DFX Intelligence

RIA Intelligence

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SEC-registered adviser

S•••••••• A•••• M••••••••• L•••

Independent wealth managerRochester, MinnesotaCRD 306384SEC 801-120401website IAPD

Latest filing Jan 22, 2026

First filing on the tape Jan 28, 2021 · 21 filings

SEC status approved since Feb 26, 2021

RAUM

$218M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

99%

$215M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$19.8M

derived; firm RAUM over IAPD count

Employees

10 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

21 filings and snapshots on the tape

RAUM$218M as of Jan 22, 2026

Jan 26, 2022$118M then

HNW client RAUM$132M as of Jan 22, 2026

Jan 26, 2022$71.7M then

State-registered IARs (5.B.3)10 as of Jan 22, 2026

Jan 26, 20227 then

Employees (5.A)11 as of Jan 22, 2026

Jan 26, 20228 then

Private funds: no history

RAUM +75% over the last fiscal year+28% a year over threeIARs 7 to 10offices 2 to 4

Practice profile

derived from the filing of Jan 22, 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: $19.8MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 21derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $1.8MderivedHNW RAUM over HNW clients
Average account: $936,733derivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 1.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.0derivedItem 5.A over advisors
Advisors per office: 2.2derived5 offices incl. principal (1.F.5)
RAUM growth, one year: +75%derivedbetween the last two annual amendments
Advisor growth, one year: +43%derivedItem 5.B.3 between annual amendments
Client growth, one year: -34%derived
Compensation: percentage of assets, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individualsreportedItem 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

is an insurance broker or agent (6.A.6)
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)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$132M61%
Individuals$83.1M38%
Charitable organizations$2.9M1.3%
Corporations and businesses$71,1050.0%

Individual clients: 156reported
HNW clients: 75reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 233reported
Financial planning clients: 0reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, fixedreported
Class basis: private_client_share=0.99 fund_share=0.0 institutional_share=0.01 related_bd=false related_bank=false bd_reps=1.0derived

Advisors registered through the firm

9 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
S•••• M••••••• M•••Certified Financial Planner	Rochester, Mn	Oct 5, 2020	26 y	1
D•••• L••••• D•••••	Iowa City, Ia	Oct 27, 2020	46 y	3
M••••• R•• M•••	Iowa City, Ia	Jan 4, 2021	11 y	1
W••• M•••••• J••••••	Iowa City, Ia	Jan 4, 2021	25 y	6
D•••• J• W•••••••••	East Dundee, Il	Mar 10, 2021	22 y	3
N••••• A••••• L••••Certified Financial Planner	Rochester, Mn	Jul 11, 2023	19 y	3
J••••••• P••• H•••••Chartered Financial Analyst	Minneapolis, Mn	Jul 7, 2025	33 y	2
K•••••• M•••• M••••••	St. Paul, Mn	Jan 6, 2026	18 y	2
J••• L• S••••••	Granbury, Tx	Apr 23, 2026	24 y	4

Advisor movement

0 left, 2 joined in 12 months

net +2 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

J••• L• S•••••• from I••••••••• S•••••••• W••••• M••••••••• L••
Apr 23, 2026 · RIA to RIA
K•••••• M•••• M•••••• from S••••••• F•••••••• L••
Jan 6, 2026 · Other
J••••••• P••• H••••• from M• H••••••• S••••••••• I•••
Jul 7, 2025 · Affiliated broker-dealer or bank to independent RIA
D•••• J• W••••••••• from R•• F•••••••• N••••••
Mar 10, 2021 · RIA to RIA
W••• M•••••• J•••••• from S••• C•••••• I•••
Jan 4, 2021 · RIA to RIA
M••••• R•• M••• from R•• F•••••••• N••••••
Jan 4, 2021 · RIA to RIA
D•••• L••••• D••••• from R•• F•••••••• N••••••
Oct 27, 2020 · RIA to RIA
S•••• M••••••• M••• from R•• F•••••••• N••••••
Oct 5, 2020 · RIA to RIA
N••••• A••••• L•••• from S••• C•••••• I•••
Feb 5, 2020 · RIA to RIA

Every departure Every arrival

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

2 joined from R•• F•••••••• N••••••
Oct 5, 2020 · Coralville, Ia

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

L••••• N•••••• A••••• · Ccocontrol
since 03/2024 · owns less than 5%
N•••••• G••••••• B•••• · President And Ownercontrol
since 03/2023 · owns 75% or more

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
Iowa City, Ia	4	0	0
Rochester, Mn · principal	4	0	0

Offices

Schedule D 1.F, the 25 largest

East Dundee, IL1 employees
Iowa City, IA1 employees

ADV anomalies

3 against comparable advisers; where to look, not conclusions

clients down average size upCombination · filing Jan 22, 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 $124,399,526 to $218,258,845, advisors 7 to 10, private clients 351 to 231, offices 2 to 4 (2025-02-28 to 2026-01-22)
peers: WEALTH_I•••••••••, $100M to $500M (5,678)
account count collapseChange between filings · filing Jan 22, 2026
accounts (Item 5.F.2.f) moved from 633.0 to 233.0 (-63.0%) between the annual amendments of 2025-02-28 and 2026-01-22; the peer median change was +5.0% (3685 comparable advisers, 2.0th percentile of changes)
peers: WEALTH_I•••••••••, $100M to $500M (3,685) · 1.7% percentile
RAUM up 50 %Change between filings · filing Jan 22, 2026
RAUM (Item 5.F) moved from $124,399,526 to $218,258,845 (+75.0%) between the annual amendments of 2025-02-28 and 2026-01-22; the peer median change was +15.0% (4548 comparable advisers, 98.0th percentile of changes)
peers: WEALTH_I•••••••••, $100M to $500M (4,548) · 98% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 633 to 233
Feb 28, 2025 to Jan 22, 2026
Advisory employees · 7 to 10
Feb 28, 2025 to Jan 22, 2026
BD registered reps · 3 to 1
Feb 28, 2025 to Jan 22, 2026
HNW clients · 43 to 75
Feb 28, 2025 to Jan 22, 2026
Individual clients · 308 to 156
Feb 28, 2025 to Jan 22, 2026
Employees · 7 to 11
Feb 28, 2025 to Jan 22, 2026
State-registered IARs · 7 to 10
Feb 28, 2025 to Jan 22, 2026
Other offices · 2 to 4
Feb 28, 2025 to Jan 22, 2026
Discretionary RAUM · $124M to $218M
Feb 28, 2025 to Jan 22, 2026
HNW RAUM · $71.1M to $132M
Feb 28, 2025 to Jan 22, 2026
Individual RAUM · $50.1M to $83.1M
Feb 28, 2025 to Jan 22, 2026
RAUM · $124M to $218M
Feb 28, 2025 to Jan 22, 2026
Accounts · 566 to 633
Sep 26, 2024 to Feb 28, 2025
Advisory employees · 6 to 7
Sep 26, 2024 to Feb 28, 2025
BD registered reps · 1 to 3
Sep 26, 2024 to Feb 28, 2025
HNW clients · 49 to 43
Sep 26, 2024 to Feb 28, 2025
Individual clients · 226 to 308
Sep 26, 2024 to Feb 28, 2025
Insurance-licensed employees · 1 to 2
Sep 26, 2024 to Feb 28, 2025
Financial planning clients · 0 to 0
Sep 26, 2024 to Feb 28, 2025
State-registered IARs · 6 to 7
Sep 26, 2024 to Feb 28, 2025
Discretionary RAUM · $118M to $124M
Sep 26, 2024 to Feb 28, 2025
HNW RAUM · $77.3M to $71.1M
Sep 26, 2024 to Feb 28, 2025
Individual RAUM · $37.6M to $50.1M
Sep 26, 2024 to Feb 28, 2025
RAUM · $118M to $124M
Sep 26, 2024 to Feb 28, 2025
Accounts · 576 to 566
Nov 1, 2023 to Feb 23, 2024
HNW clients · 45 to 49
Nov 1, 2023 to Feb 23, 2024
Individual clients · 221 to 226
Nov 1, 2023 to Feb 23, 2024
Discretionary RAUM · $104M to $118M
Nov 1, 2023 to Feb 23, 2024
HNW RAUM · $69.4M to $77.3M
Nov 1, 2023 to Feb 23, 2024
Individual RAUM · $34.2M to $37.6M
Nov 1, 2023 to Feb 23, 2024
RAUM · $104M to $118M
Nov 1, 2023 to Feb 23, 2024
Accounts · 532 to 576
Nov 22, 2022 to Jan 23, 2023
Advisory employees · 7 to 6
Nov 22, 2022 to Jan 23, 2023
BD registered reps · 2 to 1
Nov 22, 2022 to Jan 23, 2023
HNW clients · 79 to 45
Nov 22, 2022 to Jan 23, 2023
Individual clients · 452 to 221
Nov 22, 2022 to Jan 23, 2023
Employees · 8 to 7
Nov 22, 2022 to Jan 23, 2023
State-registered IARs · 7 to 6
Nov 22, 2022 to Jan 23, 2023
Other offices · 3 to 2
Nov 22, 2022 to Jan 23, 2023
Discretionary RAUM · $118M to $104M
Nov 22, 2022 to Jan 23, 2023

Signals

5 dated events

Andrew Nathan Lovik (Cco) appeared on Schedule A of S•••••••• A•••• M••••••••• L•••
Apr 19, 2024 · Control person joined · fact
Rebecca Baedke (Chief Compliance Officer) no longer on Schedule A of S•••••••• A•••• M••••••••• L••• (listed 2024-04-19, absent 2024-04-19)
Apr 19, 2024 · Control person left · inference
Andrew Nathan Lovik (Managing Member) no longer on Schedule A of S•••••••• A•••• M••••••••• L••• (listed 2023-01-23, absent 2023-02-15)
Feb 15, 2023 · Control person left · inference
Brian Gregory Nelson (President And Owner) appeared on Schedule A of S•••••••• A•••• M••••••••• L•••
Feb 15, 2023 · Control person joined · fact
S•••••••• A•••• M••••••••• L••• filed its initial SEC registration (Form ADV)
Jan 28, 2021 · 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: 507-536-9154reportedpublished by the firm, firm site, Sep 16, 2026
Business phone: 888-526-8755reportedpublished by the firm, firm site, Sep 16, 2026
Website: s•••••••••.comreportedpublic record, Form ADV, Sep 21, 2026
Principal office phone: 888-526-8755reportedpublic record, Form ADV, Jan 22, 2026
Contact form: s•••••••••.comreportedpublished by the firm, firm site, Sep 16, 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: $19.8Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026