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.

Former SEC-registered adviser

Advantage Investment Management, LLC

Former SEC-registered adviserCedar Rapids, IowaCRD 146236SEC 801-69551IAPD
Latest filing Nov 7, 2019
First filing on the tape Dec 22, 2011 · 33 filings
RAUM
$386M
reported, Item 5.F
Discretionary
83%
of RAUM
Private clients
97%
$372M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
30
28 advisory (5.B.1)
Offices
15
beyond the principal office
Private funds
0
reported on Schedule D
History
33 filings and snapshots on the tape
RAUM$386M as of Mar 29, 2019
Mar 30, 2012$297M then
HNW client RAUM$39.8M as of Mar 29, 2019
Apr 2, 2018$137M then
State-registered IARs (5.B.3)30 as of Mar 29, 2019
Mar 30, 20120 then
Employees (5.A)30 as of Mar 29, 2019
Mar 28, 201339 then
Private funds: no history
RAUM -56% over the last fiscal year-12% a year over threeIARs 50 to 30offices 19 to 15
Practice profile
derived from the filing of Nov 7, 2019; every figure names its basis
RAUM per advisor
$12.9MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
84derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$1.4MderivedHNW RAUM over HNW clients
Average account
$152,756derivedRAUM over accounts (5.F.2.f)
Discretionary
83%derivedof RAUM
Institutional
2.8%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.0derivedItem 5.A over advisors
Advisors per office
1.9derived16 offices incl. principal (1.F.5)
RAUM growth, one year
-56%derivedbetween the last two annual amendments
Advisor growth, one year
-40%derivedItem 5.B.3 between annual amendments
Client growth, one year
-53%derived
Compensation
percentage of assets, hourly, fixed feesreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisers, otherreportedItem 5.G
Wrap fee program
$346MreportedItem 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)
  • receives research or other products from a broker-dealer, soft dollars (8.E)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Individuals$332M86%
  • High-net-worth individuals$39.8M10%
  • Pension and profit-sharing plans$10.7M2.8%
  • Corporations and businesses$2.5M0.6%
  • Charitable organizations$104,9890.0%
Individual clients
2,477reported
HNW clients
28reported
Pension plan clients
7reported
Charitable clients
2reported
Accounts
2,524reported
Financial planning clients
26-50reported
Wrap fee programs
$0 sponsored, $0 managedreported
Custody of client assets
noreported
Compensation
% of AUM, fixed, hourlyreported
Class basis
absent from the latest SEC rosterderived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
Joined, latest
Every departureEvery arrival
Teams: two or more advisors moving together within fourteen days, from one state
Teams outTeams in
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Nmn Charles Auerbach · Directorcontrol
    since 07/2008 · owns less than 5%
  • Ann Melissa Darden · Board Secretary/Director/Evpcontrol
    since 07/2008 · owns less than 5%
  • Bryan Douglas Holder · Director/Presidentcontrol
    since 03/2013 · owns less than 5%
  • Roy Joseph Russo · Chairmancontrol
    since 07/2008 · owns less than 5%
  • Emmett Michael Scherrman · Chief Compliance Officercontrol
    since 09/2018 · owns less than 5%
  • Roy Joseph Russo · Ceocontrol
    since 01/2001 · owns 25% to 50% of Advantage Financial Group
Entity owners
  • Advantage Financial Group, Inc. · Member
    direct · owns 75% or more
Related persons
Schedule D 7.A
  • Ross Barbatti
    investment advisern
Offices
Schedule D 1.F, the 25 largest
  • Cordova, TN6 employees
  • Lafayette, IN4 employees
  • Springfield, OH3 employees
  • Waterloo, IA2 employees
  • Sheffield Village, OH2 employees
  • Escanaba, MI2 employees
  • Naples, FL2 employees
  • Blakely, PA1 employees
  • Mequon, WI1 employees
  • Geneva, IL1 employees
  • Columbus, OH1 employees
  • Knoxville, TN1 employees
  • Greencastle, IN1 employees
  • Costa Mesa, CA1 employees
What changed
consecutive filings, newest first
  • Accounts · 2,854 to 2,524
    Dec 13, 2018 to Mar 29, 2019
  • Advisory employees · 30 to 28
    Dec 13, 2018 to Mar 29, 2019
  • BD registered reps · 31 to 27
    Dec 13, 2018 to Mar 29, 2019
  • Charity clients · 9 to 2
    Dec 13, 2018 to Mar 29, 2019
  • Corporate clients · 14 to 10
    Dec 13, 2018 to Mar 29, 2019
  • HNW clients · 235 to 28
    Dec 13, 2018 to Mar 29, 2019
  • Individual clients · 2,585 to 2,477
    Dec 13, 2018 to Mar 29, 2019
  • Pension plan clients · 11 to 7
    Dec 13, 2018 to Mar 29, 2019
  • Employees · 34 to 30
    Dec 13, 2018 to Mar 29, 2019
  • Financial planning clients · 51-100 to 26-50
    Dec 13, 2018 to Mar 29, 2019
  • State-registered IARs · 34 to 30
    Dec 13, 2018 to Mar 29, 2019
  • Other offices · 19 to 15
    Dec 13, 2018 to Mar 29, 2019
  • Discretionary RAUM · $423M to $321M
    Dec 13, 2018 to Mar 29, 2019
  • HNW RAUM · $123M to $39.8M
    Dec 13, 2018 to Mar 29, 2019
  • Individual RAUM · $322M to $332M
    Dec 13, 2018 to Mar 29, 2019
  • Non-discretionary RAUM · $42.6M to $64.4M
    Dec 13, 2018 to Mar 29, 2019
  • Pension RAUM · $9.5M to $10.7M
    Dec 13, 2018 to Mar 29, 2019
  • RAUM · $466M to $386M
    Dec 13, 2018 to Mar 29, 2019
  • Accounts · 5,393 to 2,854
    Apr 2, 2018 to Dec 12, 2018
  • Advisory employees · 50 to 30
    Apr 2, 2018 to Dec 12, 2018
  • BD registered reps · 46 to 31
    Apr 2, 2018 to Dec 12, 2018
  • Charity clients · 11 to 9
    Apr 2, 2018 to Dec 12, 2018
  • HNW clients · 205 to 235
    Apr 2, 2018 to Dec 12, 2018
  • Individual clients · 5,127 to 2,585
    Apr 2, 2018 to Dec 12, 2018
  • Pension plan clients · 36 to 11
    Apr 2, 2018 to Dec 12, 2018
  • Commission compensation · true to false
    Apr 2, 2018 to Dec 12, 2018
  • Employees · 50 to 34
    Apr 2, 2018 to Dec 12, 2018
  • Insurance-licensed employees · 4 to 2
    Apr 2, 2018 to Dec 12, 2018
  • State-registered IARs · 50 to 34
    Apr 2, 2018 to Dec 12, 2018
  • Discretionary RAUM · $851M to $423M
    Apr 2, 2018 to Dec 12, 2018
  • HNW RAUM · $137M to $123M
    Apr 2, 2018 to Dec 12, 2018
  • Individual RAUM · $706M to $322M
    Apr 2, 2018 to Dec 12, 2018
  • Non-discretionary RAUM · $30.2M to $42.6M
    Apr 2, 2018 to Dec 12, 2018
  • Pension RAUM · $26.3M to $9.5M
    Apr 2, 2018 to Dec 12, 2018
  • RAUM · $881M to $466M
    Apr 2, 2018 to Dec 12, 2018
  • Wrap assets (manager) · $847M to $0
    Apr 2, 2018 to Dec 12, 2018
  • Wrap assets (sponsor) · $847M to $0
    Apr 2, 2018 to Dec 12, 2018
  • Accounts · 4,741 to 5,393
    Mar 31, 2017 to Apr 2, 2018
  • Advisory employees · 51 to 50
    Mar 31, 2017 to Apr 2, 2018
  • BD registered reps · 49 to 46
    Mar 31, 2017 to Apr 2, 2018
Signals
3 dated events
  • Advantage Investment Management, Llc reported 34 state-registered advisory representatives, down from 50 (2018-04-02 to 2018-12-12)
    Dec 12, 2018 · Advisor headcount change · derived
  • Advantage Investment Management, Llc reported RAUM $465.9M, down 47% from $881.0M (2018-04-02 to 2018-12-12)
    Dec 12, 2018 · RAUM change · derived
  • Advantage Investment Management, Llc reported RAUM $881.0M, up 28% from $689.2M (2017-03-31 to 2018-04-02)
    Apr 2, 2018 · RAUM 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.
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
Former SEC-registered adviserderiveda rule over Items 5.D and 7.A
RAUM per advisor
n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026