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.
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SEC-registered adviser
W••• D•••••• A••••• L••
Latest filing Aug 21, 2026
First filing on the tape Apr 22, 2021 · 25 filings
SEC status approved since May 21, 2021
RAUM
$91.9M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
8.8%
$8.1M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$23.0M
derived; firm RAUM over IAPD count
Employees
33
20 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
8
reported on Schedule D
History
25 filings and snapshots on the tape
RAUM$91.9M as of Aug 21, 2026
Mar 31, 2022$814M then
HNW client RAUM$8.1M as of Aug 21, 2026
Mar 31, 2022$20.0M then
State-registered IARs (5.B.3)6 as of Aug 21, 2026
Mar 31, 202215 then
Employees (5.A)33 as of Aug 21, 2026
Mar 31, 202235 then
Private funds8 as of Aug 21, 2026
Mar 31, 202212 then
RAUM -74% over the last fiscal year-27% a year over threeIARs 6 to 6
Practice profile
derived from the filing of Aug 21, 2026; every figure names its basis
- RAUM per advisor
- $23.0MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $4.0MderivedHNW RAUM over HNW clients
- Average account
- $4.2MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 8.3derivedItem 5.A over advisors
- Advisors per office
- 4.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -74%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, fixed fees, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $91.9M, 22 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)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$64.7M70%
- Corporations and businesses$18.8M21%
- High-net-worth individuals$8.1M8.8%
- Charitable organizations$265,6630.3%
- Individual clients
- n/areported
- HNW clients
- 2reported
- Pension plan clients
- n/areported
- Charitable clients
- 1reported
- Accounts
- 22reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $91.9M for 22 clientsreported
- Compensation
- % of AUM, fixed, performancereported
- Class basis
- private_client_share=0.09 fund_share=0.7 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
4 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| D•••• A•••• S••••• | Los Angeles, Ca | Jan 2, 2025 | 20 y | 1 |
| G••••• B••••• | Denver, Co | Jan 28, 2026 | 12 y | 0 |
| Z••••• L• | Los Angeles, Ca | Mar 31, 2026 | 11 y | 2 |
| B••••••• T••• | Los Angeles, Ca | Apr 2, 2026 | 10 y | 2 |
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 headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- D•••• A•••• S••••• from W••• F••••••••Jan 2, 2025 · Other
- Z••••• L• from M••••• O• O•••• I••••••• S•••••••• I•••Aug 26, 2020 · Other
- B••••••• T••• from W••• F••••••••Jan 2, 2020 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 2 joined from W••• F••••••••Jun 18, 2020 · Los Angeles, Ca
Private funds
18 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| W••• S•• 1••• L••• | Hedge Fund | $111M | 1 | Aug 26, 2021 |
| W••• S•• 6•• L•• | Hedge Fund | $45.2M | 1 | Mar 30, 2022 |
| W••• S•• 1•• L••• | Hedge Fund | $31.7M | 1 | Mar 29, 2024 |
| W••• A•• Y•••• F•••• L••• | Hedge Fund | $27.3M | 1 | May 13, 2022 |
| W••• S•• 7•• L••• | Hedge Fund | $23.0M | 1 | Mar 31, 2023 |
| W•••••••• G•••••• M••••• F••• | Hedge Fund | $13.8M | 49 | Apr 22, 2021 |
| W••• S•• 3•• L••• | Hedge Fund | $12.5M | 1 | Mar 29, 2024 |
| C••••• L••• | Hedge Fund | $12.1M | 9 | Apr 22, 2021 |
| W••• S•• 5•• L••• | Other Private Fund | $11.0M | 1 | Aug 26, 2021 |
| W••• N•• N••••••••• ••••••• F••• I• L••• | Hedge Fund | $6.6M | 68 | Sep 15, 2021 |
| W••• S••••• 5• C••••• I•••• M••••• F••• ••••• L••• | Hedge Fund | $6.6M | 13 | Apr 22, 2021 |
| W••• B•• I••••• • G••••• D•••••• F••• L••• | Hedge Fund | $6.6M | 40 | Apr 22, 2021 |
| W••• Z•• Y•••• F••• •••••••• L••• | Hedge Fund | $5.4M | 1 | Mar 29, 2024 |
| W••• K••••••• W•••••• 2••• D•••••• F•••• L•• | Private Equity Fund | $5.3M | 23 | Apr 22, 2021 |
| W••• S••••• A•••• Y•••• F••• ••••••••• L••• | Other Private Fund | $5.0M | 1 | Mar 31, 2023 |
| W••• S•• 5•• L••• | Other Private Fund | $2.6M | 1 | Aug 26, 2021 |
| W••• S•• 4•• L•• | Hedge Fund | $2.0M | 1 | Mar 30, 2022 |
| W••• S•• 1•• L••• | Other Private Fund | $1.5M | 1 | Aug 26, 2021 |
Owners and control persons
Schedule A and B, latest filing
- A•••••••• J•••••••• W•••• · Chief Operating Officercontrolsince 09/2018 · owns less than 5%
- C••••••• K•••• · Head Of Legal, Chief Compliance Officercontrolsince 07/2022 · owns less than 5%
- S•••••• D••••• A•••• · Chief Executive Officer, Co-Founder, Board Membercontrolsince 09/2018 · owns less than 5%
- T•••• B••••••• · President And Board Membercontrolsince 06/2019 · owns less than 5%
- S•••••• D••••• A•••• · Managercontrolsince 09/2019 · owns 25% to 50% of W••• D•••••• A••••• H••••••• L••
Entity owners
- W••• D•••••• A••••• H••••••• L•• · Managing Memberdirect · owns 75% or more
Related persons
Schedule D 7.A
- W••• Z•• F••• G•• L••pooled vehicle sponsory
- W•••••••• G•••••• C•••••• L••pooled vehicle sponsory
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Los Angeles, Ca · principal | 3 | 2 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
3 against comparable advisers; where to look, not conclusions
- RAUM down advisors s•••••Combination · filing Mar 31, 2026peers: asset managers, under $100M (330)
- client mix shiftChange between filings · filing Mar 31, 2026private-client share of RAUM moved from 45.0% to 9.0% between the annual amendments of 2025-03-31 and 2026-03-31peers: asset managers, under $100M (330)
- discretionary share shiftChange between filings · filing Mar 31, 2026discretionary share of RAUM moved from 58.0% to 100.0% between the annual amendments of 2025-03-31 and 2026-03-31peers: asset managers, under $100M (330)
What changed
consecutive filings, newest first
- Accounts · 30 to 22May 9, 2025 to Mar 31, 2026
- Advisory employees · 26 to 20May 9, 2025 to Mar 31, 2026
- Individual clients · 1.0 to unsetMay 9, 2025 to Mar 31, 2026
- Pooled vehicle clients · 24 to 18May 9, 2025 to Mar 31, 2026
- Assets in custody · $140M to $91.9MMay 9, 2025 to Mar 31, 2026
- Employees · 39 to 33May 9, 2025 to Mar 31, 2026
- Private funds · 11 to 8May 9, 2025 to Mar 31, 2026
- Discretionary RAUM · $205M to $91.9MMay 9, 2025 to Mar 31, 2026
- HNW RAUM · $11.0M to $8.1MMay 9, 2025 to Mar 31, 2026
- Individual RAUM · 146289645.0 to unsetMay 9, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $146M to $0May 9, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $140M to $64.7MMay 9, 2025 to Mar 31, 2026
- RAUM · $352M to $91.9MMay 9, 2025 to Mar 31, 2026
- Financial planning clients · unset to Mar 31, 2025 to May 9, 2025
- Accounts · 31 to 30Feb 11, 2025 to Mar 31, 2025
- Advisory employees · 29 to 26Feb 11, 2025 to Mar 31, 2025
- HNW clients · 3 to 2Feb 11, 2025 to Mar 31, 2025
- Individual clients · unset to 1.0Feb 11, 2025 to Mar 31, 2025
- Pooled vehicle clients · 20 to 24Feb 11, 2025 to Mar 31, 2025
- Assets in custody · $331M to $140MFeb 11, 2025 to Mar 31, 2025
- Employees · 37 to 39Feb 11, 2025 to Mar 31, 2025
- State-registered IARs · 10 to 6Feb 11, 2025 to Mar 31, 2025
- Private funds · 14 to 11Feb 11, 2025 to Mar 31, 2025
- Discretionary RAUM · $336M to $205MFeb 11, 2025 to Mar 31, 2025
- HNW RAUM · $8.7M to $11.0MFeb 11, 2025 to Mar 31, 2025
- Individual RAUM · unset to 146289645.0Feb 11, 2025 to Mar 31, 2025
- Non-discretionary RAUM · $0 to $146MFeb 11, 2025 to Mar 31, 2025
- Pooled vehicle RAUM · $83.6M to $140MFeb 11, 2025 to Mar 31, 2025
- RAUM · $336M to $352MFeb 11, 2025 to Mar 31, 2025
- Accounts · 20 to 31Oct 23, 2023 to Mar 29, 2024
- Advisory activities · 5 to 3Oct 23, 2023 to Mar 29, 2024
- Charity clients · unset to 1.0Oct 23, 2023 to Mar 29, 2024
- HNW clients · 4 to 3Oct 23, 2023 to Mar 29, 2024
- Pooled vehicle clients · 8 to 20Oct 23, 2023 to Mar 29, 2024
- Assets in custody · $44.9M to $331MOct 23, 2023 to Mar 29, 2024
- Custody of client assets · false to trueOct 23, 2023 to Mar 29, 2024
- Employees · 36 to 37Oct 23, 2023 to Mar 29, 2024
- State-registered IARs · 13 to 10Oct 23, 2023 to Mar 29, 2024
- Private funds · 15 to 14Oct 23, 2023 to Mar 29, 2024
- Discretionary RAUM · $233M to $336MOct 23, 2023 to Mar 29, 2024
Signals
9 dated events
- W••• D•••••• A••••• L•• reported RAUM $91.9M, down 74% from $351.6M (2025-05-09 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- W••• D•••••• A••••• L•• reported RAUM $335.8M, up 44% from $233.4M (2023-10-23 to 2024-03-29)Mar 29, 2024 · RAUM change · derived
- W••• D•••••• A••••• L•• reported RAUM $233.4M, down 81% from $1.2B (2023-03-01 to 2023-03-31)Mar 31, 2023 · RAUM change · derived
- B••••••• T••• (President And Board Member) appeared on Schedule A of W••• D•••••• A••••• L••Mar 31, 2023 · Control person joined · fact
- K•••• C•••••• (Head Of Legal, Chief Compliance Officer) appeared on Schedule A of W••• D•••••• A••••• L••Sep 6, 2022 · Control person joined · fact
- W••• D•••••• A••••• L•• reported RAUM $1.2B, up 49% from $814.3M (2022-03-31 to 2022-05-13)May 13, 2022 · RAUM change · derived
- W••• D•••••• A••••• L•• reported RAUM $1.0B, up 93% from $540.2M (2021-08-10 to 2021-08-26)Aug 26, 2021 · RAUM change · derived
- W••• D•••••• A••••• L•• reported RAUM $540.2M, up 28% from $422.2M (2021-04-22 to 2021-05-26)May 26, 2021 · RAUM change · derived
- W••• F•••••••• L•• filed its initial SEC registration (Form ADV)Apr 22, 2021 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- W••• D•••••• A••••• L•• · Independent Sponsorsshared crd · capital_provider
- W••• D•••••• A••••• L•• · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/wave-digital-assetsreportedpublic record, Form ADV, Sep 18, 2026
- Website
- wavegp.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 213-533-9899reportedpublic record, Form ADV, Aug 21, 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
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- $23.0Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026