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

Trufp

Independent wealth managerCumming, GeorgiaCRD 299212SEC 801-117561website IAPD

Legal name Investment Planning Advisors

Latest filing Mar 3, 2026

First filing on the tape Sep 30, 2019 · 16 filings

SEC status approved since Oct 30, 2019

RAUM

$422M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

100%

$422M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$84.3M

derived; firm RAUM over IAPD count

Employees

4 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

16 filings and snapshots on the tape

RAUM$422M as of Mar 3, 2026

Feb 26, 2020$126M then

HNW client RAUM$234M as of Mar 3, 2026

Feb 26, 2020$19.6M then

State-registered IARs (5.B.3)4 as of Mar 3, 2026

Feb 26, 20204 then

Employees (5.A)8 as of Mar 3, 2026

Feb 26, 20204 then

Private funds: no history

RAUM +26% over the last fiscal year+29% a year over threeIARs 4 to 4

Practice profile

derived from the filing of Mar 3, 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
Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets

RAUM per advisor: $84.3MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 164derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $1.9MderivedHNW RAUM over HNW clients
Average account: $159,431derivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.6derivedItem 5.A over advisors
Advisors per office: 2.5derived2 offices incl. principal (1.F.5)
RAUM growth, one year: +26%derivedbetween the last two annual amendments
Advisor growth, one year: +0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year: -32%derived
Compensation: percentage of assets, hourly, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, pension consultingreportedItem 5.G
Wrap fee program: $422MreportedItem 5.I
Custody: $1.1M, 2 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)
has custody of client cash or bank accounts (9.A.1.a)
has custody of client securities (9.A.1.b)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$234M55%
Individuals$188M45%

Individual clients: 700reported
HNW clients: 120reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 2,645reported
Financial planning clients: 26-50reported
Wrap fee programs: $0 sponsored, $0 managedreported
Custody of client assets: $1.1M for 2 clientsreported
Compensation: % of AUM, fixed, hourlyreported
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

5 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Kenneth Julian Bellavance	Cumming, Ga	Jan 2, 2019	12 y	1
Andrew Bruce Castleberry	Cumming, Ga	Jan 2, 2019	10 y	2
Patrick Sturmer Paxton	Cumming, Ga	Jan 2, 2019	42 y	4
Austin Gregory Rowland	Cumming, Ga	Jul 14, 2023	12 y	0
Zachary Lepore	Cumming, Ga	Jul 17, 2026	11 y	3

Advisor movement

0 left, 1 joined in 12 months

net +1 in 12 months0 left in 90 days1 joined in 90 daysdeparture rate 0.0% of current headcount1 left over 36 months

Left, latest

Carolyn Louise Flournoy to Financial Consultants Group Inc
May 3, 2024 · RIA to RIA

Joined, latest

Zachary Lepore from Focus Partners Wealth, LLC
Jul 17, 2026 · RIA to RIA
Carolyn Louise Flournoy from Patton Albertson Miller Group, LLC
Jan 19, 2022 · RIA to RIA
Patrick Sturmer Paxton from Cambridge Investment Research Advisors, Inc.
Jan 2, 2019 · Affiliated broker-dealer or bank to independent RIA
Kenneth Julian Bellavance from Cambridge Investment Research Advisors, Inc.
Jan 2, 2019 · Affiliated broker-dealer or bank to independent RIA
Andrew Bruce Castleberry from Cambridge Investment Research Advisors, Inc.
Jan 2, 2019 · Affiliated broker-dealer or bank to independent RIA

Every departure Every arrival

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

2 joined from Cambridge Investment Research Advisors, Inc.
Dec 31, 2018 · Cumming, Ga

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Sturmer Patrick Paxton · Managing Member & Ccocontrol
since 02/2008 · owns 50% to 75%
K Wendy Paxton · Managing Membercontrol
since 02/2008 · owns 50% to 75%

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
Cumming, Ga · principal	5	1	0

Offices

Schedule D 1.F, the 25 largest

Gainesville, GA1 employees

ADV anomalies

2 against comparable advisers; where to look, not conclusions

clients down average size upCombination · filing Mar 3, 2026
private clients fell 20 percent or more while RAUM per client rose 30 percent or more: a move up-market or the departure of small accounts. RAUM $334,137,900 to $421,695,801, advisors 4 to 4, private clients 1206 to 820, offices 1 to 1 (2025-02-07 to 2026-03-03)
peers: independent wealth managers, $100M to $500M (5,676)
HNW share shiftChange between filings · filing Mar 3, 2026
HNW share of RAUM moved from 29.0% to 55.0% between the annual amendments of 2025-02-07 and 2026-03-03
peers: independent wealth managers, $100M to $500M (5,676)

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 2,275 to 2,645
Jul 15, 2025 to Jan 8, 2026
HNW clients · 67 to 120
Jul 15, 2025 to Jan 8, 2026
Individual clients · 1,139 to 700
Jul 15, 2025 to Jan 8, 2026
Assets in custody · unset to 1080000.0
Jul 15, 2025 to Jan 8, 2026
Custody of client assets · false to true
Jul 15, 2025 to Jan 8, 2026
Employees · 5 to 8
Jul 15, 2025 to Jan 8, 2026
Financial planning clients · 1-10 to 26-50
Jul 15, 2025 to Jan 8, 2026
Discretionary RAUM · $334M to $422M
Jul 15, 2025 to Jan 8, 2026
HNW RAUM · $98.0M to $234M
Jul 15, 2025 to Jan 8, 2026
Individual RAUM · $236M to $188M
Jul 15, 2025 to Jan 8, 2026
RAUM · $334M to $422M
Jul 15, 2025 to Jan 8, 2026
Financial planning clients · 1-10 to 1-10
May 5, 2025 to Jul 15, 2025
Business name · INVESTMENT PLANNING ADVISORS to TRUFP
Feb 7, 2025 to May 5, 2025
Accounts · 2,029 to 2,275
Jul 16, 2024 to Feb 7, 2025
Advisory employees · 6 to 4
Jul 16, 2024 to Feb 7, 2025
HNW clients · 47 to 67
Jul 16, 2024 to Feb 7, 2025
Individual clients · 1,982 to 1,139
Jul 16, 2024 to Feb 7, 2025
Employees · 8 to 5
Jul 16, 2024 to Feb 7, 2025
Financial planning clients · 26-50 to 1-10
Jul 16, 2024 to Feb 7, 2025
State-registered IARs · 6 to 4
Jul 16, 2024 to Feb 7, 2025
Discretionary RAUM · $240M to $334M
Jul 16, 2024 to Feb 7, 2025
HNW RAUM · $86.4M to $98.0M
Jul 16, 2024 to Feb 7, 2025
Individual RAUM · $154M to $236M
Jul 16, 2024 to Feb 7, 2025
RAUM · $240M to $334M
Jul 16, 2024 to Feb 7, 2025
Accounts · 1,810 to 2,029
Jan 26, 2023 to Jan 23, 2024
Advisory employees · 5 to 6
Jan 26, 2023 to Jan 23, 2024
HNW clients · 42 to 47
Jan 26, 2023 to Jan 23, 2024
Individual clients · 915 to 1,982
Jan 26, 2023 to Jan 23, 2024
Employees · 7 to 8
Jan 26, 2023 to Jan 23, 2024
Financial planning clients · 11-25 to 26-50
Jan 26, 2023 to Jan 23, 2024
State-registered IARs · 5 to 6
Jan 26, 2023 to Jan 23, 2024
Discretionary RAUM · $198M to $240M
Jan 26, 2023 to Jan 23, 2024
HNW RAUM · $65.7M to $86.4M
Jan 26, 2023 to Jan 23, 2024
Individual RAUM · $132M to $154M
Jan 26, 2023 to Jan 23, 2024
RAUM · $198M to $240M
Jan 26, 2023 to Jan 23, 2024
Accounts · 1,465 to 1,810
Jan 24, 2022 to Jan 26, 2023
Advisory employees · 6 to 5
Jan 24, 2022 to Jan 26, 2023
HNW clients · 35 to 42
Jan 24, 2022 to Jan 26, 2023
Individual clients · 640 to 915
Jan 24, 2022 to Jan 26, 2023
Employees · 6 to 7
Jan 24, 2022 to Jan 26, 2023

Signals

2 dated events

Carolyn Louise Flournoy left Trufp for Financial Consultants Group Inc (registered 2024-12-05)
May 3, 2024 · Advisor changed firm · fact
Investment Planning Advisors filed its initial SEC registration (Form ADV)
Sep 30, 2019 · 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: 770-205-4394reportedpublished by the firm, firm site, Sep 15, 2026
Website: TRUFP.COMreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 770-205-4394reportedpublic record, Form ADV, Mar 3, 2026
Contact form: trufp.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: $84.3Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026