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
B•••• R•• I••••••••• L••
Latest filing Mar 25, 2026
First filing on the tape Sep 13, 2016 · 16 filings
SEC status approved since Oct 4, 2016
RAUM
$457M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
9.6%
$44.0M individuals and HNW
Advisors
2
registered through the firm on IAPD
RAUM per advisor
$229M
derived; firm RAUM over IAPD count
Employees
5
2 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
16 filings and snapshots on the tape
RAUM$457M as of Mar 25, 2026
Mar 30, 2017$140M then
HNW client RAUM$44.0M as of Mar 25, 2026
Mar 16, 2018$46.8M then
State-registered IARs (5.B.3)2 as of Mar 25, 2026
Mar 30, 20171 then
Employees (5.A)5 as of Mar 25, 2026
Mar 30, 20171 then
Private funds: no history
RAUM +37% over the last fiscal year+27% a year over threeIARs 2 to 2
Practice profile
derived from the filing of Mar 25, 2026; every figure names its basis
Archetypes, each a printed rule
- Institutional asset manager · institutional share (pensions, government, insurance, corporations, charities, banks, other advisers) at least 60 percent and private-client share under 20 percent
- RAUM per advisor
- $229MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.3MderivedHNW RAUM over HNW clients
- Average account
- $8.3MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 74%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.5derivedItem 5.A over advisors
- Advisors per office
- 2.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +37%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 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)
- 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- State and municipal entities$260M57%
- Pension and profit-sharing plans$77.3M17%
- Other investment advisers$57.7M13%
- High-net-worth individuals$44.0M9.6%
- Corporations and businesses$18.4M4.0%
- Individual clients
- n/areported
- HNW clients
- 35reported
- Pension plan clients
- 4reported
- Charitable clients
- n/areported
- Accounts
- 55reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.1 fund_share=0.13 institutional_share=0.74 related_bd=false related_bank=false bd_reps=1.0derived
Advisors registered through the firm
2 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| D•••• M•••••• K•••••• | Exton, Pa | Dec 9, 2016 | 14 y | 2 |
| J••• B••••• D••••••Chartered Financial Analyst | Exton, Pa | Mar 8, 2023 | 34 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
- J••• B••••• D•••••• from T•• S••••••••• G••••• I•••Mar 8, 2023 · Other
- D•••• M•••••• K•••••• from B••• S••••••••• L••Dec 9, 2016 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- K••••••• D••••• M•••••• · Managing Member, President And Chief Compliance Officercontrolsince 09/2016 · 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 |
|---|---|---|---|---|---|
| Exton, Pa · principal | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 42 to 55Mar 25, 2025 to Mar 25, 2026
- HNW clients · 25 to 35Mar 25, 2025 to Mar 25, 2026
- Discretionary RAUM · $334M to $457MMar 25, 2025 to Mar 25, 2026
- HNW RAUM · $37.6M to $44.0MMar 25, 2025 to Mar 25, 2026
- Pension RAUM · $77.1M to $77.3MMar 25, 2025 to Mar 25, 2026
- RAUM · $334M to $457MMar 25, 2025 to Mar 25, 2026
- Accounts · 36 to 42Mar 26, 2024 to Mar 25, 2025
- Corporate clients · 1 to 2Mar 26, 2024 to Mar 25, 2025
- HNW clients · 15 to 25Mar 26, 2024 to Mar 25, 2025
- Individual clients · 1.0 to unsetMar 26, 2024 to Mar 25, 2025
- Pension plan clients · 3 to 4Mar 26, 2024 to Mar 25, 2025
- Employees · 4 to 5Mar 26, 2024 to Mar 25, 2025
- Financial planning clients · 0 to 0Mar 26, 2024 to Mar 25, 2025
- Discretionary RAUM · $270M to $334MMar 26, 2024 to Mar 25, 2025
- HNW RAUM · $36.4M to $37.6MMar 26, 2024 to Mar 25, 2025
- Individual RAUM · 118866.0 to unsetMar 26, 2024 to Mar 25, 2025
- Pension RAUM · $61.9M to $77.1MMar 26, 2024 to Mar 25, 2025
- RAUM · $270M to $334MMar 26, 2024 to Mar 25, 2025
- Accounts · 25 to 36Mar 31, 2023 to Mar 26, 2024
- Advisory employees · 3 to 2Mar 31, 2023 to Mar 26, 2024
- Corporate clients · 2 to 1Mar 31, 2023 to Mar 26, 2024
- HNW clients · 9 to 15Mar 31, 2023 to Mar 26, 2024
- Individual clients · 2 to 1Mar 31, 2023 to Mar 26, 2024
- Pension plan clients · 2 to 3Mar 31, 2023 to Mar 26, 2024
- Employees · 5 to 4Mar 31, 2023 to Mar 26, 2024
- State-registered IARs · 3 to 2Mar 31, 2023 to Mar 26, 2024
- Discretionary RAUM · $223M to $270MMar 31, 2023 to Mar 26, 2024
- HNW RAUM · $28.2M to $36.4MMar 31, 2023 to Mar 26, 2024
- Individual RAUM · $104,778 to $118,866Mar 31, 2023 to Mar 26, 2024
- Pension RAUM · $30.6M to $61.9MMar 31, 2023 to Mar 26, 2024
- RAUM · $223M to $270MMar 31, 2023 to Mar 26, 2024
- Accounts · 48 to 25Mar 29, 2022 to Mar 31, 2023
- BD registered reps · 0 to 1Mar 29, 2022 to Mar 31, 2023
- Corporate clients · 3 to 2Mar 29, 2022 to Mar 31, 2023
- HNW clients · 7 to 9Mar 29, 2022 to Mar 31, 2023
- Individual clients · 3 to 2Mar 29, 2022 to Mar 31, 2023
- Assets in custody · 10658620.0 to unsetMar 29, 2022 to Mar 31, 2023
- Custody of client assets · true to falseMar 29, 2022 to Mar 31, 2023
- State-registered IARs · 2 to 3Mar 29, 2022 to Mar 31, 2023
- Discretionary RAUM · $271M to $223MMar 29, 2022 to Mar 31, 2023
Signals
2 dated events
- B•••• R•• I••••••••• L•• reported RAUM $457.5M, up 37% from $333.8M (2025-03-25 to 2026-03-25)Mar 25, 2026 · RAUM change · derived
- B•••• R•• I••••••••• L•• filed its initial SEC registration (Form ADV)Sep 13, 2016 · 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/birch-run-investmentsreportedpublic record, Form ADV, Sep 18, 2026
- Website
- H•••••••••reportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- (610) 321-3453reportedpublic record, Form ADV, Mar 25, 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
- Institutional managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $229Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026