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

Bdfs Capital LLC

Independent wealth managerRehoboth Beach, DelawareCRD 287680SEC 801-120724website IAPD

Latest filing Jul 10, 2026

First filing on the tape Mar 5, 2021 · 18 filings

SEC status approved since Apr 5, 2021

RAUM

$411M

reported, Item 5.F

Discretionary

99%

of RAUM

Private clients

99%

$406M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$58.8M

derived; firm RAUM over IAPD count

Employees

7 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

18 filings and snapshots on the tape

RAUM$411M as of Jul 10, 2026

Feb 7, 2022$237M then

HNW client RAUM$212M as of Jul 10, 2026

Feb 7, 2022$127M then

State-registered IARs (5.B.3)7 as of Jul 10, 2026

Feb 7, 20227 then

Employees (5.A)7 as of Jul 10, 2026

Feb 7, 20227 then

Private funds: no history

RAUM +27% over the last fiscal year+21% a year over threeIARs 9 to 7

Practice profile

derived from the filing of Jul 10, 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
Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control

RAUM per advisor: $58.8MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 108derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $2.8MderivedHNW RAUM over HNW clients
Average account: $235,989derivedRAUM over accounts (5.F.2.f)
Discretionary: 99%derivedof RAUM
Institutional: 0.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.0derivedItem 5.A over advisors
Advisors per office: 7.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +27%derivedbetween the last two annual amendments
Advisor growth, one year: +0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year: +9.4%derived
Compensation: percentage of assets, hourly, fixed fees, otherreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, selection of other advisersreportedItem 5.G
Wrap fee program: participatesreportedItem 5.I
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)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$212M52%
Individuals$193M47%
Corporations and businesses$4.8M1.2%
Charitable organizations$950,9060.2%

Individual clients: 681reported
HNW clients: 75reported
Pension plan clients: 0reported
Charitable clients: 2reported
Accounts: 1,743reported
Financial planning clients: 26-50reported
Wrap fee programs: $0 sponsored, $316M managedreported
Custody of client assets: noreported
Compensation: % of AUM, fixed, hourlyreported
Class basis: private_client_share=0.99 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=2.0derived

Advisors registered through the firm

7 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Kenneth Lance ReeseCertified Financial Planner, Chartered Financial Consultant	Rehoboth Beach, De	Jul 17, 2017	15 y	2
Cameron Gallo FitzgeraldCertified Financial Planner	Rehoboth Beach, De	Jul 17, 2017	15 y	2
Mark Anthony NehraCertified Financial Planner	Rehoboth Beach, De	Jul 20, 2017	18 y	2
Jeffrey Thomas PugliaCertified Financial Planner	Rehoboth Beach, De	Jul 24, 2017	29 y	3
Derrick Joseph Diksa	Rehoboth Beach, De	Aug 30, 2023	13 y	0
Joseph Francis Mcgloin	Rehoboth Beach, De	Nov 4, 2024	11 y	0
Wesley Raymond Humes	Rehoboth Beach, De	Mar 22, 2025	12 y	0

Advisor movement

1 left, 0 joined in 12 months

net -1 in 12 months1 left in 90 days0 joined in 90 daysdeparture rate 14% of current headcount1 left over 36 months

Left, latest

Nathan Henry Kibler to Tarigas Investment Advisory
Jul 10, 2026 · RIA to a state-registered adviser
Brian Wolfer to Corecap Advisors
Feb 21, 2022 · RIA to affiliated broker-dealer or bank

Joined, latest

Brian Wolfer from Vanguard Advisers, Inc.
Nov 23, 2021 · Affiliated broker-dealer or bank to independent RIA
Nathan Henry Kibler from MML Investors Services, LLC
May 14, 2021 · Affiliated broker-dealer or bank to independent RIA
Jeffrey Thomas Puglia from LPL Financial LLC
Jul 24, 2017 · Other
Mark Anthony Nehra from Waddell & Reed
Jul 20, 2017 · Other
Kenneth Lance Reese from LPL Financial LLC
Jul 17, 2017 · Other
Cameron Gallo Fitzgerald from LPL Financial LLC
Jul 17, 2017 · Other

Every departure Every arrival

Teams: two or more advisors moving together within fourteen days, from one state

3 joined from LPL Financial LLC
Jul 25, 2017 · Rehoboth Beach, De

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Thomas Jeffrey Puglia · Presidentcontrol
since 03/2014 · owns less than 5%
Thomas Jeffrey Puglia · Presidentcontrol
since 02/2010 · owns 75% or more of Black Diamond Financial Solutions Inc
Anthony Mark Nehra · Chief Compliance Officer
since 12/2018 · owns less than 5%

Entity owners

Black Diamond Financial Solutions Inc · Member
direct · owns 75% or more

Related persons

Schedule D 7.A

Bdfs Insurance Services, LLC
real estaten

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Rehoboth Beach, De · principal	7	0	0
Lancaster, Pa	0	0	1

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

What changed

consecutive filings, newest first

Advisory employees · 9 to 7
Jan 30, 2026 to Jul 10, 2026
Employees · 9 to 7
Jan 30, 2026 to Jul 10, 2026
State-registered IARs · 9 to 7
Jan 30, 2026 to Jul 10, 2026
Accounts · 1,653 to 1,743
Apr 4, 2025 to Jan 30, 2026
Charity clients · 4 to 2
Apr 4, 2025 to Jan 30, 2026
HNW clients · 71 to 75
Apr 4, 2025 to Jan 30, 2026
Individual clients · 620 to 681
Apr 4, 2025 to Jan 30, 2026
Financial planning clients · 11-25 to 26-50
Apr 4, 2025 to Jan 30, 2026
Discretionary RAUM · $322M to $408M
Apr 4, 2025 to Jan 30, 2026
HNW RAUM · $165M to $212M
Apr 4, 2025 to Jan 30, 2026
Individual RAUM · $157M to $193M
Apr 4, 2025 to Jan 30, 2026
Non-discretionary RAUM · $2.9M to $3.0M
Apr 4, 2025 to Jan 30, 2026
RAUM · $325M to $411M
Apr 4, 2025 to Jan 30, 2026
Wrap assets (manager) · $325M to $316M
Apr 4, 2025 to Jan 30, 2026
Advisory employees · 8 to 9
Jan 28, 2025 to Apr 4, 2025
Employees · 8 to 9
Jan 28, 2025 to Apr 4, 2025
Financial planning clients · 11-25 to 11-25
Jan 28, 2025 to Apr 4, 2025
State-registered IARs · 8 to 9
Jan 28, 2025 to Apr 4, 2025
Accounts · 1,493 to 1,653
Nov 7, 2024 to Jan 28, 2025
HNW clients · 63 to 71
Nov 7, 2024 to Jan 28, 2025
Individual clients · 583 to 620
Nov 7, 2024 to Jan 28, 2025
Discretionary RAUM · $285M to $322M
Nov 7, 2024 to Jan 28, 2025
HNW RAUM · $149M to $165M
Nov 7, 2024 to Jan 28, 2025
Individual RAUM · $135M to $157M
Nov 7, 2024 to Jan 28, 2025
Non-discretionary RAUM · $2.8M to $2.9M
Nov 7, 2024 to Jan 28, 2025
RAUM · $288M to $325M
Nov 7, 2024 to Jan 28, 2025
Wrap assets (manager) · $288M to $325M
Nov 7, 2024 to Jan 28, 2025
Advisory employees · 7 to 8
Oct 21, 2024 to Nov 7, 2024
Employees · 7 to 8
Oct 21, 2024 to Nov 7, 2024
State-registered IARs · 7 to 8
Oct 21, 2024 to Nov 7, 2024
Advisory employees · 6 to 7
Feb 8, 2024 to Oct 21, 2024
Employees · 6 to 7
Feb 8, 2024 to Oct 21, 2024
State-registered IARs · 6 to 7
Feb 8, 2024 to Oct 21, 2024
Accounts · 1,348 to 1,493
Sep 5, 2023 to Feb 8, 2024
Corporate clients · 0 to 4
Sep 5, 2023 to Feb 8, 2024
HNW clients · 60 to 63
Sep 5, 2023 to Feb 8, 2024
Individual clients · 533 to 583
Sep 5, 2023 to Feb 8, 2024
Financial planning clients · 1-10 to 11-25
Sep 5, 2023 to Feb 8, 2024
Discretionary RAUM · $228M to $285M
Sep 5, 2023 to Feb 8, 2024
HNW RAUM · $133M to $149M
Sep 5, 2023 to Feb 8, 2024

Signals

4 dated events

Nathan Henry Kibler left Bdfs Capital Llc for Tarigas Investment Advisory (registered 2026-02-25)
Jul 10, 2026 · Advisor changed firm · fact
Brian Wolfer left Bdfs Capital Llc for Corecap Advisors (registered 2023-11-17)
Feb 21, 2022 · Advisor changed firm · fact
Bdfs Capital Llc reported RAUM $237.4M, up 103% from $117.2M (2021-11-24 to 2022-02-07)
Feb 7, 2022 · RAUM change · derived
Bdfs Capital Llc filed its initial SEC registration (Form ADV)
Mar 5, 2021 · 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: 302-265-2236reportedpublished by the firm, firm site, Sep 15, 2026
Business phone: 717-327-5510reportedpublished by the firm, firm site, Sep 15, 2026
Website: BLACKDIAMONDFS.COMreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 302-265-2236reportedpublic record, Form ADV, Jul 10, 2026
Contact form: blackdiamondfs.com/contact-usreportedpublished 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: $58.8Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026