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
Nicola Wealth Management Ltd.
Latest filing Sep 9, 2026
First filing on the tape Jul 16, 2020 · 35 filings
SEC status approved since Aug 14, 2020
RAUM
$11B
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
92%
$10B individuals and HNW
Advisors
5
registered through the firm on IAPD
RAUM per advisor
$2.2B
derived; firm RAUM over IAPD count
Employees
531
217 advisory (5.B.1)
Offices
6
beyond the principal office
Private funds
0
reported on Schedule D
History
35 filings and snapshots on the tape
RAUM$11B as of Aug 26, 2026
Mar 29, 2021$5.7B then
HNW client RAUM$9.1B as of Aug 26, 2026
Mar 29, 2021$4.9B then
State-registered IARs (5.B.3)5 as of Aug 26, 2026
Mar 29, 20214 then
Employees (5.A)531 as of Aug 26, 2026
Mar 29, 2021238 then
Private funds: 18
RAUM +9.9% over the last fiscal year+11% a year over threeIARs 4 to 5
Practice profile
derived from the filing of Sep 9, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- Planning-led practice · financial planning activity (5.G.1), at least 100 financial planning clients (5.H), and hourly, fixed or subscription compensation (5.E)
- RAUM per advisor
- $2.2BderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 1,189derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $3.8MderivedHNW RAUM over HNW clients
- Average account
- $397,892derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 4.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 106.2derivedItem 5.A over advisors
- Advisors per office
- 0.7derived7 offices incl. principal (1.F.5)
- RAUM growth, one year
- +9.9%derivedbetween the last two annual amendments
- Advisor growth, one year
- +25%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +8.3%derived
- Compensation
- percentage of assets, fixed fees, performance-basedreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for pooled vehicles, otherreportedItem 5.G
- Financial planning clients
- 6,718reportedItem 5.H
- 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 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- marketing includes testimonials (5.L.1.c)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$9.1B82%
- Individuals$1.1B9.8%
- Charitable organizations$480M4.3%
- Corporations and businesses$406M3.7%
- Individual clients
- 3,569reported
- HNW clients
- 2,378reported
- Pension plan clients
- n/areported
- Charitable clients
- 650reported
- Accounts
- 27,753reported
- Financial planning clients
- 6,718reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, performancereported
- Class basis
- private_client_share=0.92 fund_share=0.0 institutional_share=0.04 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
5 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Hung Kwan Tony LeeChartered Financial Analyst | Vancouver | Sep 28, 2020 | 11 y | 0 |
| John Michael Nicola | Vancouver | Jan 13, 2021 | 20 y | 0 |
| Seyed Ahmad Soleiman Panah | Vancouver | Jan 13, 2021 | 11 y | 0 |
| Bradley Coutts | Vancouver | Jan 13, 2021 | 13 y | 0 |
| Ehsan Ansari Astaneh | Vancouver | Apr 26, 2024 | 18 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
none on the tape
Joined, latest
none on the tape
Private funds
19 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Nicola Core Portfolio Fundno longer reported | Other Private Fund | $733M | 5,800 | Jul 16, 2020 |
| Nicola Balanced Mortgage Fundno longer reported | Other Private Fund | $457M | 4,200 | Jul 16, 2020 |
| Nicola Global Equity Fundno longer reported | Other Private Fund | $380M | 5,000 | Jul 16, 2020 |
| Nicola U.S. Equity Income Fundno longer reported | Other Private Fund | $292M | 2,800 | Jul 16, 2020 |
| Nicola Canadian Equity Income Fundno longer reported | Other Private Fund | $278M | 2,471 | Jul 16, 2020 |
| Nicola Private Debt Fundno longer reported | Other Private Fund | $239M | 2,700 | Jul 16, 2020 |
| Nicola Preferred Share Fundno longer reported | Other Private Fund | $221M | 2,100 | Jul 16, 2020 |
| Nicola High Yield Bond Fundno longer reported | Other Private Fund | $196M | 2,900 | Jul 16, 2020 |
| Nicola U.S. Tactical High Income Fundno longer reported | Other Private Fund | $196M | 2,500 | Jul 16, 2020 |
| Nicola Bond Fundno longer reported | Other Private Fund | $173M | 2,400 | Jul 16, 2020 |
| Nicola Alternative Strategies Fundno longer reported | Other Private Fund | $156M | 2,200 | Jul 16, 2020 |
| Nicola Canadian Tactical High Income Fundno longer reported | Other Private Fund | $150M | 2,100 | Jul 16, 2020 |
| Nicola Global Real Estate Fundno longer reported | Real Estate Fund | $137M | 3,200 | Jul 16, 2020 |
| Nicola Global Bond Fundno longer reported | Other Private Fund | $131M | 2,600 | Jul 16, 2020 |
| Nicola Primary Mortgage Fundno longer reported | Other Private Fund | $125M | 3,400 | Jul 16, 2020 |
| Nicola Sustainable Innovation Fundno longer reported | Other Private Fund | $113M | 2,100 | Jul 16, 2020 |
| Nicola Managed Real Estate Fundno longer reported | Real Estate Fund | $108M | 1,500 | Jul 16, 2020 |
| Nicola Precious Metals Fundno longer reported | Other Private Fund | $89.2M | 1,700 | Jul 16, 2020 |
| Nicola Infrastructure And Renewable Resources Limited Partnershipno longer reported | Other Private Fund | $58.9M | 850 | Jul 16, 2020 |
Owners and control persons
Schedule A and B, latest filing
- Abigail Coman-Walker · Chief Operating Officercontrolsince 10/2025 · owns less than 5%
- Susan Jamie Duncan · Directorcontrolsince 12/2006 · owns less than 5%
- Vanessa Flockton · President, Private Wealth And Directorcontrolsince 09/2024 · owns less than 5%
- Francis William John · Chief Investment Officercontrolsince 09/2026 · owns less than 5%
- Michael Christopher Nicola · Chief Executive Officer And Directorcontrolsince 09/2024 · owns less than 5%
- Michael John Nicola · Founder, Executive Chair And Wealth Advisorcontrolsince 09/2026 · owns less than 5%
- Arvind Bijal Patel · Co-Chief Investment Officer And Directorcontrolsince 09/2024 · owns less than 5%
- W David Poster · Chief Financial Officer And Directorcontrolsince 12/2024 · owns less than 5%
- Bruce David Sung · Executive Vice Chair Of The Board And President Of Institutionalcontrolsince 09/2024 · owns less than 5%
- Chuen Richard Chen · Chief Compliance Officersince 07/2021 · owns less than 5%
- Francis Bruce Paul Hollands · Directorsince 06/2025 · owns less than 5%
- Elizabeth Carrie Russell · Directorsince 04/2023 · owns less than 5%
- William Thomas Shepansky · Directorsince 01/2023 · owns less than 5%
- Marie Anne Thomas · Directorsince 01/2023 · owns less than 5%
- Claire Evelyn Nicola · Trusteesince 07/2018 · owns F of Nicola 2018 Family Trust
- Michael John Nicola · Trusteesince 07/2018 · owns F of Nicola 2018 Family Trust
Entity owners
- Nwm Holdings Ltd. · Shareholderdirect · owns 50% to 75%
- Claire Nicola Holdings Ltd. · Shareholderindirect · owns 50% to 75% of Nwm Holdings Ltd.
- Nicola 2018 Family Trust · Shareholderindirect · owns 75% or more of Claire Nicola Holdings Ltd.
Related persons
Schedule D 7.A
- 1190358 B.C. Ltd.pooled vehicle sponsory
- Levine Financial Groupreal estatey
- Nicola Blackwood Realty Advisorsinvestment companyy
- Nicola Crosby Real Estate Asset Management Ltd.pooled vehicle sponsory
- Nicola Global Infrastructure G.P. Ltd.pooled vehicle sponsory
- Nicola Pd Sma I G.P. Ltd.pooled vehicle sponsory
- Nicola Pd Sma I Spv G.P. Ulcipooled vehicle sponsory
- Nicola Pd Sma II G.P. Ltd.pooled vehicle sponsory
- Nicola Pe Spv I Gp Ltd.pooled vehicle sponsory
- Nicola Private Equity Gp Ltd.pooled vehicle sponsory
- Nicola Real Estate (Value Add) General Partner Ltd.pooled vehicle sponsory
- Nicola Real Estate General Partner Ltd.pooled vehicle sponsory
- Nicola US Multi Family Gp Inc.pooled vehicle sponsory
- Nicola Usmf Sma I G.P. Ltdpooled vehicle sponsory
- Nicola Usmf Sound Point Gp, LLCpooled vehicle sponsory
- Nicola Venture Capital General Partner Ltd.pooled vehicle sponsory
- Nicola Wealth Development Management Ltd.pooled vehicle sponsory
- Nicola Wealth Real Estate Acquisitions Ltd.pooled vehicle sponsory
- Ninth Avenue Capital Ltd.pooled vehicle sponsory
- Nwm Interactive General Partner Ltd.pooled vehicle sponsory
- Nwm Pd Direct Lending G.P. Ltd.pooled vehicle sponsory
- Nwre Asset Management Ltd.pooled vehicle sponsory
- Spire Va (USA) Gp Ltd.pooled vehicle sponsory
Offices
Schedule D 1.F, the 25 largest
- Toronto, Canada19 employees
- Kelowna, Canada5 employees
- Victoria, Canada3 employees
- Calgary, Ab, Canada2 employees
- Vancouver, Canada1 employees
- Woodbridge, Canada1 employees
ADV anomalies
7 against comparable advisers; where to look, not conclusions
- high office count relative to headcountStatic outlier · filing Sep 9, 2026offices per registered advisor of 1.4 against a peer median of 0.3 (172 comparable advisers, 99.0th percentile, 6.7 robust deviations)peers: independent wealth managers, $5B to $20B (172) · 99% percentile
- high employee count relative to advisorsStatic outlier · filing Sep 9, 2026employees per registered advisor of 106.2 against a peer median of 1.9 (241 comparable advisers, 100.0th percentile, 134.5 robust deviations)peers: independent wealth managers, $5B to $20B (241) · 100% percentile
- control person changedChange between filings · filing Sep 9, 2026JOHN, WILLIAM, FRANCIS (CHIEF INVESTMENT OFFICER) appeared on Schedule A between the filings of 2023-06-14 and 2026-09-09peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Sep 9, 2026POSTER, DAVID, W (CHIEF FINANCIAL OFFICER AND DIRECTOR) appeared on Schedule A between the filings of 2023-06-14 and 2026-09-09peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Sep 9, 2026COMAN-WALKER, ABIGAIL (CHIEF OPERATING OFFICER) appeared on Schedule A between the filings of 2023-06-14 and 2026-09-09peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Sep 9, 2026PATEL, BIJAL, ARVIND (CO-CHIEF INVESTMENT OFFICER AND DIRECTOR) left Schedule A between the filings of 2023-06-14 and 2026-09-09peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Sep 9, 2026Flockton, Vanessa (PRESIDENT, PRIVATE WEALTH AND DIRECTOR) left Schedule A between the filings of 2023-06-14 and 2026-09-09peers: independent wealth managers, $5B to $20B (289)
What changed
consecutive filings, newest first
- Financial planning clients · More than 500 to More than 500Aug 26, 2026 to Sep 9, 2026
- HQ state · to unsetAug 26, 2026 to Sep 9, 2026
- Succession · false to unsetAug 26, 2026 to Sep 9, 2026
- Accounts · 25,833 to 27,753Feb 4, 2026 to Mar 31, 2026
- Advisory employees · 184 to 217Feb 4, 2026 to Mar 31, 2026
- Charity clients · 551 to 650Feb 4, 2026 to Mar 31, 2026
- Corporate clients · 111 to 121Feb 4, 2026 to Mar 31, 2026
- HNW clients · 2,201 to 2,378Feb 4, 2026 to Mar 31, 2026
- Individual clients · 3,290 to 3,569Feb 4, 2026 to Mar 31, 2026
- Employees · 491 to 531Feb 4, 2026 to Mar 31, 2026
- State-registered IARs · 4 to 5Feb 4, 2026 to Mar 31, 2026
- Discretionary RAUM · $9.8B to $11BFeb 4, 2026 to Mar 31, 2026
- HNW RAUM · $8.3B to $9.1BFeb 4, 2026 to Mar 31, 2026
- Individual RAUM · $1.0B to $1.1BFeb 4, 2026 to Mar 31, 2026
- Non-discretionary RAUM · $204M to $211MFeb 4, 2026 to Mar 31, 2026
- RAUM · $10B to $11BFeb 4, 2026 to Mar 31, 2026
- Financial planning clients · More than 500 to More than 500Mar 19, 2025 to Jun 19, 2025
- Accounts · 23,155 to 25,833Jan 14, 2025 to Mar 19, 2025
- Advisory employees · 187 to 184Jan 14, 2025 to Mar 19, 2025
- Charity clients · 449 to 551Jan 14, 2025 to Mar 19, 2025
- Corporate clients · 205 to 111Jan 14, 2025 to Mar 19, 2025
- HNW clients · 2,047 to 2,201Jan 14, 2025 to Mar 19, 2025
- Individual clients · 2,858 to 3,290Jan 14, 2025 to Mar 19, 2025
- Employees · 459 to 491Jan 14, 2025 to Mar 19, 2025
- Discretionary RAUM · $9.4B to $9.8BJan 14, 2025 to Mar 19, 2025
- HNW RAUM · $7.9B to $8.3BJan 14, 2025 to Mar 19, 2025
- Individual RAUM · $887M to $1.0BJan 14, 2025 to Mar 19, 2025
- Non-discretionary RAUM · $143M to $204MJan 14, 2025 to Mar 19, 2025
- RAUM · $9.6B to $10BJan 14, 2025 to Mar 19, 2025
- HQ state · unset to Oct 23, 2024 to Jan 14, 2025
- Other offices · 5 to 6Mar 21, 2024 to Apr 12, 2024
- Accounts · 19,612 to 23,155Nov 6, 2023 to Mar 21, 2024
- Advisory employees · 142 to 187Nov 6, 2023 to Mar 21, 2024
- Charity clients · 421 to 449Nov 6, 2023 to Mar 21, 2024
- Corporate clients · 132 to 205Nov 6, 2023 to Mar 21, 2024
- HNW clients · 1,736 to 2,047Nov 6, 2023 to Mar 21, 2024
- Individual clients · 2,408 to 2,858Nov 6, 2023 to Mar 21, 2024
- Employees · 393 to 459Nov 6, 2023 to Mar 21, 2024
- Discretionary RAUM · $8.0B to $9.4BNov 6, 2023 to Mar 21, 2024
- HNW RAUM · $6.7B to $7.9BNov 6, 2023 to Mar 21, 2024
Signals
4 dated events
- Ean Danielle Skipp (Chief Legal Officer) no longer on Schedule A of Nicola Wealth Management Ltd. (listed 2023-11-06, absent 2024-03-21)Mar 21, 2024 · Control person left · inference
- Michael Christopher Nicola (Chief Technology Officer And Director) appeared on Schedule A of Nicola Wealth Management Ltd.Jun 14, 2023 · Control person joined · fact
- Nicola Wealth Management Ltd. reported RAUM $7.6B, up 32% from $5.7B (2021-09-28 to 2022-03-30)Mar 30, 2022 · RAUM change · derived
- Nicola Wealth Management Ltd. filed its initial SEC registration (Form ADV)Jul 16, 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
- 236-800-4777reportedpublished by the firm, firm site, Sep 17, 2026
- Business phone
- 250-763-9706reportedpublished by the firm, firm site, Sep 17, 2026
- Business phone
- 250-763-9757reportedpublished by the firm, firm site, Sep 17, 2026
- Firm profile
- linkedin.com/company/ninthavenuecapitalreportedpublic record, Form ADV, Sep 18, 2026
- Firm profile
- linkedin.com/company/nicola-wealth-managementreportedpublic record, Form ADV, Sep 18, 2026
- Website
- nicolawealth.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 604-739-6450reportedpublic record, Form ADV, Sep 9, 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
- $2.2Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026
Across the graphs
Nicola Wealth Management Ltd. is the same institution as 1 record in Real Estate Funds.
Real Estate Funds1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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