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

Fsw Advisory Services Inc.

Former SEC-registered adviserDallas, TexasCRD 148818SEC 801-69739IAPD
Latest filing May 9, 2019
First filing on the tape Mar 30, 2012 · 20 filings
RAUM
$22.8M
reported, Item 5.F
Discretionary
0.0%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
5
1 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
20 filings and snapshots on the tape
RAUM$22.8M as of Mar 29, 2019
Mar 30, 2012$11.4M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 29, 2019
Mar 30, 20120 then
Employees (5.A)5 as of Mar 29, 2019
Jan 17, 201310 then
Private funds: no history
RAUM +0.6% over the last fiscal year+22% a year over threeIARs 1 to 0
Practice profile
derived from the filing of May 9, 2019; every figure names its basis
RAUM per advisor
unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor
unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client
unknownderivedHNW RAUM over HNW clients
Average account
$4.6MderivedRAUM over accounts (5.F.2.f)
Discretionary
0.0%derivedof RAUM
Institutional
100%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
unknownderivedItem 5.A over advisors
Advisors per office
unknownderived2 offices incl. principal (1.F.5)
RAUM growth, one year
+0.6%derivedbetween the last two annual amendments
Advisor growth, one year
-100%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assets, hourlyreportedItem 5.E
Advisory activities
portfolio management for businesses and institutions, pension consulting, selection of other advisersreportedItem 5.G
Wrap fee program
$22.8MreportedItem 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)
  • has custody of client securities (9.A.1.b)
  • a related person has custody of client securities (9.B.1.b)
  • an independent public accountant performs a surprise examination (9.C.1)
  • a related person acts as qualified custodian (9.D.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • State and municipal entities$22.8M100%
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
5reported
Financial planning clients
n/areported
Wrap fee programs
$22.8M sponsored, $0 managedreported
Custody of client assets
noreported
Compensation
% of AUM, 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
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Anthony Michael Cogliano · Chief Compliance Officercontrol
    since 07/2018 · owns less than 5%
  • Michael Joseph Edge · Cheif Financial Officercontrol
    since 01/2016 · owns less than 5%
  • Arnold Hillel Feinberg · Chairmancontrol
    since 09/2008 · owns less than 5%
  • Richard John Muschalek · President And Chief Executive Officercontrol
    since 04/2009 · owns less than 5%
Entity owners
  • First Southwest Holding, L.L.C. · Parent Company
    direct · owns 75% or more
  • Hilltop Holdings Inc. · Parent
    indirect · owns 75% or more of Hilltop Securities Holdings, LLC · public reporting company
  • Hilltop Securities Holdings, LLC · Parent
    indirect · owns 75% or more of First Southwest Holdings, LLC
Related persons
Schedule D 7.A
Offices
Schedule D 1.F, the 25 largest
  • Dallas, TX1 employees
What changed
consecutive filings, newest first
  • BD registered reps · 1 to 5
    Feb 14, 2019 to Mar 29, 2019
  • Assets in custody · $22.6M to $22.8M
    Feb 14, 2019 to Mar 29, 2019
  • Employees · 1 to 5
    Feb 14, 2019 to Mar 29, 2019
  • Insurance-licensed employees · 1 to 2
    Feb 14, 2019 to Mar 29, 2019
  • State-registered IARs · 1 to 0
    Feb 14, 2019 to Mar 29, 2019
  • Non-discretionary RAUM · $22.6M to $22.8M
    Feb 14, 2019 to Mar 29, 2019
  • RAUM · $22.6M to $22.8M
    Feb 14, 2019 to Mar 29, 2019
  • Wrap assets (sponsor) · $22.6M to $22.8M
    Feb 14, 2019 to Mar 29, 2019
  • Assets in custody · $17.0M to $22.6M
    Apr 12, 2017 to Jun 11, 2018
  • Other offices · unset to 1.0
    Apr 12, 2017 to Jun 11, 2018
  • Non-discretionary RAUM · $17.0M to $22.6M
    Apr 12, 2017 to Jun 11, 2018
  • RAUM · $17.0M to $22.6M
    Apr 12, 2017 to Jun 11, 2018
  • Wrap assets (manager) · unset to 0.0
    Apr 12, 2017 to Jun 11, 2018
  • Wrap assets (sponsor) · unset to 22646615.0
    Apr 12, 2017 to Jun 11, 2018
  • BD registered reps · 2 to 1
    Apr 13, 2016 to Apr 12, 2017
  • Assets in custody · $12.6M to $17.0M
    Apr 13, 2016 to Apr 12, 2017
  • Employees · 3 to 1
    Apr 13, 2016 to Apr 12, 2017
  • State-registered IARs · 2 to 1
    Apr 13, 2016 to Apr 12, 2017
  • Discretionary RAUM · $12.6M to $0
    Apr 13, 2016 to Apr 12, 2017
  • Non-discretionary RAUM · $0 to $17.0M
    Apr 13, 2016 to Apr 12, 2017
  • RAUM · $12.6M to $17.0M
    Apr 13, 2016 to Apr 12, 2017
  • Advisory employees · 3 to 1
    Mar 31, 2015 to Apr 13, 2016
  • Accounts · 146 to 5
    Mar 31, 2015 to Apr 13, 2016
  • Advisory activities · 5 to 3
    Mar 31, 2015 to Apr 13, 2016
  • BD registered reps · 10 to 2
    Mar 31, 2015 to Apr 13, 2016
  • Assets in custody · $58.2M to $12.6M
    Mar 31, 2015 to Apr 13, 2016
  • Employees · 10 to 3
    Mar 31, 2015 to Apr 13, 2016
  • Insurance-licensed employees · 2 to 1
    Mar 31, 2015 to Apr 13, 2016
  • Financial planning clients · 26-50 to unset
    Mar 31, 2015 to Apr 13, 2016
  • State-registered IARs · 6 to 2
    Mar 31, 2015 to Apr 13, 2016
  • Discretionary RAUM · $38.5M to $12.6M
    Mar 31, 2015 to Apr 13, 2016
  • RAUM · $38.5M to $12.6M
    Mar 31, 2015 to Apr 13, 2016
  • Accounts · 111 to 146
    Jan 21, 2015 to Mar 31, 2015
  • Discretionary RAUM · $58.2M to $38.5M
    Jan 21, 2015 to Mar 31, 2015
  • RAUM · $58.2M to $38.5M
    Jan 21, 2015 to Mar 31, 2015
  • Accounts · 59 to 111
    Feb 11, 2014 to Mar 31, 2014
  • Assets in custody · $34.0M to $58.2M
    Feb 11, 2014 to Mar 31, 2014
  • Discretionary RAUM · $34.0M to $58.2M
    Feb 11, 2014 to Mar 31, 2014
  • RAUM · $34.0M to $58.2M
    Feb 11, 2014 to Mar 31, 2014
  • Accounts · 33 to 59
    Sep 24, 2012 to Jan 17, 2013
Signals
No event on the tape.
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