparable advisers, 98.0th percentile of changes)
peers: independent wealth managers, $1B to $5B (1,050) · 98% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 9,504 to 10,416
Apr 14, 2025 to Dec 23, 2025
Advisory employees · 13 to 16
Apr 14, 2025 to Dec 23, 2025
Charity clients · 12 to 25
Apr 14, 2025 to Dec 23, 2025
Corporate clients · 448 to 388
Apr 14, 2025 to Dec 23, 2025
HNW clients · 537 to 675
Apr 14, 2025 to Dec 23, 2025
Individual clients · 2,185 to 2,354
Apr 14, 2025 to Dec 23, 2025
Pooled vehicle clients · 3 to 2
Apr 14, 2025 to Dec 23, 2025
Employees · 45 to 81
Apr 14, 2025 to Dec 23, 2025
State-registered IARs · 7 to 8
Apr 14, 2025 to Dec 23, 2025
Other offices · 5 to 6
Apr 14, 2025 to Dec 23, 2025
Discretionary RAUM · $3.5B to $4.0B
Apr 14, 2025 to Dec 23, 2025
HNW RAUM · $1.3B to $1.6B
Apr 14, 2025 to Dec 23, 2025
Individual RAUM · $796M to $856M
Apr 14, 2025 to Dec 23, 2025
Non-discretionary RAUM · $44.8M to $34.2M
Apr 14, 2025 to Dec 23, 2025
Pension RAUM · $27.8M to $24.4M
Apr 14, 2025 to Dec 23, 2025
Pooled vehicle RAUM · $35.6M to $23.0M
Apr 14, 2025 to Dec 23, 2025
RAUM · $3.6B to $4.0B
Apr 14, 2025 to Dec 23, 2025
Wrap assets (manager) · $29.9M to $32.0M
Apr 14, 2025 to Dec 23, 2025
Financial planning clients · 251-500 to 251-500
Dec 24, 2024 to Apr 14, 2025
HQ state · unset to
Dec 24, 2024 to Apr 14, 2025
Assets in custody · 86150580.0 to unset
Dec 18, 2024 to Dec 24, 2024
Custody of client assets · true to false
Dec 18, 2024 to Dec 24, 2024
Accounts · 8,538 to 9,504
Nov 25, 2024 to Dec 18, 2024
Advisory employees · 29 to 13
Nov 25, 2024 to Dec 18, 2024
Charity clients · 13 to 12
Nov 25, 2024 to Dec 18, 2024
Corporate clients · 387 to 448
Nov 25, 2024 to Dec 18, 2024
HNW clients · 371 to 537
Nov 25, 2024 to Dec 18, 2024
Individual clients · 2,108 to 2,185
Nov 25, 2024 to Dec 18, 2024
Assets in custody · unset to 86150580.0
Nov 25, 2024 to Dec 18, 2024
Custody of client assets · false to true
Nov 25, 2024 to Dec 18, 2024
Employees · 48 to 45
Nov 25, 2024 to Dec 18, 2024
State-registered IARs · 8 to 7
Nov 25, 2024 to Dec 18, 2024
Discretionary RAUM · $2.8B to $3.5B
Nov 25, 2024 to Dec 18, 2024
HNW RAUM · $883M to $1.3B
Nov 25, 2024 to Dec 18, 2024
Individual RAUM · $728M to $796M
Nov 25, 2024 to Dec 18, 2024
Non-discretionary RAUM · $42.1M to $44.8M
Nov 25, 2024 to Dec 18, 2024
Pension RAUM · $20.8M to $27.8M
Nov 25, 2024 to Dec 18, 2024
Pooled vehicle RAUM · $28.2M to $35.6M
Nov 25, 2024 to Dec 18, 2024
RAUM · $2.8B to $3.6B
Nov 25, 2024 to Dec 18, 2024
Wrap assets (manager) · $25.5M to $29.9M
Nov 25, 2024 to Dec 18, 2024

Signals

9 dated events

C••••••• C•••••• M••••••••• I••• reported RAUM $3.6B, up 28% from $2.8B (2024-11-25 to 2024-12-18)
Dec 18, 2024 · RAUM change · derived
K••••••••• S••••• K•••• left C••••••• C•••••• M••••••••• I••• for G•••••• F••••• L•• (registered 2025-05-06)
Sep 6, 2024 · Advisor changed firm · fact
C••••••• C•••••• M••••••••• I••• reported RAUM $2.8B, up 36% from $2.1B (2021-11-18 to 2021-12-08)
Dec 8, 2021 · RAUM change · derived
T•••••• R••••• M••••• (Director) appeared on Schedule A of C••••••• C•••••• M••••••••• I•••
Dec 8, 2021 · Control person joined · fact
Donna Eullschultz (Director) no longer on Schedule A of C••••••• C•••••• M••••••••• I••• (listed 2021-11-18, absent 2021-12-08)
Dec 8, 2021 · Control person left · inference
C••••••• C•••••• M••••••••• I••• reported RAUM $2.1B, up 49% from $1.4B (2020-10-19 to 2020-12-03)
Dec 3, 2020 · RAUM change · derived
M•••• Sheila Wilson-Kowal (Director/Shareholder) appeared on Schedule A of C••••••• C•••••• M••••••••• I•••
Dec 24, 2019 · Control person joined · fact
Donna Eullschultz (Director) appeared on Schedule A of C••••••• C•••••• M••••••••• I•••
Dec 24, 2019 · Control person joined · fact
Bruce David Christie (Director) appeared on Schedule A of C••••••• C•••••• M••••••••• I•••
Dec 24, 2019 · 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

Business phone: 204-717-7750reportedpublished by the firm, firm site, Sep 16, 2026
Business phone: 204-717-7751reportedpublished by the firm, firm site, Sep 16, 2026
Business phone: 204-783-0716reportedpublished by the firm, firm site, Sep 16, 2026
Firm profile: linkedin.com/company/cardinal-capital-management/mycompanyreportedpublic record, Form ADV, Sep 18, 2026
Website: C•••••••.CAreportedpublic record, Form ADV, Sep 18, 2026
Principal office phone: 1-800-310-4664reportedpublic record, Form ADV, Jan 6, 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: Independent wealth managerderiveda rule over Items 5.D and 7.A
RAUM per advisor: $502Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026