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
T&S Investments
Legal name T&S Investments, LLC
Latest filing Mar 27, 2015
First filing on the tape Jul 8, 2014 · 2 filings
RAUM
$13.6M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
2
registered through the firm on IAPD
RAUM per advisor
$6.8M
derived; firm RAUM over IAPD count
Employees
2
2 advisory (5.B.1)
Offices
n/a
beyond the principal office
Private funds
0
reported on Schedule D
History
2 filings and snapshots on the tape
RAUM$13.6M as of Mar 27, 2015
Jul 8, 2014$148M then
HNW client RAUM: no history
State-registered IARs (5.B.3)2 as of Mar 27, 2015
Jul 8, 20142 then
Employees (5.A)2 as of Mar 27, 2015
Jul 8, 20142 then
Private funds: no history
RAUM n/a over the last fiscal year
Practice profile
derived from the filing of Mar 27, 2015; every figure names its basis
- RAUM per advisor
- $6.8MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $2.7MderivedRAUM 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
- 2.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- unknownderivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, hourlyreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 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
- is a trust company (6.A.8)
- 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)
- a related person acts as qualified custodian (9.D.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
This filing has no Item 5.D breakdown (filings before 2017 reported ranges, not amounts).
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 5reported
- Financial planning clients
- 1-10reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, hourlyreported
- Class basis
- absent from the latest SEC rosterderived
Advisors registered through the firm
2 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Kelly L Steffes | Fargo, Nd | Jan 1, 2025 | 14 y | 0 |
| Richard Duane ThoresonChartered Financial Analyst | Fargo, Nd | Dec 7, 2025 | 14 y | 0 |
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 headcount1 left over 36 months
Left, latest
- Rebecca Lynn Walen to Osaic Institutions, Inc.Mar 31, 2025 · Other
- Dustin Michael Richter to Prairiewood Wealth ManagementJun 7, 2023 · Other
Joined, latest
- Dustin Michael Richter from Wells Fargo Investments, LLCFeb 14, 2020 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- L Kelly Steffes · Secretary/Treasurercontrolsince 10/2011 · owns 50% to 75%
- Duane Richard Thoreson · President And Ccocontrolsince 10/2011 · owns 50% to 75%
Related persons
Schedule D 7.A
- Kelly L. Steffesy
- Thoreson Steffes Trust Co.n
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Fargo, Nd · principal | 2 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 91 to 5Jul 8, 2014 to Mar 27, 2015
- Discretionary RAUM · $148M to $13.6MJul 8, 2014 to Mar 27, 2015
- RAUM · $148M to $13.6MJul 8, 2014 to Mar 27, 2015
Signals
3 dated events
- Rebecca Lynn Walen left T&S Investments for Osaic Institutions, Inc. (registered 2025-10-31)Mar 31, 2025 · Advisor changed firm · fact
- Dustin Michael Richter left T&S Investments for Prairiewood Wealth Management (registered 2025-05-20)Jun 7, 2023 · Advisor changed firm · fact
- T&S Investments filed its initial SEC registration (Form ADV)Jul 8, 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.
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
- $6.8Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026