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

Commerce Asset Management, LLC

Former SEC-registered adviserMemphis, TennesseeCRD 159561SEC 801-72903IAPD
Latest filing Mar 29, 2022
First filing on the tape Nov 15, 2011 · 29 filings
RAUM
$5.9M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$5.9M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
2
2 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
29 filings and snapshots on the tape
RAUM$5.9M as of Mar 29, 2022
Mar 30, 2012$17.1M then
HNW client RAUM$5.9M as of Mar 29, 2022
Mar 23, 2018$4.2M then
State-registered IARs (5.B.3)1 as of Mar 29, 2022
Mar 28, 20133 then
Employees (5.A)2 as of Mar 29, 2022
Mar 28, 20135 then
Private funds2 as of Mar 26, 2015
Mar 30, 20121 then
RAUM +19% over the last fiscal year+13% a year over threeIARs 1 to 1
Practice profile
derived from the filing of Mar 29, 2022; every figure names its basis
RAUM per advisor
$5.9MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client
$2.0MderivedHNW RAUM over HNW clients
Average account
$2.0MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.0derivedItem 5.A over advisors
Advisors per office
1.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+19%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assets, fixed feesreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, selection of other advisersreportedItem 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$5.9M100%
Individual clients
n/areported
HNW clients
3reported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
3reported
Financial planning clients
0reported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, fixedreported
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
Left, latest
Joined, latest
Every departureEvery arrival
Private funds
2 reported on Schedule D 7.B.(1)
FundTypeGross assetsOwnersFirst reported
Heritage Hedged Equity Fund, LPno longer reportedHedge Fund$36,8368Apr 2, 2012
Heritage Hedged Equity Fund, Ltdno longer reportedHedge Fund$10,4922Mar 30, 2012
Owners and control persons
Schedule A and B, latest filing
  • Vincent Joseph Robinson · Ceo Commerce Holdings, LLC/Ccocontrol
    since 07/2012 · owns less than 5%
  • Austin Kurt Voldeng · Cio/Coo/Commerce Holdings, LLC Emc Membercontrol
    since 07/2012 · owns less than 5%
  • David William Woodmansee · President Commerce Advisors, LLC/Commerce Holdings,LLC Emc Membercontrol
    since 11/2010 · owns less than 5%
  • J Thomas Byrce · Managing Member Of Bf Leasingcontrol
    since 07/2012 · owns 50% to 75% of Bf Leasing LLC
Entity owners
  • Commerce Holdings, LLC · Member
    direct · owns 75% or more
  • Bf Leasing LLC · Member Of Commerce Holdings LLC
    indirect · owns 25% to 50% of Commerce Holdings LLC
Related persons
Schedule D 7.A
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
  • Advisory activities · 4 to 3
    Mar 26, 2021 to Mar 29, 2022
  • Discretionary RAUM · $5.0M to $5.9M
    Mar 26, 2021 to Mar 29, 2022
  • HNW RAUM · $5.0M to $5.9M
    Mar 26, 2021 to Mar 29, 2022
  • Non-discretionary RAUM · $47,144 to $0
    Mar 26, 2021 to Mar 29, 2022
  • RAUM · $5.0M to $5.9M
    Mar 26, 2021 to Mar 29, 2022
  • Discretionary RAUM · $4.2M to $5.0M
    Nov 13, 2020 to Mar 26, 2021
  • HNW RAUM · $4.3M to $5.0M
    Nov 13, 2020 to Mar 26, 2021
  • Non-discretionary RAUM · $46,793 to $47,144
    Nov 13, 2020 to Mar 26, 2021
  • RAUM · $4.3M to $5.0M
    Nov 13, 2020 to Mar 26, 2021
  • Discretionary RAUM · $4.1M to $4.2M
    Mar 27, 2019 to Mar 24, 2020
  • HNW RAUM · $4.1M to $4.3M
    Mar 27, 2019 to Mar 24, 2020
  • Non-discretionary RAUM · $40,683 to $46,793
    Mar 27, 2019 to Mar 24, 2020
  • RAUM · $4.1M to $4.3M
    Mar 27, 2019 to Mar 24, 2020
  • Discretionary RAUM · $4.2M to $4.1M
    Mar 23, 2018 to Mar 27, 2019
  • HNW RAUM · $4.2M to $4.1M
    Mar 23, 2018 to Mar 27, 2019
  • Non-discretionary RAUM · $53,880 to $40,683
    Mar 23, 2018 to Mar 27, 2019
  • RAUM · $4.2M to $4.1M
    Mar 23, 2018 to Mar 27, 2019
  • Accounts · 2 to 3
    Dec 12, 2017 to Mar 23, 2018
  • HNW clients · unset to 3.0
    Dec 12, 2017 to Mar 23, 2018
  • Discretionary RAUM · $2.1M to $4.2M
    Dec 12, 2017 to Mar 23, 2018
  • HNW RAUM · $2.1M to $4.2M
    Dec 12, 2017 to Mar 23, 2018
  • Non-discretionary RAUM · $54,428 to $53,880
    Dec 12, 2017 to Mar 23, 2018
  • RAUM · $2.1M to $4.2M
    Dec 12, 2017 to Mar 23, 2018
  • Related bank · true to false
    Dec 12, 2017 to Mar 23, 2018
  • Accounts · 3 to 2
    Mar 31, 2017 to Dec 12, 2017
  • Advisory activities · 5 to 4
    Mar 31, 2017 to Dec 12, 2017
  • Assets in custody · 1921854.0 to unset
    Mar 31, 2017 to Dec 12, 2017
  • Custody of client assets · true to false
    Mar 31, 2017 to Dec 12, 2017
  • Other offices · unset to 0.0
    Mar 31, 2017 to Dec 12, 2017
  • Discretionary RAUM · $7.5M to $2.1M
    Mar 31, 2017 to Dec 12, 2017
  • HNW RAUM · unset to 2138442.0
    Mar 31, 2017 to Dec 12, 2017
  • Non-discretionary RAUM · $49,670 to $54,428
    Mar 31, 2017 to Dec 12, 2017
  • RAUM · $7.6M to $2.1M
    Mar 31, 2017 to Dec 12, 2017
  • Accounts · 5 to 3
    Jun 30, 2016 to Mar 31, 2017
  • Assets in custody · $1.7M to $1.9M
    Jun 30, 2016 to Mar 31, 2017
  • Employees · 3 to 2
    Jun 30, 2016 to Mar 31, 2017
  • Insurance-licensed employees · 0 to 1
    Jun 30, 2016 to Mar 31, 2017
  • Discretionary RAUM · $6.9M to $7.5M
    Jun 30, 2016 to Mar 31, 2017
  • Non-discretionary RAUM · $50.7M to $49,670
    Jun 30, 2016 to Mar 31, 2017
  • RAUM · $57.5M to $7.6M
    Jun 30, 2016 to Mar 31, 2017
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