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
Z•••••••• I••••••••• G••••
Legal name Z•••••••• I••••••••• G••••• L••
Latest filing Sep 1, 2026
First filing on the tape Mar 30, 2012 · 26 filings
SEC status approved since Jan 3, 2006
RAUM
$2.2B
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
95%
$2.1B individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$542M
derived; firm RAUM over IAPD count
Employees
15
6 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
26 filings and snapshots on the tape
RAUM$2.2B as of Mar 30, 2026
Mar 30, 2012$480M then
HNW client RAUM$2.0B as of Mar 30, 2026
Mar 31, 2018$674M then
State-registered IARs (5.B.3)4 as of Mar 30, 2026
Mar 30, 20120 then
Employees (5.A)15 as of Mar 30, 2026
Apr 1, 201310 then
Private funds1 as of Mar 30, 2026
Mar 30, 20121 then
RAUM +14% over the last fiscal year+20% a year over threeIARs 4 to 4
Practice profile
derived from the filing of Sep 1, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $542MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 106derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $7.5MderivedHNW RAUM over HNW clients
- Average account
- $1.5MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 0.9%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 3.8derivedItem 5.A over advisors
- Advisors per office
- 4.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +14%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +6.5%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for pooled vehicles, selection of other advisers, publicationsreportedItem 5.G
- Custody
- $65.3M, 6 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$2.0B92%
- Pooled investment vehicles$86.3M4.0%
- Individuals$64.9M3.0%
- Charitable organizations$15.7M0.7%
- Corporations and businesses$8.7M0.4%
- Pension and profit-sharing plans$4.0M0.2%
- Individual clients
- 159reported
- HNW clients
- 266reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 1,463reported
- Financial planning clients
- 251-500reported
- Wrap fee programs
- noreported
- Custody of client assets
- $65.3M for 6 clientsreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.95 fund_share=0.04 institutional_share=0.01 related_bd= related_bank= bd_reps=0.0derived
Advisors registered through the firm
4 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| D••••• R••• Z••••••••Chartered Financial Analyst | Chicago, Il | Apr 16, 2013 | 21 y | 0 |
| M•••••• P• F•••••••• | Chicago, Il | Mar 28, 2019 | 21 y | 0 |
| K•••• R••••• S•••••••Chartered Financial Analyst | Chicago, Il | Apr 5, 2019 | 21 y | 0 |
| W•••••• H••••• E•••• | Chicago, Il | Dec 11, 2019 | 27 y | 0 |
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
- D••• C•••• to N•••• S••• I••••••••• M••••••••• C•••••••••Feb 27, 2025 · RIA to RIA
- T•••••• R•••••• S••••••• to J•• F•••••••• G•••• L••May 10, 2019 · RIA to RIA
Joined, latest
none on the tape
Private funds
2 reported on Schedule D 7.B.(1)
Owners and control persons
Schedule A and B, latest filing
- F••••••••• M••••••• P• · Partnercontrolsince 01/2022 · owns 10% to 25%
- Z••••••••• D•••••• R••• · Ceo & Chief Compliance Officer Unitholder Unitholdercontrolsince 03/2018 · owns less than 5%
- Z••••••••• S••••••• A•••• · Chairmancontrolsince 03/2018 · owns less than 5%
- Z••••••••• D•••••• R••• · Managercontrolsince 03/2018 · owns F of Z•• H••••••• L••
- Z••••••••• D•••••• R••• · Sole Trusteecontrolsince 02/2010 · owns F of D••••• R• Z•••••••• R••• T••••
- Z••••••••• S••••••• A•••• · Managercontrolsince 01/2018 · owns F of Z•• H••••••• L••
Entity owners
- D••••• R• Z•••••••• R••• T•••• · Class B Unitholderdirect · owns 25% to 50%
- Z•• H••••••• L•• · Manager, Class A Unitholderdirect · owns 50% to 75%
- D••••• R• Z•••••••• R••• T•••• · Class A Unitholder, Class B Unitholderindirect · owns 25% to 50% of Z•• H••••••• L••
- D••••• Z•••••••• F••••• T•••• · Class Bdirect · owns 10% to 25%
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 |
|---|---|---|---|---|---|
| Chicago, Il · principal | 4 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Sep 1, 2026Z••••••••• S••••••• A•••• (MANAGER) left Schedule A between the filings of 2022-03-31 and 2026-09-01peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Sep 1, 2026F••••••••• M••••••• P• (PARTNER) left Schedule A between the filings of 2022-03-31 and 2026-09-01peers: independent wealth managers, $1B to $5B (1,362)
What changed
consecutive filings, newest first
- Financial planning clients · 251-500 to 251-500Mar 30, 2026 to Sep 1, 2026
- Private funds · 1 to unsetMar 30, 2026 to Sep 1, 2026
- Related adviser · false to unsetMar 30, 2026 to Sep 1, 2026
- Related bank · false to unsetMar 30, 2026 to Sep 1, 2026
- Related broker-dealer · false to unsetMar 30, 2026 to Sep 1, 2026
- Related insurance company · false to unsetMar 30, 2026 to Sep 1, 2026
- Succession · false to unsetMar 30, 2026 to Sep 1, 2026
- Accounts · 1,369 to 1,463Mar 28, 2025 to Mar 30, 2026
- Advisory employees · 7 to 6Mar 28, 2025 to Mar 30, 2026
- Corporate clients · 5.0 to unsetMar 28, 2025 to Mar 30, 2026
- HNW clients · 241 to 266Mar 28, 2025 to Mar 30, 2026
- Individual clients · 158 to 159Mar 28, 2025 to Mar 30, 2026
- Pooled vehicle clients · 18 to 14Mar 28, 2025 to Mar 30, 2026
- Assets in custody · $52.9M to $65.3MMar 28, 2025 to Mar 30, 2026
- Employees · 20 to 15Mar 28, 2025 to Mar 30, 2026
- Discretionary RAUM · $1.8B to $2.1BMar 28, 2025 to Mar 30, 2026
- HNW RAUM · $1.6B to $2.0BMar 28, 2025 to Mar 30, 2026
- Individual RAUM · $51.5M to $64.9MMar 28, 2025 to Mar 30, 2026
- Non-discretionary RAUM · $146M to $49.0MMar 28, 2025 to Mar 30, 2026
- Pension RAUM · $6.4M to $4.0MMar 28, 2025 to Mar 30, 2026
- Pooled vehicle RAUM · $210M to $86.3MMar 28, 2025 to Mar 30, 2026
- RAUM · $1.9B to $2.2BMar 28, 2025 to Mar 30, 2026
- Accounts · 1,273 to 1,369Mar 28, 2024 to Mar 28, 2025
- Advisory employees · 8 to 7Mar 28, 2024 to Mar 28, 2025
- Charity clients · 5.0 to unsetMar 28, 2024 to Mar 28, 2025
- Corporate clients · unset to 5.0Mar 28, 2024 to Mar 28, 2025
- HNW clients · 261 to 241Mar 28, 2024 to Mar 28, 2025
- Individual clients · 107 to 158Mar 28, 2024 to Mar 28, 2025
- Assets in custody · $38.3M to $52.9MMar 28, 2024 to Mar 28, 2025
- Employees · 18 to 20Mar 28, 2024 to Mar 28, 2025
- Financial planning clients · 251-500 to 251-500Mar 28, 2024 to Mar 28, 2025
- State-registered IARs · 6 to 4Mar 28, 2024 to Mar 28, 2025
- Discretionary RAUM · $1.4B to $1.8BMar 28, 2024 to Mar 28, 2025
- HNW RAUM · $1.3B to $1.6BMar 28, 2024 to Mar 28, 2025
- Individual RAUM · $36.0M to $51.5MMar 28, 2024 to Mar 28, 2025
- Non-discretionary RAUM · $93.6M to $146MMar 28, 2024 to Mar 28, 2025
- Pension RAUM · $4.9M to $6.4MMar 28, 2024 to Mar 28, 2025
- Pooled vehicle RAUM · $173M to $210MMar 28, 2024 to Mar 28, 2025
- RAUM · $1.5B to $1.9BMar 28, 2024 to Mar 28, 2025
- Accounts · 1,185 to 1,273Mar 29, 2023 to Mar 28, 2024
Signals
6 dated events
- D••• C•••• left Z•••••••• I••••••••• G•••• for N•••• S••• I••••••••• M••••••••• C••••••••• (registered 2025-03-03)Feb 27, 2025 · Advisor changed firm · fact
- P Michael Fisherman (Partner) appeared on Schedule A of Z•••••••• I••••••••• G••••Mar 31, 2022 · Control person joined · fact
- L•••••• K•••• P••••• (Chief Compliance Officer) no longer on Schedule A of Z•••••••• I••••••••• G•••• (listed 2021-03-31, absent 2021-08-13)Aug 13, 2021 · Control person left · inference
- L•••••• K•••• P••••• (Chief Compliance Officer) appeared on Schedule A of Z•••••••• I••••••••• G••••Jul 8, 2019 · Control person joined · fact
- Cory Evan Lieberman (Chief Compliance Officer) no longer on Schedule A of Z•••••••• I••••••••• G•••• (listed 2019-03-29, absent 2019-07-08)Jul 8, 2019 · Control person left · inference
- Z•••••••• I••••••••• G•••• reported succeeding to the business of Another Adviser (Form ADV Item 4)Jan 30, 2018 · Succession (Item 4) · fact
Across DFX
shared identifiers only, never a name match
- Z•••••••• I••••••••• G•••• · Independent Sponsorsshared crd · capital_provider
- Z•••••••• I••••••••• G•••• · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Business phone
- 312-948-8000reportedpublished by the firm, firm site, Sep 16, 2026
- Website
- H••••://Z••••••••INVESTMENTGROUP.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 312-948-8000reportedpublic record, Form ADV, Sep 1, 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
- $542Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026