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
Etf Architect
Asset manager (funds and pooled vehicles)Newtown Square, PennsylvaniaCRD 171412SEC 801-79835websiteIAPD
Legal name Empowered Funds, LLC
Latest filing Mar 18, 2026
First filing on the tape May 22, 2014 · 30 filings
SEC status approved since Jun 6, 2014
RAUM
$30B
reported, Item 5.F
Discretionary
97%
of RAUM
Private clients
2.9%
$852M individuals and HNW
Advisors
6
registered through the firm on IAPD
RAUM per advisor
$5.0B
derived; firm RAUM over IAPD count
Employees
44
6 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
30 filings and snapshots on the tape
RAUM$30B as of Mar 18, 2026
Feb 11, 2015$39.7M then
HNW client RAUM$789M as of Mar 18, 2026
Mar 29, 2024$551M then
State-registered IARs (5.B.3)6 as of Mar 18, 2026
Feb 11, 20157 then
Employees (5.A)44 as of Mar 18, 2026
Feb 11, 20158 then
Private funds: no history
RAUM +85% over the last fiscal year+139% a year over threeIARs 8 to 6
Practice profile
derived from the filing of Mar 18, 2026; every figure names its basis
- RAUM per advisor
- $5.0BderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 19derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $9.0MderivedHNW RAUM over HNW clients
- Average account
- $134MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 97%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 7.3derivedItem 5.A over advisors
- Advisors per office
- 6.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +85%derivedbetween the last two annual amendments
- Advisor growth, one year
- -25%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -0.9%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutions, portfolio management for investment companies, otherreportedItem 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
- 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$29B97%
- High-net-worth individuals$789M2.7%
- Corporations and businesses$147M0.5%
- Individuals$62.8M0.2%
- Individual clients
- 28reported
- HNW clients
- 88reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 222reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.03 fund_share=0.97 institutional_share=0.0 related_bd=false related_bank=true bd_reps=0.0derived
Advisors registered through the firm
4 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Jessica Dawn Leighty | Newtown Square, Pa | Nov 17, 2023 | 10 y | 2 |
| Richard Moody ShanerChartered Financial Analyst | Newtown Square, Pa | Nov 17, 2023 | 14 y | 1 |
| William Joshua Anthony RussellChartered Financial Analyst | Newtown Square, Pa | Nov 17, 2023 | 11 y | 2 |
| Patrick Russell Cleary | Newtown Square, Pa | Nov 19, 2023 | 12 y | 1 |
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
none on the tape
Joined, latest
none on the tape
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Russell Patrick Cleary · Chief Executive Officercontrolsince 08/2015 · owns less than 5%
- Sean Hegarty · Chief Operations Officercontrolsince 02/2022 · owns less than 5%
- Dawn Jessica Leighty · Chief Compliance Officercontrolsince 12/2021 · owns less than 5%
- Joshua Anthony William Russell · Senior Portfolio Managercontrolsince 10/2022 · owns less than 5%
- Robert Wesley Gray · Executive Managing Membercontrolsince 07/2010 · owns 50% to 75% of Empirical Finance, LLC
- Ryan Kirlin · Managing Membercontrolsince 01/2019 · owns F of Alpha Architect
- Michael David Babulak · Trusteesince 01/2017 · owns F of Babulak Family Trust
- Lien Babulak · Trusteesince 01/2017 · owns F of Babulak Family Trust
- Russell Patrick Cleary · Managing Membersince 10/2014 · owns F of Empirical Finance, LLC
- Robert John Vogel · Managing Membersince 03/2012 · owns F of Empirical Finance, LLC
Entity owners
- Alpha Architect · Owner (100%)direct · owns 75% or more
- Empirical Finance, LLC · Owner (100%)indirect · owns 75% or more of Alpha Architect, LLC
- Babulak Family Trust · Managing Memberindirect · owns F of Empirical Finance, LLC
Related persons
Schedule D 7.A
- Alpha Architectinvestment adviserbankyRAUM $14B
Advisers that list Etf Architect as a related person
- 153905 y
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Newtown Square, Pa · principal | 6 | 0 | 2 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
3 against comparable advisers; where to look, not conclusions
- RAUM up clients flatCombination · filing Mar 18, 2026RAUM grew 50 percent or more while private clients stayed within 5 percent: existing clients grew, a few large clients arrived, or a reporting change. RAUM $16,048,563,627 to $29,735,322,901, advisors 8 to 6, private clients 117 to 116, offices 0 to 0 (2025-04-01 to 2026-03-18)peers: asset managers, $20B and over (512)
- employee count surgeChange between filings · filing Mar 18, 2026employees (Item 5.A) moved from 28.0 to 44.0 (+57.0%) between the annual amendments of 2025-04-01 and 2026-03-18; the peer median change was +3.0% (461 comparable advisers, 97.0th percentile of changes)peers: asset managers, $20B and over (461) · 97% percentile
- RAUM up 50 %Change between filings · filing Mar 18, 2026RAUM (Item 5.F) moved from $16,048,563,627 to $29,735,322,901 (+85.0%) between the annual amendments of 2025-04-01 and 2026-03-18; the peer median change was +15.0% (470 comparable advisers, 95.0th percentile of changes)peers: asset managers, $20B and over (470) · 95% percentile
What changed
consecutive filings, newest first
- Accounts · 195 to 222Aug 8, 2025 to Mar 18, 2026
- Advisory employees · 8 to 6Aug 8, 2025 to Mar 18, 2026
- HNW clients · 87 to 88Aug 8, 2025 to Mar 18, 2026
- Individual clients · 30 to 28Aug 8, 2025 to Mar 18, 2026
- Employees · 28 to 44Aug 8, 2025 to Mar 18, 2026
- State-registered IARs · 8 to 6Aug 8, 2025 to Mar 18, 2026
- Discretionary RAUM · $15B to $29BAug 8, 2025 to Mar 18, 2026
- HNW RAUM · $656M to $789MAug 8, 2025 to Mar 18, 2026
- Individual RAUM · $48.4M to $62.8MAug 8, 2025 to Mar 18, 2026
- Non-discretionary RAUM · $837M to $999MAug 8, 2025 to Mar 18, 2026
- RAUM · $16B to $30BAug 8, 2025 to Mar 18, 2026
- Financial planning clients · 0 to 0Apr 1, 2025 to Aug 8, 2025
- HQ city · HAVERTOWN to NEWTOWN SQUAREApr 1, 2025 to Aug 8, 2025
- Accounts · 219 to 195Apr 1, 2024 to Apr 1, 2025
- Advisory employees · 7 to 8Apr 1, 2024 to Apr 1, 2025
- HNW clients · 81 to 87Apr 1, 2024 to Apr 1, 2025
- Individual clients · 37 to 30Apr 1, 2024 to Apr 1, 2025
- Employees · 19 to 28Apr 1, 2024 to Apr 1, 2025
- State-registered IARs · 7 to 8Apr 1, 2024 to Apr 1, 2025
- Discretionary RAUM · $8.5B to $15BApr 1, 2024 to Apr 1, 2025
- HNW RAUM · $551M to $656MApr 1, 2024 to Apr 1, 2025
- Individual RAUM · $39.0M to $48.4MApr 1, 2024 to Apr 1, 2025
- Non-discretionary RAUM · $712M to $837MApr 1, 2024 to Apr 1, 2025
- RAUM · $9.2B to $16BApr 1, 2024 to Apr 1, 2025
- Accounts · 476 to 219Dec 21, 2023 to Mar 29, 2024
- Advisory employees · 8 to 7Dec 21, 2023 to Mar 29, 2024
- Advisory activities · 2 to 3Dec 21, 2023 to Mar 29, 2024
- Corporate clients · 12 to 8Dec 21, 2023 to Mar 29, 2024
- HNW clients · 291 to 81Dec 21, 2023 to Mar 29, 2024
- Individual clients · 126 to 37Dec 21, 2023 to Mar 29, 2024
- Employees · 17 to 19Dec 21, 2023 to Mar 29, 2024
- Financial planning clients · unset to 0Dec 21, 2023 to Mar 29, 2024
- State-registered IARs · 8 to 7Dec 21, 2023 to Mar 29, 2024
- Discretionary RAUM · $5.7B to $8.5BDec 21, 2023 to Mar 29, 2024
- HNW RAUM · $513M to $551MDec 21, 2023 to Mar 29, 2024
- Individual RAUM · $673,331 to $39.0MDec 21, 2023 to Mar 29, 2024
- Non-discretionary RAUM · $606M to $712MDec 21, 2023 to Mar 29, 2024
- RAUM · $6.3B to $9.2BDec 21, 2023 to Mar 29, 2024
- Accounts · 1 to 476Mar 31, 2023 to Dec 21, 2023
- Advisory employees · 12 to 8Mar 31, 2023 to Dec 21, 2023
Signals
17 dated events
- Etf Architect reported RAUM $29.7B, up 85% from $16.0B (2025-08-08 to 2026-03-18)Mar 18, 2026 · RAUM change · derived
- Ryan Michael Bailey no longer registered at Etf Architect; no later IA registration on IAPDOct 15, 2025 · Advisor departure · fact
- Lawrence Howard Lempert no longer registered at Etf Architect; no later IA registration on IAPDOct 15, 2025 · Advisor departure · fact
- Etf Architect reported RAUM $16.0B, up 75% from $9.2B (2024-04-01 to 2025-04-01)Apr 1, 2025 · RAUM change · derived
- Etf Architect reported RAUM $9.2B, up 46% from $6.3B (2023-12-21 to 2024-03-29)Mar 29, 2024 · RAUM change · derived
- Etf Architect reported RAUM $6.3B, up 189% from $2.2B (2023-03-31 to 2023-12-21)Dec 21, 2023 · RAUM change · derived
- Etf Architect reported RAUM $2.2B, up 78% from $1.2B (2022-05-17 to 2023-03-31)Mar 31, 2023 · RAUM change · derived
- Dale Brandon Koepke (Portfolio Manager) no longer on Schedule A of Etf Architect (listed 2022-05-17, absent 2023-03-31)Mar 31, 2023 · Control person left · inference
- Joshua Anthony William Russell (Senior Portfolio Manager) appeared on Schedule A of Etf ArchitectMar 31, 2023 · Control person joined · fact
- Sean Hegarty (Chief Operations Officer) appeared on Schedule A of Etf ArchitectMar 31, 2023 · Control person joined · fact
- Dawn Jessica Leighty (Chief Compliance Officer) appeared on Schedule A of Etf ArchitectDec 22, 2021 · Control person joined · fact
- Etf Architect reported RAUM $1.0B, up 121% from $462.9M (2020-06-30 to 2021-02-15)Feb 15, 2021 · RAUM change · derived
- Tao Wang (Director, Trading And Execution) no longer on Schedule A of Etf Architect (listed 2020-06-30, absent 2021-02-15)Feb 15, 2021 · Control person left · inference
- Dale Brandon Koepke (Portfolio Manager) appeared on Schedule A of Etf ArchitectFeb 15, 2021 · Control person joined · fact
- Ryan Kirlin (Managing Member) appeared on Schedule A of Etf ArchitectJan 21, 2020 · Control person joined · fact
- Etf Architect reported RAUM $316.0M, up 90% from $166.0M (2017-08-24 to 2018-01-31)Jan 31, 2018 · RAUM change · derived
- Alpha Architect filed its initial SEC registration (Form ADV)May 22, 2014 · 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
- Firm profile
- linkedin.com/company/etfarchitectreportedpublic record, Form ADV, Sep 18, 2026
- Website
- etfarchitect.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 1.215.330.4476reportedpublic record, Form ADV, Mar 18, 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
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- $5.0Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026