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
Equity Armor Investments
Legal name Equity Armor Investments, LLC
Latest filing Sep 8, 2026
First filing on the tape Apr 9, 2014 · 39 filings
SEC status approved since Sep 3, 2019
RAUM
$184M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
20%
$36.8M individuals and HNW
Advisors
6
registered through the firm on IAPD
RAUM per advisor
$30.7M
derived; firm RAUM over IAPD count
Employees
3
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
39 filings and snapshots on the tape
RAUM$184M as of Mar 27, 2026
Feb 27, 2015$70.0M then
HNW client RAUM$0 as of Mar 27, 2026
Mar 31, 2023$2.3M then
State-registered IARs (5.B.3)3 as of Mar 27, 2026
Feb 27, 20155 then
Employees (5.A)3 as of Mar 27, 2026
Feb 27, 20155 then
Private funds1 as of Mar 30, 2019
Mar 30, 20181 then
RAUM +7.7% over the last fiscal year+5.4% a year over threeIARs 3 to 3
Practice profile
derived from the filing of Sep 8, 2026; every figure names its basis
- RAUM per advisor
- $30.7MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 15derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $1.5MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 0.5derivedItem 5.A over advisors
- Advisors per office
- 6.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +7.7%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +3.5%derived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for investment companiesreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Firms absorbed, 24 months
- 1derivedhalf or more of a firm's advisors moved here within 14 days
- 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Other investment advisers$77.9M42%
- Investment companies$69.6M38%
- Individuals$36.8M20%
- Individual clients
- 89reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 121reported
- Financial planning clients
- n/areported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.2 fund_share=0.8 institutional_share=0.0 related_bd= related_bank= bd_reps=0.0derived
Advisors registered through the firm
6 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Joseph Avram Tigay | Chicago, Il | Jan 13, 2022 | 15 y | 8 |
| Afshin Luke Rahbari | Chicago, Il | Jan 13, 2022 | 34 y | 8 |
| Brian Scott Stutland | Chicago, Il | Jan 14, 2022 | 19 y | 9 |
| Stephen Quinn Dallin | Spirngville, Ut | Apr 16, 2025 | 18 y | 1 |
| Michael Portes Warren | Chicago, Il | Apr 16, 2025 | 18 y | 1 |
| Joel Michael Vanderhoof | Holladay, Ut | Apr 17, 2025 | 26 y | 3 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- Afshin Luke Rahbari to Macro Growth Advisors, LLCDec 31, 2021 · Other
- Brian Scott Stutland to Kkm Financial LLCDec 31, 2021 · Other
- Joseph Avram Tigay to Kkm Financial LLCDec 31, 2016 · Other
- Daniel Joseph Deming to Kkm Financial LLCJul 31, 2015 · Other
- Matthew Patrick Franz to Kkm Financial LLCJul 31, 2015 · Other
Joined, latest
- Joel Michael Vanderhoof from Cambria Capital LLCApr 17, 2025 · Other
- Stephen Quinn Dallin from Cambria Capital LLCApr 16, 2025 · Other
- Michael Portes Warren from Cambria Capital LLCApr 16, 2025 · Other
- Brian Scott Stutland from Equity Armor Advisors, LLCJan 14, 2022 · RIA to RIA
- Afshin Luke Rahbari from Equity Armor Advisors, LLCJan 13, 2022 · RIA to RIA
- Joseph Avram Tigay from Equity Armor Advisors, LLCJan 13, 2022 · RIA to RIA
- Afshin Luke Rahbari from Bridge Advisors, Inc. Dba Tradingblock AdvisorsDec 1, 2011 · Other
- Brian Scott Stutland from Mws Capital Consultants LLCOct 31, 2011 · RIA to a newly registered adviser
Teams: two or more advisors moving together within fourteen days, from one state
- 2 left for Kkm Financial LLCJul 31, 2015 · Chicago, Il
- 3 joined from Cambria Capital LLCDec 31, 2024 · Salt Lake City, Ut · Firm absorbed
- 3 joined from Equity Armor Advisors, LLCDec 31, 2019 · Chicago, Il · Firm absorbed
Private funds
1 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Prime India Focus Fundno longer reported | Hedge Fund | $220M | 50 | May 11, 2017 |
Owners and control persons
Schedule A and B, latest filing
- Luke Afshin Rahbari · Chief Compliance Officer, Chief Executive Officer, And Managercontrolsince 01/2011 · owns 25% to 50%
- Scott Brian Stutland · Chief Investment Officer, And Managercontrolsince 01/2011 · owns 25% to 50%
- Avram Joseph Tigay · Membersince 01/2013 · owns 10% to 25%
Related persons
Schedule D 7.A
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Chicago, Il · principal | 6 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Financial planning clients · to unsetMar 27, 2026 to Sep 8, 2026
- Related adviser · false to unsetMar 27, 2026 to Sep 8, 2026
- Related bank · false to unsetMar 27, 2026 to Sep 8, 2026
- Related broker-dealer · false to unsetMar 27, 2026 to Sep 8, 2026
- Related insurance company · false to unsetMar 27, 2026 to Sep 8, 2026
- Succession · false to unsetMar 27, 2026 to Sep 8, 2026
- Accounts · 90 to 121Mar 27, 2025 to Mar 27, 2026
- Individual clients · 86 to 89Mar 27, 2025 to Mar 27, 2026
- Employees · 4 to 3Mar 27, 2025 to Mar 27, 2026
- Discretionary RAUM · $171M to $184MMar 27, 2025 to Mar 27, 2026
- Individual RAUM · $28.5M to $36.8MMar 27, 2025 to Mar 27, 2026
- RAUM · $171M to $184MMar 27, 2025 to Mar 27, 2026
- Accounts · 37 to 90Mar 29, 2024 to Mar 27, 2025
- Charity clients · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- Corporate clients · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- HNW clients · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- Individual clients · 16 to 86Mar 29, 2024 to Mar 27, 2025
- Pension plan clients · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- Pooled vehicle clients · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- Financial planning clients · unset to Mar 29, 2024 to Mar 27, 2025
- Discretionary RAUM · $161M to $171MMar 29, 2024 to Mar 27, 2025
- HNW RAUM · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- Individual RAUM · $9.2M to $28.5MMar 29, 2024 to Mar 27, 2025
- Pension RAUM · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- Pooled vehicle RAUM · unset to 0.0Mar 29, 2024 to Mar 27, 2025
- RAUM · $161M to $171MMar 29, 2024 to Mar 27, 2025
- Accounts · 16 to 37Mar 31, 2023 to Mar 29, 2024
- HNW clients · 3.0 to unsetMar 31, 2023 to Mar 29, 2024
- Individual clients · 9 to 16Mar 31, 2023 to Mar 29, 2024
- Employees · 3 to 4Mar 31, 2023 to Mar 29, 2024
- Discretionary RAUM · $157M to $161MMar 31, 2023 to Mar 29, 2024
- HNW RAUM · 2259000.0 to unsetMar 31, 2023 to Mar 29, 2024
- Individual RAUM · $10.1M to $9.2MMar 31, 2023 to Mar 29, 2024
- RAUM · $157M to $161MMar 31, 2023 to Mar 29, 2024
- Accounts · 28 to 16Oct 11, 2022 to Mar 31, 2023
- HNW clients · unset to 3.0Oct 11, 2022 to Mar 31, 2023
- Individual clients · 10 to 9Oct 11, 2022 to Mar 31, 2023
- Discretionary RAUM · $167M to $157MOct 11, 2022 to Mar 31, 2023
- HNW RAUM · unset to 2259000.0Oct 11, 2022 to Mar 31, 2023
- Individual RAUM · $6.4M to $10.1MOct 11, 2022 to Mar 31, 2023
Signals
3 dated events
- Cambria Capital LLC's advisors moved to Equity Armor Investments (Salt Lake City, UT): 3 of 3 registered, on the same dayDec 31, 2024 · Firm absorbed (people side) · derived
- Equity Armor Investments reported RAUM $41.1M, down 89% from $363.3M (2018-03-30 to 2019-03-30)Mar 30, 2019 · RAUM change · derived
- The Stutland Volatility Group, Llc filed its initial SEC registration (Form ADV)Apr 9, 2014 · 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.
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/22309460/adminreportedpublic record, Form ADV, Sep 18, 2026
- Website
- EQUITYARMORINVESTMENTS.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 312-318-9191reportedpublic record, Form ADV, Sep 8, 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
- Other adviserderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $30.7Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026