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

Ashton Thomas Securities, LLC

Independent wealth managerRochester, New YorkCRD 16629SEC 801-69225websiteIAPD
Latest filing Jun 3, 2026
First filing on the tape Jan 18, 2012 · 51 filings
SEC status approved since Jun 11, 2008
RAUM
$1.9B
reported, Item 5.F
Discretionary
97%
of RAUM
Private clients
100%
$1.9B individuals and HNW
Advisors
37
registered through the firm on IAPD
RAUM per advisor
$50.3M
derived; firm RAUM over IAPD count
Employees
46
26 advisory (5.B.1)
Offices
5
beyond the principal office
Private funds
0
reported on Schedule D
History
51 filings and snapshots on the tape
RAUM$1.9B as of Jun 3, 2026
Mar 29, 2012$104M then
HNW client RAUM$1.0B as of Jun 3, 2026
Mar 27, 2019$35.5M then
State-registered IARs (5.B.3)33 as of Jun 3, 2026
Mar 29, 20120 then
Employees (5.A)46 as of Jun 3, 2026
Mar 18, 201315 then
Private funds: no history
RAUM +8.2% over the last fiscal year+75% a year over threeIARs 26 to 33offices 6 to 5
Practice profile
derived from the filing of Jun 3, 2026; every figure names its basis
Archetypes, each a printed rule
  • Broker-dealer affiliated · Item 7.A.1 (broker-dealer affiliate) and at least 50 registered representatives (Item 5.B.2), or the adviser is itself a broker-dealer (6.A.1)
  • HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
  • Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
RAUM per advisor
$50.3MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
62derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$3.4MderivedHNW RAUM over HNW clients
Average account
$814,922derivedRAUM over accounts (5.F.2.f)
Discretionary
97%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.2derivedItem 5.A over advisors
Advisors per office
6.2derived6 offices incl. principal (1.F.5)
RAUM growth, one year
+8.2%derivedbetween the last two annual amendments
Advisor growth, one year
+27%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, pension consultingreportedItem 5.G
Wrap fee program
$1.6BreportedItem 5.I
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 broker-dealer (6.A.1)
  • is an insurance broker or agent (6.A.6)
  • 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$1.0B55%
  • Individuals$831M45%
  • Corporations and businesses$994,7700.1%
Individual clients
1,980reported
HNW clients
301reported
Pension plan clients
0reported
Charitable clients
0reported
Accounts
2,282reported
Financial planning clients
0reported
Wrap fee programs
$0 sponsored, $0 managedreported
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=true related_bank=false bd_reps=44.0derived
Advisors registered through the firm
18 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
David Wesley PrullRochester, Ny Aug 17, 202128 y0
Matthew Bruce AdlerEndicott, NyAug 21, 202145 y0
Peter Daniel SartoriRochester, NyAug 25, 202120 y1
Justin Cole CuvelierRochester, NySep 1, 202115 y0
Robert James LeeRochester, Ny Sep 1, 202126 y0
Emil Joseph BieleckiEndicott, NySep 1, 202144 y0
Tami Ann LanziseraRochester, Ny Sep 6, 202131 y0
Christine LanziseraRochester, NySep 6, 202129 y0
Joseph Anthony LanziseraRochester, Ny Sep 6, 202141 y0
Terrence Patrick BrittRochester, Ny Sep 6, 202135 y0
Phillip A YargeauRochester, NyOct 18, 202141 y1
Gerald Haig AriyanRochester, Ny Apr 23, 202433 y2
Michael Patrick DavisRochester, Ny Jul 1, 202425 y4
Josy Luis Reid-EspinalRochester, Ny Sep 16, 202410 y0
Randall Derrick LeeRochester, Ny Oct 8, 202410 y1
Aileen F DefrodaRochester, Ny Oct 21, 202418 y4
Lorna Elizabeth ErbRochester, NyApr 7, 202512 y0
Zbynek KozelskyNew York, NyApr 23, 202525 y1
Advisor movement
1 left, 1 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 2.7% of current headcount5 left over 36 months
Left, latest
Joined, latest
Every departureEvery arrival
Teams: two or more advisors moving together within fourteen days, from one state
    Teams outTeams in
    Private funds
    No private fund reported.
    Owners and control persons
    Schedule A and B, latest filing
    • Terrence Patrick Britt · Vice President / Coocontrol
      since 05/2007 · owns less than 5%
    • Kimberly Johnson · Chief Compliance Officercontrol
      since 02/2025 · owns less than 5%
    • Kevin Kading · Chief Financial Officercontrol
      since 03/2026 · owns less than 5%
    • Zbynek Kozelsky · Chief Operating Officercontrol
      since 03/2026 · owns less than 5%
    • Joseph Anthony Lanzisera · Presidentcontrol
      since 11/1997 · owns less than 5%
    Entity owners
    • Explorer Investment Holdings, LLC · Member
      direct · owns 75% or more
    • Arax Business Trust · Member
      indirect · owns 75% or more of Arax Investment Partners, LLC
    • Arax Investment Partners, LLC · Member
      indirect · owns 75% or more of Arax Midco, LLC
    • Arax Midco, LLC · Member
      indirect · owns 75% or more of Arax Wealth Management, LLC
    • Arax Wealth Management, LLC · Member
      indirect · owns 75% or more of Ashton Thomas Management, LLC
    • Ashton Thomas Management, LLC · Member
      indirect · owns 75% or more of Explorer Investment Holdings, LLC
    • Redbird Capital Partners Fund IV Genpar LLC · Trustee
      indirect · owns F of Arax Business Trust
    Related persons
    Schedule D 7.A
    Advisers that list Ashton Thomas Securities, LLC as a related person
    Office movement
    IAPD branch city; joins and departures in 12 months
    OfficeAdvisorsJoinedLeftTeams outForming
    Rochester, Ny · principal3381
    New York, Ny710
    Scottsdale, Az520
    Boston, Ma520
    Aspen, Co300
    San Francisco, Ca330
    Endicott, Ny200
    Delmar, Ny000
    Offices
    Schedule D 1.F, the 25 largest
    • New York, NY3 employees
    • Boston, MA2 employees
    • Delmar, NY1 employees
    • Endicott, NY1 employees
    • Rochester, NY1 employees
    • Aspen, CO1 employees
    ADV anomalies
    5 against comparable advisers; where to look, not conclusions
    • control person changedChange between filings · filing Jun 3, 2026
      KOZELSKY, ZBYNEK (CHIEF OPERATING OFFICER) appeared on Schedule A between the filings of 2024-01-10 and 2026-06-03
      peers: independent wealth managers, $1B to $5B (1,360)
    • control person changedChange between filings · filing Jun 3, 2026
      JOHNSON, KIMBERLY (CHIEF COMPLIANCE OFFICER) appeared on Schedule A between the filings of 2024-01-10 and 2026-06-03
      peers: independent wealth managers, $1B to $5B (1,360)
    • control person changedChange between filings · filing Jun 3, 2026
      KADING, KEVIN (CHIEF FINANCIAL OFFICER) appeared on Schedule A between the filings of 2024-01-10 and 2026-06-03
      peers: independent wealth managers, $1B to $5B (1,360)
    • control person changedChange between filings · filing Jun 3, 2026
      BRITT, TERRENCE PATRICK (VICE PRESIDENT / COO) left Schedule A between the filings of 2024-01-10 and 2026-06-03
      peers: independent wealth managers, $1B to $5B (1,360)
    • employee count dropChange between filings · filing Mar 31, 2026
      employees (Item 5.A) moved from 75.0 to 46.0 (-39.0%) between the annual amendments of 2025-03-31 and 2026-03-31; the peer median change was +4.0% (1050 comparable advisers, 1.0th percentile of changes)
      peers: independent wealth managers, $1B to $5B (1,050) · 1.0% percentile
    How anomalies are measured
    What changed
    consecutive filings, newest first
    • Accounts · 2,599 to 2,282
      Jan 26, 2026 to Mar 31, 2026
    • Advisory employees · 48 to 26
      Jan 26, 2026 to Mar 31, 2026
    • BD registered reps · 46 to 44
      Jan 26, 2026 to Mar 31, 2026
    • Charity clients · unset to 0.0
      Jan 26, 2026 to Mar 31, 2026
    • Corporate clients · unset to 1.0
      Jan 26, 2026 to Mar 31, 2026
    • HNW clients · unset to 301.0
      Jan 26, 2026 to Mar 31, 2026
    • Individual clients · 2,599 to 1,980
      Jan 26, 2026 to Mar 31, 2026
    • Pension plan clients · unset to 0.0
      Jan 26, 2026 to Mar 31, 2026
    • Pooled vehicle clients · unset to 0.0
      Jan 26, 2026 to Mar 31, 2026
    • Employees · 75 to 46
      Jan 26, 2026 to Mar 31, 2026
    • Insurance-licensed employees · 3 to 15
      Jan 26, 2026 to Mar 31, 2026
    • Financial planning clients · 26-50 to 0
      Jan 26, 2026 to Mar 31, 2026
    • State-registered IARs · 26 to 33
      Jan 26, 2026 to Mar 31, 2026
    • Other offices · 6 to 5
      Jan 26, 2026 to Mar 31, 2026
    • Discretionary RAUM · $1.6B to $1.8B
      Jan 26, 2026 to Mar 31, 2026
    • HNW RAUM · unset to 1027266772.0
      Jan 26, 2026 to Mar 31, 2026
    • Individual RAUM · $1.7B to $831M
      Jan 26, 2026 to Mar 31, 2026
    • Non-discretionary RAUM · $82.5M to $58.5M
      Jan 26, 2026 to Mar 31, 2026
    • Pension RAUM · unset to 0.0
      Jan 26, 2026 to Mar 31, 2026
    • Pooled vehicle RAUM · unset to 0.0
      Jan 26, 2026 to Mar 31, 2026
    • RAUM · $1.7B to $1.9B
      Jan 26, 2026 to Mar 31, 2026
    • Related insurance company · false to true
      Jan 26, 2026 to Mar 31, 2026
    • Accounts · 1,799 to 2,599
      Feb 12, 2025 to Mar 31, 2025
    • Advisory employees · 20 to 48
      Feb 12, 2025 to Mar 31, 2025
    • BD registered reps · 20 to 46
      Feb 12, 2025 to Mar 31, 2025
    • Individual clients · 1,141 to 2,599
      Feb 12, 2025 to Mar 31, 2025
    • Employees · 24 to 75
      Feb 12, 2025 to Mar 31, 2025
    • Financial planning clients · 26-50 to 26-50
      Feb 12, 2025 to Mar 31, 2025
    • State-registered IARs · 20 to 26
      Feb 12, 2025 to Mar 31, 2025
    • Discretionary RAUM · $291M to $1.6B
      Feb 12, 2025 to Mar 31, 2025
    • Individual RAUM · $409M to $1.7B
      Feb 12, 2025 to Mar 31, 2025
    • Non-discretionary RAUM · $118M to $82.5M
      Feb 12, 2025 to Mar 31, 2025
    • RAUM · $409M to $1.7B
      Feb 12, 2025 to Mar 31, 2025
    • Other offices · 5 to 6
      Apr 30, 2024 to Jun 6, 2024
    • Accounts · 2,721 to 1,799
      Jan 26, 2024 to Apr 1, 2024
    • Financial planning clients · 51-100 to 26-50
      Jan 26, 2024 to Apr 1, 2024
    • Other offices · 4 to 5
      Jan 26, 2024 to Apr 1, 2024
    • Discretionary RAUM · $301M to $291M
      Jan 26, 2024 to Apr 1, 2024
    • Individual RAUM · $344M to $409M
      Jan 26, 2024 to Apr 1, 2024
    • Non-discretionary RAUM · $43.4M to $118M
      Jan 26, 2024 to Apr 1, 2024
    Signals
    11 dated events
    • Claudiu A. Barbos left Ashton Thomas Securities, Llc for Accurate Wealth Management, Llc (registered 2025-12-01)
      Nov 17, 2025 · Advisor changed firm · fact
    • Ines Seferi Kasdorf left Ashton Thomas Securities, Llc for Ashton Thomas Private Wealth (registered 2024-01-11)
      Jul 17, 2025 · Advisor changed firm · fact
    • Jon A Duprau left Ashton Thomas Securities, Llc for Index Technologies Group Llc (registered 2024-05-21)
      Jun 25, 2025 · Advisor changed firm · fact
    • Stephen Patrick Hartmann left Ashton Thomas Securities, Llc for Lpl Enterprise, Llc (registered 2025-06-24)
      Jun 25, 2025 · Advisor changed firm · fact
    • Kenneth Byron Elliott no longer registered at Ashton Thomas Securities, Llc; no later IA registration on IAPD
      Jun 25, 2025 · Advisor departure · fact
    • Ashton Thomas Securities, Llc reported RAUM $1.7B, up 320% from $409.1M (2025-02-12 to 2025-03-31)
      Mar 31, 2025 · RAUM change · derived
    • Brandon J Cromer left Ashton Thomas Securities, Llc for Ashton Thomas Private Wealth (registered 2024-11-12)
      Nov 22, 2024 · Advisor changed firm · fact
    • Ashton Thomas Securities, Llc reported succeeding to the business of Another Adviser (Form ADV Item 4)
      Jan 26, 2024 · Succession (Item 4) · fact
    • 2 advisors left Raymond James & Associates, Inc. (Boston, MA) for Ashton Thomas Securities, LLC within 11 days
      Jan 18, 2024 · Team lift-out · derived
    • Tami Ann Wihlen (Vice President) no longer on Schedule A of Ashton Thomas Securities, Llc (listed 2023-06-20, absent 2024-01-10)
      Jan 10, 2024 · Control person left · inference
    • Ashton Thomas Securities, Llc reported 18 state-registered advisory representatives, up from 0 (2022-08-05 to 2023-03-31)
      Mar 31, 2023 · Advisor headcount change · derived
    Across DFX
    shared identifiers only, never a name match
    How to reach
    public business contact points only, each with its source
    Website
    ashtonthomaspw.com/ashton-thomas-securitiesreportedpublic record, Form ADV, Sep 17, 2026
    Principal office phone
    800-323-3746reportedpublic record, Form ADV, Jun 3, 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
    $50.3Mderivedfirm RAUM over the IAPD count; not a book size
    Loaded
    Sep 14, 2026