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
Red Spruce Capital, LLC
Latest filing Feb 20, 2026
First filing on the tape Aug 15, 2018 · 19 filings
SEC status approved since Sep 14, 2018
RAUM
$257M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$257M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$64.2M
derived; firm RAUM over IAPD count
Employees
4
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
19 filings and snapshots on the tape
RAUM$257M as of Feb 20, 2026
Jan 23, 2019$104M then
HNW client RAUM$230M as of Feb 20, 2026
Jan 23, 2019$87.5M then
State-registered IARs (5.B.3)4 as of Feb 20, 2026
Jan 23, 20194 then
Employees (5.A)4 as of Feb 20, 2026
Jan 23, 20194 then
Private funds: no history
RAUM +11% over the last fiscal year+15% a year over threeIARs 4 to 4
Practice profile
derived from the filing of Feb 20, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $64.2MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 36derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.6MderivedHNW RAUM over HNW clients
- Average account
- $812,993derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.0derivedItem 5.A over advisors
- Advisors per office
- 4.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +11%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -5.3%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- portfolio management for individualsreportedItem 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)
- receives research or other products from a broker-dealer, soft dollars (8.E)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$230M90%
- Individuals$26.3M10%
- Charitable organizations$99,4210.0%
- Individual clients
- 79reported
- HNW clients
- 64reported
- Pension plan clients
- 0reported
- Charitable clients
- n/areported
- Accounts
- 316reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
4 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Mark Joseph Vasquez | Berwyn, Pa | Sep 22, 2011 | 15 y | 0 |
| Amish Bhasker Desai | Berwyn, Pa | Sep 22, 2011 | 15 y | 0 |
| Mark Ernest Kennedy | Rose Valley, Pa | Apr 2, 2012 | 41 y | 0 |
| Rahul R Shah | Corvallis, Or | Nov 12, 2014 | 21 y | 2 |
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
none on the tape
Joined, latest
- Rahul R Shah from Santa Barbara Asset Management, LLCNov 12, 2014 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Bhasker Amish Desai · Membercontrolsince 06/2011 · owns 50% to 75%
- Joseph Mark Vasquez · Member & Chief Compliance Officercontrolsince 06/2011 · owns 50% to 75%
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Berwyn, Pa · principal | 3 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- HNW clients · 68 to 64Feb 10, 2025 to Jan 20, 2026
- Individual clients · 83 to 79Feb 10, 2025 to Jan 20, 2026
- Discretionary RAUM · $232M to $257MFeb 10, 2025 to Jan 20, 2026
- HNW RAUM · $203M to $230MFeb 10, 2025 to Jan 20, 2026
- Individual RAUM · $28.9M to $26.3MFeb 10, 2025 to Jan 20, 2026
- RAUM · $232M to $257MFeb 10, 2025 to Jan 20, 2026
- Accounts · 310 to 316Oct 11, 2024 to Feb 10, 2025
- HNW clients · 57 to 68Oct 11, 2024 to Feb 10, 2025
- Individual clients · 91 to 83Oct 11, 2024 to Feb 10, 2025
- Financial planning clients · unset to Oct 11, 2024 to Feb 10, 2025
- Discretionary RAUM · $201M to $232MOct 11, 2024 to Feb 10, 2025
- HNW RAUM · $161M to $203MOct 11, 2024 to Feb 10, 2025
- Individual RAUM · $39.3M to $28.9MOct 11, 2024 to Feb 10, 2025
- RAUM · $201M to $232MOct 11, 2024 to Feb 10, 2025
- Accounts · 304 to 310Sep 6, 2023 to Jan 16, 2024
- Charity clients · 0.0 to unsetSep 6, 2023 to Jan 16, 2024
- HNW clients · 51 to 57Sep 6, 2023 to Jan 16, 2024
- Individual clients · 94 to 91Sep 6, 2023 to Jan 16, 2024
- Discretionary RAUM · $168M to $201MSep 6, 2023 to Jan 16, 2024
- HNW RAUM · $133M to $161MSep 6, 2023 to Jan 16, 2024
- Individual RAUM · $34.1M to $39.3MSep 6, 2023 to Jan 16, 2024
- RAUM · $168M to $201MSep 6, 2023 to Jan 16, 2024
- Advisory employees · 5 to 4Jan 5, 2023 to Sep 6, 2023
- Employees · 5 to 4Jan 5, 2023 to Sep 6, 2023
- State-registered IARs · 5 to 4Jan 5, 2023 to Sep 6, 2023
- Accounts · 274 to 304Jun 30, 2022 to Jan 5, 2023
- Advisory employees · 4 to 5Jun 30, 2022 to Jan 5, 2023
- Individual clients · 82 to 94Jun 30, 2022 to Jan 5, 2023
- Employees · 4 to 5Jun 30, 2022 to Jan 5, 2023
- State-registered IARs · 4 to 5Jun 30, 2022 to Jan 5, 2023
- Discretionary RAUM · $191M to $168MJun 30, 2022 to Jan 5, 2023
- HNW RAUM · $154M to $133MJun 30, 2022 to Jan 5, 2023
- Individual RAUM · $36.6M to $34.1MJun 30, 2022 to Jan 5, 2023
- RAUM · $191M to $168MJun 30, 2022 to Jan 5, 2023
- Accounts · 255 to 274Sep 15, 2021 to Jan 20, 2022
- HNW clients · 46 to 51Sep 15, 2021 to Jan 20, 2022
- Individual clients · 77 to 82Sep 15, 2021 to Jan 20, 2022
- Discretionary RAUM · $150M to $191MSep 15, 2021 to Jan 20, 2022
- HNW RAUM · $123M to $154MSep 15, 2021 to Jan 20, 2022
- Individual RAUM · $27.1M to $36.6MSep 15, 2021 to Jan 20, 2022
Signals
1 dated events
- Red Spruce Capital, Llc filed its initial SEC registration (Form ADV)Aug 15, 2018 · 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
- Business phone
- 610-727-4270reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/red-spruce-capitalreportedpublic record, Form ADV, Sep 18, 2026
- Website
- REDSPRUCECAPITAL.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 610-727-4270reportedpublic record, Form ADV, Feb 20, 2026
- Team page
- redsprucecapital.com/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
- $64.2Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026