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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Former SEC-registered adviser
B•• F•••••••• A•••••••• L••
Latest filing Mar 21, 2023
First filing on the tape Mar 9, 2012 · 28 filings
RAUM
$388M
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
100%
$386M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
10
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
28 filings and snapshots on the tape
RAUM$388M as of Feb 21, 2023
Mar 9, 2012$66.3M then
HNW client RAUM$196M as of Feb 21, 2023
Mar 12, 2018$87.0M then
State-registered IARs (5.B.3)4 as of Feb 21, 2023
Mar 9, 20120 then
Employees (5.A)10 as of Feb 21, 2023
Mar 6, 20152 then
Private funds: no history
RAUM -5.4% over the last fiscal year+12% a year over threeIARs 4 to 4
Practice profile
derived from the filing of Mar 21, 2023; every figure names its basis
- RAUM per advisor
- $97.0MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 248derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.1MderivedHNW RAUM over HNW clients
- Average account
- $169,279derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 0.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.5derivedItem 5.A over advisors
- Advisors per office
- 4.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -5.4%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +4.4%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
- 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$196M51%
- Individuals$190M49%
- Charitable organizations$1.5M0.4%
- Corporations and businesses$347,2600.1%
- Individual clients
- 818reported
- HNW clients
- 172reported
- Pension plan clients
- n/areported
- Charitable clients
- 5reported
- Accounts
- 2,292reported
- Financial planning clients
- 0reported
- 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
Left, latest
- N•••••••• A•••• S•••••• to S•••••••• F••••••••• I•••Nov 9, 2023 · RIA to affiliated broker-dealer or bank
- J•••••• D•••••• A•• to L•• F•••••••• L••Nov 9, 2023 · RIA to affiliated broker-dealer or bank
- D•••••• A•••• M•••• to S•••••••• F••••••••• I•••Nov 9, 2023 · Other
- H••• T••••• B•••• to S•••••••• F••••••••• I•••Nov 9, 2023 · Other
- M••••••• J••• S•••••••• to S•••••••• F••••••••• I•••Mar 9, 2009 · Other
Joined, latest
- N•••••••• A•••• S•••••• from W••••••• F•••••••• S•••••••• I•••Oct 5, 2020 · Affiliated broker-dealer or bank to independent RIA
- J•••••• D•••••• A•• from S•••••••• F••••••••• I•••Jul 28, 2016 · Other
- M••••••• J••• S•••••••• from S••••••••• S••••••••• I•••Apr 28, 2005 · Other
- D•••••• A•••• M•••• from S••••••••• S••••••••• I•••Apr 28, 2005 · Other
- H••• T••••• B•••• from S••••••••• S••••••••• I•••Apr 28, 2005 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 3 left for S•••••••• F••••••••• I•••Nov 9, 2023 · Rapid City, Sd · Firm absorbed
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- B••••• H•••• T••••• · Ceo/Managing Membercontrolsince 02/2005 · owns 50% to 75%
- M••••• D••••••• A•••• · President/Managing Member/Chief Compliance Officercontrolsince 02/2005 · owns 50% to 75%
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 |
|---|---|---|---|---|---|
| Rapid City, Sd · principal | 0 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 2,110 to 2,292Dec 8, 2022 to Feb 21, 2023
- HNW clients · 127 to 172Dec 8, 2022 to Feb 21, 2023
- Individual clients · 821 to 818Dec 8, 2022 to Feb 21, 2023
- Employees · 11 to 10Dec 8, 2022 to Feb 21, 2023
- Discretionary RAUM · $402M to $382MDec 8, 2022 to Feb 21, 2023
- HNW RAUM · $199M to $196MDec 8, 2022 to Feb 21, 2023
- Individual RAUM · $209M to $190MDec 8, 2022 to Feb 21, 2023
- Non-discretionary RAUM · $7.7M to $6.2MDec 8, 2022 to Feb 21, 2023
- RAUM · $410M to $388MDec 8, 2022 to Feb 21, 2023
- Accounts · 1,766 to 2,110Sep 30, 2021 to Mar 4, 2022
- HNW clients · 110 to 127Sep 30, 2021 to Mar 4, 2022
- Individual clients · 720 to 821Sep 30, 2021 to Mar 4, 2022
- Employees · 7 to 11Sep 30, 2021 to Mar 4, 2022
- Financial planning clients · 1-10 to 0Sep 30, 2021 to Mar 4, 2022
- Discretionary RAUM · $331M to $402MSep 30, 2021 to Mar 4, 2022
- HNW RAUM · $153M to $199MSep 30, 2021 to Mar 4, 2022
- Individual RAUM · $184M to $209MSep 30, 2021 to Mar 4, 2022
- Non-discretionary RAUM · $8.8M to $7.7MSep 30, 2021 to Mar 4, 2022
- RAUM · $340M to $410MSep 30, 2021 to Mar 4, 2022
- Accounts · 1,554 to 1,766Jun 11, 2020 to Mar 4, 2021
- Advisory employees · 3 to 4Jun 11, 2020 to Mar 4, 2021
- Advisory activities · 5 to 4Jun 11, 2020 to Mar 4, 2021
- BD registered reps · 3 to 4Jun 11, 2020 to Mar 4, 2021
- HNW clients · 67 to 110Jun 11, 2020 to Mar 4, 2021
- Individual clients · 677 to 720Jun 11, 2020 to Mar 4, 2021
- Employees · 9 to 7Jun 11, 2020 to Mar 4, 2021
- Financial planning clients · 0 to 1-10Jun 11, 2020 to Mar 4, 2021
- State-registered IARs · 3 to 4Jun 11, 2020 to Mar 4, 2021
- Discretionary RAUM · $266M to $331MJun 11, 2020 to Mar 4, 2021
- HNW RAUM · $106M to $153MJun 11, 2020 to Mar 4, 2021
- Individual RAUM · $167M to $184MJun 11, 2020 to Mar 4, 2021
- Non-discretionary RAUM · $9.7M to $8.8MJun 11, 2020 to Mar 4, 2021
- RAUM · $276M to $340MJun 11, 2020 to Mar 4, 2021
- Advisory activities · 4 to 5Mar 18, 2020 to Mar 31, 2020
- Accounts · 1,415 to 1,554Jul 17, 2019 to Mar 18, 2020
- Advisory activities · 5 to 4Jul 17, 2019 to Mar 18, 2020
- HNW clients · 65 to 67Jul 17, 2019 to Mar 18, 2020
- Individual clients · 621 to 677Jul 17, 2019 to Mar 18, 2020
- Financial planning clients · 1-10 to 0Jul 17, 2019 to Mar 18, 2020
- Discretionary RAUM · $216M to $266MJul 17, 2019 to Mar 18, 2020
Signals
6 dated events
- D•••••• A•••• M•••• left B•• F•••••••• A•••••••• L•• for S•••••••• F••••••••• I••• (registered 2005-10-31)Nov 9, 2023 · Advisor changed firm · fact
- H••• T••••• B•••• left B•• F•••••••• A•••••••• L•• for S•••••••• F••••••••• I••• (registered 2005-10-31)Nov 9, 2023 · Advisor changed firm · fact
- J•••••• D•••••• A•• left B•• F•••••••• A•••••••• L•• for L•• F•••••••• L•• (registered 2023-09-11)Nov 9, 2023 · Advisor changed firm · fact
- N•••••••• A•••• S•••••• left B•• F•••••••• A•••••••• L•• for S•••••••• F••••••••• I••• (registered 2021-03-29)Nov 9, 2023 · Advisor changed firm · fact
- B•• F•••••••• A•••••••• L••'s advisors moved to S•••••••• F••••••••• I••• (Rapid City, SD): 3 of 4 registered, on the same dayNov 9, 2023 · Firm absorbed (people side) · derived
- B•• F•••••••• A•••••••• L•• filed its initial SEC registration (Form ADV)Mar 27, 2014 · First SEC registration · 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