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
Kruse Asset Management, LLC
Latest filing Mar 26, 2026
First filing on the tape Jul 29, 2024 · 3 filings
SEC status approved since Apr 8, 2025
RAUM
$146M
reported, Item 5.F
Discretionary
83%
of RAUM
Private clients
98%
$143M individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$48.7M
derived; firm RAUM over IAPD count
Employees
2
2 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
2
reported on Schedule D
History
3 filings and snapshots on the tape
RAUM$146M as of Mar 26, 2026
Mar 30, 2025$137M then
HNW client RAUM$105M as of Mar 26, 2026
Mar 30, 2025$101M then
State-registered IARs (5.B.3)2 as of Mar 26, 2026
Mar 30, 20252 then
Employees (5.A)2 as of Mar 26, 2026
Mar 30, 20252 then
Private funds2 as of Mar 26, 2026
Mar 30, 20252 then
RAUM +6.7% over the last fiscal yearIARs 2 to 2
Practice profile
derived from the filing of Mar 26, 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
- 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
- RIA with private funds · a wealth manager (private-client share at least 50 percent) that reports at least one private fund on Schedule D 7.B.(1)
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $48.7MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 62derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.0MderivedHNW RAUM over HNW clients
- Average account
- $281,696derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 83%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 0.7derivedItem 5.A over advisors
- Advisors per office
- 3.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +6.7%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +1.6%derived
- Compensation
- percentage of assets, hourly, fixed fees, performance-based, commissionsreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, selection of other advisers, publications, educational seminarsreportedItem 5.G
- Wrap fee program
- $6.1MreportedItem 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)
- has discretionary authority over which securities are bought or sold (8.C.1)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$105M72%
- Individuals$38.4M26%
- Investment companies$3.0M2.1%
- Individual clients
- 152reported
- HNW clients
- 35reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 519reported
- Financial planning clients
- 101-250reported
- Wrap fee programs
- $0 sponsored, $0 managedreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, hourly, performance, commissionsreported
- Class basis
- private_client_share=0.98 fund_share=0.02 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
3 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Joseph Stuart KruseChartered Financial Analyst | Chicago, Il | Mar 26, 2007 | 26 y | 1 |
| John Michael BrickChartered Financial Analyst | Chicago, Il | Feb 25, 2021 | 11 y | 1 |
| Al F Devji | Chicago, Il | Nov 17, 2025 | 24 y | 4 |
Advisor movement
0 left, 1 joined in 12 months
net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- Mark Axmacher to Ameriprise Financial Services, LLCFeb 10, 2020 · RIA to affiliated broker-dealer or bank
- Kurt Winiecki to Winiecki Wealth ManagementFeb 14, 2011 · RIA to a state-registered adviser
Joined, latest
- Al F Devji from Kestra Advisory Services, LLCNov 17, 2025 · Affiliated broker-dealer or bank to independent RIA
- John Michael Brick from Altman AdvisorsFeb 25, 2021 · RIA to RIA
- Mark Axmacher from Peachcap Tax & Advisory, LLCAug 9, 2018 · RIA to RIA
- Kurt Winiecki from Merrill Lynch, Pierce, Fenner & Smith IncorporatedMar 9, 2009 · Wirehouse to independent RIA
- Joseph Stuart Kruse from J.P. Morgan Securities LLCMar 26, 2007 · Wirehouse to independent RIA
Private funds
2 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Kam Halo Spv, Llp | Private Equity Fund | $1.7M | 31 | Jul 29, 2024 |
| Kam Growth Spv I, Llp | Venture Capital Fund | $1.2M | 18 | Jul 29, 2024 |
Owners and control persons
Schedule A and B, latest filing
- Stuart Joseph Kruse · Presidentcontrolsince 01/2007 · owns 50% to 75%
- Shermin Kruse · Ccocontrolsince 01/2007 · owns 50% to 75%
Related persons
Schedule D 7.A
- Shermin Krusen
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Chicago, Il · principal | 3 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 184 to 519Mar 30, 2025 to Mar 26, 2026
- HNW clients · 32 to 35Mar 30, 2025 to Mar 26, 2026
- Discretionary RAUM · $127M to $121MMar 30, 2025 to Mar 26, 2026
- HNW RAUM · $101M to $105MMar 30, 2025 to Mar 26, 2026
- Individual RAUM · $32.7M to $38.4MMar 30, 2025 to Mar 26, 2026
- Non-discretionary RAUM · $9.6M to $25.1MMar 30, 2025 to Mar 26, 2026
- RAUM · $137M to $146MMar 30, 2025 to Mar 26, 2026
- Accounts · 150 to 184Jul 29, 2024 to Mar 30, 2025
- HNW clients · 25 to 32Jul 29, 2024 to Mar 30, 2025
- Individual clients · 123 to 152Jul 29, 2024 to Mar 30, 2025
- Commission compensation · false to trueJul 29, 2024 to Mar 30, 2025
- Financial planning clients · 101-250 to 101-250Jul 29, 2024 to Mar 30, 2025
- Discretionary RAUM · $117M to $127MJul 29, 2024 to Mar 30, 2025
- HNW RAUM · $88.0M to $101MJul 29, 2024 to Mar 30, 2025
- Individual RAUM · $33.1M to $32.7MJul 29, 2024 to Mar 30, 2025
- Non-discretionary RAUM · $7.5M to $9.6MJul 29, 2024 to Mar 30, 2025
- RAUM · $124M to $137MJul 29, 2024 to Mar 30, 2025
Signals
1 dated events
- Kruse Asset Management, Llc filed its initial SEC registration (Form ADV)Jul 29, 2024 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- Kruse Asset Management, LLC · Independent Sponsorsshared crd · capital_provider
- Kruse Asset Management, LLC · Private Equityshared crd · organization
- Kruse Asset Management, LLC · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Business phone
- 312-775-6000reportedpublished by the firm, firm site, Sep 16, 2026
- Firm profile
- LINKEDIN.COM/COMPANY/KRUSE-ASSET-MANAGEMENTreportedpublic record, Form ADV, Sep 18, 2026
- Website
- KRUSEAM.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 312-775-6000reportedpublic record, Form ADV, Mar 26, 2026
- Contact form
- kruseassetmanagement.com/contactreportedpublished by the firm, firm site, Sep 16, 2026
- Team page
- kruseassetmanagement.com/team-memberreportedpublished by the firm, firm site, Sep 16, 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
- $48.7Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026