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
Operose Advisors LLC
Latest filing Sep 1, 2026
First filing on the tape Feb 26, 2020 · 20 filings
SEC status approved since Mar 30, 2020
RAUM
$2.0B
reported, Item 5.F
Discretionary
73%
of RAUM
Private clients
76%
$1.5B individuals and HNW
Advisors
15
registered through the firm on IAPD
RAUM per advisor
$136M
derived; firm RAUM over IAPD count
Employees
20
11 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
20 filings and snapshots on the tape
RAUM$2.0B as of Mar 26, 2026
Mar 17, 2021$339M then
HNW client RAUM$1.5B as of Mar 26, 2026
Mar 17, 2021$211M then
State-registered IARs (5.B.3)12 as of Mar 26, 2026
Mar 17, 20217 then
Employees (5.A)20 as of Mar 26, 2026
Mar 17, 202110 then
Private funds2 as of Mar 26, 2026
Mar 20, 20251 then
RAUM +28% over the last fiscal year+36% a year over threeIARs 7 to 12
Practice profile
derived from the filing of Sep 1, 2026; every figure names its basis
- RAUM per advisor
- $136MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 29derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $5.0MderivedHNW RAUM over HNW clients
- Average account
- $1.2MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 73%derivedof RAUM
- Institutional
- 14%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.3derivedItem 5.A over advisors
- Advisors per office
- 15.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +28%derivedbetween the last two annual amendments
- Advisor growth, one year
- +71%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +7.2%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, selection of other advisersreportedItem 5.G
- Custody
- $140M, 348 clientsreportedItem 9.A
- 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$1.5B78%
- Charitable organizations$276M14%
- Corporations and businesses$110M5.7%
- Individuals$39.1M2.0%
- Pooled investment vehicles$204,5180.0%
- Individual clients
- 128reported
- HNW clients
- 302reported
- Pension plan clients
- n/areported
- Charitable clients
- 29reported
- Accounts
- 1,655reported
- Financial planning clients
- 51-100reported
- Wrap fee programs
- noreported
- Custody of client assets
- $140M for 348 clientsreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.76 fund_share=0.0 institutional_share=0.14 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
15 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Nicholas Charles BauerChartered Financial Analyst | Milwaukee, Wi | Jul 24, 2017 | 23 y | 7 |
| Kristin Lee Stanek | Milwaukee, Wi | Jan 29, 2020 | 22 y | 0 |
| John Stratton Mcgregor | Milwaukee, Wi | Jan 28, 2021 | 24 y | 0 |
| Amanda Mary NowaczynskiCertified Financial Planner | Milwaukee, Wi | Jul 6, 2023 | 16 y | 1 |
| Patrick James WeyerCertified Financial Planner | Milwaukee, Wi | May 1, 2024 | 10 y | 3 |
| Ryan Alan Miller | Milwaukee, Wi | Sep 27, 2024 | 12 y | 0 |
| Caroline Probst Jankowski | Milwaukee, Wi | Jan 1, 2025 | 18 y | 0 |
| Christopher Alan EversCertified Financial Planner | Milwaukee, Wi | Jan 1, 2025 | 13 y | 1 |
| Michael William Shone | Milwaukee, Wi | Jun 5, 2025 | 42 y | 3 |
| Matthew Adam Kulakow | Milwaukee, Wi | Dec 11, 2025 | 11 y | 1 |
| Amanda Tricia Stark | Milwaukee, Wi | Dec 12, 2025 | 12 y | 0 |
| Daniel Kenneth StierChartered Financial Analyst | Milwaukee, Wi | Jan 5, 2026 | 13 y | 0 |
| Steven Jay Backus | Milwaukee, Wi | Mar 26, 2026 | 23 y | 3 |
| Lucas Daniel Cahalane | Milwaukee, Wi | Mar 30, 2026 | 10 y | 0 |
| Jason Robert KausalikChartered Financial Analyst | Milwaukee, Wi | Apr 9, 2026 | 10 y | 0 |
Advisor movement
0 left, 2 joined in 12 months
net +2 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- Gregory Amborn to Merrill Lynch, Pierce, Fenner & Smith IncorporatedJul 2, 2018 · RIA to wirehouse
Joined, latest
- Steven Jay Backus from Johnson Wealth Inc.Mar 26, 2026 · RIA to RIA
- Matthew Adam Kulakow from Annex Wealth Management, LLCDec 11, 2025 · RIA to RIA
- Michael William Shone from Clariti Wealth AdvisorsJun 5, 2025 · RIA to RIA
- Christopher Alan Evers from Landaas & CompanyJan 1, 2025 · RIA to RIA
- Patrick James Weyer from Diversified Management IncMay 1, 2024 · RIA to RIA
- Amanda Mary Nowaczynski from Annex Wealth Management, LLCJul 6, 2023 · RIA to RIA
- Nicholas Charles Bauer from Janus Henderson InvestorsJul 24, 2017 · Other
Private funds
2 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Operose Capital Private Equity I LP, LLC | Private Equity Fund | $6.5M | 0 | Dec 16, 2024 |
| Operose Capital Real Estate I LP, LLC | $0 | 0 | Sep 1, 2026 |
Owners and control persons
Schedule A and B, latest filing
- Charles Nicholas Bauer · Founding Partnercontrolsince 01/2017 · owns less than 5%
- Probst Caroline Jankowski · Chief Compliance Officer, Partnercontrolsince 01/2019 · owns less than 5%
- Mary Amanda Nowaczynski · Chief Operating Officer, Partnercontrolsince 11/2023 · owns less than 5%
- Kenneth Daniel Stier · President, Chief Investment Officer, Partnercontrolsince 09/2023 · owns less than 5%
- Charles Nicholas Bauer · Manager And Membercontrolsince 03/2017 · owns 25% to 50% of Beulah Holdings LLC
Entity owners
- Beulah Holdings LLC · Sole Memberdirect · owns 75% or more
Related persons
Schedule D 7.A
- Operose Capital Private Equity I Gp, LLCpooled vehicle sponsorn
- Operose Tax Services LLCinsurancen
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Milwaukee, Wi · principal | 15 | 6 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- advisor count surgeChange between filings · filing Mar 26, 2026advisory representatives (Item 5.B.3) moved from 7.0 to 12.0 (+71.0%) between the annual amendments of 2025-03-20 and 2026-03-26; the peer median change was 0.0% (999 comparable advisers, 98.0th percentile of changes)peers: independent wealth managers, $1B to $5B (999) · 98% percentile
What changed
consecutive filings, newest first
- Financial planning clients · 51-100 to 51-100Mar 26, 2026 to Sep 1, 2026
- Private funds · 2 to unsetMar 26, 2026 to Sep 1, 2026
- Succession · false to unsetMar 26, 2026 to Sep 1, 2026
- Accounts · 1,418 to 1,655Oct 27, 2025 to Mar 26, 2026
- Advisory employees · 8 to 11Oct 27, 2025 to Mar 26, 2026
- Charity clients · 26 to 29Oct 27, 2025 to Mar 26, 2026
- Corporate clients · 14 to 17Oct 27, 2025 to Mar 26, 2026
- HNW clients · 253 to 302Oct 27, 2025 to Mar 26, 2026
- Individual clients · 137 to 128Oct 27, 2025 to Mar 26, 2026
- Assets in custody · $194M to $140MOct 27, 2025 to Mar 26, 2026
- Employees · 15 to 20Oct 27, 2025 to Mar 26, 2026
- State-registered IARs · 7 to 12Oct 27, 2025 to Mar 26, 2026
- Discretionary RAUM · $1.5B to $1.5BOct 27, 2025 to Mar 26, 2026
- HNW RAUM · $1.4B to $1.5BOct 27, 2025 to Mar 26, 2026
- Individual RAUM · $63.3M to $39.1MOct 27, 2025 to Mar 26, 2026
- Non-discretionary RAUM · $470M to $545MOct 27, 2025 to Mar 26, 2026
- Pooled vehicle RAUM · $171,950 to $204,518Oct 27, 2025 to Mar 26, 2026
- RAUM · $1.9B to $2.0BOct 27, 2025 to Mar 26, 2026
- Accounts · 1,334 to 1,418Mar 20, 2025 to Oct 27, 2025
- Charity clients · 23 to 26Mar 20, 2025 to Oct 27, 2025
- Corporate clients · 13 to 14Mar 20, 2025 to Oct 27, 2025
- HNW clients · 270 to 253Mar 20, 2025 to Oct 27, 2025
- Individual clients · 131 to 137Mar 20, 2025 to Oct 27, 2025
- Pooled vehicle clients · 1 to 2Mar 20, 2025 to Oct 27, 2025
- Private funds · 1 to 2Mar 20, 2025 to Oct 27, 2025
- Discretionary RAUM · $1.2B to $1.5BMar 20, 2025 to Oct 27, 2025
- HNW RAUM · $1.1B to $1.4BMar 20, 2025 to Oct 27, 2025
- Individual RAUM · $49.0M to $63.3MMar 20, 2025 to Oct 27, 2025
- Non-discretionary RAUM · $413M to $470MMar 20, 2025 to Oct 27, 2025
- Pooled vehicle RAUM · $0 to $171,950Mar 20, 2025 to Oct 27, 2025
- RAUM · $1.6B to $1.9BMar 20, 2025 to Oct 27, 2025
- Accounts · 1,264 to 1,334Dec 23, 2024 to Mar 20, 2025
- Advisory employees · 7 to 8Dec 23, 2024 to Mar 20, 2025
- Charity clients · 18 to 23Dec 23, 2024 to Mar 20, 2025
- Corporate clients · 7 to 13Dec 23, 2024 to Mar 20, 2025
- HNW clients · 155 to 270Dec 23, 2024 to Mar 20, 2025
- Individual clients · 93 to 131Dec 23, 2024 to Mar 20, 2025
- Assets in custody · $251M to $194MDec 23, 2024 to Mar 20, 2025
- Employees · 11 to 15Dec 23, 2024 to Mar 20, 2025
- Financial planning clients · 26-50 to 51-100Dec 23, 2024 to Mar 20, 2025
Signals
8 dated events
- Operose Advisors Llc reported RAUM $1.6B, up 28% from $1.3B (2024-12-23 to 2025-03-20)Mar 20, 2025 · RAUM change · derived
- Operose Advisors Llc reported RAUM $1.3B, up 55% from $805.7M (2023-10-05 to 2024-02-29)Feb 29, 2024 · RAUM change · derived
- Mary Amanda Nowaczynski (Chief Operating Officer) appeared on Schedule A of Operose Advisors LlcFeb 29, 2024 · Control person joined · fact
- Daniel Stier (President, Chief Investment Officer) appeared on Schedule A of Operose Advisors LlcOct 4, 2023 · Control person joined · fact
- Operose Advisors Llc reported RAUM $805.7M, up 52% from $530.4M (2022-10-31 to 2023-03-22)Mar 22, 2023 · RAUM change · derived
- Operose Advisors Llc reported RAUM $530.4M, up 56% from $339.0M (2021-06-14 to 2022-03-16)Mar 16, 2022 · RAUM change · derived
- Operose Advisors Llc reported RAUM $339.0M, up 68% from $201.9M (2020-06-22 to 2021-03-17)Mar 17, 2021 · RAUM change · derived
- Operose Advisors Llc filed its initial SEC registration (Form ADV)Feb 26, 2020 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- Operose Advisors LLC · Independent Sponsorsshared crd · capital_provider
- Operose Advisors LLC · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Business phone
- 414-209-3280reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- LINKEDIN.COM/COMPANY/OPEROSE-PARTNERSreportedpublic record, Form ADV, Sep 17, 2026
- Website
- OPEROSEADVISORS.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 414-209-3280reportedpublic record, Form ADV, Sep 1, 2026
- Contact form
- operoseadvisors.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- operoseadvisors.com/teamreportedpublished by the firm, firm site, Sep 15, 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
- $136Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026