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.

Former SEC-registered adviser

Adero Partners, LLC

Former SEC-registered adviserWalnut Creek, CaliforniaCRD 297808SEC 801-113671websiteIAPD
Latest filing Apr 11, 2025
First filing on the tape Jun 22, 2018 · 40 filings
SEC status approved since Jul 24, 2018
RAUM
$4.4B
reported, Item 5.F
Discretionary
99%
of RAUM
Private clients
99%
$4.3B individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
50
24 advisory (5.B.1)
Offices
24
beyond the principal office
Private funds
0
reported on Schedule D
History
40 filings and snapshots on the tape
RAUM$4.4B as of Apr 11, 2025
Mar 25, 2019$1.8B then
HNW client RAUM$4.0B as of Apr 11, 2025
Mar 25, 2019$1.7B then
State-registered IARs (5.B.3)24 as of Apr 11, 2025
Mar 25, 201916 then
Employees (5.A)50 as of Apr 11, 2025
Mar 25, 201927 then
Private funds: no history
RAUM +8.6% over the last fiscal year+4.2% a year over threeIARs 25 to 24
Practice profile
derived from the filing of Apr 11, 2025; every figure names its basis
RAUM per advisor
$183MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
37derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$7.1MderivedHNW RAUM over HNW clients
Average account
$1.2MderivedRAUM over accounts (5.F.2.f)
Discretionary
99%derivedof RAUM
Institutional
0.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.1derivedItem 5.A over advisors
Advisors per office
1.0derived25 offices incl. principal (1.F.5)
RAUM growth, one year
+8.6%derivedbetween the last two annual amendments
Advisor growth, one year
-4.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
-1.6%derived
Compensation
percentage of assets, hourly, fixed fees, otherreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, selection of other advisers, otherreportedItem 5.G
Financial planning clients
500reportedItem 5.H
Custody
$280M, 961 clientsreportedItem 9.A
Ownership
a PE fund or sponsor is a 25 percent or greater owner 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 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)
  • controlled by a public reporting company (10.A)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$4.0B92%
  • Individuals$287M6.6%
  • Corporations and businesses$36.3M0.8%
  • Pension and profit-sharing plans$10.6M0.2%
  • Charitable organizations$7.4M0.2%
Individual clients
318reported
HNW clients
568reported
Pension plan clients
3reported
Charitable clients
4reported
Accounts
3,664reported
Financial planning clients
500reported
Wrap fee programs
noreported
Custody of client assets
$280M for 961 clientsreported
Compensation
% of AUM, fixed, hourlyreported
Class basis
absent from the latest SEC rosterderived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
Joined, latest
Every departureEvery arrival
Teams: two or more advisors moving together within fourteen days, from one state
Teams outTeams in
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Michael James Knight · Cco And Coocontrol
    since 06/2018 · owns less than 5%
  • Edward Michael Spector · Chief Executive Officercontrol
    since 06/2018 · owns less than 5%
  • Todd Gregory Warner · Chief Investment Officercontrol
    since 01/2024 · owns less than 5%
Entity owners
  • Focus Operating, LLC · Member
    direct · owns 75% or more
  • Cd&R Ferdinand Co-Investor, L.P. · Partner
    indirect · owns 25% to 50% of Ferdinand Ffp Ultimate Holdings, LP
  • Cd&R Ferdinand Holdings, L.P. · Partner
    indirect · owns 50% to 75% of Ferdinand Ffp Ultimate Holdings, LP
  • Clayton, Dubilier & Rice Fund Xii, L.P. · Partner
    indirect · owns 50% to 75% of Cd&R Ferdinand Holdings, L.P.
  • Ferdinand Ffp Acquisition, LLC · Shareholder, Class A Common Stock
    indirect · owns 75% or more of Focus Financial Partners Inc.
  • Ferdinand Ffp Intermediate Holdings, LLC · Member
    indirect · owns 75% or more of Ferdinand Ffp Acquisition, LLC
  • Ferdinand Ffp Parent, Inc. · Member
    indirect · owns 75% or more of Ferdinand Ffp Intermediate Holdings, LLC
  • Ferdinand Ffp Ultimate Holdings, LP · Shareholder
    indirect · owns 75% or more of Ferdinand Ffp Parent, Inc.
  • Ferdinand Ffp Ultimate Holdings, LP · Shareholder, Class B Common Stock
    indirect · owns 75% or more of Focus Financial Partners Inc.
  • Focus Financial Partners Inc. · Member
    indirect · owns 75% or more of Focus Financial Partners, LLC
  • Focus Financial Partners, LLC · Member
    indirect · owns 75% or more of Focus Operating, LLC
Related persons
Schedule D 7.A
Advisers that list Adero Partners, LLC as a related person
Office movement
IAPD branch city; joins and departures in 12 months
OfficeAdvisorsJoinedLeftTeams outForming
Kennewick, Wa000
San Francisco, Ca000
Walnut Creek, Ca · principal000
Daly City, Ca000
Offices
Schedule D 1.F, the 25 largest
  • Portland, OR6 employees
  • Palo Alto, CA5 employees
  • , 1 employees
What changed
consecutive filings, newest first
  • Accounts · 3,511 to 3,664
    Oct 31, 2024 to Apr 11, 2025
  • Advisory employees · 25 to 24
    Oct 31, 2024 to Apr 11, 2025
  • Charity clients · 3 to 4
    Oct 31, 2024 to Apr 11, 2025
  • HNW clients · 585 to 568
    Oct 31, 2024 to Apr 11, 2025
  • Individual clients · 315 to 318
    Oct 31, 2024 to Apr 11, 2025
  • Pension plan clients · 2 to 3
    Oct 31, 2024 to Apr 11, 2025
  • Assets in custody · $1.7B to $280M
    Oct 31, 2024 to Apr 11, 2025
  • Employees · 51 to 50
    Oct 31, 2024 to Apr 11, 2025
  • State-registered IARs · 25 to 24
    Oct 31, 2024 to Apr 11, 2025
  • Other offices · 23 to 24
    Oct 31, 2024 to Apr 11, 2025
  • Discretionary RAUM · $4.0B to $4.4B
    Oct 31, 2024 to Apr 11, 2025
  • HNW RAUM · $3.7B to $4.0B
    Oct 31, 2024 to Apr 11, 2025
  • Individual RAUM · $216M to $287M
    Oct 31, 2024 to Apr 11, 2025
  • Non-discretionary RAUM · $27.0M to $27.8M
    Oct 31, 2024 to Apr 11, 2025
  • Pension RAUM · $6.7M to $10.6M
    Oct 31, 2024 to Apr 11, 2025
  • RAUM · $4.0B to $4.4B
    Oct 31, 2024 to Apr 11, 2025
  • Related insurance company · false to true
    Oct 31, 2024 to Apr 11, 2025
  • HQ city · PLEASANTON to WALNUT CREEK
    Aug 12, 2024 to Oct 18, 2024
  • Other offices · 24 to 23
    Apr 11, 2024 to Aug 12, 2024
  • Accounts · 3,570 to 3,511
    Sep 25, 2023 to Mar 25, 2024
  • Advisory employees · 26 to 25
    Sep 25, 2023 to Mar 25, 2024
  • Corporate clients · 1 to 2
    Sep 25, 2023 to Mar 25, 2024
  • HNW clients · 587 to 585
    Sep 25, 2023 to Mar 25, 2024
  • Individual clients · 300 to 315
    Sep 25, 2023 to Mar 25, 2024
  • Pension plan clients · 5 to 2
    Sep 25, 2023 to Mar 25, 2024
  • Assets in custody · $954M to $1.7B
    Sep 25, 2023 to Mar 25, 2024
  • Employees · 53 to 51
    Sep 25, 2023 to Mar 25, 2024
  • State-registered IARs · 26 to 25
    Sep 25, 2023 to Mar 25, 2024
  • Other offices · 22 to 24
    Sep 25, 2023 to Mar 25, 2024
  • Discretionary RAUM · $3.2B to $4.0B
    Sep 25, 2023 to Mar 25, 2024
  • HNW RAUM · $3.0B to $3.7B
    Sep 25, 2023 to Mar 25, 2024
  • Individual RAUM · $177M to $216M
    Sep 25, 2023 to Mar 25, 2024
  • Non-discretionary RAUM · $165M to $27.0M
    Sep 25, 2023 to Mar 25, 2024
  • Pension RAUM · $8.3M to $6.7M
    Sep 25, 2023 to Mar 25, 2024
  • RAUM · $3.4B to $4.0B
    Sep 25, 2023 to Mar 25, 2024
  • HQ city · PALO ALTO to PLEASANTON
    Mar 28, 2023 to Jun 28, 2023
  • Other offices · 5 to 22
    Mar 28, 2023 to Jun 28, 2023
  • Accounts · 3,300 to 3,570
    Dec 20, 2022 to Mar 28, 2023
  • Advisory employees · 22 to 26
    Dec 20, 2022 to Mar 28, 2023
  • Charity clients · 18 to 3
    Dec 20, 2022 to Mar 28, 2023
Signals
14 dated events
  • Adero Partners, Llc no longer on the SEC adviser roster (last listed 2025-06-02, RAUM $4.4B)
    Jul 1, 2025 · Left the SEC roster · derived
  • Adero Partners, LLC's advisors moved to Focus Partners Wealth, LLC (Walnut Creek, CA): 14 of 22 registered, on the same day
    Jun 27, 2025 · Firm absorbed (people side) · derived
  • Aaron James White left Adero Partners, Llc for Cache Advisors Llc (registered 2025-03-10)
    Mar 4, 2025 · Advisor changed firm · fact
  • Tavin Logan Blair left Adero Partners, Llc for Aldrich Wealth Lp (registered 2026-09-08)
    Feb 6, 2025 · Advisor changed firm · fact
  • Christopher Matthew Boudreaux left Adero Partners, Llc for Focus Partners Wealth, Llc (registered 2026-04-15)
    Dec 5, 2024 · Advisor changed firm · fact
  • Nina Doehrman left Adero Partners, Llc for Range Advisory, Llc (registered 2026-01-16)
    Nov 1, 2024 · Advisor changed firm · fact
  • Glenn Brian Frazier (Chief Investment Officer) no longer on Schedule A of Adero Partners, Llc (listed 2024-04-11, absent 2024-08-12)
    Aug 12, 2024 · Control person left · inference
  • Todd Gregory Warner (Chief Investment Officer) appeared on Schedule A of Adero Partners, Llc
    Aug 12, 2024 · Control person joined · fact
  • Adero Partners, Llc reported 22 offices beyond its principal office, up from 5 (2023-03-28 to 2023-06-28)
    Jun 28, 2023 · Office count change · derived
  • Luis Manuel Amato left Adero Partners, Llc for Brightplan Llc (registered 2024-10-01)
    Jun 23, 2023 · Advisor changed firm · fact
  • Jennifer A Sun left Adero Partners, Llc for Morgan Stanley (registered 2023-11-01)
    Feb 23, 2023 · Advisor changed firm · fact
  • Adero Partners, Llc reported RAUM $3.9B, up 40% from $2.8B (2021-08-24 to 2022-03-23)
    Mar 23, 2022 · RAUM change · derived
  • Adero Partners, Llc reported RAUM $2.4B, up 36% from $1.8B (2019-11-21 to 2020-02-24)
    Feb 24, 2020 · RAUM change · derived
  • Vista Wealth Management Group, Llc filed its initial SEC registration (Form ADV)
    Jun 22, 2018 · 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.
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
Former SEC-registered adviserderiveda rule over Items 5.D and 7.A
RAUM per advisor
n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026