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

Next Generation Wealth Management, Inc.

Former SEC-registered adviserMilwaukee, WisconsinCRD 134057SEC 801-67748IAPD
Latest filing Mar 29, 2021
First filing on the tape Mar 30, 2012 · 12 filings
RAUM
$459M
reported, Item 5.F
Discretionary
99%
of RAUM
Private clients
98%
$451M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
6
5 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
12 filings and snapshots on the tape
RAUM$459M as of Mar 29, 2021
Mar 30, 2012$92.5M then
HNW client RAUM$377M as of Mar 29, 2021
Mar 29, 2018$209M then
State-registered IARs (5.B.3)4 as of Mar 29, 2021
Mar 30, 20120 then
Employees (5.A)6 as of Mar 29, 2021
Apr 1, 20133 then
Private funds: no history
RAUM +32% over the last fiscal year+18% a year over threeIARs 4 to 4
Practice profile
derived from the filing of Mar 29, 2021; every figure names its basis
RAUM per advisor
$115MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
72derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$2.9MderivedHNW RAUM over HNW clients
Average account
$475,979derivedRAUM over accounts (5.F.2.f)
Discretionary
99%derivedof RAUM
Institutional
1.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.5derivedItem 5.A over advisors
Advisors per office
4.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+32%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
+2.1%derived
Compensation
percentage of assets, hourly, fixed feesreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, pension consulting, selection of other advisersreportedItem 5.G
Custody
$145M, 229 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
  • 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)
  • has custody of client cash or bank accounts (9.A.1.a)
  • an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$377M82%
  • Individuals$74.0M16%
  • Charitable organizations$4.4M1.0%
  • Corporations and businesses$2.8M0.6%
  • Pension and profit-sharing plans$1.2M0.3%
Individual clients
155reported
HNW clients
132reported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
965reported
Financial planning clients
101-250reported
Wrap fee programs
noreported
Custody of client assets
$145M for 229 clientsreported
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
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
    • Arnold David Braaten · Co-Foundercontrol
      since 01/2005 · owns 50% to 75%
    • William Jeffrey Kralovec · Chief Compliance Officercontrol
      since 06/2006 · owns less than 5%
    • Alan David Massart · President & Founding Partnercontrol
      since 01/2007 · owns 25% to 50%
    Related persons
    Schedule D 7.A
    No related person reported.
    Offices
    Schedule D 1.F, the 25 largest
    No branch office listed.
    What changed
    consecutive filings, newest first
    • Accounts · 947 to 965
      Jun 30, 2020 to Mar 29, 2021
    • Advisory employees · 4 to 5
      Jun 30, 2020 to Mar 29, 2021
    • HNW clients · 115 to 132
      Jun 30, 2020 to Mar 29, 2021
    • Individual clients · 166 to 155
      Jun 30, 2020 to Mar 29, 2021
    • Assets in custody · $93.5M to $145M
      Jun 30, 2020 to Mar 29, 2021
    • Employees · 5 to 6
      Jun 30, 2020 to Mar 29, 2021
    • Discretionary RAUM · $342M to $452M
      Jun 30, 2020 to Mar 29, 2021
    • HNW RAUM · $265M to $377M
      Jun 30, 2020 to Mar 29, 2021
    • Individual RAUM · $73.2M to $74.0M
      Jun 30, 2020 to Mar 29, 2021
    • Non-discretionary RAUM · $4.9M to $6.8M
      Jun 30, 2020 to Mar 29, 2021
    • Pension RAUM · $850,905 to $1.2M
      Jun 30, 2020 to Mar 29, 2021
    • Pooled vehicle RAUM · unset to 0.0
      Jun 30, 2020 to Mar 29, 2021
    • RAUM · $347M to $459M
      Jun 30, 2020 to Mar 29, 2021
    • Accounts · 907 to 947
      May 2, 2019 to Mar 27, 2020
    • HNW clients · 110 to 115
      May 2, 2019 to Mar 27, 2020
    • Individual clients · 167 to 166
      May 2, 2019 to Mar 27, 2020
    • Assets in custody · $140M to $93.5M
      May 2, 2019 to Mar 27, 2020
    • Other offices · 1 to 0
      May 2, 2019 to Mar 27, 2020
    • Discretionary RAUM · $304M to $342M
      May 2, 2019 to Mar 27, 2020
    • HNW RAUM · $235M to $265M
      May 2, 2019 to Mar 27, 2020
    • Individual RAUM · $63.6M to $73.2M
      May 2, 2019 to Mar 27, 2020
    • Non-discretionary RAUM · $3.0M to $4.9M
      May 2, 2019 to Mar 27, 2020
    • Pension RAUM · $1.3M to $850,905
      May 2, 2019 to Mar 27, 2020
    • RAUM · $307M to $347M
      May 2, 2019 to Mar 27, 2020
    • Accounts · 875 to 907
      Mar 29, 2018 to Mar 29, 2019
    • Advisory employees · 5 to 4
      Mar 29, 2018 to Mar 29, 2019
    • HNW clients · 97 to 110
      Mar 29, 2018 to Mar 29, 2019
    • Individual clients · 155 to 167
      Mar 29, 2018 to Mar 29, 2019
    • Assets in custody · $104M to $140M
      Mar 29, 2018 to Mar 29, 2019
    • Employees · 6 to 5
      Mar 29, 2018 to Mar 29, 2019
    • State-registered IARs · 5 to 4
      Mar 29, 2018 to Mar 29, 2019
    • Discretionary RAUM · $279M to $304M
      Mar 29, 2018 to Mar 29, 2019
    • HNW RAUM · $209M to $235M
      Mar 29, 2018 to Mar 29, 2019
    • Individual RAUM · $66.0M to $63.6M
      Mar 29, 2018 to Mar 29, 2019
    • Non-discretionary RAUM · $3.4M to $3.0M
      Mar 29, 2018 to Mar 29, 2019
    • Pension RAUM · $1.0M to $1.3M
      Mar 29, 2018 to Mar 29, 2019
    • RAUM · $282M to $307M
      Mar 29, 2018 to Mar 29, 2019
    • Accounts · 788 to 875
      Mar 27, 2017 to Mar 29, 2018
    • Advisory employees · 4 to 5
      Mar 27, 2017 to Mar 29, 2018
    • HNW clients · unset to 97.0
      Mar 27, 2017 to Mar 29, 2018
    Signals
    6 dated events
    • Jeffrey Todd Robbins left Next Generation Wealth Management, Inc. for Beacon Pointe Advisors, Llc (registered 2022-01-12)
      Mar 7, 2022 · Advisor changed firm · fact
    • Michael John Weil left Next Generation Wealth Management, Inc. for Beacon Pointe Advisors, Llc (registered 2022-01-20)
      Mar 7, 2022 · Advisor changed firm · fact
    • David Alan Massart left Next Generation Wealth Management, Inc. for Beacon Pointe Advisors, Llc (registered 2022-01-13)
      Mar 7, 2022 · Advisor changed firm · fact
    • Jeffrey William Kralovec left Next Generation Wealth Management, Inc. for Beacon Pointe Advisors, Llc (registered 2022-01-20)
      Mar 7, 2022 · Advisor changed firm · fact
    • Next Generation Wealth Management, Inc.'s advisors moved to Beacon Pointe Advisors, LLC (Milwaukee, WI): 4 of 4 registered, on the same day
      Mar 7, 2022 · Firm absorbed (people side) · derived
    • Next Generation Wealth Management, Inc. reported RAUM $459.3M, up 32% from $346.7M (2020-06-30 to 2021-03-29)
      Mar 29, 2021 · RAUM change · derived
    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