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

Arete Wealth Advisors, LLC

Broker-dealer affiliated wealth managerChicago, IllinoisCRD 145488SEC 801-69827websiteIAPD
Latest filing Aug 17, 2026
First filing on the tape Nov 28, 2011 · 124 filings
SEC status approved since Jan 5, 2009
RAUM
$2.7B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
93%
$2.6B individuals and HNW
Advisors
143
registered through the firm on IAPD
RAUM per advisor
$19.2M
derived; firm RAUM over IAPD count
Employees
135
130 advisory (5.B.1)
Offices
26
beyond the principal office
Private funds
0
reported on Schedule D
History
124 filings and snapshots on the tape
RAUM$2.7B as of Aug 17, 2026
Feb 24, 2012$189M then
HNW client RAUM$2.0B as of Aug 17, 2026
Mar 30, 2018$999M then
State-registered IARs (5.B.3)135 as of Aug 17, 2026
Feb 5, 201341 then
Employees (5.A)135 as of Aug 17, 2026
Feb 5, 201343 then
Private funds: no history
RAUM -13% over the last fiscal year+9.1% a year over threeIARs 138 to 135
Practice profile
derived from the filing of Aug 17, 2026; every figure names its basis
Archetypes, each a printed rule
  • Broker-dealer affiliated · Item 7.A.1 (broker-dealer affiliate) and at least 50 registered representatives (Item 5.B.2), or the adviser is itself a broker-dealer (6.A.1)
  • 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
$19.2MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
37derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$592,607derivedHNW RAUM over HNW clients
Average account
$506,154derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
0.9derivedItem 5.A over advisors
Advisors per office
5.3derived27 offices incl. principal (1.F.5)
RAUM growth, one year
-13%derivedbetween the last two annual amendments
Advisor growth, one year
-2.2%derivedItem 5.B.3 between annual amendments
Client growth, one year
-7.1%derived
Compensation
percentage of assets, hourly, fixed fees, performance-based, otherreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisers, publications, otherreportedItem 5.G
Wrap fee program
$732MreportedItem 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 a broker-dealer (6.A.1)
  • 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$2.0B74%
  • Individuals$522M19%
  • Corporations and businesses$173M6.3%
  • Pension and profit-sharing plans$6.9M0.3%
  • Charitable organizations$4.5M0.2%
Individual clients
1,848reported
HNW clients
3,441reported
Pension plan clients
9reported
Charitable clients
12reported
Accounts
5,424reported
Financial planning clients
51-100reported
Wrap fee programs
$0 sponsored, $0 managedreported
Custody of client assets
noreported
Compensation
% of AUM, fixed, hourly, performancereported
Class basis
private_client_share=0.93 fund_share=0.0 institutional_share=0.0 related_bd=true related_bank=false bd_reps=125.0derived
Advisors registered through the firm
143 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
Roshan A LounganiVienna, VaMar 6, 200826 y2
Jack Daniel BurkPark Ridge, IlJun 27, 200821 y1
David MarSan Francisco, CaMar 24, 200929 y3
Craig Giovanni BoddenSan Francisco, CaMay 1, 200927 y3
Erik Craig OlsonCrystal Lake, IlApr 1, 201022 y1
David Carl HockSan Luis Obispo, CaJun 7, 201033 y2
Edmond James DucettChicago, IlDec 13, 201016 y0
Tucker Kenyon BixbyWenham, MaJul 26, 201126 y2
Danielle Mae VandehaarWest Des Moines, IaAug 24, 201218 y3
Paul Hunt EspeyCertified Financial PlannerWest Des Moines, IaSep 5, 201221 y4
Joshua Eric CrossWest Des Moines, IaSep 5, 201222 y3
Andrew DorrWest Des Moines, IaSep 6, 201219 y3
Andrew David KleisWest Des Moines, IaSep 6, 201224 y3
Benjamin L MorrowCertified Financial PlannerWest Des Moines, IaSep 6, 201216 y2
Todd Christopher DoorenbosChartered Financial AnalystWest Des Moines, IaFeb 13, 201328 y2
Avi J BialoEncino, CaJun 17, 201317 y0
Joshua Dean RogersChicago, IlJun 26, 201327 y1
Brenton William CollinsWest Des Moines, IaSep 23, 201421 y1
Dennis Patrick ThurmanSioux Falls, SdMar 2, 201633 y2
Adam Anthony WeingartnerBrentwood, MoFeb 22, 201719 y2
Bradford Stuart WebbBrentwood, MoFeb 23, 201718 y1
Germaine Louise BroussardVienna, VaApr 4, 201730 y2
Robert Allyn FratkinVienna, VaApr 4, 201743 y2
Daniel Clinton SmithPersonal Financial SpecialistWest Des Moines, IaSep 21, 201828 y0
Hamilton Perkins Bouchelle PoynorBirmingham, AlNov 14, 201833 y5
Matthew Edward RobersonCertified Financial PlannerLos Gatos, CaMay 7, 201927 y1
Daniel Lozano DiazLos Gatos, CaAug 27, 201911 y1
Robert Boris GellerPark Ridge, IlMar 17, 202035 y4
Jason Christopher KnappPittsburgh, PaSep 10, 202014 y0
Daniel Charles SouthworthPonte Vedra Beach, FlOct 28, 202015 y2
Nicholas Gregg BoetjerArroyo Grande, CaJan 15, 202120 y3
Adrian Kahlil NicholsonVienna, Va Jan 26, 202111 y0
Joseph Everett MckinleyPonte Vedra Beach, FlJan 12, 202212 y0
Jeb Roger KirkpatrickOklahoma City, Ok Jul 19, 202236 y1
Abhishek Umesh ShethNew York, NyJul 19, 202223 y2
Robert AbramowitzMelville, NyJul 19, 202224 y3
Peter Elliot MarshallMelville, NyJul 19, 202234 y1
Dianne Marie LarsonMelville, NyJul 19, 202222 y3
Michael Andrew BlackMelville, NyJul 19, 202242 y1
Christopher Edward BondMelville, NyJul 20, 202223 y1
All 143 advisors at Arete Wealth Advisors, LLC
Advisor movement
9 left, 14 joined in 12 months
net +5 in 12 months0 left in 90 days3 joined in 90 daysdeparture rate 6.3% of current headcount54 left over 36 months
Left, latest
Joined, latest
Teams: two or more advisors moving together within fourteen days, from one state
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Carl David Hock · Chief Financial Officercontrol
    since 10/2008 · owns less than 5%
  • Charles David Levine · Ceocontrol
    since 01/2026 · owns less than 5%
  • Dean Joshua Rogers · Presidentcontrol
    since 11/2007 · owns 25% to 50%
  • Unbo Chung · Chief Compliance Officer
    since 01/2014 · owns less than 5%
  • Catherine Cucharale · Chief Compliance Officer
    since 08/2026 · owns less than 5%
  • Carl David Hock · Managing Member
    since 11/2008 · owns 25% to 50% of Old Growth Capital, LLC
  • Dean Joshua Rogers · Managing Member
    since 11/2007 · owns 25% to 50% of Old Growth Capital, LLC
  • Dean Joshua Rogers · Member
    since 11/2008 · owns 25% to 50% of Jd Rogers & Company, LLC
Entity owners
  • Arete Wealth Inc. · Managing Member
    direct · owns 75% or more
  • Arete Wealth Inc. · Managing Member
    indirect · owns 75% or more of Arete Wealth Inc.
  • Jdrogers & Company, LLC · Member
    indirect · owns 25% to 50% of Old Growth Capital, LLC
Related persons
Schedule D 7.A
Office movement
IAPD branch city; joins and departures in 12 months
OfficeAdvisorsJoinedLeftTeams outForming
Melville, Ny2540
Chicago, Il · principal21352
New York, Ny1970
West Des Moines, Ia1420
Jersey City, Nj1030
Knoxville, Tn500
San Francisco, Ca400
Ponte Vedra Beach, Fl420
Vienna, Va400
Park Ridge, Il310
Opelousas, La300
Brentwood, Mo200
Woodstock, Ga200
Charlotte, Nc210
Defuniak Springs, Fl200
Los Gatos, Ca200
Gilbert, Az200
Memphis, Tn200
White Plains, Ny200
Birmingham, Al210
Offices
Schedule D 1.F, the 25 largest
  • Melville, NY19 employees
  • New York, NY9 employees
  • West Des Moines, IA7 employees
  • San Francisco, CA5 employees
  • Park Ridge, IL5 employees
  • St. Charles, IL4 employees
  • West Des Moines, IA4 employees
  • Knoxville, TN4 employees
  • Vienna, VA3 employees
  • Annapolis, MD3 employees
  • Ponte Vedra Beach, FL2 employees
  • Creve Coeur, MO2 employees
  • Memphis, TN2 employees
  • Crystal Lake, IL2 employees
  • Woodstock, GA2 employees
  • Frankfort, IL2 employees
  • Defuniak Springs, FL2 employees
  • Chicago, IL2 employees
  • Nashville, TN1 employees
  • Los Gatos, CA1 employees
  • Englewood, CO1 employees
  • White Plains, NY1 employees
  • Sunrise, FL1 employees
  • Los Angeles, CA1 employees
  • Metairie, LA1 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
  • control person changedChange between filings · filing Aug 17, 2026
    LEVINE, DAVID, CHARLES (CEO) appeared on Schedule A between the filings of 2021-03-31 and 2026-08-17
    peers: affiliated wealth managers, $1B to $5B (56)
  • control person changedChange between filings · filing Aug 17, 2026
    ROGERS, JOSHUA, DEAN (PRESIDENT) left Schedule A between the filings of 2021-03-31 and 2026-08-17
    peers: affiliated wealth managers, $1B to $5B (56)
What changed
consecutive filings, newest first
  • Accounts · 5,837 to 5,424
    Dec 17, 2025 to Feb 6, 2026
  • BD registered reps · 127 to 125
    Dec 17, 2025 to Feb 6, 2026
  • Charity clients · 8 to 12
    Dec 17, 2025 to Feb 6, 2026
  • Corporate clients · 128 to 116
    Dec 17, 2025 to Feb 6, 2026
  • HNW clients · 3,889 to 3,441
    Dec 17, 2025 to Feb 6, 2026
  • Individual clients · 1,802 to 1,848
    Dec 17, 2025 to Feb 6, 2026
  • Pension plan clients · 10 to 9
    Dec 17, 2025 to Feb 6, 2026
  • Employees · 138 to 135
    Dec 17, 2025 to Feb 6, 2026
  • Insurance-licensed employees · 2 to 4
    Dec 17, 2025 to Feb 6, 2026
  • State-registered IARs · 138 to 135
    Dec 17, 2025 to Feb 6, 2026
  • Discretionary RAUM · $3.2B to $2.7B
    Dec 17, 2025 to Feb 6, 2026
  • HNW RAUM · $2.5B to $2.0B
    Dec 17, 2025 to Feb 6, 2026
  • Individual RAUM · $495M to $522M
    Dec 17, 2025 to Feb 6, 2026
  • Pension RAUM · $14.1M to $6.9M
    Dec 17, 2025 to Feb 6, 2026
  • RAUM · $3.2B to $2.7B
    Dec 17, 2025 to Feb 6, 2026
  • Accounts · 5,251 to 5,837
    Aug 15, 2024 to Apr 1, 2025
  • Advisory employees · 124 to 130
    Aug 15, 2024 to Apr 1, 2025
  • BD registered reps · 117 to 127
    Aug 15, 2024 to Apr 1, 2025
  • Charity clients · 0 to 8
    Aug 15, 2024 to Apr 1, 2025
  • Corporate clients · 64 to 128
    Aug 15, 2024 to Apr 1, 2025
  • HNW clients · 3,771 to 3,889
    Aug 15, 2024 to Apr 1, 2025
  • Individual clients · 1,408 to 1,802
    Aug 15, 2024 to Apr 1, 2025
  • Pension plan clients · 8 to 10
    Aug 15, 2024 to Apr 1, 2025
  • Employees · 130 to 138
    Aug 15, 2024 to Apr 1, 2025
  • Financial planning clients · 51-100 to 51-100
    Aug 15, 2024 to Apr 1, 2025
  • State-registered IARs · 130 to 138
    Aug 15, 2024 to Apr 1, 2025
  • Discretionary RAUM · $2.7B to $3.2B
    Aug 15, 2024 to Apr 1, 2025
  • HNW RAUM · $2.2B to $2.5B
    Aug 15, 2024 to Apr 1, 2025
  • Individual RAUM · $406M to $495M
    Aug 15, 2024 to Apr 1, 2025
  • Pension RAUM · $7.2M to $14.1M
    Aug 15, 2024 to Apr 1, 2025
  • RAUM · $2.7B to $3.2B
    Aug 15, 2024 to Apr 1, 2025
  • Accounts · 5,102 to 5,251
    Nov 15, 2023 to Mar 28, 2024
  • Advisory employees · 146 to 124
    Nov 15, 2023 to Mar 28, 2024
  • BD registered reps · 126 to 117
    Nov 15, 2023 to Mar 28, 2024
  • Charity clients · unset to 0.0
    Nov 15, 2023 to Mar 28, 2024
  • Corporate clients · 61 to 64
    Nov 15, 2023 to Mar 28, 2024
  • HNW clients · 3,679 to 3,771
    Nov 15, 2023 to Mar 28, 2024
  • Individual clients · 1,359 to 1,408
    Nov 15, 2023 to Mar 28, 2024
  • Pension plan clients · unset to 8.0
    Nov 15, 2023 to Mar 28, 2024
  • Employees · 151 to 130
    Nov 15, 2023 to Mar 28, 2024
Signals
60 dated events
  • Richard Clinton Sands left Arete Wealth Advisors, Llc for Arkadios Wealth Advisors (registered 2026-06-03)
    May 1, 2026 · Advisor changed firm · fact
  • Joseph Dain Duplechain left Arete Wealth Advisors, Llc for Lpl Financial Llc (registered 2026-04-23)
    Apr 23, 2026 · Advisor changed firm · fact
  • Christian Alexander Bulla left Arete Wealth Advisors, Llc for D.A. Davidson & Co. (registered 2026-05-04)
    Apr 14, 2026 · Advisor changed firm · fact
  • 2 advisors left Arete Wealth Advisors, LLC (Chicago, IL) for Krm Financial Planning & Wealth Management, LLC on the same day
    Mar 23, 2026 · Team lift-out · derived
  • Kraig Richard Mickelsen left Arete Wealth Advisors, Llc for Krm Financial Planning & Wealth Management, Llc (registered 2026-01-02)
    Mar 23, 2026 · Advisor changed firm · fact
  • Robert Matthew Sweas left Arete Wealth Advisors, Llc for Krm Financial Planning & Wealth Management, Llc (registered 2026-01-02)
    Mar 23, 2026 · Advisor changed firm · fact
  • 2 advisors left Arete Wealth Advisors, LLC (Chicago, IL) for Cura Wealth Advisors, LLC on the same day
    Jan 8, 2026 · Team lift-out · derived
  • Frederick Maximilian Kort left Arete Wealth Advisors, Llc for Cura Wealth Advisors, Llc (registered 2025-04-29)
    Jan 8, 2026 · Advisor changed firm · fact
  • Nandan Jagdish Shah left Arete Wealth Advisors, Llc for Cura Wealth Advisors, Llc (registered 2024-08-16)
    Jan 8, 2026 · Advisor changed firm · fact
  • Monica Moose left Arete Wealth Advisors, Llc for Ausdal Financial Partners, Inc. (registered 2025-10-01)
    Oct 1, 2025 · Advisor changed firm · fact
  • Patrick Bryan Healey left Arete Wealth Advisors, Llc for Caliber Investment Advisors, Llc (registered 2026-03-30)
    Sep 26, 2025 · Advisor changed firm · fact
  • Joseph Mario Persiano left Arete Wealth Advisors, Llc for Merrill Lynch, Pierce, Fenner & Smith Incorporated (registered 2025-07-01)
    May 28, 2025 · Advisor changed firm · fact
  • Logan D Cox left Arete Wealth Advisors, Llc for Cabin Advisors, Llc (registered 2026-01-08)
    May 1, 2025 · Advisor changed firm · fact
  • William Samuel Borleis left Arete Wealth Advisors, Llc for Cabin Advisors, Llc (registered 2025-04-02)
    May 1, 2025 · Advisor changed firm · fact
  • Walter Vincent Nelson left Arete Wealth Advisors, Llc for Cabin Advisors, Llc (registered 2025-09-17)
    May 1, 2025 · Advisor changed firm · fact
  • James Nicholas Sarandis left Arete Wealth Advisors, Llc for Cabin Advisors, Llc (registered 2025-05-29)
    May 1, 2025 · Advisor changed firm · fact
  • 3 advisors left Arete Wealth Advisors, LLC (Chicago, IL) for Cabin Advisors, LLC on the same day
    May 1, 2025 · Team lift-out · derived
  • Brandon Disimone left Arete Wealth Advisors, Llc for Thrivent Investment Management Inc. (registered 2025-05-16)
    Apr 22, 2025 · Advisor changed firm · fact
  • Mario Govic left Arete Wealth Advisors, Llc for Ausdal Financial Partners, Inc. (registered 2025-04-04)
    Apr 8, 2025 · Advisor changed firm · fact
  • Woodrow Wilson Willey left Arete Wealth Advisors, Llc for A.G.P / Alliance Global Partners (registered 2025-04-01)
    Apr 1, 2025 · Advisor changed firm · fact
  • Nilos Theodore Sakellariou left Arete Wealth Advisors, Llc for A.G.P / Alliance Global Partners (registered 2025-02-03)
    Mar 3, 2025 · Advisor changed firm · fact
  • Dung Tien Huynh left Arete Wealth Advisors, Llc for Empower Advisory Group, Llc (registered 2026-05-15)
    Jan 10, 2025 · Advisor changed firm · fact
  • 6 advisors left B. Riley Wealth Advisors, Inc. (Jersey City, NJ) for Arete Wealth Advisors, LLC on the same day
    Nov 26, 2024 · Team lift-out · derived
  • Daniel Gerard Meehan left Arete Wealth Advisors, Llc for Bfc Planning, Inc. (registered 2024-11-13)
    Oct 28, 2024 · Advisor changed firm · fact
  • Dennis Shane Mcmillan left Arete Wealth Advisors, Llc for Portside Wealth Group, Llc (registered 2024-10-28)
    Oct 4, 2024 · Advisor changed firm · fact
  • Joshua M. Moody left Arete Wealth Advisors, Llc for Creativeone Wealth, Llc (registered 2026-01-01)
    Sep 9, 2024 · Advisor changed firm · fact
  • Ira Gary Chernick left Arete Wealth Advisors, Llc for Lpl Financial Llc (registered 2024-07-23)
    Jul 22, 2024 · Advisor changed firm · fact
  • Joshua Thornhill left Arete Wealth Advisors, Llc for Lpl Financial Llc (registered 2024-07-17)
    Jul 17, 2024 · Advisor changed firm · fact
  • Brittani Corren Schaefer left Arete Wealth Advisors, Llc for Rfg Advisory, Llc (registered 2024-04-30)
    May 15, 2024 · Advisor changed firm · fact
  • Justin Scott Mackie left Arete Wealth Advisors, Llc for Dai Wealth, Llc (registered 2024-05-29)
    May 15, 2024 · Advisor changed firm · fact
Across DFX
shared identifiers only, never a name match
How to reach
public business contact points only, each with its source
Business phone
847-268-3670reportedpublished by the firm, firm site, Sep 15, 2026
Website
pfswm.comreportedpublic record, Form ADV, Sep 18, 2026
Principal office phone
312-940-3684reportedpublic record, Form ADV, Aug 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
Broker-dealer affiliated wealth managerderiveda rule over Items 5.D and 7.A
RAUM per advisor
$19.2Mderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026