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

Thun Financial Advisors

Former SEC-registered adviserMadison, WisconsinCRD 146914SEC 801-81139IAPD
Legal name Thun Financial Advisors, LLC
Latest filing Jun 26, 2020
First filing on the tape Mar 9, 2015 · 12 filings
RAUM
$638M
reported, Item 5.F
Discretionary
0.2%
of RAUM
Private clients
99%
$633M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
13
9 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
12 filings and snapshots on the tape
RAUM$574M as of Mar 10, 2020
Feb 16, 2016$144M then
HNW client RAUM$469M as of Mar 10, 2020
Mar 12, 2018$292M then
State-registered IARs (5.B.3)7 as of Mar 10, 2020
Feb 16, 20164 then
Employees (5.A)13 as of Mar 10, 2020
Feb 16, 20166 then
Private funds: no history
RAUM +47% over the last fiscal year+36% a year over threeIARs 7 to 7
Practice profile
derived from the filing of Jun 26, 2020; every figure names its basis
RAUM per advisor
$91.2MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
72derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$1.9MderivedHNW RAUM over HNW clients
Average account
$1.3MderivedRAUM over accounts (5.F.2.f)
Discretionary
0.2%derivedof RAUM
Institutional
0.8%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.9derivedItem 5.A over advisors
Advisors per office
7.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+32%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
+22%derived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
financial planning, portfolio management for individualsreportedItem 5.G
Custody
$34.6M, 63 clientsreportedItem 9.A
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
  • receives research or other products from a broker-dealer, soft dollars (8.E)
  • has custody of client cash or bank accounts (9.A.1.a)
  • has custody of client securities (9.A.1.b)
  • an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$520M82%
  • Individuals$113M18%
  • Charitable organizations$5.3M0.8%
Individual clients
228reported
HNW clients
276reported
Pension plan clients
n/areported
Charitable clients
2reported
Accounts
506reported
Financial planning clients
251-500reported
Wrap fee programs
noreported
Custody of client assets
$34.6M for 63 clientsreported
Compensation
% of AUMreported
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
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
    • Allan David Kuenzi · Membercontrol
      since 01/2008 · owns 75% or more
    • Stanton Richard Farmer · Chief Compliance Officer
      since 10/2014 · owns less than 5%
    Related persons
    Schedule D 7.A
    No related person reported.
    Offices
    Schedule D 1.F, the 25 largest
    No branch office listed.
    What changed
    consecutive filings, newest first
    • Accounts · 491 to 506
      Mar 10, 2020 to Jun 26, 2020
    • HNW clients · 265 to 276
      Mar 10, 2020 to Jun 26, 2020
    • Individual clients · 226 to 228
      Mar 10, 2020 to Jun 26, 2020
    • Assets in custody · $33.6M to $34.6M
      Mar 10, 2020 to Jun 26, 2020
    • Discretionary RAUM · $2.0M to $1.0M
      Mar 10, 2020 to Jun 26, 2020
    • HNW RAUM · $469M to $520M
      Mar 10, 2020 to Jun 26, 2020
    • Individual RAUM · $100M to $113M
      Mar 10, 2020 to Jun 26, 2020
    • Non-discretionary RAUM · $572M to $637M
      Mar 10, 2020 to Jun 26, 2020
    • RAUM · $574M to $638M
      Mar 10, 2020 to Jun 26, 2020
    • Accounts · 406 to 491
      Jul 26, 2019 to Mar 10, 2020
    • Advisory employees · 7 to 9
      Jul 26, 2019 to Mar 10, 2020
    • HNW clients · 284 to 265
      Jul 26, 2019 to Mar 10, 2020
    • Individual clients · 120 to 226
      Jul 26, 2019 to Mar 10, 2020
    • Discretionary RAUM · $0 to $2.0M
      Jul 26, 2019 to Mar 10, 2020
    • HNW RAUM · $369M to $469M
      Jul 26, 2019 to Mar 10, 2020
    • Individual RAUM · $60.3M to $100M
      Jul 26, 2019 to Mar 10, 2020
    • Non-discretionary RAUM · $434M to $572M
      Jul 26, 2019 to Mar 10, 2020
    • RAUM · $434M to $574M
      Jul 26, 2019 to Mar 10, 2020
    • Accounts · 297 to 406
      Mar 12, 2018 to Mar 11, 2019
    • HNW clients · 157 to 284
      Mar 12, 2018 to Mar 11, 2019
    • Individual clients · 138 to 120
      Mar 12, 2018 to Mar 11, 2019
    • Assets in custody · $30.8M to $33.6M
      Mar 12, 2018 to Mar 11, 2019
    • Employees · 11 to 13
      Mar 12, 2018 to Mar 11, 2019
    • HNW RAUM · $292M to $369M
      Mar 12, 2018 to Mar 11, 2019
    • Individual RAUM · $76.6M to $60.3M
      Mar 12, 2018 to Mar 11, 2019
    • Non-discretionary RAUM · $373M to $434M
      Mar 12, 2018 to Mar 11, 2019
    • RAUM · $373M to $434M
      Mar 12, 2018 to Mar 11, 2019
    • Accounts · 235 to 297
      Mar 14, 2017 to Mar 12, 2018
    • Advisory employees · 6 to 7
      Mar 14, 2017 to Mar 12, 2018
    • Charity clients · unset to 2.0
      Mar 14, 2017 to Mar 12, 2018
    • HNW clients · unset to 157.0
      Mar 14, 2017 to Mar 12, 2018
    • Individual clients · unset to 138.0
      Mar 14, 2017 to Mar 12, 2018
    • Assets in custody · unset to 30840064.0
      Mar 14, 2017 to Mar 12, 2018
    • Custody of client assets · false to true
      Mar 14, 2017 to Mar 12, 2018
    • Employees · 8 to 11
      Mar 14, 2017 to Mar 12, 2018
    • Financial planning clients · 101-250 to 251-500
      Mar 14, 2017 to Mar 12, 2018
    • State-registered IARs · 6 to 7
      Mar 14, 2017 to Mar 12, 2018
    • Other offices · unset to 0.0
      Mar 14, 2017 to Mar 12, 2018
    • HNW RAUM · unset to 292067142.0
      Mar 14, 2017 to Mar 12, 2018
    • Individual RAUM · unset to 76643945.0
      Mar 14, 2017 to Mar 12, 2018
    Signals
    3 dated events
    • Thun Financial Advisors reported RAUM $573.9M, up 32% from $434.2M (2019-07-26 to 2020-03-10)
      Mar 10, 2020 · RAUM change · derived
    • Thun Financial Advisors reported RAUM $373.1M, up 49% from $251.1M (2017-03-14 to 2018-03-12)
      Mar 12, 2018 · RAUM change · derived
    • Thun Financial Advisors filed its initial SEC registration (Form ADV)
      Mar 9, 2015 · First SEC registration · fact
    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