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

M Financial Asset Management, Inc.

Independent wealth managerPortland, OregonCRD 136694SEC 801-66320websiteIAPD
Latest filing Mar 31, 2026
First filing on the tape Mar 30, 2012 · 44 filings
SEC status approved since Feb 24, 2006
RAUM
$1.2B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
95%
$1.2B individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$412M
derived; firm RAUM over IAPD count
Employees
5
4 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
44 filings and snapshots on the tape
RAUM$1.2B as of Mar 31, 2026
Mar 30, 2012$318M then
HNW client RAUM$472M as of Mar 31, 2026
Mar 29, 2018$421M then
State-registered IARs (5.B.3)4 as of Mar 31, 2026
Mar 26, 20130 then
Employees (5.A)5 as of Mar 31, 2026
Mar 26, 20138 then
Private funds: no history
RAUM -18% over the last fiscal year+3.6% a year over threeIARs 4 to 4
Practice profile
derived from the filing of Mar 31, 2026; every figure names its basis
Archetypes, each a printed rule
RAUM per advisor
$412MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
332derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$13.5MderivedHNW RAUM over HNW clients
Average account
$617,934derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.8%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.7derivedItem 5.A over advisors
Advisors per office
1.5derived2 offices incl. principal (1.F.5)
RAUM growth, one year
-18%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
-56%derived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, selection of other advisers, publications, educational seminarsreportedItem 5.G
Wrap fee program
$386MreportedItem 5.I
Ownership
controlled by a public reporting companyderived
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)
  • compensates persons for client referrals (8.G.1)
  • compensates non-employees for client referrals (8.G.2)
  • controlled by a public reporting company (10.A)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Individuals$701M57%
  • High-net-worth individuals$472M38%
  • Corporations and businesses$51.9M4.2%
  • Pension and profit-sharing plans$8.9M0.7%
  • Charitable organizations$380,8070.0%
Individual clients
960reported
HNW clients
35reported
Pension plan clients
7reported
Charitable clients
2reported
Accounts
1,998reported
Financial planning clients
0reported
Wrap fee programs
$0 sponsored, $0 managedreported
Custody of client assets
noreported
Compensation
% of AUMreported
Class basis
private_client_share=0.95 fund_share=0.0 institutional_share=0.01 related_bd=true related_bank=false bd_reps=3.0derived
Advisors registered through the firm
3 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
John Hogan WendlandPortland, OrOct 5, 202210 y1
Nathan Allan PerryChartered Financial AnalystDallas, Tx Sep 27, 202326 y2
Jamie AlwordenDallas, Tx May 7, 202414 y1
Advisor movement
1 left, 0 joined in 12 months
net -1 in 12 months1 left in 90 days0 joined in 90 daysdeparture rate 33% of current headcount2 left over 36 months
Left, latest
Joined, latest
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Dorsey Brittany Grambo · Treasurercontrol
    since 07/2011 · owns less than 5%
  • Robert David Lees · Secretarycontrol
    since 03/2016 · owns less than 5%
  • Patrick Robert Olson · Presidentcontrol
    since 03/2024 · owns less than 5%
  • Charles Steven Ludwig · Chief Compliance Officer
    since 10/2023 · owns less than 5%
Entity owners
  • M Financial Holdings Incorporated · Shareholder
    direct · owns 75% or more
Related persons
Schedule D 7.A
Advisers that list M Financial Asset Management, Inc. as a related person
Office movement
IAPD branch city; joins and departures in 12 months
OfficeAdvisorsJoinedLeftTeams outForming
Portland, Or · principal301
Dallas, Tx200
Offices
Schedule D 1.F, the 25 largest
  • Dallas, TX3 employees
ADV anomalies
5 against comparable advisers; where to look, not conclusions
  • clients down average size upCombination · filing Mar 31, 2026
    private clients fell 20 percent or more while RAUM per client rose 30 percent or more: a move up-market or the departure of small accounts. RAUM $1,499,627,378 to $1,234,631,893, advisors 4 to 4, private clients 2258 to 995, offices 1 to 1 (2025-03-28 to 2026-03-31)
    peers: independent wealth managers, $1B to $5B (1,360)
  • client count collapseChange between filings · filing Mar 31, 2026
    individual and HNW clients (Item 5.D) moved from 2,258.0 to 995.0 (-56.0%) between the annual amendments of 2025-03-28 and 2026-03-31; the peer median change was +5.0% (1132 comparable advisers, 1.0th percentile of changes)
    peers: independent wealth managers, $1B to $5B (1,132) · 0.9% percentile
  • control person changedChange between filings · filing Mar 31, 2026
    Grambo, Brittany, Dorsey (TREASURER) appeared on Schedule A between the filings of 2024-03-30 and 2026-03-31
    peers: independent wealth managers, $1B to $5B (1,360)
  • custody status changedChange between filings · filing Mar 31, 2026
    custody of client assets (Item 9.A): yes on the filing of 2025-12-17, no on the filing of 2026-03-31
    peers: independent wealth managers, $1B to $5B (1,360)
  • HNW share shiftChange between filings · filing Mar 31, 2026
    HNW share of RAUM moved from 57.0% to 38.0% between the annual amendments of 2025-03-28 and 2026-03-31
    peers: independent wealth managers, $1B to $5B (1,360)
How anomalies are measured
What changed
consecutive filings, newest first
  • Accounts · 2,305 to 1,998
    Dec 17, 2025 to Mar 31, 2026
  • Advisory employees · 5 to 4
    Dec 17, 2025 to Mar 31, 2026
  • Charity clients · 4 to 2
    Dec 17, 2025 to Mar 31, 2026
  • Corporate clients · 23 to 17
    Dec 17, 2025 to Mar 31, 2026
  • HNW clients · 265 to 35
    Dec 17, 2025 to Mar 31, 2026
  • Individual clients · 1,993 to 960
    Dec 17, 2025 to Mar 31, 2026
  • Pension plan clients · 20 to 7
    Dec 17, 2025 to Mar 31, 2026
  • Assets in custody · 33834633.0 to unset
    Dec 17, 2025 to Mar 31, 2026
  • Custody of client assets · true to false
    Dec 17, 2025 to Mar 31, 2026
  • Discretionary RAUM · $1.5B to $1.2B
    Dec 17, 2025 to Mar 31, 2026
  • HNW RAUM · $861M to $472M
    Dec 17, 2025 to Mar 31, 2026
  • Individual RAUM · $475M to $701M
    Dec 17, 2025 to Mar 31, 2026
  • Pension RAUM · $119M to $8.9M
    Dec 17, 2025 to Mar 31, 2026
  • RAUM · $1.5B to $1.2B
    Dec 17, 2025 to Mar 31, 2026
  • Financial planning clients · 0 to 0
    Mar 28, 2025 to Oct 2, 2025
  • Accounts · 2,489 to 2,305
    Nov 18, 2024 to Mar 28, 2025
  • BD registered reps · 2 to 3
    Nov 18, 2024 to Mar 28, 2025
  • Charity clients · 9 to 4
    Nov 18, 2024 to Mar 28, 2025
  • Corporate clients · 25 to 23
    Nov 18, 2024 to Mar 28, 2025
  • HNW clients · 205 to 265
    Nov 18, 2024 to Mar 28, 2025
  • Individual clients · 1,260 to 1,993
    Nov 18, 2024 to Mar 28, 2025
  • Pension plan clients · 14 to 20
    Nov 18, 2024 to Mar 28, 2025
  • Assets in custody · $25.9M to $33.8M
    Nov 18, 2024 to Mar 28, 2025
  • State-registered IARs · 3 to 4
    Nov 18, 2024 to Mar 28, 2025
  • Discretionary RAUM · $1.3B to $1.5B
    Nov 18, 2024 to Mar 28, 2025
  • HNW RAUM · $742M to $861M
    Nov 18, 2024 to Mar 28, 2025
  • Individual RAUM · $417M to $475M
    Nov 18, 2024 to Mar 28, 2025
  • Non-discretionary RAUM · $712,418 to $0
    Nov 18, 2024 to Mar 28, 2025
  • Pension RAUM · $14.1M to $119M
    Nov 18, 2024 to Mar 28, 2025
  • RAUM · $1.3B to $1.5B
    Nov 18, 2024 to Mar 28, 2025
  • Corporate clients · 15 to 25
    Nov 2, 2023 to Mar 30, 2024
  • HNW clients · 553 to 205
    Nov 2, 2023 to Mar 30, 2024
  • Individual clients · 1,974 to 1,260
    Nov 2, 2023 to Mar 30, 2024
  • Pension plan clients · 30 to 14
    Nov 2, 2023 to Mar 30, 2024
  • Assets in custody · $5.9M to $25.9M
    Nov 2, 2023 to Mar 30, 2024
  • Other offices · 0 to 1
    Nov 2, 2023 to Mar 30, 2024
  • Discretionary RAUM · $1.1B to $1.3B
    Nov 2, 2023 to Mar 30, 2024
  • HNW RAUM · $658M to $742M
    Nov 2, 2023 to Mar 30, 2024
  • Individual RAUM · $354M to $417M
    Nov 2, 2023 to Mar 30, 2024
  • Non-discretionary RAUM · $1.2M to $712,418
    Nov 2, 2023 to Mar 30, 2024
Signals
20 dated events
  • Erik Bjorvik left M Financial Asset Management, Inc. for M Holdings Securities, Inc. (registered 2010-06-07)
    Apr 12, 2024 · Advisor changed firm · fact
  • Jon Erik Bjorvik (President) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2023-11-02, absent 2024-03-30)
    Mar 30, 2024 · Control person left · inference
  • Patrick Robert Olson (President) appeared on Schedule A of M Financial Asset Management, Inc.
    Mar 30, 2024 · Control person joined · fact
  • K Bryan Jacobsen (Chief Compliance Officer) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2023-06-26, absent 2023-11-01)
    Nov 1, 2023 · Control person left · inference
  • K Bryan Jacobsen (Chief Compliance Officer) appeared on Schedule A of M Financial Asset Management, Inc.
    Jun 26, 2023 · Control person joined · fact
  • Anne Elizabeth Legacy (Chief Compliance Officer) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2023-03-31, absent 2023-06-26)
    Jun 26, 2023 · Control person left · inference
  • Brian Thomas Murphy left M Financial Asset Management, Inc. for Morgan Stanley (registered 2023-06-29)
    Jun 12, 2023 · Advisor changed firm · fact
  • Elizabeth Legacy left M Financial Asset Management, Inc. for Cuso Financial Services, L.P. (registered 2023-06-02)
    May 22, 2023 · Advisor changed firm · fact
  • Antonio Carter left M Financial Asset Management, Inc. for Principal Securities, Inc. (registered 2023-05-19)
    Apr 27, 2023 · Advisor changed firm · fact
  • William Casey Dougherty (Chief Compliance Officer) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2022-12-12, absent 2023-01-19)
    Jan 19, 2023 · Control person left · inference
  • Jason C Kronstad left M Financial Asset Management, Inc. for Mercer Global Advisors Inc. (registered 2024-06-07)
    Oct 14, 2022 · Advisor changed firm · fact
  • Bolch Valerie Rachelle Pimenta (Vice President) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2022-04-13, absent 2022-07-07)
    Jul 7, 2022 · Control person left · inference
  • Anne Elizabeth Legacy (Senior Director Compliance) appeared on Schedule A of M Financial Asset Management, Inc.
    Jul 7, 2022 · Control person joined · fact
  • Mary Bridget Mcnamara-Fenesy (President) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2022-03-30, absent 2022-04-13)
    Apr 13, 2022 · Control person left · inference
  • Bolch Valerie Rachelle Pimenta (Vice President) appeared on Schedule A of M Financial Asset Management, Inc.
    Apr 16, 2021 · Control person joined · fact
  • Ellen Jill Ehret (Chief Compliance Officer) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2020-03-30, absent 2020-06-04)
    Jun 4, 2020 · Control person left · inference
  • William Casey Dougherty (Chief Compliance Officer) appeared on Schedule A of M Financial Asset Management, Inc.
    Jun 4, 2020 · Control person joined · fact
  • Constantine Pelos (Chief Compliance Officer) no longer on Schedule A of M Financial Asset Management, Inc. (listed 2019-04-16, absent 2019-10-07)
    Oct 7, 2019 · Control person left · inference
  • Ellen Jill Ehret (Chief Compliance Officer) appeared on Schedule A of M Financial Asset Management, Inc.
    Oct 7, 2019 · Control person joined · fact
  • M Financial Asset Management, Inc. reported RAUM $978.4M, up 29% from $755.6M (2017-11-01 to 2018-03-29)
    Mar 29, 2018 · 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.
How to reach
public business contact points only, each with its source
Firm profile
linkedin.com/company/m-financial-groupreportedpublic record, Form ADV, Sep 17, 2026
Website
mfin.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone
503-232-6960reportedpublic record, Form ADV, Mar 31, 2026
Contact form
mfin.com/contact-usreportedpublished by the firm, firm site, Sep 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
Independent wealth managerderiveda rule over Items 5.D and 7.A
RAUM per advisor
$412Mderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026