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

Mercury Advisory, LLC

Other adviserSan Francisco, CaliforniaCRD 308960SEC 801-118869website IAPD

Latest filing Aug 21, 2026

First filing on the tape May 7, 2020 · 27 filings

SEC status approved since Jun 5, 2020

RAUM

$18B

reported, Item 5.F

Discretionary

0.0%

of RAUM

Private clients

0.1%

$23.2M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$2.6B

derived; firm RAUM over IAPD count

Employees

4 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

27 filings and snapshots on the tape

RAUM$18B as of Aug 21, 2026

Mar 23, 2021$183M then

HNW client RAUM: no history

State-registered IARs (5.B.3)4 as of Aug 21, 2026

Mar 23, 20210 then

Employees (5.A)7 as of Aug 21, 2026

Mar 23, 202125 then

Private funds: no history

RAUM +62% over the last fiscal year+110% a year over threeIARs 2 to 4

Practice profile

derived from the filing of Aug 21, 2026; every figure names its basis

Archetypes, each a printed rule

Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets

RAUM per advisor: $2.6BderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $1.7MderivedRAUM over accounts (5.F.2.f)
Discretionary: 0.0%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.0derivedItem 5.A over advisors
Advisors per office: 7.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +62%derivedbetween the last two annual amendments
Advisor growth, one year: +100%derivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 5.G
Wrap fee program: $18BreportedItem 5.I
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)
receives research or other products from a broker-dealer, soft dollars (8.E)
marketing includes testimonials (5.L.1.c)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Corporations and businesses$18B100%
Individuals$23.2M0.1%

Individual clients: 955reported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 10,487reported
Financial planning clients: reported
Wrap fee programs: $18B sponsored, $0 managedreported
Custody of client assets: noreported
Compensation: % of AUMreported
Class basis: private_client_share=0.0 fund_share=0.0 institutional_share=0.0 related_bd=true related_bank=false bd_reps=2.0derived

Advisors registered through the firm

7 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
David Ryan Goldsmith	San Francisco, Ca	Mar 11, 2024	12 y	1
Connor Jameson Brady	Sunset Beach, Ca	Sep 9, 2024	11 y	1
William Mitchell	New York, Ny	May 24, 2025	13 y	0
Jacquelyn Jo Marquardt	San Francisco, Ca	Feb 4, 2026	12 y	2
Valery Vela	Gardina, Ca	Apr 3, 2026	18 y	2
Ramit Singh	San Francisco, Ca	May 8, 2026	12 y	0
Anna Louise Costello	San Francisco, Ca	Sep 8, 2026	11 y	0

Advisor movement

1 left, 2 joined in 12 months

net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 14% of current headcount1 left over 36 months

Left, latest

Emiliano Rios Caban to Autopilot
Oct 17, 2025 · Other

Joined, latest

Valery Vela from Cetera Advisor Networks LLC
Apr 3, 2026 · Other
Jacquelyn Jo Marquardt from LPL Financial LLC
Feb 4, 2026 · Other
Connor Jameson Brady from Acorns
Sep 9, 2024 · Other
Emiliano Rios Caban from Fruitful
Jun 7, 2024 · Other
David Ryan Goldsmith from Cetera Advisor Networks LLC
Mar 11, 2024 · Other

Every departure Every arrival

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Immad Akhund · Ceocontrol
since 10/2019 · owns less than 5%
Emiliano Rios Caban · Chief Compliance Officercontrol
since 11/2024 · owns less than 5%
Immad Akhund · Shareholdercontrol
since 10/2019 · owns 25% to 50% of Mercury Technologies, Inc.

Entity owners

Mercury Technologies, Inc. · Member
direct · owns 75% or more
Andreessen Horowitz Fund V, L.P. · Shareholder
indirect · owns 25% to 50% of Mercury Technologies, Inc.

Related persons

Schedule D 7.A

Mercury Investment Services LLC
broker-dealern

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
San Francisco, Ca · principal	7	4	1

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

3 against comparable advisers; where to look, not conclusions

low discretionary shareStatic outlier · filing Aug 21, 2026
discretionary share of RAUM of 0% against a peer median of 100% (134 comparable advisers, 0.0th percentile, 33.7 robust deviations)
peers: other advisers, $5B to $20B (134) · 0.0% percentile
account count surgeChange between filings · filing Apr 22, 2026
accounts (Item 5.F.2.f) moved from 6,778.0 to 10,487.0 (+55.0%) between the annual amendments of 2025-03-21 and 2026-04-22; the peer median change was -2.0% (37 comparable advisers, 100.0th percentile of changes)
peers: other advisers, $5B to $20B (37) · 100% percentile
RAUM up 50 %Change between filings · filing Apr 22, 2026
RAUM (Item 5.F) moved from $11,072,489,250 to $17,939,211,643 (+62.0%) between the annual amendments of 2025-03-21 and 2026-04-22; the peer median change was +9.0% (119 comparable advisers, 95.0th percentile of changes)
peers: other advisers, $5B to $20B (119) · 95% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 8,879 to 10,487
Dec 3, 2025 to Mar 31, 2026
Advisory employees · 3 to 4
Dec 3, 2025 to Mar 31, 2026
BD registered reps · 4 to 2
Dec 3, 2025 to Mar 31, 2026
Corporate clients · 8,879 to 9,532
Dec 3, 2025 to Mar 31, 2026
Individual clients · unset to 955.0
Dec 3, 2025 to Mar 31, 2026
State-registered IARs · 0 to 4
Dec 3, 2025 to Mar 31, 2026
Individual RAUM · unset to 23190000.0
Dec 3, 2025 to Mar 31, 2026
Non-discretionary RAUM · $15B to $18B
Dec 3, 2025 to Mar 31, 2026
RAUM · $15B to $18B
Dec 3, 2025 to Mar 31, 2026
Wrap assets (sponsor) · $15B to $18B
Dec 3, 2025 to Mar 31, 2026
Accounts · 6,778 to 8,879
Mar 21, 2025 to Oct 15, 2025
BD registered reps · 2 to 4
Mar 21, 2025 to Oct 15, 2025
Corporate clients · 6,778 to 8,879
Mar 21, 2025 to Oct 15, 2025
State-registered IARs · 2 to 0
Mar 21, 2025 to Oct 15, 2025
Non-discretionary RAUM · $11B to $15B
Mar 21, 2025 to Oct 15, 2025
RAUM · $11B to $15B
Mar 21, 2025 to Oct 15, 2025
Wrap assets (sponsor) · $11B to $15B
Mar 21, 2025 to Oct 15, 2025
Accounts · 4,485 to 6,778
Dec 18, 2024 to Mar 21, 2025
Advisory employees · 2 to 3
Dec 18, 2024 to Mar 21, 2025
BD registered reps · 0 to 2
Dec 18, 2024 to Mar 21, 2025
Corporate clients · 4,485 to 6,778
Dec 18, 2024 to Mar 21, 2025
Financial planning clients · unset to
Dec 18, 2024 to Mar 21, 2025
State-registered IARs · 0 to 2
Dec 18, 2024 to Mar 21, 2025
Non-discretionary RAUM · $6.4B to $11B
Dec 18, 2024 to Mar 21, 2025
RAUM · $6.4B to $11B
Dec 18, 2024 to Mar 21, 2025
Wrap assets (sponsor) · $1.9B to $11B
Dec 18, 2024 to Mar 21, 2025
Accounts · 634 to 4,485
Oct 23, 2023 to Mar 8, 2024
Advisory employees · 0 to 2
Oct 23, 2023 to Mar 8, 2024
Corporate clients · 634 to 4,485
Oct 23, 2023 to Mar 8, 2024
Employees · 25 to 7
Oct 23, 2023 to Mar 8, 2024
Non-discretionary RAUM · $1.9B to $6.4B
Oct 23, 2023 to Mar 8, 2024
RAUM · $1.9B to $6.4B
Oct 23, 2023 to Mar 8, 2024
Related broker-dealer · false to true
Oct 23, 2023 to Mar 8, 2024
Accounts · 333 to 634
Dec 6, 2022 to Jan 13, 2023
Corporate clients · 333 to 634
Dec 6, 2022 to Jan 13, 2023
Non-discretionary RAUM · $651M to $1.9B
Dec 6, 2022 to Jan 13, 2023
RAUM · $651M to $1.9B
Dec 6, 2022 to Jan 13, 2023
Wrap assets (sponsor) · $651M to $1.9B
Dec 6, 2022 to Jan 13, 2023
Accounts · 102 to 333
Mar 23, 2021 to Mar 14, 2022
Corporate clients · 102 to 333
Mar 23, 2021 to Mar 14, 2022

Signals

13 dated events

Emiliano Rios Caban left Mercury Advisory, Llc for Autopilot (registered 2026-01-29)
Oct 17, 2025 · Advisor changed firm · fact
Mercury Advisory, Llc reported RAUM $15.4B, up 39% from $11.1B (2025-03-21 to 2025-10-15)
Oct 15, 2025 · RAUM change · derived
Mercury Advisory, Llc reported RAUM $11.1B, up 73% from $6.4B (2024-12-18 to 2025-03-21)
Mar 21, 2025 · RAUM change · derived
Emiliano Rios Caban (Chief Compliance Officer) appeared on Schedule A of Mercury Advisory, Llc
Dec 18, 2024 · Control person joined · fact
Robert Gonzalez (Chief Compliance Officer) no longer on Schedule A of Mercury Advisory, Llc (listed 2024-12-11, absent 2024-12-18)
Dec 18, 2024 · Control person left · inference
Mercury Advisory, Llc reported RAUM $6.4B, up 232% from $1.9B (2023-10-23 to 2024-03-08)
Mar 8, 2024 · RAUM change · derived
M Joshua Preston (Chief Compliance Officer) no longer on Schedule A of Mercury Advisory, Llc (listed 2023-06-08, absent 2023-10-23)
Oct 23, 2023 · Control person left · inference
Robert Gonzalez (Chief Compliance Officer) appeared on Schedule A of Mercury Advisory, Llc
Oct 23, 2023 · Control person joined · fact
Joshua Preston (Chief Compliance Officer) appeared on Schedule A of Mercury Advisory, Llc
May 31, 2023 · Control person joined · fact
Brian Maher (Cco) no longer on Schedule A of Mercury Advisory, Llc (listed 2023-01-13, absent 2023-05-31)
May 31, 2023 · Control person left · inference
Mercury Advisory, Llc reported RAUM $1.9B, up 197% from $650.7M (2022-12-06 to 2023-01-13)
Jan 13, 2023 · RAUM change · derived
Mercury Advisory, Llc reported RAUM $650.7M, up 256% from $182.7M (2021-03-23 to 2022-03-14)
Mar 14, 2022 · RAUM change · derived
Mercury Advisory, Llc filed its initial SEC registration (Form ADV)
May 7, 2020 · 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/mercuryhqreportedpublic record, Form ADV, Sep 17, 2026
Website: mercury.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 415-878-1068reportedpublic 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: Other adviserderiveda rule over Items 5.D and 7.A
RAUM per advisor: $2.6Bderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026