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

Fsic III Advisor, LLC

Former SEC-registered adviserPhiladelphia, PennsylvaniaCRD 169892SEC 801-79024IAPD
Latest filing Mar 22, 2018
First filing on the tape Dec 24, 2013 · 11 filings
RAUM
$3.8B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
171
10 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
11 filings and snapshots on the tape
RAUM$3.8B as of Mar 22, 2018
Mar 31, 2014$0 then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 22, 2018
Mar 31, 20140 then
Employees (5.A)171 as of Mar 22, 2018
Mar 31, 201489 then
Private funds: no history
RAUM +5.0% over the last fiscal year+55% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 22, 2018; every figure names its basis
RAUM per advisor
unknownderivedRAUM 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
$3.8BderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
unknownderivedItem 5.A over advisors
Advisors per office
unknownderived1 offices incl. principal (1.F.5)
RAUM growth, one year
+5.0%derivedbetween 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, performance-basedreportedItem 5.E
Advisory activities
portfolio management for investment companiesreportedItem 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)
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
1reported
Financial planning clients
n/areported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, performancereported
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
    none on the tape
      Every departureEvery arrival
      Private funds
      No private fund reported.
      Owners and control persons
      Schedule A and B, latest filing
      • J David Adelman · Principalcontrol
        since 10/2013 · owns less than 5%
      • Philip Browne · Chief Financial Officercontrol
        since 01/2014 · owns less than 5%
      • Craig Michael Forman · Chief Executive Officercontrol
        since 10/2013 · owns less than 5%
      • Stephen Sypherd · Chief Legal Officercontrol
        since 01/2014 · owns less than 5%
      • J David Adelman · Membercontrol
        since 05/2007 · owns 50% to 75% of Franklin Square Holdings G.P., LLC
      • J David Adelman · Managing Member Of The General Partnercontrol
        since 03/2007 · owns 25% to 50% of Darco Capital, L.P.
      • Craig Michael Forman · Managing Membercontrol
        since 05/2007 · owns 50% to 75% of Franklin Square Holdings G.P., LLC
      • C Elizabeth Detwiler · Svp, Cco
        since 05/2015 · owns less than 5%
      • Jay Michael Heller · Trustee
        since 01/2012 · owns F of The 2011 Forman Investment Trust
      Entity owners
      • Darco Capital, L.P. · Member; Class A
        direct · owns less than 5%
      • Franklin Square Holdings, L.P. · Member, Class C
        direct · owns 75% or more
      • The 2011 Forman Investment Trust · Member, Class A
        direct · owns 10% to 25%
      • Franklin Square Holdings, L.P., LLC · General Partner
        indirect · owns F of Franklin Square Holdings, L.P.
      Related persons
      Schedule D 7.A
      Advisers that list Fsic III Advisor, LLC as a related person
      Offices
      Schedule D 1.F, the 25 largest
      No branch office listed.
      What changed
      consecutive filings, newest first
      • Employees · 143 to 171
        Mar 30, 2017 to Mar 22, 2018
      • Other offices · unset to 0.0
        Mar 30, 2017 to Mar 22, 2018
      • Discretionary RAUM · $3.7B to $3.8B
        Mar 30, 2017 to Mar 22, 2018
      • RAUM · $3.7B to $3.8B
        Mar 30, 2017 to Mar 22, 2018
      • Accounts · 54,137 to 1
        Mar 30, 2017 to Mar 22, 2018
      • BD registered reps · 28 to 38
        Mar 30, 2017 to Mar 22, 2018
      • Accounts · 1 to 54,137
        Mar 30, 2016 to Mar 30, 2017
      • Advisory employees · 15 to 10
        Mar 30, 2016 to Mar 30, 2017
      • BD registered reps · 18 to 28
        Mar 30, 2016 to Mar 30, 2017
      • Employees · 156 to 143
        Mar 30, 2016 to Mar 30, 2017
      • Discretionary RAUM · $3.1B to $3.7B
        Mar 30, 2016 to Mar 30, 2017
      • RAUM · $3.1B to $3.7B
        Mar 30, 2016 to Mar 30, 2017
      • Advisory employees · 37 to 15
        Jun 17, 2015 to Mar 30, 2016
      • BD registered reps · 11 to 18
        Jun 17, 2015 to Mar 30, 2016
      • Employees · 127 to 156
        Jun 17, 2015 to Mar 30, 2016
      • Discretionary RAUM · $1.0B to $3.1B
        Jun 17, 2015 to Mar 30, 2016
      • RAUM · $1.0B to $3.1B
        Jun 17, 2015 to Mar 30, 2016
      • Accounts · 0 to 1
        Feb 13, 2015 to Mar 30, 2015
      • Advisory employees · 26 to 37
        Feb 13, 2015 to Mar 30, 2015
      • BD registered reps · 1 to 11
        Feb 13, 2015 to Mar 30, 2015
      • Employees · 89 to 127
        Feb 13, 2015 to Mar 30, 2015
      • Discretionary RAUM · $0 to $1.0B
        Feb 13, 2015 to Mar 30, 2015
      • RAUM · $0 to $1.0B
        Feb 13, 2015 to Mar 30, 2015
      • Accounts · 1 to 0
        Dec 24, 2013 to Mar 31, 2014
      • BD registered reps · 6 to 1
        Dec 24, 2013 to Mar 31, 2014
      • Employees · 63 to 89
        Dec 24, 2013 to Mar 31, 2014
      • Discretionary RAUM · $200,000 to $0
        Dec 24, 2013 to Mar 31, 2014
      • RAUM · $200,000 to $0
        Dec 24, 2013 to Mar 31, 2014
      Signals
      1 dated events
      • Fsic Iii Advisor, Llc filed its initial SEC registration (Form ADV)
        Dec 24, 2013 · 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