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.
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SEC-registered adviser
F•••• L•••• A•••• M••••••••• L••
Latest filing Mar 24, 2026
First filing on the tape Aug 29, 2013 · 40 filings
SEC status approved since Sep 20, 2013
RAUM
$1.4B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
28%
$396M individuals and HNW
Advisors
2
registered through the firm on IAPD
RAUM per advisor
$704M
derived; firm RAUM over IAPD count
Employees
14
7 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
3
reported on Schedule D
History
40 filings and snapshots on the tape
RAUM$1.4B as of Mar 24, 2026
Mar 31, 2014$155M then
HNW client RAUM$355M as of Mar 24, 2026
Mar 29, 2018$277M then
State-registered IARs (5.B.3)3 as of Mar 24, 2026
Mar 31, 20142 then
Employees (5.A)14 as of Mar 24, 2026
Mar 31, 20145 then
Private funds3 as of Mar 24, 2026
Mar 30, 20161 then
RAUM +24% over the last fiscal year+3.6% a year over threeIARs 3 to 3
Practice profile
derived from the filing of Mar 24, 2026; every figure names its basis
Archetypes, each a printed rule
- Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent
- RAUM per advisor
- $704MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 413derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $538,347derivedHNW RAUM over HNW clients
- Average account
- $1.6MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.7%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 7.0derivedItem 5.A over advisors
- Advisors per office
- 1.0derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- +24%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -20%derived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
- Wrap fee program
- participatesreportedItem 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
- 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- 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
- Pooled investment vehicles$975M69%
- High-net-worth individuals$355M25%
- Individuals$41.3M2.9%
- Corporations and businesses$26.5M1.9%
- Pension and profit-sharing plans$5.6M0.4%
- Charitable organizations$4.1M0.3%
- Individual clients
- 167reported
- HNW clients
- 659reported
- Pension plan clients
- 5reported
- Charitable clients
- 7reported
- Accounts
- 861reported
- Financial planning clients
- reported
- Wrap fee programs
- $0 sponsored, $376M managedreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.28 fund_share=0.69 institutional_share=0.01 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
2 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| M••••• P••• A•••• | Edina, Mn | Feb 6, 2014 | 13 y | 0 |
| B•••• T••••• J••••••Chartered Financial Analyst | Edina, Mn | Feb 11, 2014 | 17 y | 0 |
Advisor movement
1 left, 0 joined in 12 months
net -1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 50% of current headcount1 left over 36 months
Left, latest
- C•••••• J• K••••••••• to W•••• F•••• A•••••••Mar 31, 2026 · RIA to wirehouse
Joined, latest
- C•••••• J• K••••••••• from A••••••••• F•••••••• S•••••••• L••Jan 24, 2020 · Affiliated broker-dealer or bank to independent RIA
Private funds
4 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| F•••• L•••• F•••• F•••• L• | Hedge Fund | $659M | 82 | Oct 22, 2015 |
| F•••• L•••• P•••• F•••• L• | Hedge Fund | $194M | 62 | Mar 29, 2019 |
| F•••• L•••• G••••••• F•••• L• | $122M | 1 | Mar 24, 2026 | |
| F•••• L•••• F•••• ••• F•••• L•no longer reported | Hedge Fund | $104M | 15 | Mar 29, 2022 |
Owners and control persons
Schedule A and B, latest filing
- A••••• M•••••• P••• · Managing Member, Ceo, & Senior Portfolio Manager Chief Compliance Officercontrolsince 09/2013 · owns 50% to 75%
- P•••••••• K•••• T•••• · Chief Financial Officer & Chief Compliance Officercontrolsince 03/2023 · owns less than 5%
- J••••••• B••••• T••••• · Senior Research Analyst & Founding Principalsince 09/2018 · owns 5% to 10%
Entity owners
- M••••• A•••• 2••• I••••••••• · Memberdirect · owns 25% to 50%
- M••••• A•••• 2••• I••••••••• T•••• · Memberdirect · owns 25% to 50%
- F•••• T•••• C••••••• L•• · Trusteeindirect · owns F of M••••• A•••• 2••• I••••••••• T••••
Related persons
Schedule D 7.A
- F•••• L•••• F•••• F••• G•• L••pooled vehicle sponsory
- F•••• L•••• P•••• F••• G•• L••pooled vehicle sponsory
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Edina, Mn · principal | 2 | 0 | 1 |
Offices
Schedule D 1.F, the 25 largest
- Sausalito, CA1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Mar 24, 2026P•••••••• K•••• T•••• (CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER) left Schedule A between the filings of 2022-03-29 and 2026-03-24peers: independent wealth managers, $1B to $5B (1,362)
What changed
consecutive filings, newest first
- Accounts · 1,077 to 861Nov 17, 2025 to Mar 24, 2026
- Advisory employees · 8 to 7Nov 17, 2025 to Mar 24, 2026
- Charity clients · 9 to 7Nov 17, 2025 to Mar 24, 2026
- Corporate clients · 27 to 18Nov 17, 2025 to Mar 24, 2026
- HNW clients · 826 to 659Nov 17, 2025 to Mar 24, 2026
- Individual clients · 202 to 167Nov 17, 2025 to Mar 24, 2026
- Pension plan clients · 7 to 5Nov 17, 2025 to Mar 24, 2026
- Employees · 15 to 14Nov 17, 2025 to Mar 24, 2026
- Discretionary RAUM · $1.1B to $1.4BNov 17, 2025 to Mar 24, 2026
- HNW RAUM · $335M to $355MNov 17, 2025 to Mar 24, 2026
- Individual RAUM · $37.5M to $41.3MNov 17, 2025 to Mar 24, 2026
- Pension RAUM · $5.0M to $5.6MNov 17, 2025 to Mar 24, 2026
- Pooled vehicle RAUM · $700M to $975MNov 17, 2025 to Mar 24, 2026
- RAUM · $1.1B to $1.4BNov 17, 2025 to Mar 24, 2026
- Wrap assets (manager) · $355M to $376MNov 17, 2025 to Mar 24, 2026
- Accounts · 1,165 to 1,077Dec 3, 2024 to Mar 25, 2025
- Corporate clients · 29 to 27Dec 3, 2024 to Mar 25, 2025
- HNW clients · 893 to 826Dec 3, 2024 to Mar 25, 2025
- Individual clients · 218 to 202Dec 3, 2024 to Mar 25, 2025
- Pension plan clients · 10 to 7Dec 3, 2024 to Mar 25, 2025
- Employees · 14 to 15Dec 3, 2024 to Mar 25, 2025
- Financial planning clients · unset to Dec 3, 2024 to Mar 25, 2025
- Discretionary RAUM · $1.4B to $1.1BDec 3, 2024 to Mar 25, 2025
- HNW RAUM · $460M to $335MDec 3, 2024 to Mar 25, 2025
- Individual RAUM · $41.5M to $37.5MDec 3, 2024 to Mar 25, 2025
- Pension RAUM · $6.1M to $5.0MDec 3, 2024 to Mar 25, 2025
- Pooled vehicle RAUM · $759M to $700MDec 3, 2024 to Mar 25, 2025
- RAUM · $1.4B to $1.1BDec 3, 2024 to Mar 25, 2025
- Wrap assets (manager) · $392M to $355MDec 3, 2024 to Mar 25, 2025
- Accounts · 1,177 to 1,165Mar 31, 2023 to Mar 22, 2024
- Advisory employees · 5 to 8Mar 31, 2023 to Mar 22, 2024
- Corporate clients · 27 to 29Mar 31, 2023 to Mar 22, 2024
- HNW clients · 912 to 893Mar 31, 2023 to Mar 22, 2024
- Individual clients · 213 to 218Mar 31, 2023 to Mar 22, 2024
- Pooled vehicle clients · 4 to 5Mar 31, 2023 to Mar 22, 2024
- Employees · 11 to 14Mar 31, 2023 to Mar 22, 2024
- Discretionary RAUM · $1.3B to $1.4BMar 31, 2023 to Mar 22, 2024
- HNW RAUM · $433M to $460MMar 31, 2023 to Mar 22, 2024
- Individual RAUM · $40.0M to $41.5MMar 31, 2023 to Mar 22, 2024
- Pension RAUM · $5.6M to $6.1MMar 31, 2023 to Mar 22, 2024
Signals
8 dated events
- James Peter Conrad (Chief Operating Officer/Chief Financial Officer & Principal) no longer on Schedule A of F•••• L•••• A•••• M••••••••• L•• (listed 2022-07-15, absent 2023-03-31)Mar 31, 2023 · Control person left · inference
- F•••• L•••• A•••• M••••••••• L•• reported RAUM $1.4B, up 88% from $746.7M (2020-06-29 to 2021-01-15)Jan 15, 2021 · RAUM change · derived
- Kyong Jin Lien (Chief Compliance Officer) no longer on Schedule A of F•••• L•••• A•••• M••••••••• L•• (listed 2020-06-29, absent 2021-01-15)Jan 15, 2021 · Control person left · inference
- Terry Kurt Peterson (Chief Compliance Officer) appeared on Schedule A of F•••• L•••• A•••• M••••••••• L••Jan 15, 2021 · Control person joined · fact
- F•••• L•••• A•••• M••••••••• L•• reported RAUM $771.1M, up 74% from $443.9M (2018-09-28 to 2019-03-29)Mar 29, 2019 · RAUM change · derived
- James Peter Conrad (Chief Operating Officer/Chief Financial Officer & Principal) appeared on Schedule A of F•••• L•••• A•••• M••••••••• L••Mar 29, 2019 · Control person joined · fact
- F•••• L•••• A•••• M••••••••• L•• reported RAUM $443.9M, up 41% from $314.6M (2017-08-09 to 2018-03-29)Mar 29, 2018 · RAUM change · derived
- F•••• L•••• A•••• M••••••••• L•• filed its initial SEC registration (Form ADV)Aug 29, 2013 · ria f•••• adv filing · 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 email
- info@firstlightam.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 952-314-9600reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 952-831-6500reportedpublished by the firm, firm site, Sep 15, 2026
- Website
- F••••L••••AM.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 952-831-6500reportedpublic record, Form ADV, Mar 24, 2026
- Contact form
- firstlightam.com/contact-usreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- firstlightam.com/teamreportedpublished by the firm, firm site, Sep 15, 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
- Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $704Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026