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
Zephyr Wealth Management
Legal name Zephyr Investment Management, Inc.
Latest filing Mar 31, 2026
First filing on the tape Mar 3, 2020 · 14 filings
SEC status approved since Apr 2, 2020
RAUM
$243M
reported, Item 5.F
Discretionary
64%
of RAUM
Private clients
75%
$181M individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$80.9M
derived; firm RAUM over IAPD count
Employees
6
2 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
14 filings and snapshots on the tape
RAUM$243M as of Mar 31, 2026
Mar 24, 2021$232M then
HNW client RAUM$109M as of Mar 31, 2026
Mar 24, 2021$49.3M then
State-registered IARs (5.B.3)2 as of Mar 31, 2026
Mar 24, 20212 then
Employees (5.A)6 as of Mar 31, 2026
Mar 24, 20214 then
Private funds: no history
RAUM -42% over the last fiscal year-6.2% a year over threeIARs 0 to 2
Practice profile
derived from the filing of Mar 31, 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
- 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
- Retirement plan adviser · pension consulting activity (Item 5.G.6) and pension plans at least 25 percent of RAUM or at least 25 pension-plan clients
- RAUM per advisor
- $80.9MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 73derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.4MderivedHNW RAUM over HNW clients
- Average account
- $353,478derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 64%derivedof RAUM
- Institutional
- 25%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.0derivedItem 5.A over advisors
- Advisors per office
- 1.5derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- -42%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- +6.3%derived
- Compensation
- percentage of assets, hourlyreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, pension consulting, 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
- 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)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$109M45%
- Individuals$72.0M30%
- Pension and profit-sharing plans$61.9M25%
- Individual clients
- 174reported
- HNW clients
- 46reported
- Pension plan clients
- 22reported
- Charitable clients
- n/areported
- Accounts
- 687reported
- Financial planning clients
- 51-100reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, hourlyreported
- Class basis
- private_client_share=0.75 fund_share=0.0 institutional_share=0.25 related_bd=false related_bank=false bd_reps=2.0derived
Advisors registered through the firm
3 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Marsha Lynn RoubidouxCertified Financial Planner | Westlake Village, Ca | Feb 27, 2013 | 29 y | 2 |
| Cheryl Ann MunozChartered Financial Analyst | Westlake Village, Ca | Feb 27, 2013 | 27 y | 2 |
| Vanessa Marie Moore | Westlake Village, Ca | Dec 12, 2016 | 17 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 headcount0 left over 36 months
Left, latest
- Christopher Anthony Faulk to Securities America Advisors, Inc.May 13, 2014 · RIA to affiliated broker-dealer or bank
Joined, latest
- Marsha Lynn Roubidoux from Fsc Securities CorporationFeb 27, 2013 · Other
- Cheryl Ann Munoz from Zephyr Investment ManagementFeb 27, 2013 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Ann Cheryl Munoz · President, Ccocontrolsince 01/2013 · owns 75% or more
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 |
|---|---|---|---|---|---|
| Westlake Village, Ca · principal | 3 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Senoia, GA3 employees
ADV anomalies
6 against comparable advisers; where to look, not conclusions
- institutional to wealth shiftCombination · filing Mar 31, 2026institutional share fell 15 points or more while private-client share rose 15 points or more. RAUM $421,386,448 to $242,839,591, advisors 0 to 2, private clients 207 to 220, offices 1 to 1 (2025-04-09 to 2026-03-31)peers: independent wealth managers, $100M to $500M (5,676)
- RAUM down 25 %Change between filings · filing Mar 31, 2026RAUM (Item 5.F) moved from $421,386,448 to $242,839,591 (-42.0%) between the annual amendments of 2025-04-09 and 2026-03-31; the peer median change was +15.0% (4550 comparable advisers, 1.0th percentile of changes)peers: independent wealth managers, $100M to $500M (4,550) · 0.8% percentile
- client mix shiftChange between filings · filing Mar 31, 2026private-client share of RAUM moved from 37.0% to 75.0% between the annual amendments of 2025-04-09 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
- discretionary share shiftChange between filings · filing Mar 31, 2026discretionary share of RAUM moved from 31.0% to 64.0% between the annual amendments of 2025-04-09 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
- HNW share shiftChange between filings · filing Mar 31, 2026HNW share of RAUM moved from 14.0% to 45.0% between the annual amendments of 2025-04-09 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
- institutional asset share shiftChange between filings · filing Mar 31, 2026institutional share of RAUM moved from 63.0% to 25.0% between the annual amendments of 2025-04-09 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
What changed
consecutive filings, newest first
- Accounts · 666 to 687Apr 9, 2025 to Mar 31, 2026
- Advisory employees · 4 to 2Apr 9, 2025 to Mar 31, 2026
- BD registered reps · 4 to 2Apr 9, 2025 to Mar 31, 2026
- HNW clients · 29 to 46Apr 9, 2025 to Mar 31, 2026
- Individual clients · 178 to 174Apr 9, 2025 to Mar 31, 2026
- Pension plan clients · 31 to 22Apr 9, 2025 to Mar 31, 2026
- Employees · 8 to 6Apr 9, 2025 to Mar 31, 2026
- State-registered IARs · 0 to 2Apr 9, 2025 to Mar 31, 2026
- Discretionary RAUM · $131M to $156MApr 9, 2025 to Mar 31, 2026
- HNW RAUM · $60.4M to $109MApr 9, 2025 to Mar 31, 2026
- Individual RAUM · $95.5M to $72.0MApr 9, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $290M to $86.7MApr 9, 2025 to Mar 31, 2026
- Pension RAUM · $265M to $61.9MApr 9, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · unset to 0.0Apr 9, 2025 to Mar 31, 2026
- RAUM · $421M to $243MApr 9, 2025 to Mar 31, 2026
- Accounts · 654 to 666Apr 18, 2024 to Apr 9, 2025
- HNW clients · 48 to 29Apr 18, 2024 to Apr 9, 2025
- Individual clients · 202 to 178Apr 18, 2024 to Apr 9, 2025
- Pension plan clients · 24 to 31Apr 18, 2024 to Apr 9, 2025
- Employees · 7 to 8Apr 18, 2024 to Apr 9, 2025
- Financial planning clients · 101-250 to 51-100Apr 18, 2024 to Apr 9, 2025
- State-registered IARs · 4 to 0Apr 18, 2024 to Apr 9, 2025
- Discretionary RAUM · $112M to $131MApr 18, 2024 to Apr 9, 2025
- HNW RAUM · $62.7M to $60.4MApr 18, 2024 to Apr 9, 2025
- Individual RAUM · $74.9M to $95.5MApr 18, 2024 to Apr 9, 2025
- Non-discretionary RAUM · $230M to $290MApr 18, 2024 to Apr 9, 2025
- Pension RAUM · $204M to $265MApr 18, 2024 to Apr 9, 2025
- RAUM · $341M to $421MApr 18, 2024 to Apr 9, 2025
- Accounts · 639 to 654Nov 2, 2023 to Mar 14, 2024
- HNW clients · 78 to 48Nov 2, 2023 to Mar 14, 2024
- Individual clients · 537 to 202Nov 2, 2023 to Mar 14, 2024
- Discretionary RAUM · $98.0M to $112MNov 2, 2023 to Mar 14, 2024
- HNW RAUM · $51.4M to $62.7MNov 2, 2023 to Mar 14, 2024
- Individual RAUM · $68.8M to $74.9MNov 2, 2023 to Mar 14, 2024
- Non-discretionary RAUM · $196M to $230MNov 2, 2023 to Mar 14, 2024
- Pension RAUM · $174M to $204MNov 2, 2023 to Mar 14, 2024
- RAUM · $294M to $341MNov 2, 2023 to Mar 14, 2024
- Other offices · 0 to 1Mar 31, 2023 to Apr 25, 2023
- Accounts · 606 to 639Mar 10, 2022 to Mar 31, 2023
- Advisory employees · 3 to 4Mar 10, 2022 to Mar 31, 2023
Signals
2 dated events
- Zephyr Wealth Management reported RAUM $242.8M, down 42% from $421.4M (2025-04-09 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- Zephyr Investment Management filed its initial SEC registration (Form ADV)Mar 3, 2020 · 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
- 805-496-0630reportedpublished by the firm, firm site, Sep 16, 2026
- Business phone
- 805-496-6810reportedpublished by the firm, firm site, Sep 16, 2026
- Website
- ZEPHYRIM.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- (805) 496-6810reportedpublic record, Form ADV, Mar 31, 2026
- Contact form
- zephyrwm.com/contact-usreportedpublished by the firm, firm site, Sep 16, 2026
- Team page
- zephyrwm.com/about-us/our-teamreportedpublished by the firm, firm site, Sep 16, 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
- $80.9Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026