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.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
SEC-registered adviser
N•••••• I•••
Latest filing Feb 4, 2026
First filing on the tape Nov 18, 2011 · 60 filings
SEC status approved since Jul 17, 2006
RAUM
$345M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$343M individuals and HNW
Advisors
12
registered through the firm on IAPD
RAUM per advisor
$28.7M
derived; firm RAUM over IAPD count
Employees
37
18 advisory (5.B.1)
Offices
3
beyond the principal office
Private funds
0
reported on Schedule D
History
60 filings and snapshots on the tape
RAUM$345M as of Feb 4, 2026
Jan 17, 2012$160M then
HNW client RAUM$223M as of Feb 4, 2026
Mar 30, 2018$58.0M then
State-registered IARs (5.B.3)18 as of Feb 4, 2026
Mar 21, 20136 then
Employees (5.A)37 as of Feb 4, 2026
Mar 21, 201313 then
Private funds: no history
RAUM -31% over the last fiscal year+5.0% a year over threeIARs 25 to 18offices 4 to 3
Practice profile
derived from the filing of Feb 4, 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
- Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
- RAUM per advisor
- $28.7MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 49derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.3MderivedHNW RAUM over HNW clients
- Average account
- $271,909derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 3.1derivedItem 5.A over advisors
- Advisors per office
- 3.0derived4 offices incl. principal (1.F.5)
- RAUM growth, one year
- -31%derivedbetween the last two annual amendments
- Advisor growth, one year
- -28%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -31%derived
- Compensation
- percentage of assets, hourly, fixed fees, subscription, otherreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, educational seminarsreportedItem 5.G
- Wrap fee program
- $345MreportedItem 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
- is an insurance broker or agent (6.A.6)
- 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$223M65%
- Individuals$121M35%
- Pension and profit-sharing plans$1.3M0.4%
- Individual clients
- 494reported
- HNW clients
- 96reported
- Pension plan clients
- n/areported
- Charitable clients
- 0reported
- Accounts
- 1,267reported
- Financial planning clients
- 1-10reported
- Wrap fee programs
- $0 sponsored, $0 managedreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
12 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| M••• W•••••• P•••••• | Minneapolis, Mn | Dec 9, 2013 | 31 y | 1 |
| K•••• M• D••••• | Bloomington, Mn | Jul 13, 2015 | 21 y | 1 |
| M•••••• T••••• P•••••• | Minneapolis, Mn | Aug 21, 2015 | 11 y | 0 |
| J••••• M•••••• E•••••• | Bloomington, Mn | Dec 23, 2015 | 13 y | 2 |
| T••••• D••••• S••••• | Bloomington, Mn | Feb 6, 2016 | 19 y | 2 |
| C•••••• D••••• E••••••••Certified Financial Planner | Minneapolis, Mn | Jan 2, 2018 | 21 y | 3 |
| R••••• J• L•••• | Minneapolis, Mn | Sep 6, 2018 | 30 y | 4 |
| D•••• J••• C•••••••••Certified Financial Planner | Minneapolis, Mn | Dec 1, 2020 | 10 y | 1 |
| D•••• E••••• P••••••• | Minneapolis, Mn | Jul 21, 2021 | 12 y | 2 |
| K••• J•••• O••••••••• | Minneapolis, Mn | Jun 7, 2022 | 14 y | 4 |
| D••••• J••••• C•••••••• | Seattle, Wa | Jan 23, 2023 | 21 y | 6 |
| N••••• D•••••• | Minneapolis, Mn | May 9, 2023 | 10 y | 0 |
Advisor movement
8 left, 0 joined in 12 months
net -8 in 12 months1 left in 90 days0 joined in 90 daysdeparture rate 67% of current headcount11 left over 36 months
Left, latest
- C•••• M•••••• G••••• to C•• C•••••••Jul 8, 2026 · RIA to a state-registered adviser
- M•••• M• H•••••• to E••••• J••••Jun 11, 2026 · RIA to affiliated broker-dealer or bank
- E••••• R••••• S••••• to C••••••••• W••••• A•••••••• L••Apr 7, 2026 · RIA to affiliated broker-dealer or bank
- L•••• R••• H•••• to J••• F•••••••• A•••••••• L••Feb 11, 2026 · RIA to RIA
- T•••••• T• H•••• to K••••• A••••••• S•••••••• L••Jan 22, 2026 · RIA to affiliated broker-dealer or bank
- B••••• M•••••• A•••• to C•••••• A•••• M••••••••• L••Nov 7, 2025 · RIA to RIA
- M••••• R•••• to F••••• I•••••••••Nov 7, 2025 · RIA to RIA
- K••• M•••••• B••••• to G••••••• W••••• A•••••••• L••Nov 7, 2025 · RIA to RIA
- J•••• S•••••• to S••••• R••••••••• S••••••••Jul 16, 2025 · RIA to a newly registered adviser
- J•••••• L••• A••••••••• to S••••• R••••••••• S••••••••Jul 16, 2025 · RIA to a newly registered adviser
- M•••••• L••• A••••••••• to S••••• R••••••••• S••••••••Jul 16, 2025 · RIA to a newly registered adviser
- B••••••• D••••• R•••• to T••••••• I••••••••• M••••••••• I•••Feb 24, 2020 · RIA to affiliated broker-dealer or bank
- J••••• D•••• D••••• to E••••• J••••Apr 4, 2017 · Other
- C•••••• D••••• E•••••••• to T••••••• I••••••••• M••••••••• I•••Sep 25, 2015 · Other
- M••• R•• C•••• to N••••• A•••••• S•••••••• I•••Aug 4, 2015 · Other
Joined, latest
- L•••• R••• H•••• from F••••Oct 31, 2024 · RIA to RIA
- M•••• M• H•••••• from R•• C•••••• M••••••• L••Jul 12, 2024 · Affiliated broker-dealer or bank to independent RIA
- C•••• M•••••• G••••• from N••••••••• M••••• I••••••••• S•••••••••Apr 5, 2024 · Other
- E••••• R••••• S••••• from C•••••• L••Feb 6, 2024 · RIA to RIA
- D••••• J••••• C•••••••• from H••••••• W••••• M••••••••• L••Jan 23, 2023 · RIA to RIA
- K••• J•••• O••••••••• from H••••••• W••••• M••••••••• L••Jun 7, 2022 · RIA to RIA
- J•••• S•••••• from M••••• O• O•••• I••••••• S•••••••• I•••Jan 24, 2022 · Other
- D•••• E••••• P••••••• from L•• F•••••••• L••Jul 21, 2021 · Affiliated broker-dealer or bank to independent RIA
- D•••• J••• C••••••••• from C••••••••• W••••• A•••••••• L••Dec 1, 2020 · Affiliated broker-dealer or bank to independent RIA
- R••••• J• L•••• from B•• H••••• F•••••••• A•••••••• I••Sep 6, 2018 · Affiliated broker-dealer or bank to independent RIA
- C•••••• D••••• E•••••••• from T••••••• I••••••••• M••••••••• I•••Jan 2, 2018 · Other
- J•••••• L••• A••••••••• from N••••• A•••••• S•••••••• I•••Feb 6, 2016 · Other
- T••••• D••••• S••••• from N••••• A•••••• S•••••••• I•••Feb 6, 2016 · Other
- M•••••• L••• A••••••••• from N••••• A•••••• S•••••••• I•••Dec 23, 2015 · Other
- J••••• M•••••• E•••••• from N••••• A•••••• S•••••••• I•••Dec 23, 2015 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 2 left for S••••• R••••••••• S••••••••Jul 16, 2025 · Minneapolis, Mn
- 4 joined from N••••• A•••••• S•••••••• I•••Dec 31, 2015 · Minneapolis, Mn · Firm absorbed
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- P••••••• M•••• W•••••• · President & Chief Compliance Officercontrolsince 02/2001 · owns 75% or more
Related persons
Schedule D 7.A
- N••••• A•••••• S•••••••• I•••investment advisery
- N••••• I•••••••• S•••••••• I•••real estaten
- N••••• T•• S••••••••• L••insurancen
Advisers that list N•••••• I••• as a related person
- 162340 n
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Minneapolis, Mn · principal | 12 | 0 | 8 | ||
| Bloomington, Mn | 3 | 0 | 0 | ||
| Bremerton, Wa | 0 | 0 | 0 | ||
| Bloomington, Il | 0 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Bloomington, MN3 employees
- Bloomington, IL2 employees
- , 1 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- account count collapseChange between filings · filing Feb 4, 2026accounts (Item 5.F.2.f) moved from 2,018.0 to 1,267.0 (-37.0%) between the annual amendments of 2025-03-31 and 2026-02-04; the peer median change was +5.0% (3687 comparable advisers, 4.0th percentile of changes)peers: independent wealth managers, $100M to $500M (3,687) · 4.3% percentile
- RAUM down 25 %Change between filings · filing Feb 4, 2026RAUM (Item 5.F) moved from $497,803,635 to $344,509,038 (-31.0%) between the annual amendments of 2025-03-31 and 2026-02-04; the peer median change was +15.0% (4550 comparable advisers, 1.0th percentile of changes)peers: independent wealth managers, $100M to $500M (4,550) · 1.3% percentile
What changed
consecutive filings, newest first
- Accounts · 2,018 to 1,267Sep 18, 2025 to Jan 13, 2026
- Advisory employees · 25 to 18Sep 18, 2025 to Jan 13, 2026
- HNW clients · 108 to 96Sep 18, 2025 to Jan 13, 2026
- Individual clients · 752 to 494Sep 18, 2025 to Jan 13, 2026
- Employees · 43 to 37Sep 18, 2025 to Jan 13, 2026
- State-registered IARs · 25 to 18Sep 18, 2025 to Jan 13, 2026
- Other offices · 4 to 3Sep 18, 2025 to Jan 13, 2026
- Discretionary RAUM · $498M to $345MSep 18, 2025 to Jan 13, 2026
- HNW RAUM · $258M to $223MSep 18, 2025 to Jan 13, 2026
- Individual RAUM · $237M to $121MSep 18, 2025 to Jan 13, 2026
- Pension RAUM · $2.5M to $1.3MSep 18, 2025 to Jan 13, 2026
- RAUM · $498M to $345MSep 18, 2025 to Jan 13, 2026
- Accounts · 1,942 to 2,018Oct 8, 2024 to Mar 31, 2025
- Advisory employees · 15 to 25Oct 8, 2024 to Mar 31, 2025
- HNW clients · 67 to 108Oct 8, 2024 to Mar 31, 2025
- Individual clients · 778 to 752Oct 8, 2024 to Mar 31, 2025
- Employees · 23 to 43Oct 8, 2024 to Mar 31, 2025
- Financial planning clients · 1-10 to 1-10Oct 8, 2024 to Mar 31, 2025
- State-registered IARs · 15 to 25Oct 8, 2024 to Mar 31, 2025
- Discretionary RAUM · $351M to $498MOct 8, 2024 to Mar 31, 2025
- HNW RAUM · $146M to $258MOct 8, 2024 to Mar 31, 2025
- Individual RAUM · $200M to $237MOct 8, 2024 to Mar 31, 2025
- Pension RAUM · $2.4M to $2.5MOct 8, 2024 to Mar 31, 2025
- RAUM · $351M to $498MOct 8, 2024 to Mar 31, 2025
- Other offices · 3 to 4Jun 4, 2024 to Jul 12, 2024
- Other offices · 2 to 3Mar 24, 2024 to Apr 5, 2024
- Accounts · 1,823 to 1,942Jan 18, 2024 to Mar 21, 2024
- Advisory employees · 13 to 15Jan 18, 2024 to Mar 21, 2024
- Corporate clients · 36 to 0Jan 18, 2024 to Mar 21, 2024
- HNW clients · 53 to 67Jan 18, 2024 to Mar 21, 2024
- Individual clients · 742 to 778Jan 18, 2024 to Mar 21, 2024
- Employees · 19 to 23Jan 18, 2024 to Mar 21, 2024
- State-registered IARs · 13 to 15Jan 18, 2024 to Mar 21, 2024
- Discretionary RAUM · $298M to $351MJan 18, 2024 to Mar 21, 2024
- HNW RAUM · $105M to $146MJan 18, 2024 to Mar 21, 2024
- Individual RAUM · $180M to $200MJan 18, 2024 to Mar 21, 2024
- Pension RAUM · $1.6M to $2.4MJan 18, 2024 to Mar 21, 2024
- RAUM · $298M to $351MJan 18, 2024 to Mar 21, 2024
- Accounts · 1,739 to 1,823Apr 26, 2022 to Mar 20, 2023
- Advisory employees · 12 to 13Apr 26, 2022 to Mar 20, 2023
Signals
17 dated events
- C•••• M•••••• G••••• left N•••••• I••• for C•• C••••••• (registered 2026-08-31)Jul 8, 2026 · a•••••• firm change · fact
- M•••• M• H•••••• left N•••••• I••• for E••••• J•••• (registered 2026-06-16)Jun 11, 2026 · a•••••• firm change · fact
- E••••• R••••• S••••• left N•••••• I••• for C••••••••• W••••• A•••••••• L•• (registered 2026-05-13)Apr 7, 2026 · a•••••• firm change · fact
- L•••• R••• H•••• left N•••••• I••• for J••• F•••••••• A•••••••• L•• (registered 2026-06-15)Feb 11, 2026 · a•••••• firm change · fact
- T•••••• T• H•••• left N•••••• I••• for K••••• A••••••• S•••••••• L•• (registered 2026-01-26)Jan 22, 2026 · a•••••• firm change · fact
- N•••••• I••• reported RAUM $344.5M, down 31% from $497.8M (2025-09-18 to 2026-01-13)Jan 13, 2026 · RAUM change · derived
- K••• M•••••• B••••• left N•••••• I••• for G••••••• W••••• A•••••••• L•• (registered 2026-01-14)Nov 7, 2025 · a•••••• firm change · fact
- M••••• R•••• left N•••••• I••• for F••••• I••••••••• (registered 2026-02-11)Nov 7, 2025 · a•••••• firm change · fact
- B••••• M•••••• A•••• left N•••••• I••• for C•••••• A•••• M••••••••• L•• (registered 2025-12-10)Nov 7, 2025 · a•••••• firm change · fact
- J•••• S•••••• left N•••••• I••• for S••••• R••••••••• S•••••••• (registered 2025-05-09)Jul 16, 2025 · a•••••• firm change · fact
- M•••••• L••• A••••••••• left N•••••• I••• for S••••• R••••••••• S•••••••• (registered 2025-05-09)Jul 16, 2025 · a•••••• firm change · fact
- J•••••• L••• A••••••••• left N•••••• I••• for S••••• R••••••••• S•••••••• (registered 2025-05-09)Jul 16, 2025 · a•••••• firm change · fact
- 2 advisors left N•••••• I••• (Minneapolis, MN) for S••••• R••••••••• S•••••••• on the same dayJul 16, 2025 · Team lift-out · derived
- N•••••• I••• reported 25 state-registered advisory representatives, up from 15 (2024-10-08 to 2025-03-31)Mar 31, 2025 · ria a•••••• headcount change · derived
- N•••••• I••• reported RAUM $497.8M, up 42% from $350.8M (2024-10-08 to 2025-03-31)Mar 31, 2025 · RAUM change · derived
- N•••••• I••• reported RAUM $370.0M, up 77% from $208.9M (2021-01-08 to 2021-03-03)Mar 3, 2021 · RAUM change · derived
- N•••••• I••• reported 12 state-registered advisory representatives, up from 2 (2019-01-11 to 2019-03-01)Mar 1, 2019 · ria a•••••• headcount 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
- Business phone
- 952-746-2006reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 952-746-2003reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/nepsis-capital-managementreportedpublic record, Form ADV, Sep 18, 2026
- Website
- nepsis.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 952-746-2003reportedpublic record, Form ADV, Feb 4, 2026
- Contact form
- nepsis.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- nepsis.com/our-teamreportedpublished by the firm, firm site, Sep 15, 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
- $28.7Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026