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

Empirical Wealth Management

Independent wealth managerSeattle, WashingtonCRD 152622SEC 801-72168websiteIAPD
Legal name Empirical Financial Services, LLC
Latest filing Jul 29, 2026
First filing on the tape Mar 30, 2012 · 80 filings
SEC status approved since Feb 23, 2011
RAUM
$8.4B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
98%
$8.3B individuals and HNW
Advisors
69
registered through the firm on IAPD
RAUM per advisor
$122M
derived; firm RAUM over IAPD count
Employees
94
57 advisory (5.B.1)
Offices
17
beyond the principal office
Private funds
1
reported on Schedule D
History
80 filings and snapshots on the tape
RAUM$8.4B as of Jul 29, 2026
Mar 30, 2012$364M then
HNW client RAUM$8.0B as of Jul 29, 2026
Mar 30, 2018$1.3B then
State-registered IARs (5.B.3)61 as of Jul 29, 2026
Mar 28, 201310 then
Employees (5.A)94 as of Jul 29, 2026
Mar 28, 201315 then
Private funds1 as of Jul 29, 2026
Mar 30, 20181 then
RAUM +26% over the last fiscal year+26% a year over threeIARs 60 to 61offices 14 to 17
Practice profile
derived from the filing of Jul 29, 2026; every figure names its basis
Archetypes, each a printed rule
  • Multi-office growth platform · an independent wealth manager (not a wirehouse, national broker-dealer RIA or broker-dealer affiliated firm) with at least five offices, at least 50 advisors, and RAUM up at least 20 percent over the last annual amendment
  • Planning-led practice · financial planning activity (5.G.1), at least 100 financial planning clients (5.H), and hourly, fixed or subscription compensation (5.E)
  • RIA with private funds · a wealth manager (private-client share at least 50 percent) that reports at least one private fund on Schedule D 7.B.(1)
  • Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
RAUM per advisor
$122MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
35derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$4.3MderivedHNW RAUM over HNW clients
Average account
$969,962derivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.4derivedItem 5.A over advisors
Advisors per office
3.8derived18 offices incl. principal (1.F.5)
RAUM growth, one year
+26%derivedbetween the last two annual amendments
Advisor growth, one year
+1.7%derivedItem 5.B.3 between annual amendments
Client growth, one year
+12%derived
Compensation
percentage of assets, hourly, fixed fees, performance-basedreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, pension consulting, selection of other advisers, otherreportedItem 5.G
Financial planning clients
2,500reportedItem 5.H
Wrap fee program
$7.3BreportedItem 5.I
Custody
$2.1B, 1,110 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
  • 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)
  • 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)
  • marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$8.0B95%
  • Individuals$268M3.2%
  • Corporations and businesses$141M1.7%
  • Charitable organizations$19.5M0.2%
  • Pooled investment vehicles$16.4M0.2%
Individual clients
555reported
HNW clients
1,839reported
Pension plan clients
n/areported
Charitable clients
5reported
Accounts
8,690reported
Financial planning clients
2,500reported
Wrap fee programs
$0 sponsored, $0 managedreported
Custody of client assets
$2.1B for 1,110 clientsreported
Compensation
% of AUM, fixed, hourly, performancereported
Class basis
private_client_share=0.98 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
69 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
Kenneth Robert SmithCertified Financial PlannerSeattle, WaJun 18, 201031 y4
Shan ZubairCertified Financial PlannerIrvine, Ca Jul 27, 201017 y2
Ethan Andrew BrogaCertified Financial PlannerSeattle, WaJul 27, 201025 y5
Simon Joshua LiuSeattle, WaJul 27, 201017 y2
Lorne David EnquistSeattle, WaJun 1, 201125 y4
Erik James LehrChartered Financial AnalystPortland, Or Nov 22, 201314 y1
Brian David ReedCertified Financial PlannerSan Francisco, Ca Dec 16, 201312 y1
Jason Phillip SulkoskyCertified Financial PlannerSeattle, WaApr 22, 201426 y1
Michael Patrick KellyCertified Financial Planner, Chartered Financial AnalystPortland, Or May 28, 201526 y2
Lindsay Marie FarnsworthSeattle, WaNov 23, 201510 y1
James Allen JonesSeattle, WaDec 21, 201611 y1
John Thomas MillerCertified Financial PlannerSeattle, Wa Apr 26, 201812 y1
Mark Bret UmekCertified Financial PlannerSeattle, Wa Dec 11, 201923 y5
Tassie Sonya MedlinCertified Financial PlannerBellevue, Wa Feb 12, 202011 y2
Christopher Jordan EdwardsCertified Financial Planner, Chartered Financial AnalystSeattle, Wa Mar 9, 202018 y2
Justin Wyatt BullerBellevue, Wa Jan 20, 202129 y1
Cristina Marie CampbellCertified Financial PlannerLos Angeles, Ca Jan 26, 202117 y5
Shannon James BeneCertified Financial PlannerSeattle, Wa Feb 22, 202130 y4
Chance Joseph LeisethCertified Financial PlannerSan Francisco, Ca Oct 6, 202114 y2
Kevin ByrdCertified Financial PlannerSeattle, Wa Jan 10, 202210 y0
Samuel PlatcowSeattle, Wa Apr 4, 202210 y0
Dustin Michael RueCertified Financial PlannerSeattle, Wa Apr 18, 202217 y9
Robert Dale ThomasSeattle, Wa May 23, 202210 y0
Alex Julian MedinCertified Financial PlannerSeattle, Wa Jun 15, 202210 y3
Alexander Joseph BartosCertified Financial Planner, Chartered Financial AnalystSeattle, Wa Jul 13, 202219 y1
Wenwen DongCertified Financial PlannerSeattle, Wa Sep 30, 202212 y5
Eric ArndtSeattle, Wa Nov 4, 202211 y3
David Scott RaneyCertified Financial Planner, Chartered Financial ConsultantSeattle, Wa Feb 9, 202321 y1
Erich Robert GebbieCertified Financial PlannerSeattle, WaApr 12, 202314 y2
Charles E PyleCertified Financial Planner, Chartered Financial AnalystSeattle, Wa May 18, 202317 y2
Peter John MichelChartered Financial AnalystSeattle, Wa Jun 23, 202316 y2
Robert ThomasSeattle, WaJul 5, 202312 y0
Luke ChoCertified Financial PlannerIrvine, Ca Aug 23, 202324 y1
Christine Young BoweSeattle, Wa Feb 19, 202413 y1
Helena Zhu DempseyBellevue, Wa Apr 8, 202413 y0
Jack Zheng SunChartered Financial AnalystSan Mateo, Ca Jun 11, 202416 y1
Robert Michael HigueriaSeattle, WaJun 17, 202415 y2
Jacob Ronald MontemayorCertified Financial PlannerSeattle, Wa Jun 17, 202413 y2
Jake Ryan RiddellChartered Financial AnalystSeattle, WaJun 18, 202411 y1
Yisha WangCertified Financial PlannerWalnut Creek, Ca Jun 24, 202410 y3
All 69 advisors at Empirical Wealth Management
Advisor movement
3 left, 8 joined in 12 months
net +5 in 12 months0 left in 90 days2 joined in 90 daysdeparture rate 4.3% of current headcount11 left over 36 months
Left, latest
Joined, latest
Teams: two or more advisors moving together within fourteen days, from one state
    Private funds
    2 reported on Schedule D 7.B.(1)
    FundTypeGross assetsOwnersFirst reported
    Empirical Alternative Income Fund, LPOther Private Fund$16.4M62Feb 15, 2018
    Empirical Venture Capital Fund, LPno longer reportedVenture Capital Fund$01Jul 10, 2018
    Owners and control persons
    Schedule A and B, latest filing
    • Andrew Ethan Broga · Director Of Financial Planning & Membercontrol
      since 10/2010 · owns 5% to 10%
    • Wyatt Justin Buller · Chief Compliance Officer & Membercontrol
      since 01/2021 · owns less than 5%
    • David Lorne Enquist · Chief Financial Officer & Membercontrol
      since 10/2013 · owns 10% to 25%
    • Allen James Jones · Director Of Tax And Wealth Transfer & Membercontrol
      since 12/2018 · owns less than 5%
    • Patrick Michael Kelly · President & Chief Wealth Strategist & Membercontrol
      since 06/2017 · owns 5% to 10%
    • James Erik Lehr · Chief Investment Officer & Membercontrol
      since 05/2020 · owns less than 5%
    • Joshua Simon Liu · Chief Marketing Technology Officer & Membercontrol
      since 12/2018 · owns less than 5%
    • Carlos Joseph Homer Mercado · Chief Business Development Officer & Membercontrol
      since 02/2023 · owns less than 5%
    • Robert Kenneth Smith · Chief Executive Officer & Membercontrol
      since 10/2010 · owns 50% to 75%
    • Chelan Christina Jaime White · Chief Of Staffcontrol
      since 02/2023 · owns less than 5%
    • Shan Zubair · Financial Advisor & Membercontrol
      since 12/2018 · owns less than 5%
    • Chong Hwa Park · Chief Operating Officer & Member
      since 10/2025 · owns less than 5%
    Related persons
    Schedule D 7.A
    • Directional Financial Services
      investment adviseryRAUM $11.5M
    • Empirical Insurance, LLC
      real estatey
    • Empirical Properties, LLC
      investment companyy
    • Empirical Real Estate Services, Inc.
      investment companyy
    • Secure Legacy Law Group, P.C.
      n
    Advisers that list Empirical Wealth Management as a related person
    Office movement
    IAPD branch city; joins and departures in 12 months
    OfficeAdvisorsJoinedLeftTeams outForming
    Seattle, Wa · principal68182
    Irvine, Ca1240
    Portland, Or1250
    San Francisco, Ca940
    Bellevue, Wa600
    San Mateo, Ca400
    Los Angeles, Ca311
    Fort Worth, Tx300
    Walnut Creek, Ca210
    Offices
    Schedule D 1.F, the 25 largest
    • Irvine, CA9 employees
    • Portland, OR7 employees
    • San Francisco, CA5 employees
    • Bellevue, WA5 employees
    • Newport Beach, CA1 employees
    • Reno, NV1 employees
    • San Diego, CA1 employees
    • San Mateo, CA1 employees
    • Spokane, WA1 employees
    • Anchorage, AK1 employees
    • Walnut Creek, CA1 employees
    • Fort Worth, TX1 employees
    • Los Angeles, CA1 employees
    • Los Gatos, CA1 employees
    ADV anomalies
    2 against comparable advisers; where to look, not conclusions
    • control person changedChange between filings · filing Jul 29, 2026
      ENQUIST, LORNE, DAVID (CHIEF FINANCIAL OFFICER & MEMBER) left Schedule A between the filings of 2023-03-31 and 2026-07-29
      peers: independent wealth managers, $5B to $20B (289)
    • control person changedChange between filings · filing Jul 29, 2026
      WHITE, JAIME, CHELAN CHRISTINA (CHIEF OF STAFF) left Schedule A between the filings of 2023-03-31 and 2026-07-29
      peers: independent wealth managers, $5B to $20B (289)
    What changed
    consecutive filings, newest first
    • Accounts · 8,402 to 8,690
      Dec 8, 2025 to Mar 31, 2026
    • Advisory employees · 53 to 57
      Dec 8, 2025 to Mar 31, 2026
    • Charity clients · unset to 5.0
      Dec 8, 2025 to Mar 31, 2026
    • HNW clients · 1,552 to 1,839
      Dec 8, 2025 to Mar 31, 2026
    • Individual clients · 579 to 555
      Dec 8, 2025 to Mar 31, 2026
    • Assets in custody · $1.6B to $2.1B
      Dec 8, 2025 to Mar 31, 2026
    • State-registered IARs · 60 to 61
      Dec 8, 2025 to Mar 31, 2026
    • Other offices · 14 to 17
      Dec 8, 2025 to Mar 31, 2026
    • Discretionary RAUM · $6.7B to $8.4B
      Dec 8, 2025 to Mar 31, 2026
    • HNW RAUM · $6.2B to $8.0B
      Dec 8, 2025 to Mar 31, 2026
    • Individual RAUM · $324M to $268M
      Dec 8, 2025 to Mar 31, 2026
    • Non-discretionary RAUM · $7.0M to $3.2M
      Dec 8, 2025 to Mar 31, 2026
    • Pooled vehicle RAUM · $19.5M to $16.4M
      Dec 8, 2025 to Mar 31, 2026
    • RAUM · $6.7B to $8.4B
      Dec 8, 2025 to Mar 31, 2026
    • Financial planning clients · More than 500 to More than 500
      Mar 25, 2025 to Jul 1, 2025
    • Accounts · 7,267 to 8,402
      Feb 4, 2025 to Mar 25, 2025
    • Advisory employees · 59 to 53
      Feb 4, 2025 to Mar 25, 2025
    • HNW clients · 1,448 to 1,552
      Feb 4, 2025 to Mar 25, 2025
    • Individual clients · 521 to 579
      Feb 4, 2025 to Mar 25, 2025
    • Assets in custody · $1.3B to $1.6B
      Feb 4, 2025 to Mar 25, 2025
    • Employees · 78 to 94
      Feb 4, 2025 to Mar 25, 2025
    • Insurance-licensed employees · 3 to 4
      Feb 4, 2025 to Mar 25, 2025
    • State-registered IARs · 53 to 60
      Feb 4, 2025 to Mar 25, 2025
    • Discretionary RAUM · $5.5B to $6.7B
      Feb 4, 2025 to Mar 25, 2025
    • HNW RAUM · $5.1B to $6.2B
      Feb 4, 2025 to Mar 25, 2025
    • Individual RAUM · $261M to $324M
      Feb 4, 2025 to Mar 25, 2025
    • Non-discretionary RAUM · $6.2M to $7.0M
      Feb 4, 2025 to Mar 25, 2025
    • Pooled vehicle RAUM · $21.5M to $19.5M
      Feb 4, 2025 to Mar 25, 2025
    • RAUM · $5.5B to $6.7B
      Feb 4, 2025 to Mar 25, 2025
    • Accounts · 6,280 to 7,267
      Jan 12, 2024 to Mar 28, 2024
    • Advisory employees · 34 to 59
      Jan 12, 2024 to Mar 28, 2024
    • Corporate clients · 24.0 to unset
      Jan 12, 2024 to Mar 28, 2024
    • HNW clients · 1,110 to 1,448
      Jan 12, 2024 to Mar 28, 2024
    • Individual clients · 641 to 521
      Jan 12, 2024 to Mar 28, 2024
    • Assets in custody · $949M to $1.3B
      Jan 12, 2024 to Mar 28, 2024
    • Employees · 65 to 78
      Jan 12, 2024 to Mar 28, 2024
    • Insurance-licensed employees · 6 to 3
      Jan 12, 2024 to Mar 28, 2024
    • State-registered IARs · 43 to 53
      Jan 12, 2024 to Mar 28, 2024
    • Other offices · 12 to 14
      Jan 12, 2024 to Mar 28, 2024
    • Discretionary RAUM · $4.2B to $5.5B
      Jan 12, 2024 to Mar 28, 2024
    Signals
    32 dated events
    • Jack Mcfarland Mazzera left Empirical Wealth Management for Jordan Park Group Llc (registered 2026-06-23)
      Jun 15, 2026 · Advisor changed firm · fact
    • Empirical Wealth Management reported RAUM $8.4B, up 26% from $6.7B (2025-12-08 to 2026-03-31)
      Mar 31, 2026 · RAUM change · derived
    • Paige Renee Carmona left Empirical Wealth Management for Iconiq Capital, Llc (registered 2026-01-12)
      Dec 3, 2025 · Advisor changed firm · fact
    • Patrick A Yaghoobians left Empirical Wealth Management for Noor Financial Services (registered 2025-11-06)
      Sep 22, 2025 · Advisor changed firm · fact
    • Scott Michael Malbasa left Empirical Wealth Management for Xypn Sapphire (registered 2025-06-26)
      Jul 16, 2025 · Advisor changed firm · fact
    • Christopher Michael Auten left Empirical Wealth Management for Osaic Wealth, Inc. (registered 2025-10-13)
      Jun 27, 2025 · Advisor changed firm · fact
    • Jake Larson left Empirical Wealth Management for Multnomah Group, Inc. (registered 2025-04-10)
      Apr 15, 2025 · Advisor changed firm · fact
    • Mustafa Hma Binns left Empirical Wealth Management for Ep Wealth Advisors (registered 2024-12-10)
      Nov 20, 2024 · Advisor changed firm · fact
    • Jessica May Roks left Empirical Wealth Management for Jdm Financial Group Llc (registered 2024-12-16)
      Sep 6, 2024 · Advisor changed firm · fact
    • Empirical Wealth Management reported 53 state-registered advisory representatives, up from 43 (2024-01-12 to 2024-03-28)
      Mar 28, 2024 · Advisor headcount change · derived
    • Empirical Wealth Management reported RAUM $5.5B, up 32% from $4.2B (2024-01-12 to 2024-03-28)
      Mar 28, 2024 · RAUM change · derived
    • Alexandra Marie Scott left Empirical Wealth Management for Mariner (registered 2024-02-06)
      Feb 28, 2024 · Advisor changed firm · fact
    • Richard Thomas Boyer left Empirical Wealth Management for Mariner (registered 2024-02-02)
      Feb 28, 2024 · Advisor changed firm · fact
    • 2 advisors left Empirical Wealth Management (Seattle, WA) for Mariner on the same day
      Feb 28, 2024 · Team lift-out · derived
    • Carla Lisseth Avendano left Empirical Wealth Management for Lnw (registered 2023-09-22)
      Sep 20, 2023 · Advisor changed firm · fact
    • Maggie Chi Liu left Empirical Wealth Management for Bordeaux Wealth Advisors (registered 2023-07-05)
      Jul 19, 2023 · Advisor changed firm · fact
    • Empirical Wealth Management reported 43 state-registered advisory representatives, up from 31 (2022-07-07 to 2023-03-31)
      Mar 31, 2023 · Advisor headcount change · derived
    • Carlos Joseph Homer Mercado (Chief Operations Officer) appeared on Schedule A of Empirical Wealth Management
      Mar 31, 2023 · Control person joined · fact
    • Michael Abraham Randall left Empirical Wealth Management for Oak Summit Wealth Management, Inc. (registered 2022-05-11)
      May 10, 2022 · Advisor changed firm · fact
    • Erica Jean Cortez left Empirical Wealth Management for Commonwealth Financial Network (registered 2022-03-28)
      Apr 4, 2022 · Advisor changed firm · fact
    • Empirical Wealth Management reported 31 state-registered advisory representatives, up from 19 (2021-12-08 to 2022-03-31)
      Mar 31, 2022 · Advisor headcount change · derived
    • Empirical Wealth Management reported RAUM $4.2B, up 37% from $3.0B (2021-12-08 to 2022-03-31)
      Mar 31, 2022 · RAUM change · derived
    • Empirical Wealth Management reported 19 state-registered advisory representatives, down from 29 (2021-02-10 to 2021-03-31)
      Mar 31, 2021 · Advisor headcount change · derived
    • Marie Lindsay Farnsworth (Chief Compliance Officer) no longer on Schedule A of Empirical Wealth Management (listed 2020-09-17, absent 2021-02-10)
      Feb 10, 2021 · Control person left · inference
    • Wyatt Justin Buller (Chief Compliance Officer) appeared on Schedule A of Empirical Wealth Management
      Feb 10, 2021 · Control person joined · fact
    • James Erik Lehr (Chief Investment Officer) appeared on Schedule A of Empirical Wealth Management
      Jun 30, 2020 · Control person joined · fact
    • Empirical Wealth Management reported RAUM $2.7B, up 35% from $2.0B (2019-07-31 to 2020-03-30)
      Mar 30, 2020 · RAUM change · derived
    • Empirical Wealth Management reported RAUM $2.0B, up 30% from $1.5B (2019-02-25 to 2019-03-29)
      Mar 29, 2019 · RAUM change · derived
    • Allen James Jones (Director Of Tax And Wealth Transfer & Member) appeared on Schedule A of Empirical Wealth Management
      Mar 29, 2019 · Control person joined · fact
    • Joshua Simon Liu (Chief Marketing Technology Officer & Member) appeared on Schedule A of Empirical Wealth Management
      Mar 29, 2019 · Control person joined · fact
    Across DFX
    shared identifiers only, never a name match
    How to reach
    public business contact points only, each with its source
    Business phone
    800-923-4307reportedpublished by the firm, firm site, Sep 15, 2026
    Firm profile
    linkedin.com/company/empirical-wealth-managementreportedpublic record, Form ADV, Sep 17, 2026
    Website
    empirical.netreportedpublic record, Form ADV, Sep 17, 2026
    Principal office phone
    206-923-3474reportedpublic record, Form ADV, Jul 29, 2026
    Contact form
    empirical.net/contact-usreportedpublished by the firm, firm site, Sep 15, 2026
    Team page
    empirical.net/about-us/our-teamreportedpublished by the firm, firm site, Sep 15, 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
    $122Mderivedfirm RAUM over the IAPD count; not a book size
    Loaded
    Sep 14, 2026