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

Smartx Advisory Solutions

Former SEC-registered adviserWest Palm Beach, FloridaCRD 167966SEC 801-110681IAPD

Legal name Hedgecovest LLC

Latest filing Dec 3, 2019

First filing on the tape May 22, 2017 · 30 filings

RAUM

$505M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

98%

$496M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

2 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

30 filings and snapshots on the tape

RAUM$505M as of May 30, 2019

Mar 30, 2018$257M then

HNW client RAUM$326M as of May 30, 2019

Mar 30, 2018$173M then

State-registered IARs (5.B.3)1 as of May 30, 2019

Mar 30, 20185 then

Employees (5.A)2 as of May 30, 2019

Mar 30, 201822 then

Private funds: no history

RAUM +96% over the last fiscal yearIARs 5 to 1

Practice profile

derived from the filing of Dec 3, 2019; every figure names its basis

RAUM per advisor: $505MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 1,225derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $1.0MderivedHNW RAUM over HNW clients
Average account: $407,185derivedRAUM 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: +96%derivedbetween the last two annual amendments
Advisor growth, one year: -80%derivedItem 5.B.3 between annual amendments
Client growth, one year: +152%derived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: portfolio management for individuals, 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

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$326M65%
Individuals$170M34%
Corporations and businesses$1.9M0.4%

Individual clients: 904reported
HNW clients: 321reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 1,239reported
Financial planning clients: 0reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUMreported
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

none on the tape

Joined, latest

Joel Timothy Bennett from Freedom Investment Management, Inc.
May 25, 2018 · RIA to RIA

Every departure Every arrival

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Scott Evan Rapoport · Chief Executive Officercontrol
since 04/2013 · owns less than 5%
S Andrew Lerner · Directorcontrol
since 08/2005 · owns 25% to 50% of Interatlantic Advisors II, Ltd
Scott Evan Rapoport · Membercontrol
since 03/2008 · owns 25% to 50% of Hedgeco Networks, LLC
David Joseph Goldstein · Chief Financial Officer
since 04/2013 · owns less than 5%
Michael Louis Milano · Chief Compliance Officer
since 02/2014 · owns less than 5%
Charles Alexander Smith-Ryland · Managing Director
since 04/2016 · owns less than 5%

Entity owners

Hedgeco Networks, Inc. · Sole Member
direct · owns 75% or more
Inter-Atlantic Advisors II, Ltd · General Partner
indirect · owns F of Interatlantic Fund II, LP
Inter-Atlantic Fund II, LP · Member
indirect · owns 25% to 50% of Hedgeco Networks, LLC

Related persons

Schedule D 7.A

Hedgeco Networks, Inc.
broker-dealerbanky
Hedgeco Securities, LLC
broker-dealerbankn

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

What changed

consecutive filings, newest first

Advisory employees · 6 to 2
Apr 3, 2019 to May 30, 2019
BD registered reps · 5 to 2
Apr 3, 2019 to May 30, 2019
Employees · 22 to 2
Apr 3, 2019 to May 30, 2019
State-registered IARs · 5 to 1
Apr 3, 2019 to May 30, 2019
Accounts · 2,035 to 1,239
Aug 23, 2018 to Apr 3, 2019
Discretionary RAUM · $709M to $505M
Aug 23, 2018 to Apr 3, 2019
RAUM · $709M to $505M
Aug 23, 2018 to Apr 3, 2019
Accounts · 1,239 to 2,035
Jul 9, 2018 to Aug 23, 2018
Discretionary RAUM · $505M to $709M
Jul 9, 2018 to Aug 23, 2018
RAUM · $505M to $709M
Jul 9, 2018 to Aug 23, 2018
Accounts · 499 to 1,239
Jul 6, 2018 to Jul 9, 2018
Discretionary RAUM · $257M to $505M
Jul 6, 2018 to Jul 9, 2018
RAUM · $257M to $505M
Jul 6, 2018 to Jul 9, 2018
Corporate clients · 13 to 9
Apr 4, 2018 to Jul 6, 2018
HNW clients · 59 to 321
Apr 4, 2018 to Jul 6, 2018
Individual clients · 427 to 904
Apr 4, 2018 to Jul 6, 2018
HNW RAUM · $173M to $326M
Apr 4, 2018 to Jul 6, 2018
Individual RAUM · $79.6M to $170M
Apr 4, 2018 to Jul 6, 2018
Accounts · 486 to 499
Mar 5, 2018 to Mar 30, 2018
Advisory employees · 5 to 6
Mar 5, 2018 to Mar 30, 2018
Corporate clients · unset to 13.0
Mar 5, 2018 to Mar 30, 2018
HNW clients · unset to 59.0
Mar 5, 2018 to Mar 30, 2018
Individual clients · unset to 427.0
Mar 5, 2018 to Mar 30, 2018
State-registered IARs · 4 to 5
Mar 5, 2018 to Mar 30, 2018
Other offices · 1 to 0
Mar 5, 2018 to Mar 30, 2018
Discretionary RAUM · $257M to $257M
Mar 5, 2018 to Mar 30, 2018
HNW RAUM · unset to 173009323.0
Mar 5, 2018 to Mar 30, 2018
Individual RAUM · unset to 79611215.0
Mar 5, 2018 to Mar 30, 2018
RAUM · $257M to $257M
Mar 5, 2018 to Mar 30, 2018
Accounts · 374 to 486
Jan 11, 2018 to Feb 8, 2018
Discretionary RAUM · $207M to $257M
Jan 11, 2018 to Feb 8, 2018
RAUM · $207M to $257M
Jan 11, 2018 to Feb 8, 2018
Accounts · 376 to 374
Dec 22, 2017 to Jan 11, 2018
Discretionary RAUM · $191M to $207M
Dec 22, 2017 to Jan 11, 2018
RAUM · $191M to $207M
Dec 22, 2017 to Jan 11, 2018
Accounts · 286 to 376
Dec 13, 2017 to Dec 22, 2017
Discretionary RAUM · $171M to $191M
Dec 13, 2017 to Dec 22, 2017
RAUM · $171M to $191M
Dec 13, 2017 to Dec 22, 2017
Accounts · 271 to 286
Sep 21, 2017 to Nov 28, 2017
Other offices · unset to 1.0
Sep 21, 2017 to Nov 28, 2017

Signals

4 dated events

Smartx Advisory Solutions reported RAUM $504.5M, down 29% from $708.8M (2018-08-23 to 2019-04-03)
Apr 3, 2019 · RAUM change · derived
Smartx Advisory Solutions reported RAUM $708.8M, up 40% from $504.5M (2018-07-09 to 2018-08-23)
Aug 23, 2018 · RAUM change · derived
Smartx Advisory Solutions reported RAUM $504.5M, up 96% from $257.2M (2018-07-06 to 2018-07-09)
Jul 9, 2018 · RAUM change · derived
Hedgecovest Llc filed its initial SEC registration (Form ADV)
May 22, 2017 · 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: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026