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
Invicta Financial Group
Legal name Bdt & Associates, Inc.
Latest filing Apr 16, 2026
First filing on the tape Apr 21, 2017 · 70 filings
SEC status approved since Apr 27, 2020
RAUM
$371M
reported, Item 5.F
Discretionary
0.0%
of RAUM
Private clients
100%
$371M individuals and HNW
Advisors
13
registered through the firm on IAPD
RAUM per advisor
$28.5M
derived; firm RAUM over IAPD count
Employees
11
11 advisory (5.B.1)
Offices
6
beyond the principal office
Private funds
0
reported on Schedule D
History
70 filings and snapshots on the tape
RAUM$371M as of Apr 16, 2026
Mar 31, 2021$179M then
HNW client RAUM$256M as of Apr 16, 2026
Mar 31, 2021$114M then
State-registered IARs (5.B.3)11 as of Apr 16, 2026
Mar 29, 20183 then
Employees (5.A)11 as of Apr 16, 2026
Mar 29, 20183 then
Private funds: no history
RAUM +14% over the last fiscal year+23% a year over threeIARs 10 to 11
Practice profile
derived from the filing of Apr 16, 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
- $28.5MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 37derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.4MderivedHNW RAUM over HNW clients
- Average account
- $220,525derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 0.0%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 0.8derivedItem 5.A over advisors
- Advisors per office
- 1.9derived7 offices incl. principal (1.F.5)
- RAUM growth, one year
- +14%derivedbetween the last two annual amendments
- Advisor growth, one year
- +10%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -6.8%derived
- Compensation
- percentage of assets, fixed fees, otherreportedItem 5.E
- Advisory activities
- financial planning, selection of other advisers, otherreportedItem 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$256M69%
- Individuals$115M31%
- Individual clients
- 296reported
- HNW clients
- 181reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 1,683reported
- Financial planning clients
- 251-500reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- 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
13 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Leigh Bennett Harns | La Mesa, Ca | Mar 9, 2018 | 12 y | 0 |
| Doyel Nmn Price | Yuma, Az | Mar 18, 2018 | 30 y | 4 |
| Benjamin Alexander Williams | Yuma, Az | May 17, 2018 | 13 y | 1 |
| Barry Douglas ToddChartered Financial Consultant | Yuma, Az | May 18, 2018 | 24 y | 5 |
| Howard Farrant Barker | San Diego, Ca | Jul 30, 2018 | 18 y | 0 |
| George Ernest Stratmann | San Diego, Ca | Sep 6, 2019 | 30 y | 3 |
| Sandi Ilene Goldhamer | Yuma, Az | Feb 1, 2021 | 11 y | 0 |
| Ronald Michael Dennis | Arlington, Va | Jun 17, 2024 | 10 y | 1 |
| Matthew Gerard Sebenoler | Boerne, Tx | May 15, 2025 | 31 y | 6 |
| Ryan Patrick Daniels | Yuma, Az | Aug 28, 2025 | 15 y | 0 |
| Alexander Joseph Chavez | Yuma, Az | Feb 5, 2026 | 10 y | 0 |
| Jody C Knutsen | San Diego, Ca | Jul 1, 2026 | 22 y | 1 |
| Matthew Paul RoseCertified Financial Planner, Chartered Financial Consultant | San Diego, Ca | Jul 23, 2026 | 16 y | 2 |
Advisor movement
1 left, 2 joined in 12 months
net +1 in 12 months0 left in 90 days2 joined in 90 daysdeparture rate 7.7% of current headcount2 left over 36 months
Left, latest
- Blake Alexander Morlet to Wellth Advisory Services, LLCNov 17, 2025 · Other
- Gerardo Garcia to Confianza Wealth ManagementDec 15, 2023 · RIA to a state-registered adviser
- Phillip Marron Mills to Flying Forward Wealth ManagementJun 9, 2023 · RIA to a state-registered adviser
- James Edward Latiolais to Lifestyle Asset Management, Inc.Aug 15, 2022 · RIA to RIA
- Matthew Lee Pontes to Cambridge Investment Research Advisors, Inc.Dec 8, 2017 · Other
Joined, latest
- Matthew Paul Rose from First Command Advisory ServicesJul 23, 2026 · Affiliated broker-dealer or bank to independent RIA
- Jody C Knutsen from First Command Advisory ServicesJul 1, 2026 · Affiliated broker-dealer or bank to independent RIA
- Matthew Gerard Sebenoler from Wells Fargo AdvisorsMay 15, 2025 · Wirehouse to independent RIA
- Ronald Michael Dennis from First Command Advisory ServicesJun 17, 2024 · Affiliated broker-dealer or bank to independent RIA
- Phillip Marron Mills from Sci, Inc.Feb 2, 2023 · Other
- James Edward Latiolais from Cetera Advisor Networks LLCAug 14, 2020 · Affiliated broker-dealer or bank to independent RIA
- George Ernest Stratmann from Cambridge Investment Research Advisors, Inc.Sep 6, 2019 · Other
- Barry Douglas Todd from Cambridge Investment Research Advisors, Inc.May 18, 2018 · Other
- Benjamin Alexander Williams from Cambridge Investment Research Advisors, Inc.May 17, 2018 · Other
- Doyel Nmn Price from Cambridge Investment Research Advisors, Inc.Mar 18, 2018 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 3 joined from Cambridge Investment Research Advisors, Inc.Sep 10, 2018 · San Diego, Ca
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Douglas Barry Todd · Chief Executive Officer/Ownercontrolsince 08/2007 · owns 50% to 75%
- Kaye Kimberly Davis · Owner/Chief Compliance Officer/President/Chief Financial Officersince 06/2010 · owns 10% to 25%
- Bennett Leigh Harns · Secretary/Director/Shareholdersince 10/2018 · owns less than 5%
- L Scott Hull · Director/Shareholdersince 02/2014 · owns less than 5%
- Cody Tyler Laurel · Director/Shareholdersince 02/2024 · owns less than 5%
- Alexander Blake Morlet · Director/Shareholdersince 10/2018 · owns less than 5%
- Nmn Doyel Price · Director/Owner/Vice Presidentsince 06/2010 · owns 5% to 10%
- Alexander Benjamin Williams · Treasurer/Director/Shareholdersince 10/2018 · owns less than 5%
Related persons
Schedule D 7.A
- Bdt & Associates Insurance Servicesreal estaten
- Blake Alexander Morletinvestment companyn
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Yuma, Az · principal | 8 | 1 | 0 | ||
| San Diego, Ca | 5 | 2 | 0 | ||
| Boerne, Tx | 2 | 0 | 0 | ||
| Temecula, Ca | 0 | 0 | 1 |
Offices
Schedule D 1.F, the 25 largest
- San Diego, CA3 employees
- Arlington, VA1 employees
- Boerne, TX1 employees
- Coronado, CA1 employees
- Temecula, CA1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- low discretionary shareStatic outlier · filing Apr 16, 2026discretionary share of RAUM of 0% against a peer median of 100% (5676 comparable advisers, 0.0th percentile, 33.7 robust deviations)peers: independent wealth managers, $100M to $500M (5,676) · 0.0% percentile
What changed
consecutive filings, newest first
- Accounts · 1,722 to 1,683Aug 14, 2025 to Mar 23, 2026
- HNW clients · 204 to 181Aug 14, 2025 to Mar 23, 2026
- Individual clients · 308 to 296Aug 14, 2025 to Mar 23, 2026
- Financial planning clients · More than 500 to 251-500Aug 14, 2025 to Mar 23, 2026
- HNW RAUM · $241M to $256MAug 14, 2025 to Mar 23, 2026
- Individual RAUM · $83.5M to $115MAug 14, 2025 to Mar 23, 2026
- Non-discretionary RAUM · $325M to $371MAug 14, 2025 to Mar 23, 2026
- RAUM · $325M to $371MAug 14, 2025 to Mar 23, 2026
- Advisory employees · 10 to 11Apr 2, 2025 to May 20, 2025
- Employees · 10 to 11Apr 2, 2025 to May 20, 2025
- Financial planning clients · More than 500 to More than 500Apr 2, 2025 to May 20, 2025
- State-registered IARs · 10 to 11Apr 2, 2025 to May 20, 2025
- Accounts · 1,608 to 1,722Feb 10, 2025 to Apr 2, 2025
- HNW clients · 175 to 204Feb 10, 2025 to Apr 2, 2025
- Individual clients · 320 to 308Feb 10, 2025 to Apr 2, 2025
- Financial planning clients · 251-500 to More than 500Feb 10, 2025 to Apr 2, 2025
- HNW RAUM · $181M to $241MFeb 10, 2025 to Apr 2, 2025
- Individual RAUM · $69.9M to $83.5MFeb 10, 2025 to Apr 2, 2025
- Non-discretionary RAUM · $251M to $325MFeb 10, 2025 to Apr 2, 2025
- RAUM · $251M to $325MFeb 10, 2025 to Apr 2, 2025
- Other offices · 5 to 6Aug 20, 2024 to Feb 10, 2025
- Advisory employees · 9 to 10Jul 15, 2024 to Aug 20, 2024
- Employees · 9 to 10Jul 15, 2024 to Aug 20, 2024
- State-registered IARs · 9 to 10Jul 15, 2024 to Aug 20, 2024
- Other offices · 4 to 5Jul 15, 2024 to Aug 20, 2024
- Accounts · 1,518 to 1,608Dec 15, 2023 to Mar 13, 2024
- HNW clients · 160 to 175Dec 15, 2023 to Mar 13, 2024
- Individual clients · 318 to 320Dec 15, 2023 to Mar 13, 2024
- HNW RAUM · $140M to $181MDec 15, 2023 to Mar 13, 2024
- Individual RAUM · $57.8M to $69.9MDec 15, 2023 to Mar 13, 2024
- Non-discretionary RAUM · $198M to $251MDec 15, 2023 to Mar 13, 2024
- RAUM · $198M to $251MDec 15, 2023 to Mar 13, 2024
- Advisory employees · 10 to 9Sep 12, 2023 to Dec 15, 2023
- Employees · 10 to 9Sep 12, 2023 to Dec 15, 2023
- State-registered IARs · 10 to 9Sep 12, 2023 to Dec 15, 2023
- Advisory employees · 11 to 10Mar 29, 2023 to Jun 9, 2023
- Employees · 11 to 10Mar 29, 2023 to Jun 9, 2023
- State-registered IARs · 11 to 10Mar 29, 2023 to Jun 9, 2023
- Accounts · 1,402 to 1,518Mar 10, 2023 to Mar 24, 2023
- Advisory employees · 9 to 11Mar 10, 2023 to Mar 24, 2023
Signals
5 dated events
- Blake Alexander Morlet left Invicta Financial Group for Wellth Advisory Services, Llc (registered 2025-11-05)Nov 17, 2025 · Advisor changed firm · fact
- Gerardo Garcia left Invicta Financial Group for Confianza Wealth Management (registered 2024-04-19)Dec 15, 2023 · Advisor changed firm · fact
- Phillip Marron Mills left Invicta Financial Group for Flying Forward Wealth Management (registered 2023-08-07)Jun 9, 2023 · Advisor changed firm · fact
- James Edward Latiolais left Invicta Financial Group for Lifestyle Asset Management, Inc. (registered 2022-09-30)Aug 15, 2022 · Advisor changed firm · fact
- Bdt & Associates, Inc. filed its initial SEC registration (Form ADV)Apr 21, 2017 · 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 email
- info@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- amy@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- ben@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- brandon@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- brynn@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- chip@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- debbie@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- ellie@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- joe@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- joy@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- kym@invictafg.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- matt@invictafg.comreportedpublished 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
- $28.5Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026