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

Associated Investment Services, Inc.

Independent wealth managerGreen Bay, WisconsinCRD 1464SEC 801-71639websiteIAPD
Latest filing Apr 6, 2026
First filing on the tape Nov 16, 2011 · 97 filings
SEC status approved since Jul 1, 2010
RAUM
$1.2B
reported, Item 5.F
Discretionary
0.0%
of RAUM
Private clients
100%
$1.2B individuals and HNW
Advisors
42
registered through the firm on IAPD
RAUM per advisor
$27.8M
derived; firm RAUM over IAPD count
Employees
60
27 advisory (5.B.1)
Offices
35
beyond the principal office
Private funds
0
reported on Schedule D
History
97 filings and snapshots on the tape
RAUM$1.2B as of Apr 6, 2026
Mar 27, 2012$110M then
HNW client RAUM$453M as of Apr 6, 2026
Mar 5, 2018$11.4M then
State-registered IARs (5.B.3)39 as of Apr 6, 2026
Mar 27, 201357 then
Employees (5.A)60 as of Apr 6, 2026
Mar 27, 2013110 then
Private funds: no history
RAUM +17% over the last fiscal year+12% a year over threeIARs 40 to 39offices 33 to 35
Practice profile
derived from the filing of Apr 6, 2026; every figure names its basis
Archetypes, each a printed rule
  • Bank affiliated · Item 7.A.6 or 7.A.7 (bank or trust company affiliate) and a bank, bancorp or trust company as a 50 percent or greater owner on Schedule A
  • 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)
  • Mass-affluent RIA · private-client share at least 50 percent, non-HNW individuals at least 60 percent of private-client RAUM
RAUM per advisor
$27.8MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
91derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$784,425derivedHNW RAUM over HNW clients
Average account
$215,647derivedRAUM over accounts (5.F.2.f)
Discretionary
0.0%derivedof RAUM
Institutional
0.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.4derivedItem 5.A over advisors
Advisors per office
1.2derived36 offices incl. principal (1.F.5)
RAUM growth, one year
+17%derivedbetween the last two annual amendments
Advisor growth, one year
-2.5%derivedItem 5.B.3 between annual amendments
Client growth, one year
+5.4%derived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, selection of other advisers, otherreportedItem 5.G
Financial planning clients
2,500reportedItem 5.H
Custody
$1.2B, 3,853 clientsreportedItem 9.A
Ownership
a bank, bancorp or trust company is a 50 percent or greater ownerderived
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)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • has custody of client cash or bank accounts (9.A.1.a)
  • has custody of client securities (9.A.1.b)
  • a related person has custody of client cash (9.B.1.a)
  • a related person has custody of client securities (9.B.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Individuals$712M61%
  • High-net-worth individuals$453M39%
  • State and municipal entities$1.8M0.2%
  • Charitable organizations$1.7M0.1%
  • Corporations and businesses$1.5M0.1%
Individual clients
3,264reported
HNW clients
577reported
Pension plan clients
n/areported
Charitable clients
5reported
Accounts
5,422reported
Financial planning clients
2,500reported
Wrap fee programs
noreported
Custody of client assets
$1.2B for 3,853 clientsreported
Compensation
% of AUMreported
Class basis
private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=48.0derived
Advisors registered through the firm
42 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
Daniel Felix ShvartsmanPort Washington, WiMay 23, 200621 y0
Carl Steven SellenCertified Financial PlannerBrookfield, WiAug 21, 200622 y0
Michael George NickelMadison, Wi Aug 1, 200722 y0
Nimrod Peretz Gauss-SametPort Washington, Wi Nov 5, 200722 y0
Brendan K ReidGreenfield, WiApr 24, 200821 y0
Peter James EngstromCertified Financial PlannerMukwonago, WiJul 23, 200825 y1
Adam Lee DalkeCertified Financial PlannerGreen Bay, Wi Dec 2, 200923 y0
Jessica Lee LiskaAppleton, WiMay 20, 201024 y2
Wendi A LucarelliSheboygan, WiNov 16, 201022 y3
Douglas Alden HalversonSun Prairie, Wi Apr 29, 201118 y0
Nikifor Ivanov MinkovChicago, IlAug 22, 201223 y4
Dennis Franklin WebbWauwatosa, WiSep 20, 201225 y0
Jeffrey A EdwardsCertified Financial PlannerLacrosse, Wi Sep 3, 201338 y1
Daniel John FaxWest Allis, WiMay 16, 201426 y1
Michael David KuipersGreen Bay, Wi Jul 16, 201527 y0
Keith Alan JohnsonDe Pere, Wi Feb 10, 201712 y1
Erin Leigh HaughReedsburg, WiFeb 13, 201710 y0
Bradley Wayne HansenGreen Bay, WiFeb 13, 201730 y0
Joanna Pauline GuinnChicago, Il May 8, 201719 y4
Kevin Wayne KobackGreen Bay, WiMay 8, 201718 y1
Chad Allen StafkoCertified Financial PlannerFairview Heights, IlAug 17, 201725 y2
James John CzubekSuamico, WiJun 26, 201922 y1
Jacob Jeffrey RabasCertified Financial Planner, Chartered Financial ConsultantGreen Bay, WiMar 18, 202119 y2
Scott Matthew BiertzerStevens Point, Wi Jul 14, 202112 y4
Loren Jon PiotrowskiMachesney Park, Il Oct 1, 202127 y6
Drew RedardGreen Bay, WiJan 31, 202211 y0
Marissa Ann EversJanesville, Wi Oct 20, 202210 y2
Daily Katherine EricksonReedsburg, Wi Feb 13, 202310 y0
Steven Joseph SchoederChartered Financial ConsultantSt. Paul, Mn Mar 6, 202331 y3
Robert Dwane PencilCertified Financial PlannerAppleton, Wi Jun 5, 202317 y6
Jesus Elmer Moreno AdameMadison, Wi Aug 25, 202312 y0
Anthony John GrubaEagan, MnSep 18, 202329 y3
Emily Elizabeth SchiltzCertified Financial PlannerShawano, WiMar 1, 202410 y1
Heath William SorensonCertified Financial PlannerRockford, Il Mar 11, 202524 y4
Michelle Arnst SlawnyCertified Financial PlannerMadison, Wi Mar 18, 202532 y3
John Alfred MathisonSt. Paul, Mn Jul 25, 202512 y5
Tanner Samuel RussoReedsburg, Wi Oct 30, 202510 y0
Nicklas SchafferNeenah, WiJan 26, 202614 y0
Craig Everett KeislingGreen Bay, Wi Mar 7, 202627 y1
Kenneth Edward LachanceGreen Bay, Wi Jun 15, 202632 y1
All 42 advisors at Associated Investment Services, Inc.
Advisor movement
4 left, 4 joined in 12 months
net 0 in 12 months1 left in 90 days2 joined in 90 daysdeparture rate 9.5% of current headcount10 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
    • Andrew James Arnold · Director, Treasurercontrol
      since 05/2023 · owns less than 5%
    • Dennis Michael Deloye · Director, Board Of Directorscontrol
      since 05/2022 · owns less than 5%
    • Jayne Clara Hladio · Director, Board Of Directorscontrol
      since 02/2024 · owns less than 5%
    • Michael Robert Hochholzer · Director, Board Of Directorscontrol
      since 07/2021 · owns less than 5%
    • Michael David Kuipers · Director, President & Ceocontrol
      since 07/2015 · owns less than 5%
    • Heath William Sorenson · Chairman, Board Of Directorscontrol
      since 02/2025 · owns less than 5%
    • David Lewis Stein · Director, Board Of Directorscontrol
      since 01/2011 · owns less than 5%
    • John Parker Thayer · Chairman, Board Of Directorscontrol
      since 07/2021 · owns less than 5%
    • Steven Sia Zandpour · Director, Board Of Directorscontrol
      since 08/2024 · owns less than 5%
    • Justin Michael Biese · Principal, Financial Reporting
      since 09/2025 · owns less than 5%
    • Beth Ann Cravillion · Director Of Support Services
      since 12/2004 · owns less than 5%
    • Jacob Jeffery Keller · Principal, Financial Reporting
      since 05/2023 · owns less than 5%
    • Anthony Philip Pecora · Chief Compliance Officer
      since 10/2015 · owns less than 5%
    Entity owners
    • Associated Trust Company, N.A. · Sole Shareholder
      direct · owns 75% or more
    • Associated Banc-Corp · Sole Shareholder
      indirect · owns 75% or more of Associated Bank, N.A. · public reporting company
    • Associated Bank, N.A. · Sole Shareholder
      indirect · owns 75% or more of Associated Trust Company, N.A.
    Related persons
    Schedule D 7.A
    • Associated Bank, N.A.
      y
    • Associated Trust Company, National Association
      pooled vehicle sponsorLP sponsory
    • Kellogg Asset Management, LLC
      investment advisernRAUM $2.9B
    Advisers that list Associated Investment Services, Inc. as a related person
    Office movement
    IAPD branch city; joins and departures in 12 months
    OfficeAdvisorsJoinedLeftTeams outForming
    Green Bay, Wi · principal1141
    Reedsburg, Wi610
    Madison, Wi400
    St Louis Park, Mn401
    Chicago, Il400
    Appleton, Wi300
    Minneapolis, Mn330
    Machesney Park, Il200
    Wauwatosa, Wi210
    Janesville, Wi200
    Minocqua, Wi200
    Neenah, Wi210
    Port Washington, Wi200
    De Pere, Wi200
    Rockford, Il200
    Brookfield, Wi200
    St Paul, Mn200
    Watertown, Wi101
    Maple Grove, Mn001
    Offices
    Schedule D 1.F, the 25 largest
    • St. Louis Park, MN2 employees
    • Port Washington, WI2 employees
    • West Allis, WI1 employees
    • Sheboygan, WI1 employees
    • Fairview Heights, IL1 employees
    • Watertown, WI1 employees
    • Wauwatosa, WI1 employees
    • Minocqua, WI1 employees
    • Machesney Park, IL1 employees
    • Mukwonago, WI1 employees
    • St. Paul, MN1 employees
    • Appleton, WI1 employees
    • Lacrosse, WI1 employees
    • Greenfield, WI1 employees
    • Madison, WI1 employees
    • Green Bay, WI1 employees
    • Chicago, IL1 employees
    • Sun Prairie, WI1 employees
    • Brookfield, WI1 employees
    • Suamico, WI1 employees
    • Stevens Point, WI1 employees
    • Eagan, MN1 employees
    • Neenah, WI1 employees
    • Shawano, WI1 employees
    • De Pere, WI1 employees
    ADV anomalies
    5 against comparable advisers; where to look, not conclusions
    • low discretionary shareStatic outlier · filing Apr 6, 2026
      discretionary share of RAUM of 0% against a peer median of 99% (1362 comparable advisers, 0.0th percentile, 33.2 robust deviations)
      peers: independent wealth managers, $1B to $5B (1,362) · 0.0% percentile
    • control person changedChange between filings · filing Apr 6, 2026
      SORENSON, HEATH WILLIAM (CHAIRMAN, BOARD OF DIRECTORS) appeared on Schedule A between the filings of 2024-08-27 and 2026-04-06
      peers: independent wealth managers, $1B to $5B (1,362)
    • control person changedChange between filings · filing Apr 6, 2026
      STEIN, DAVID LEWIS (DIRECTOR, BOARD OF DIRECTORS) left Schedule A between the filings of 2024-08-27 and 2026-04-06
      peers: independent wealth managers, $1B to $5B (1,362)
    • control person changedChange between filings · filing Apr 6, 2026
      THAYER, JOHN PARKER (CHAIRMAN, BOARD OF DIRECTORS) left Schedule A between the filings of 2024-08-27 and 2026-04-06
      peers: independent wealth managers, $1B to $5B (1,362)
    • HNW share shiftChange between filings · filing Apr 6, 2026
      HNW share of RAUM moved from 19.0% to 39.0% between the annual amendments of 2025-03-04 and 2026-04-06
      peers: independent wealth managers, $1B to $5B (1,362)
    What changed
    consecutive filings, newest first
    • Accounts · 5,050 to 5,422
      Sep 24, 2025 to Mar 30, 2026
    • Advisory employees · 26 to 27
      Sep 24, 2025 to Mar 30, 2026
    • BD registered reps · 51 to 48
      Sep 24, 2025 to Mar 30, 2026
    • Corporate clients · 5 to 6
      Sep 24, 2025 to Mar 30, 2026
    • HNW clients · 251 to 577
      Sep 24, 2025 to Mar 30, 2026
    • Individual clients · 3,394 to 3,264
      Sep 24, 2025 to Mar 30, 2026
    • Assets in custody · $1.0B to $1.2B
      Sep 24, 2025 to Mar 30, 2026
    • Employees · 62 to 60
      Sep 24, 2025 to Mar 30, 2026
    • State-registered IARs · 40 to 39
      Sep 24, 2025 to Mar 30, 2026
    • Other offices · 33 to 35
      Sep 24, 2025 to Mar 30, 2026
    • HNW RAUM · $192M to $453M
      Sep 24, 2025 to Mar 30, 2026
    • Individual RAUM · $804M to $712M
      Sep 24, 2025 to Mar 30, 2026
    • Non-discretionary RAUM · $1.0B to $1.2B
      Sep 24, 2025 to Mar 30, 2026
    • RAUM · $1.0B to $1.2B
      Sep 24, 2025 to Mar 30, 2026
    • Financial planning clients · More than 500 to More than 500
      Mar 4, 2025 to Jun 13, 2025
    • Accounts · 4,578 to 5,050
      Jan 17, 2025 to Mar 4, 2025
    • Advisory employees · 27 to 26
      Jan 17, 2025 to Mar 4, 2025
    • BD registered reps · 49 to 51
      Jan 17, 2025 to Mar 4, 2025
    • HNW clients · 245 to 251
      Jan 17, 2025 to Mar 4, 2025
    • Individual clients · 3,162 to 3,394
      Jan 17, 2025 to Mar 4, 2025
    • Assets in custody · $863M to $1.0B
      Jan 17, 2025 to Mar 4, 2025
    • HNW RAUM · $188M to $192M
      Jan 17, 2025 to Mar 4, 2025
    • Individual RAUM · $671M to $804M
      Jan 17, 2025 to Mar 4, 2025
    • Non-discretionary RAUM · $863M to $1.0B
      Jan 17, 2025 to Mar 4, 2025
    • RAUM · $863M to $1.0B
      Jan 17, 2025 to Mar 4, 2025
    • Accounts · 4,827 to 4,578
      Feb 21, 2024 to Mar 27, 2024
    • Advisory employees · 25 to 27
      Feb 21, 2024 to Mar 27, 2024
    • BD registered reps · 50 to 49
      Feb 21, 2024 to Mar 27, 2024
    • Charity clients · 6 to 5
      Feb 21, 2024 to Mar 27, 2024
    • Corporate clients · 7 to 5
      Feb 21, 2024 to Mar 27, 2024
    • HNW clients · unset to 245.0
      Feb 21, 2024 to Mar 27, 2024
    • Individual clients · 3,627 to 3,162
      Feb 21, 2024 to Mar 27, 2024
    • Assets in custody · $827M to $863M
      Feb 21, 2024 to Mar 27, 2024
    • Employees · 59 to 62
      Feb 21, 2024 to Mar 27, 2024
    • State-registered IARs · 42 to 40
      Feb 21, 2024 to Mar 27, 2024
    • Other offices · 133 to 33
      Feb 21, 2024 to Mar 27, 2024
    • HNW RAUM · $3.9M to $188M
      Feb 21, 2024 to Mar 27, 2024
    • Individual RAUM · $819M to $671M
      Feb 21, 2024 to Mar 27, 2024
    • Non-discretionary RAUM · $827M to $863M
      Feb 21, 2024 to Mar 27, 2024
    • RAUM · $827M to $863M
      Feb 21, 2024 to Mar 27, 2024
    Signals
    39 dated events
    • Anthony John Gruba added a IA registration at Associated Investment Services, Inc.
      Sep 16, 2026 · New state registration · fact
    • Emily Elizabeth Schiltz added a MN registration at Associated Investment Services, Inc.
      Sep 15, 2026 · New state registration · fact
    • Tyler Dean Sass left Associated Investment Services, Inc. for Lpl Financial Llc (registered 2026-07-27)
      Aug 7, 2026 · Advisor changed firm · fact
    • Emily Elizabeth Schiltz added a IA registration at Associated Investment Services, Inc.
      Aug 7, 2026 · New state registration · fact
    • Neil A. D. Bonneson Bruce left Associated Investment Services, Inc. for Lpl Financial Llc (registered 2026-06-16)
      Jun 18, 2026 · Advisor changed firm · fact
    • John Charles Kvamme left Associated Investment Services, Inc. for Morgan Stanley (registered 2026-04-09)
      Apr 21, 2026 · Advisor changed firm · fact
    • Elizabeth Marie Fields left Associated Investment Services, Inc. for Thrivent Investment Management Inc. (registered 2026-02-12)
      Nov 25, 2025 · Advisor changed firm · fact
    • Cody Evers left Associated Investment Services, Inc. for Raymond James & Associates, Inc. (registered 2025-10-30)
      Jun 3, 2025 · Advisor changed firm · fact
    • Jerry William Gold left Associated Investment Services, Inc. for Wells Fargo Advisors (registered 2024-12-04)
      Dec 4, 2024 · Advisor changed firm · fact
    • Steven Sia Zandpour (Director, Board Of Directors) appeared on Schedule A of Associated Investment Services, Inc.
      Aug 27, 2024 · Control person joined · fact
    • Jason Richard Wilke left Associated Investment Services, Inc. for Rbc Capital Markets, Llc (registered 2024-08-05)
      Aug 12, 2024 · Advisor changed firm · fact
    • Paul C. Deibele left Associated Investment Services, Inc. for Fidelity Personal And Workplace Advisors (registered 2024-08-07)
      Jun 10, 2024 · Advisor changed firm · fact
    • Associated Investment Services, Inc. reported 33 offices beyond its principal office, down from 133 (2024-02-21 to 2024-03-27)
      Mar 27, 2024 · Office count change · derived
    • Jayne Clara Hladio (Director, Board Of Directors) appeared on Schedule A of Associated Investment Services, Inc.
      Feb 21, 2024 · Control person joined · fact
    • Zachary John Nigh left Associated Investment Services, Inc. for Thrivent Investment Management Inc. (registered 2023-12-11)
      Nov 22, 2023 · Advisor changed firm · fact
    • Trevor John Zellmer left Associated Investment Services, Inc. for Edward Jones (registered 2023-10-16)
      Oct 4, 2023 · Advisor changed firm · fact
    • Andrew James Arnold (Director, Treasurer) appeared on Schedule A of Associated Investment Services, Inc.
      May 16, 2023 · Control person joined · fact
    • Todd Jon Funk left Associated Investment Services, Inc. for Commonwealth Financial Network (registered 2023-02-24)
      Mar 3, 2023 · Advisor changed firm · fact
    • Kelly Gerard Watzka left Associated Investment Services, Inc. for Commonwealth Financial Network (registered 2023-02-24)
      Mar 3, 2023 · Advisor changed firm · fact
    • Kristy Ann Schreiber left Associated Investment Services, Inc. for Commonwealth Financial Network (registered 2023-02-24)
      Feb 24, 2023 · Advisor changed firm · fact
    • Patti Therese Hohn left Associated Investment Services, Inc. for Commonwealth Financial Network (registered 2023-02-24)
      Feb 24, 2023 · Advisor changed firm · fact
    • 4 advisors left Associated Investment Services, Inc. (Neenah, WI) for Commonwealth Financial Network within 7 days
      Feb 24, 2023 · Team lift-out · derived
    • Michael Braden Golembiesky left Associated Investment Services, Inc. for Herbert J. Sims Capital Management, Inc. (registered 2023-02-02)
      Dec 16, 2022 · Advisor changed firm · fact
    • Brian James Maciejewski left Associated Investment Services, Inc. for Lpl Financial Llc (registered 2022-08-29)
      Aug 30, 2022 · Advisor changed firm · fact
    • Mark Kevin Forberg left Associated Investment Services, Inc. for Cetera Investment Advisers Llc (registered 2024-03-21)
      Aug 23, 2022 · Advisor changed firm · fact
    • Michael Joseph Fasano left Associated Investment Services, Inc. for Cetera Investment Advisers Llc (registered 2024-03-21)
      Aug 23, 2022 · Advisor changed firm · fact
    • Dennis Michael Deloye (Director, Board Of Directors) appeared on Schedule A of Associated Investment Services, Inc.
      Aug 23, 2022 · Control person joined · fact
    • Timothy Joseph Lau (Director, Board Of Directors) no longer on Schedule A of Associated Investment Services, Inc. (listed 2022-03-25, absent 2022-08-23)
      Aug 23, 2022 · Control person left · inference
    • Brian Thomas Klaus (Director, Treasurer) no longer on Schedule A of Associated Investment Services, Inc. (listed 2022-03-25, absent 2022-08-23)
      Aug 23, 2022 · Control person left · inference
    • 2 advisors left Associated Investment Services, Inc. (Darlington, WI) for Cetera Investment Advisers LLC on the same day
      Aug 23, 2022 · Team lift-out · 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
    Website
    associatedbank.com/wealth/personal-wealth/associated-investmreportedpublic record, Form ADV, Sep 18, 2026
    Principal office phone
    800-595-7722reportedpublic record, Form ADV, Apr 6, 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
    $27.8Mderivedfirm RAUM over the IAPD count; not a book size
    Loaded
    Sep 14, 2026