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
Truenorth Wealth
Legal name Association Financial Services Inc.
Latest filing Aug 22, 2026
First filing on the tape Apr 2, 2012 · 30 filings
SEC status approved since Oct 15, 2007
RAUM
$1.3B
reported, Item 5.F
Discretionary
12%
of RAUM
Private clients
84%
$1.1B individuals and HNW
Advisors
11
registered through the firm on IAPD
RAUM per advisor
$115M
derived; firm RAUM over IAPD count
Employees
19
10 advisory (5.B.1)
Offices
4
beyond the principal office
Private funds
0
reported on Schedule D
History
30 filings and snapshots on the tape
RAUM$1.3B as of Aug 22, 2026
Apr 2, 2012$157M then
HNW client RAUM$858M as of Aug 22, 2026
Feb 7, 2018$406M then
State-registered IARs (5.B.3)10 as of Aug 22, 2026
Apr 2, 20120 then
Employees (5.A)19 as of Aug 22, 2026
Mar 28, 20133 then
Private funds: no history
RAUM +18% over the last fiscal year+13% a year over threeIARs 7 to 10offices 3 to 4
Practice profile
derived from the filing of Aug 22, 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
- Planning-led practice · financial planning activity (5.G.1), at least 100 financial planning clients (5.H), and hourly, fixed or subscription compensation (5.E)
- Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
- RAUM per advisor
- $115MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 77derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.3MderivedHNW RAUM over HNW clients
- Average account
- $447,365derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 12%derivedof RAUM
- Institutional
- 0.5%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.7derivedItem 5.A over advisors
- Advisors per office
- 2.2derived5 offices incl. principal (1.F.5)
- RAUM growth, one year
- +18%derivedbetween the last two annual amendments
- Advisor growth, one year
- +43%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +3.2%derived
- Compensation
- percentage of assets, hourly, otherreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, publications, educational seminarsreportedItem 5.G
- Financial planning clients
- 1,005reportedItem 5.H
- Wrap fee program
- $1.1BreportedItem 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
- buys or sells securities as principal to or from clients (8.A.2)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$858M81%
- Individuals$201M19%
- Charitable organizations$5.7M0.5%
- Individual clients
- 584reported
- HNW clients
- 259reported
- Pension plan clients
- 0reported
- Charitable clients
- 11reported
- Accounts
- 2,829reported
- Financial planning clients
- 1,005reported
- Wrap fee programs
- $0 sponsored, $0 managedreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, hourlyreported
- Class basis
- private_client_share=0.84 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
11 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Martin Arthur WatkinsCertified Financial Planner | Murray, Ut | Jan 29, 2020 | 34 y | 2 |
| Jared Charles Empey | Murray, Ut | Jan 30, 2020 | 11 y | 1 |
| C Richard Hopkins | Murray, Ut | Jan 30, 2020 | 29 y | 1 |
| Samuel Martin Watkins | Murray, Ut | Jan 30, 2020 | 10 y | 1 |
| Richard Minda Lee | Boise, Id | Dec 7, 2020 | 20 y | 0 |
| Michael Davis EspinosaCertified Financial Planner | Salt Lake City, Ut | Mar 11, 2022 | 11 y | 2 |
| Thomas Allen Reed | San Francisco, Ca | Aug 1, 2023 | 12 y | 0 |
| Devon Duffy | Salt Lake City, Ut | Aug 20, 2025 | 13 y | 0 |
| Zachary Thomas Whitlock | Salt Lake City, Ut | Aug 25, 2025 | 11 y | 0 |
| Carter John Larsen | Salt Lake City, Ut | Oct 17, 2025 | 10 y | 0 |
| Jacob Matthew Watkins | Salt Lake City, Ut | Jun 1, 2026 | 10 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
- Jacob Ryan Shiffrin to Centura Wealth AdvisoryApr 25, 2025 · RIA to RIA
- Adam Michael Haynes to Albion Financial GroupFeb 24, 2022 · RIA to RIA
- Brett David Weston to Clarity Financial PlannersNov 8, 2021 · Other
- Anders Johnson Skagerberg to Dew Wealth ManagementDec 31, 2019 · RIA to RIA
- Stephen Andrew Fox to Fidelity Personal And Workplace AdvisorsApr 1, 2019 · RIA to affiliated broker-dealer or bank
- Trent L. Searle to Physician Wealth Advisors, Inc.Mar 31, 2017 · Other
- James Bryan Washburn to LPL Financial LLCJun 30, 2016 · Other
- William Bruce Miller to Arista Wealth Management, LLCJan 19, 2016 · Other
Joined, latest
- Michael Davis Espinosa from Soltis Investment Advisors, LLCMar 11, 2022 · RIA to RIA
- Stephen Andrew Fox from Strategic Advisers LLCMar 13, 2018 · Affiliated broker-dealer or bank to independent RIA
- James Bryan Washburn from Foresight Wealth Management, LLCMay 12, 2016 · Other
- Trent L. Searle from Physician Wealth Advisors, Inc.Jul 15, 2014 · Other
- Martin Arthur Watkins from Physician Wealth Advisors, Inc.Dec 11, 2006 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Mallory Adams-Faulkner · Chief Operations Officercontrolsince 08/2022 · owns less than 5%
- Charles Jared Empey · Chief Compliance Officercontrolsince 08/2022 · owns less than 5%
- Davis Michael Espinosa · Presidentcontrolsince 08/2022 · owns less than 5%
- Arthur Martin Watkins · Founder/Presidentcontrolsince 01/2019 · owns 75% or more
- Martin Samuel Watkins · Chief Executive Officercontrolsince 08/2022 · 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 |
|---|---|---|---|---|---|
| Salt Lake City, Ut · principal | 7 | 2 | 0 | ||
| Murray, Ut | 4 | 0 | 0 | ||
| San Diego, Ca | 0 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Boise, ID2 employees
- Logan, UT1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Aug 22, 2026WATKINS, MARTIN, ARTHUR (FOUNDER/PRESIDENT) left Schedule A between the filings of 2022-11-07 and 2026-08-22peers: independent wealth managers, $1B to $5B (1,360)
What changed
consecutive filings, newest first
- Accounts · 2,635 to 2,829Mar 23, 2025 to Mar 6, 2026
- Advisory employees · 7 to 10Mar 23, 2025 to Mar 6, 2026
- Charity clients · 10 to 11Mar 23, 2025 to Mar 6, 2026
- HNW clients · 219 to 259Mar 23, 2025 to Mar 6, 2026
- Individual clients · 598 to 584Mar 23, 2025 to Mar 6, 2026
- Employees · 17 to 19Mar 23, 2025 to Mar 6, 2026
- State-registered IARs · 7 to 10Mar 23, 2025 to Mar 6, 2026
- Other offices · 3 to 4Mar 23, 2025 to Mar 6, 2026
- Discretionary RAUM · $139M to $146MMar 23, 2025 to Mar 6, 2026
- HNW RAUM · $695M to $858MMar 23, 2025 to Mar 6, 2026
- Individual RAUM · $196M to $201MMar 23, 2025 to Mar 6, 2026
- Non-discretionary RAUM · $936M to $1.1BMar 23, 2025 to Mar 6, 2026
- RAUM · $1.1B to $1.3BMar 23, 2025 to Mar 6, 2026
- Accounts · 2,536 to 2,635Mar 19, 2024 to Mar 23, 2025
- Advisory employees · 8 to 7Mar 19, 2024 to Mar 23, 2025
- HNW clients · 198 to 219Mar 19, 2024 to Mar 23, 2025
- Individual clients · 594 to 598Mar 19, 2024 to Mar 23, 2025
- Financial planning clients · More than 500 to More than 500Mar 19, 2024 to Mar 23, 2025
- State-registered IARs · 8 to 7Mar 19, 2024 to Mar 23, 2025
- Discretionary RAUM · $0 to $139MMar 19, 2024 to Mar 23, 2025
- HNW RAUM · $595M to $695MMar 19, 2024 to Mar 23, 2025
- Individual RAUM · $184M to $196MMar 19, 2024 to Mar 23, 2025
- Non-discretionary RAUM · $1.0B to $936MMar 19, 2024 to Mar 23, 2025
- Pension RAUM · unset to 0.0Mar 19, 2024 to Mar 23, 2025
- Pooled vehicle RAUM · unset to 0.0Mar 19, 2024 to Mar 23, 2025
- RAUM · $1.0B to $1.1BMar 19, 2024 to Mar 23, 2025
- Accounts · 2,452 to 2,536Nov 29, 2023 to Mar 19, 2024
- Advisory employees · 6 to 8Nov 29, 2023 to Mar 19, 2024
- Charity clients · 11 to 10Nov 29, 2023 to Mar 19, 2024
- HNW clients · 173 to 198Nov 29, 2023 to Mar 19, 2024
- Individual clients · 570 to 594Nov 29, 2023 to Mar 19, 2024
- State-registered IARs · 6 to 8Nov 29, 2023 to Mar 19, 2024
- HNW RAUM · $490M to $595MNov 29, 2023 to Mar 19, 2024
- Individual RAUM · $155M to $184MNov 29, 2023 to Mar 19, 2024
- Non-discretionary RAUM · $880M to $1.0BNov 29, 2023 to Mar 19, 2024
- RAUM · $880M to $1.0BNov 29, 2023 to Mar 19, 2024
- Accounts · 2,381 to 2,452Jan 27, 2023 to Mar 30, 2023
- Charity clients · unset to 11.0Jan 27, 2023 to Mar 30, 2023
- HNW clients · 1,058 to 173Jan 27, 2023 to Mar 30, 2023
- Individual clients · 137 to 570Jan 27, 2023 to Mar 30, 2023
Signals
9 dated events
- Jacob Ryan Shiffrin left Truenorth Wealth for Centura Wealth Advisory (registered 2024-11-01)Apr 25, 2025 · Advisor changed firm · fact
- Truenorth Wealth reported RAUM $879.9M, up 35% from $652.6M (2023-01-27 to 2023-03-30)Mar 30, 2023 · RAUM change · derived
- Charles Jared Empey (Chief Compliance Officer) appeared on Schedule A of Truenorth WealthNov 7, 2022 · Control person joined · fact
- Davis Michael Espinosa (President) appeared on Schedule A of Truenorth WealthNov 7, 2022 · Control person joined · fact
- Mallory Adams-Edinborough (Chief Operations Officer) appeared on Schedule A of Truenorth WealthNov 7, 2022 · Control person joined · fact
- Joseph Griffin (Chief Executive Officer/Chief Compliance Officer) no longer on Schedule A of Truenorth Wealth (listed 2022-03-23, absent 2022-11-07)Nov 7, 2022 · Control person left · inference
- Truenorth Wealth reported RAUM $652.6M, up 32% from $493.4M (2021-04-12 to 2022-03-23)Mar 23, 2022 · RAUM change · derived
- Martin Samuel Watkins (Chief Investment Officer) appeared on Schedule A of Truenorth WealthMar 23, 2022 · Control person joined · fact
- Adam Michael Haynes left Truenorth Wealth for Albion Financial Group (registered 2023-03-30)Feb 24, 2022 · Advisor changed firm · fact
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
- 801-274-1820reportedpublished by the firm, firm site, Sep 17, 2026
- Firm profile
- linkedin.com/company/truenorthretirereportedpublic record, Form ADV, Sep 17, 2026
- Firm profile
- linkedin.com/company/truenorth-wealthreportedpublic record, Form ADV, Sep 17, 2026
- Website
- truenorthretire.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 801-274-1820reportedpublic record, Form ADV, Aug 22, 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
- $115Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026