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
Keystone Financial Services
Latest filing May 27, 2026
First filing on the tape Aug 26, 2020 · 21 filings
SEC status approved since Sep 25, 2020
RAUM
$379M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$379M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$94.8M
derived; firm RAUM over IAPD count
Employees
4
4 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
21 filings and snapshots on the tape
RAUM$379M as of May 27, 2026
Feb 12, 2021$198M then
HNW client RAUM$310M as of May 27, 2026
Feb 12, 2021$133M then
State-registered IARs (5.B.3)4 as of May 27, 2026
Feb 12, 20212 then
Employees (5.A)4 as of May 27, 2026
Feb 12, 20213 then
Private funds: no history
RAUM +24% over the last fiscal year+22% a year over threeIARs 2 to 4
Practice profile
derived from the filing of May 27, 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
- RAUM per advisor
- $94.8MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 75derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.3MderivedHNW RAUM over HNW clients
- Average account
- $369,997derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.0derivedItem 5.A over advisors
- Advisors per office
- 2.0derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- +24%derivedbetween the last two annual amendments
- Advisor growth, one year
- +100%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -41%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, pension consulting, selection of other advisers, educational seminarsreportedItem 5.G
- Custody
- $60.3M, 134 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
- 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$310M82%
- Individuals$69.7M18%
- Individual clients
- 162reported
- HNW clients
- 136reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 1,025reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- $60.3M for 134 clientsreported
- Compensation
- % of AUM, fixedreported
- 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
4 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Joshua Paul NelsonCertified Financial Planner | Loveland, Co | Dec 3, 2020 | 27 y | 6 |
| Jeremy K BuschCertified Financial Planner | Loveland, Co | Sep 10, 2021 | 10 y | 2 |
| Jennifer K Walenter | Loveland, Co | May 5, 2025 | 15 y | 0 |
| Michael David Stevenson | Loveland, Co | Jan 5, 2026 | 15 y | 1 |
Advisor movement
0 left, 1 joined in 12 months
net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- Peter Mark Ahrens to Mission Wealth Management, LPApr 25, 2023 · RIA to RIA
Joined, latest
- Michael David Stevenson from Navigation Wealth ManagementJan 5, 2026 · RIA to RIA
- Jeremy K Busch from Cwm, LLCSep 10, 2021 · Affiliated broker-dealer or bank to independent RIA
- Joshua Paul Nelson from Cetera Advisor Networks LLCDec 3, 2020 · Affiliated broker-dealer or bank to a newly registered adviser
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Paul Joshua Nelson · Owner, Ceo, Cco, Iarcontrolsince 09/2020 · 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 |
|---|---|---|---|---|---|
| Loveland, Co · principal | 4 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Chandler, AZ1 employees
ADV anomalies
3 against comparable advisers; where to look, not conclusions
- clients down average size upCombination · filing Mar 30, 2026private 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 $305,679,394 to $379,246,547, advisors 2 to 4, private clients 509 to 298, offices 1 to 1 (2025-04-10 to 2026-03-30)peers: independent wealth managers, $100M to $500M (5,676)
- client count collapseChange between filings · filing Mar 30, 2026individual and HNW clients (Item 5.D) moved from 509.0 to 298.0 (-41.0%) between the annual amendments of 2025-04-10 and 2026-03-30; the peer median change was +3.0% (3309 comparable advisers, 2.0th percentile of changes)peers: independent wealth managers, $100M to $500M (3,309) · 2.4% percentile
- HNW share shiftChange between filings · filing Mar 30, 2026HNW share of RAUM moved from 56.0% to 82.0% between the annual amendments of 2025-04-10 and 2026-03-30peers: independent wealth managers, $100M to $500M (5,676)
What changed
consecutive filings, newest first
- Accounts · 999 to 1,025Nov 5, 2025 to Mar 30, 2026
- Advisory employees · 3 to 4Nov 5, 2025 to Mar 30, 2026
- Charity clients · unset to 0.0Nov 5, 2025 to Mar 30, 2026
- Corporate clients · 1 to 0Nov 5, 2025 to Mar 30, 2026
- HNW clients · 85 to 136Nov 5, 2025 to Mar 30, 2026
- Individual clients · 424 to 162Nov 5, 2025 to Mar 30, 2026
- Pension plan clients · unset to 0.0Nov 5, 2025 to Mar 30, 2026
- Pooled vehicle clients · unset to 0.0Nov 5, 2025 to Mar 30, 2026
- Assets in custody · $91.9M to $60.3MNov 5, 2025 to Mar 30, 2026
- Employees · 3 to 4Nov 5, 2025 to Mar 30, 2026
- State-registered IARs · 3 to 4Nov 5, 2025 to Mar 30, 2026
- Discretionary RAUM · $306M to $379MNov 5, 2025 to Mar 30, 2026
- HNW RAUM · $170M to $310MNov 5, 2025 to Mar 30, 2026
- Individual RAUM · $136M to $69.7MNov 5, 2025 to Mar 30, 2026
- Pension RAUM · unset to 0.0Nov 5, 2025 to Mar 30, 2026
- Pooled vehicle RAUM · unset to 0.0Nov 5, 2025 to Mar 30, 2026
- RAUM · $306M to $379MNov 5, 2025 to Mar 30, 2026
- Advisory employees · 2 to 3Apr 10, 2025 to Nov 5, 2025
- Employees · 2 to 3Apr 10, 2025 to Nov 5, 2025
- Financial planning clients · 0 to 0Apr 10, 2025 to Nov 5, 2025
- State-registered IARs · 2 to 3Apr 10, 2025 to Nov 5, 2025
- Accounts · 895 to 999Nov 20, 2024 to Apr 10, 2025
- HNW clients · 78 to 85Nov 20, 2024 to Apr 10, 2025
- Individual clients · 397 to 424Nov 20, 2024 to Apr 10, 2025
- Assets in custody · $50.7M to $91.9MNov 20, 2024 to Apr 10, 2025
- Discretionary RAUM · $249M to $306MNov 20, 2024 to Apr 10, 2025
- HNW RAUM · $127M to $170MNov 20, 2024 to Apr 10, 2025
- Individual RAUM · $122M to $136MNov 20, 2024 to Apr 10, 2025
- RAUM · $249M to $306MNov 20, 2024 to Apr 10, 2025
- Accounts · 970 to 895Oct 25, 2023 to Mar 26, 2024
- Advisory employees · 3 to 2Oct 25, 2023 to Mar 26, 2024
- Corporate clients · unset to 1.0Oct 25, 2023 to Mar 26, 2024
- HNW clients · 94 to 78Oct 25, 2023 to Mar 26, 2024
- Individual clients · 150 to 397Oct 25, 2023 to Mar 26, 2024
- Assets in custody · $1.3M to $50.7MOct 25, 2023 to Mar 26, 2024
- Employees · 3 to 2Oct 25, 2023 to Mar 26, 2024
- Financial planning clients · 1-10 to 0Oct 25, 2023 to Mar 26, 2024
- State-registered IARs · 3 to 2Oct 25, 2023 to Mar 26, 2024
- Discretionary RAUM · $208M to $249MOct 25, 2023 to Mar 26, 2024
- HNW RAUM · $159M to $127MOct 25, 2023 to Mar 26, 2024
Signals
2 dated events
- Peter Mark Ahrens left Keystone Financial Services for Mission Wealth Management, Lp (registered 2023-07-06)Apr 25, 2023 · Advisor changed firm · fact
- Keystone Financial Services, Llc filed its initial SEC registration (Form ADV)Aug 26, 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
- Business phone
- 970-744-5408reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 480-269-6804reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 480-369-6804reportedpublished by the firm, firm site, Sep 15, 2026
- Website
- keystonefinancial.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 970-744-5408reportedpublic record, Form ADV, May 27, 2026
- Contact form
- keystonefinancial.com/contactreportedpublished by the firm, firm site, Sep 15, 2026
- Team page
- keystonefinancial.com/teamreportedpublished 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
- $94.8Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026