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

Penn Investment Advisors, Inc.

Former SEC-registered adviserBala Cynwyd, PennsylvaniaCRD 151715SEC 801-70683IAPD
Latest filing Mar 30, 2023
First filing on the tape Mar 31, 2012 · 36 filings
RAUM
$574M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
39%
$221M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
9
7 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
36 filings and snapshots on the tape
RAUM$574M as of Mar 30, 2023
Mar 31, 2012$296M then
HNW client RAUM$102M as of Mar 30, 2023
Mar 29, 2018$112M then
State-registered IARs (5.B.3)7 as of Mar 30, 2023
Apr 1, 20137 then
Employees (5.A)9 as of Mar 30, 2023
Apr 1, 20139 then
Private funds: no history
RAUM -20% over the last fiscal year-1.6% a year over threeIARs 8 to 7offices 2 to 1
Practice profile
derived from the filing of Mar 30, 2023; every figure names its basis
RAUM per advisor
$82.1MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
157derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$2.1MderivedHNW RAUM over HNW clients
Average account
$504,326derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
61%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.3derivedItem 5.A over advisors
Advisors per office
3.5derived2 offices incl. principal (1.F.5)
RAUM growth, one year
-20%derivedbetween the last two annual amendments
Advisor growth, one year
-13%derivedItem 5.B.3 between annual amendments
Client growth, one year
-14%derived
Compensation
percentage of assets, hourly, fixed feesreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, portfolio management for businesses and institutions, educational seminars, otherreportedItem 5.G
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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Pension and profit-sharing plans$323M56%
  • Individuals$119M21%
  • High-net-worth individuals$102M18%
  • State and municipal entities$20.5M3.6%
  • Charitable organizations$5.1M0.9%
  • Corporations and businesses$3.1M0.5%
Individual clients
1,049reported
HNW clients
49reported
Pension plan clients
32reported
Charitable clients
1reported
Accounts
1,139reported
Financial planning clients
11-25reported
Wrap fee programs
noreported
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
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
  • Roberts George Breuninger · Chief Compliance Officer
    since 06/2016 · owns less than 5%
  • Michael Sean Schmid · Chief Operating Officer
    since 09/2015 · owns less than 5%
  • Myers Christian Wagner · President
    since 06/2014 · owns less than 5%
Entity owners
  • Equitable Distribution Holding Corporation · Member
    direct · owns 75% or more
  • Equitable Financial Services, LLC · Shareholder
    indirect · owns 75% or more of Equitable Distribution Holding Corporation
  • Equitable Holdings, Inc. · Member
    indirect · owns 75% or more of Equitable Financial Services, LLC · public reporting company
Related persons
Schedule D 7.A
Advisers that list Penn Investment Advisors, Inc. as a related person
Offices
Schedule D 1.F, the 25 largest
  • Wilmington, DE5 employees
What changed
consecutive filings, newest first
  • Accounts · 1,333 to 1,139
    Nov 1, 2022 to Mar 30, 2023
  • Advisory employees · 8 to 7
    Nov 1, 2022 to Mar 30, 2023
  • Advisory activities · 6 to 5
    Nov 1, 2022 to Mar 30, 2023
  • BD registered reps · 4 to 7
    Nov 1, 2022 to Mar 30, 2023
  • Charity clients · 3 to 1
    Nov 1, 2022 to Mar 30, 2023
  • Corporate clients · 14 to 4
    Nov 1, 2022 to Mar 30, 2023
  • HNW clients · 73 to 49
    Nov 1, 2022 to Mar 30, 2023
  • Individual clients · 1,208 to 1,049
    Nov 1, 2022 to Mar 30, 2023
  • Pension plan clients · 31 to 32
    Nov 1, 2022 to Mar 30, 2023
  • Employees · 10 to 9
    Nov 1, 2022 to Mar 30, 2023
  • State-registered IARs · 8 to 7
    Nov 1, 2022 to Mar 30, 2023
  • Discretionary RAUM · $719M to $574M
    Nov 1, 2022 to Mar 30, 2023
  • HNW RAUM · $186M to $102M
    Nov 1, 2022 to Mar 30, 2023
  • Individual RAUM · $139M to $119M
    Nov 1, 2022 to Mar 30, 2023
  • Pension RAUM · $349M to $323M
    Nov 1, 2022 to Mar 30, 2023
  • RAUM · $719M to $574M
    Nov 1, 2022 to Mar 30, 2023
  • HQ city · DOYLESTOWN to BALA CYNWYD
    Mar 30, 2022 to Oct 31, 2022
  • Related adviser · false to true
    Mar 30, 2022 to Oct 31, 2022
  • Related bank · false to true
    Mar 30, 2022 to Oct 31, 2022
  • Related broker-dealer · false to true
    Mar 30, 2022 to Oct 31, 2022
  • HQ city · YARDLEY to DOYLESTOWN
    Mar 14, 2022 to Mar 30, 2022
  • Other offices · 2 to 1
    Mar 14, 2022 to Mar 30, 2022
  • Accounts · 1,314 to 1,333
    Mar 29, 2021 to Mar 14, 2022
  • Advisory employees · 10 to 8
    Mar 29, 2021 to Mar 14, 2022
  • BD registered reps · 3 to 4
    Mar 29, 2021 to Mar 14, 2022
  • Charity clients · 2 to 3
    Mar 29, 2021 to Mar 14, 2022
  • Corporate clients · 10 to 14
    Mar 29, 2021 to Mar 14, 2022
  • HNW clients · 72 to 73
    Mar 29, 2021 to Mar 14, 2022
  • Individual clients · 998 to 1,208
    Mar 29, 2021 to Mar 14, 2022
  • Pension plan clients · 54 to 31
    Mar 29, 2021 to Mar 14, 2022
  • Employees · 12 to 10
    Mar 29, 2021 to Mar 14, 2022
  • State-registered IARs · 10 to 8
    Mar 29, 2021 to Mar 14, 2022
  • Discretionary RAUM · $595M to $719M
    Mar 29, 2021 to Mar 14, 2022
  • HNW RAUM · $120M to $186M
    Mar 29, 2021 to Mar 14, 2022
  • Individual RAUM · $122M to $139M
    Mar 29, 2021 to Mar 14, 2022
  • Pension RAUM · $287M to $349M
    Mar 29, 2021 to Mar 14, 2022
  • RAUM · $595M to $719M
    Mar 29, 2021 to Mar 14, 2022
  • Accounts · 1,499 to 1,314
    Sep 8, 2020 to Mar 29, 2021
  • Advisory employees · 13 to 10
    Sep 8, 2020 to Mar 29, 2021
  • BD registered reps · 4 to 3
    Sep 8, 2020 to Mar 29, 2021
Signals
5 dated events
  • Craig Ernest Sigeti left Penn Investment Advisors, Inc. for Ces Investment Strategies (registered 2023-03-28)
    Mar 31, 2023 · Advisor changed firm · fact
  • Penn Investment Advisors, Inc.'s advisors moved to Equitable Advisors, LLC (Bala Cynwyd, PA): 5 of 7 registered, on the same day
    Mar 31, 2023 · Firm absorbed (people side) · derived
  • David Fleisher Ii (Executive Officer) no longer on Schedule A of Penn Investment Advisors, Inc. (listed 2022-10-31, absent 2022-11-01)
    Nov 1, 2022 · Control person left · inference
  • David Fleisher Ii (Executive Officer) appeared on Schedule A of Penn Investment Advisors, Inc.
    Oct 31, 2022 · Control person joined · fact
  • Penn Investment Advisors, Inc. reported 2 offices beyond its principal office, down from 24 (2019-03-28 to 2020-03-26)
    Mar 26, 2020 · Office count 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