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
Ecio, Inc.
Latest filing Jun 30, 2026
First filing on the tape Dec 11, 2023 · 11 filings
SEC status approved since Jan 16, 2024
RAUM
$396M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
2.4%
$9.6M individuals and HNW
Advisors
5
registered through the firm on IAPD
RAUM per advisor
$79.1M
derived; firm RAUM over IAPD count
Employees
8
4 advisory (5.B.1)
Offices
7
beyond the principal office
Private funds
0
reported on Schedule D
History
11 filings and snapshots on the tape
RAUM$396M as of Jun 30, 2026
Mar 5, 2024$146M then
HNW client RAUM$9.5M as of Jun 30, 2026
Mar 5, 2024$988,480 then
State-registered IARs (5.B.3)4 as of Jun 30, 2026
Mar 5, 20244 then
Employees (5.A)8 as of Jun 30, 2026
Mar 5, 20247 then
Private funds: no history
RAUM +71% over the last fiscal yearIARs 4 to 4
Practice profile
derived from the filing of Jun 30, 2026; every figure names its basis
Archetypes, each a printed rule
- Institutional asset manager · institutional share (pensions, government, insurance, corporations, charities, banks, other advisers) at least 60 percent and private-client share under 20 percent
- OCIO / institutional advisory · selection of other advisers (5.G.7) and institutional share at least 50 percent
- RAUM per advisor
- $79.1MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 1derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.9MderivedHNW RAUM over HNW clients
- Average account
- $1.6MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 97%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.6derivedItem 5.A over advisors
- Advisors per office
- 0.6derived8 offices incl. principal (1.F.5)
- RAUM growth, one year
- +71%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +17%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, selection of other advisers, educational seminarsreportedItem 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)
- 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)
- marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Charitable organizations$385M97%
- High-net-worth individuals$9.5M2.4%
- Corporations and businesses$580,0400.1%
- Individuals$63,8100.0%
- Individual clients
- 2reported
- HNW clients
- 5reported
- Pension plan clients
- 0reported
- Charitable clients
- 108reported
- Accounts
- 241reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.02 fund_share=0.0 institutional_share=0.97 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 |
|---|---|---|---|---|
| Phillip Ronald Waara | Madison, Wi | Apr 10, 2019 | 16 y | 3 |
| Robin Chorone RoquitteChartered Financial Analyst | Madison, Wi | Apr 24, 2019 | 39 y | 3 |
| Courtney Liebig Dean | Madison, Wi | Jan 6, 2021 | 28 y | 3 |
| Erica Lynn Reilly | Madison, Wi | Jul 19, 2024 | 19 y | 3 |
| Aditya Sanjiv Bhave | Denver, Co | Mar 19, 2026 | 15 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount1 left over 36 months
Left, latest
- Benjamin Scott Heidemann to Retirement Income Strategies, LLCMay 3, 2024 · Other
Joined, latest
- Erica Lynn Reilly from Raymond James Financial Services Advisors, IncJul 19, 2024 · Other
- Courtney Liebig Dean from Hansberger Growth Investors, LPJan 6, 2021 · Other
- Robin Chorone Roquitte from Northroad Capital Management LLCApr 24, 2019 · Other
- Phillip Ronald Waara from Madison Investment Advisors, LLCApr 10, 2019 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Liebig Courtney Dean · Chief Revenue Officercontrolsince 01/2021 · owns less than 5%
- Chorone Robin Roquitte · Member/Chief Executive Officercontrolsince 01/2019 · owns 25% to 50%
- Ronald Phillip Waara · Chief Operating Officer & Chief Compliance Officercontrolsince 01/2019 · owns 5% to 10%
- M Clark Huang · Member & Chief Technology Officersince 11/2019 · owns 10% to 25%
- David Timothy Ivey · Vice Presidentsince 11/2019 · owns 5% to 10%
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 |
|---|---|---|---|---|---|
| Madison, Wi · principal | 5 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- RAUM up 50 %Change between filings · filing Apr 23, 2026RAUM (Item 5.F) moved from $231,739,432 to $395,623,696 (+71.0%) between the annual amendments of 2025-03-15 and 2026-04-23; the peer median change was +9.0% (93 comparable advisers, 98.0th percentile of changes)peers: institutional managers, $100M to $500M (93) · 98% percentile
What changed
consecutive filings, newest first
- Accounts · 195 to 241Mar 15, 2025 to Mar 17, 2026
- Advisory activities · 3 to 4Mar 15, 2025 to Mar 17, 2026
- Charity clients · 93 to 108Mar 15, 2025 to Mar 17, 2026
- HNW clients · 4 to 5Mar 15, 2025 to Mar 17, 2026
- Employees · 7 to 8Mar 15, 2025 to Mar 17, 2026
- Discretionary RAUM · $232M to $396MMar 15, 2025 to Mar 17, 2026
- HNW RAUM · $7.4M to $9.5MMar 15, 2025 to Mar 17, 2026
- Individual RAUM · $753,171 to $63,810Mar 15, 2025 to Mar 17, 2026
- RAUM · $232M to $396MMar 15, 2025 to Mar 17, 2026
- Accounts · 154 to 195Sep 30, 2024 to Mar 15, 2025
- Advisory activities · 2 to 3Sep 30, 2024 to Mar 15, 2025
- Charity clients · 71 to 93Sep 30, 2024 to Mar 15, 2025
- HNW clients · 3 to 4Sep 30, 2024 to Mar 15, 2025
- Individual clients · 3 to 2Sep 30, 2024 to Mar 15, 2025
- Financial planning clients · unset to Sep 30, 2024 to Mar 15, 2025
- Other offices · 0 to 7Sep 30, 2024 to Mar 15, 2025
- Discretionary RAUM · $146M to $232MSep 30, 2024 to Mar 15, 2025
- HNW RAUM · $988,480 to $7.4MSep 30, 2024 to Mar 15, 2025
- Individual RAUM · $6.4M to $753,171Sep 30, 2024 to Mar 15, 2025
- RAUM · $146M to $232MSep 30, 2024 to Mar 15, 2025
- Advisory employees · 3 to 4May 3, 2024 to Sep 30, 2024
- Employees · 6 to 7May 3, 2024 to Sep 30, 2024
- State-registered IARs · 3 to 4May 3, 2024 to Sep 30, 2024
- Advisory employees · 4 to 3Mar 21, 2024 to May 3, 2024
- Employees · 7 to 6Mar 21, 2024 to May 3, 2024
- State-registered IARs · 4 to 3Mar 21, 2024 to May 3, 2024
- Other offices · 1 to 0Mar 21, 2024 to May 3, 2024
- Accounts · 142 to 154Feb 28, 2024 to Mar 5, 2024
- Charity clients · 64 to 71Feb 28, 2024 to Mar 5, 2024
- HNW clients · 4 to 3Feb 28, 2024 to Mar 5, 2024
- Individual clients · 2 to 3Feb 28, 2024 to Mar 5, 2024
- Discretionary RAUM · $131M to $146MFeb 28, 2024 to Mar 5, 2024
- HNW RAUM · $6.7M to $988,480Feb 28, 2024 to Mar 5, 2024
- Individual RAUM · $648,078 to $6.4MFeb 28, 2024 to Mar 5, 2024
- RAUM · $131M to $146MFeb 28, 2024 to Mar 5, 2024
- Employees · 9 to 7Dec 11, 2023 to Feb 28, 2024
Signals
4 dated events
- Ecio, Inc. reported RAUM $395.6M, up 71% from $231.7M (2025-03-15 to 2026-03-17)Mar 17, 2026 · RAUM change · derived
- Ecio, Inc. reported 7 offices beyond its principal office, up from 0 (2024-09-30 to 2025-03-15)Mar 15, 2025 · Office count change · derived
- Benjamin Scott Heidemann left Ecio, Inc. for Retirement Income Strategies, Llc (registered 2024-05-08)May 3, 2024 · Advisor changed firm · fact
- Ecio, Inc. filed its initial SEC registration (Form ADV)Dec 11, 2023 · 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
- Firm profile
- linkedin.com/company/getecioreportedpublic record, Form ADV, Sep 18, 2026
- Website
- getecio.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 608-291-4646reportedpublic record, Form ADV, Jun 30, 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
- Institutional managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $79.1Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026