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
Stone Steps Financial, LLC
Latest filing Mar 24, 2026
First filing on the tape Oct 3, 2024 · 6 filings
SEC status approved since Nov 4, 2024
RAUM
$147M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$147M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$36.6M
derived; firm RAUM over IAPD count
Employees
6
4 advisory (5.B.1)
Offices
6
beyond the principal office
Private funds
0
reported on Schedule D
History
6 filings and snapshots on the tape
RAUM$147M as of Mar 24, 2026
Mar 12, 2025$105M then
HNW client RAUM$97.2M as of Mar 24, 2026
Mar 12, 2025$89.6M then
State-registered IARs (5.B.3)4 as of Mar 24, 2026
Mar 12, 20253 then
Employees (5.A)6 as of Mar 24, 2026
Mar 12, 20254 then
Private funds: no history
RAUM +39% over the last fiscal yearIARs 3 to 4offices 0 to 6
Practice profile
derived from the filing of Mar 24, 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
- RAUM per advisor
- $36.6MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 35derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.9MderivedHNW RAUM over HNW clients
- Average account
- $239,129derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.5derivedItem 5.A over advisors
- Advisors per office
- 0.6derived7 offices incl. principal (1.F.5)
- RAUM growth, one year
- +39%derivedbetween the last two annual amendments
- Advisor growth, one year
- +33%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +52%derived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, pension consultingreportedItem 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)
- has custody of client securities (9.A.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$97.2M66%
- Individuals$49.4M34%
- Individual clients
- 86reported
- HNW clients
- 52reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 613reported
- Financial planning clients
- 51-100reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
4 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Anton Fawver MadsenCertified Financial Planner | Redwood Falls, Mn | Feb 10, 2026 | 19 y | 3 |
| Scott Robert FrankCertified Financial Planner, Chartered Financial Analyst | Encinitas, Ca | May 7, 2026 | 18 y | 2 |
| Mary Ellen BrennanCertified Financial Planner | Palm Springs, Ca | May 28, 2026 | 16 y | 2 |
| Guo Wei LiuCertified Financial Planner | Encinitas, Ca | May 28, 2026 | 15 y | 1 |
Advisor movement
0 left, 1 joined in 12 months
net +1 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
- Anton Fawver Madsen from Xypn SapphireFeb 10, 2026 · RIA to RIA
- Mary Ellen Brennan from Weatherly Asset ManagementMar 24, 2020 · Other
- Scott Robert Frank from Weatherly Asset ManagementApr 3, 2015 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Robert Scott Frank · Managing Member, Chief Compliance Officercontrolsince 03/2015 · owns 75% or more
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Encinitas, Ca · principal | 4 | 4 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
3 against comparable advisers; where to look, not conclusions
- account count surgeChange between filings · filing Mar 24, 2026accounts (Item 5.F.2.f) moved from 402.0 to 613.0 (+52.0%) between the annual amendments of 2025-03-12 and 2026-03-24; the peer median change was +5.0% (3688 comparable advisers, 96.0th percentile of changes)peers: independent wealth managers, $100M to $500M (3,688) · 96% percentile
- HNW share shiftChange between filings · filing Mar 24, 2026HNW share of RAUM moved from 85.0% to 66.0% between the annual amendments of 2025-03-12 and 2026-03-24peers: independent wealth managers, $100M to $500M (5,676)
- RAUM up 25 %Change between filings · filing Mar 24, 2026RAUM (Item 5.F) moved from $105,420,190 to $146,585,773 (+39.0%) between the annual amendments of 2025-03-12 and 2026-03-24; the peer median change was +15.0% (4551 comparable advisers, 92.0th percentile of changes)peers: independent wealth managers, $100M to $500M (4,551) · 92% percentile
What changed
consecutive filings, newest first
- Accounts · 402 to 613Feb 10, 2026 to Mar 24, 2026
- HNW clients · 40 to 52Feb 10, 2026 to Mar 24, 2026
- Individual clients · 51 to 86Feb 10, 2026 to Mar 24, 2026
- Discretionary RAUM · $105M to $147MFeb 10, 2026 to Mar 24, 2026
- HNW RAUM · $89.6M to $97.2MFeb 10, 2026 to Mar 24, 2026
- Individual RAUM · $15.9M to $49.4MFeb 10, 2026 to Mar 24, 2026
- RAUM · $105M to $147MFeb 10, 2026 to Mar 24, 2026
- Advisory employees · 3 to 4Oct 9, 2025 to Feb 10, 2026
- Employees · 4 to 6Oct 9, 2025 to Feb 10, 2026
- State-registered IARs · 3 to 4Oct 9, 2025 to Feb 10, 2026
- Other offices · 5 to 6Oct 9, 2025 to Feb 10, 2026
- Assets in custody · unset to 6119834.0Mar 12, 2025 to Oct 9, 2025
- Other offices · 0 to 5Mar 12, 2025 to Oct 9, 2025
- Accounts · 84 to 402Nov 20, 2024 to Mar 12, 2025
- HNW clients · 37 to 40Nov 20, 2024 to Mar 12, 2025
- Individual clients · 47 to 51Nov 20, 2024 to Mar 12, 2025
- Financial planning clients · 51-100 to 51-100Nov 20, 2024 to Mar 12, 2025
- Discretionary RAUM · $105M to $105MNov 20, 2024 to Mar 12, 2025
- HNW RAUM · $75.0M to $89.6MNov 20, 2024 to Mar 12, 2025
- Individual RAUM · $30.0M to $15.9MNov 20, 2024 to Mar 12, 2025
- RAUM · $105M to $105MNov 20, 2024 to Mar 12, 2025
Signals
2 dated events
- Stone Steps Financial, Llc reported 5 offices beyond its principal office, up from 0 (2025-03-12 to 2025-10-09)Oct 9, 2025 · Office count change · derived
- Stone Steps Financial, Llc filed its initial SEC registration (Form ADV)Oct 3, 2024 · 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
- 760-456-7147reportedpublished by the firm, firm site, Sep 16, 2026
- Firm profile
- linkedin.com/company/6423161reportedpublic record, Form ADV, Sep 17, 2026
- Website
- STONESTEPSFINANCIAL.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 760-456-7147reportedpublic record, Form ADV, Mar 24, 2026
- Contact form
- stonestepsfinancial.com/contactreportedpublished by the firm, firm site, Sep 16, 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
- $36.6Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026