DFX Intelligence

RIA Intelligence

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SEC-registered adviser

D••••• W••••• M••••••••• L••

Independent wealth managerOak Brook, IllinoisCRD 313192SEC 801-120686website IAPD

Latest filing Feb 25, 2026

First filing on the tape Mar 2, 2021 · 14 filings

SEC status approved since Mar 31, 2021

RAUM

$106M

reported, Item 5.F

Discretionary

91%

of RAUM

Private clients

100%

$106M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$53.1M

derived; firm RAUM over IAPD count

Employees

1 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

14 filings and snapshots on the tape

RAUM$106M as of Feb 25, 2026

Feb 23, 2022$103M then

HNW client RAUM$106M as of Feb 25, 2026

Feb 23, 2022$57.1M then

State-registered IARs (5.B.3)1 as of Feb 25, 2026

Feb 23, 20221 then

Employees (5.A)2 as of Feb 25, 2026

Feb 23, 20221 then

Private funds: no history

RAUM -52% over the last fiscal year+0.0% a year over threeIARs 2 to 1

Practice profile

derived from the filing of Feb 25, 2026; every figure names its basis

Archetypes, each a printed rule

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
Solo or small team · one advisor, or a wealth manager with up to three advisors and one office

RAUM per advisor: $53.1MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 9derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $7.6MderivedHNW RAUM over HNW clients
Average account: $722,851derivedRAUM over accounts (5.F.2.f)
Discretionary: 91%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: 2.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: -52%derivedbetween the last two annual amendments
Advisor growth, one year: -50%derivedItem 5.B.3 between annual amendments
Client growth, one year: -25%derived
Compensation: percentage of assets, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, portfolio management for businesses and institutions, selection of other advisersreportedItem 5.G
Custody: $15.9M, 11 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)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$106M100%
Individuals$437,4140.4%

Individual clients: 4reported
HNW clients: 14reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 147reported
Financial planning clients: 1-10reported
Wrap fee programs: noreported
Custody of client assets: $15.9M for 11 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

2 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
T•••••• L•••• D•••••Certified Financial Planner	Oak Brook, Il	Apr 9, 2021	23 y	7
I•• P•••• D•••••	Oak Brook, Il	Mar 7, 2026	11 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 headcount0 left over 36 months

Left, latest

none on the tape

Joined, latest

T•••••• L•••• D••••• from L•• F•••••••• L••
Apr 9, 2021 · Affiliated broker-dealer or bank to a newly registered adviser

Every departure Every arrival

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

D•••••• T••••••• L•••• · Chief Compliance Officercontrol
since 04/2021 · owns less than 5%
D•••••• T••••••• L•••• · Managercontrol
since 04/2020 · owns 75% or more of P•• W••••• L••
H•••••• C••••••••• L•• · Membercontrol
since 08/2014 · owns 75% or more of P•••• L••

Entity owners

P•• W••••• L•• · Manager
direct · owns 75% or more
P•••• L•• · Member
direct · owns 10% to 25%

Related persons

Schedule D 7.A

No related person reported.

Advisers that list D••••• W••••• M••••••••• L•• as a related person

324524 n
327810 n

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Oak Brook, Il · principal	2	1	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

4 against comparable advisers; where to look, not conclusions

client mix shiftChange between filings · filing Feb 25, 2026
private-client share of RAUM moved from 36.0% to 100.0% between the annual amendments of 2025-03-04 and 2026-02-25
peers: independent wealth managers, $100M to $500M (5,678)
HNW share shiftChange between filings · filing Feb 25, 2026
HNW share of RAUM moved from 34.0% to 100.0% between the annual amendments of 2025-03-04 and 2026-02-25
peers: independent wealth managers, $100M to $500M (5,678)
RAUM down 50 %Change between filings · filing Feb 25, 2026
RAUM (Item 5.F) moved from $221,000,000 to $106,259,140 (-52.0%) between the annual amendments of 2025-03-04 and 2026-02-25; the peer median change was +15.0% (4548 comparable advisers, 0.0th percentile of changes)
peers: independent wealth managers, $100M to $500M (4,548) · 0.5% percentile
discretionary share shiftChange between filings · filing Feb 25, 2026
discretionary share of RAUM moved from 36.0% to 91.0% between the annual amendments of 2025-03-04 and 2026-02-25
peers: independent wealth managers, $100M to $500M (5,678)

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 143 to 147
Oct 14, 2025 to Feb 25, 2026
HNW clients · 11 to 14
Oct 14, 2025 to Feb 25, 2026
Individual clients · 13 to 4
Oct 14, 2025 to Feb 25, 2026
Pooled vehicle clients · 1.0 to unset
Oct 14, 2025 to Feb 25, 2026
Assets in custody · $49.3M to $15.9M
Oct 14, 2025 to Feb 25, 2026
Discretionary RAUM · $79.0M to $96.6M
Oct 14, 2025 to Feb 25, 2026
HNW RAUM · $75.5M to $106M
Oct 14, 2025 to Feb 25, 2026
Individual RAUM · $3.1M to $437,414
Oct 14, 2025 to Feb 25, 2026
Non-discretionary RAUM · $142M to $9.6M
Oct 14, 2025 to Feb 25, 2026
Pension RAUM · 3600000.0 to unset
Oct 14, 2025 to Feb 25, 2026
Pooled vehicle RAUM · 138400000.0 to unset
Oct 14, 2025 to Feb 25, 2026
RAUM · $221M to $106M
Oct 14, 2025 to Feb 25, 2026
Advisory employees · 2 to 1
Mar 4, 2025 to Oct 14, 2025
Advisory activities · 5 to 4
Mar 4, 2025 to Oct 14, 2025
Employees · 4 to 2
Mar 4, 2025 to Oct 14, 2025
HQ city · OAKBROOK TERRACE to OAK BROOK
Mar 4, 2025 to Oct 14, 2025
State-registered IARs · 2 to 1
Mar 4, 2025 to Oct 14, 2025
Accounts · 144 to 143
Sep 25, 2024 to Mar 4, 2025
Individual clients · 2 to 13
Sep 25, 2024 to Mar 4, 2025
Pooled vehicle clients · 3 to 1
Sep 25, 2024 to Mar 4, 2025
Assets in custody · $31.3M to $49.3M
Sep 25, 2024 to Mar 4, 2025
Employees · 2 to 4
Sep 25, 2024 to Mar 4, 2025
Financial planning clients · 11-25 to 1-10
Sep 25, 2024 to Mar 4, 2025
Discretionary RAUM · $80.1M to $79.0M
Sep 25, 2024 to Mar 4, 2025
HNW RAUM · $80.3M to $75.5M
Sep 25, 2024 to Mar 4, 2025
Individual RAUM · $1.0M to $3.1M
Sep 25, 2024 to Mar 4, 2025
Non-discretionary RAUM · $88.5M to $142M
Sep 25, 2024 to Mar 4, 2025
Pension RAUM · $2.8M to $3.6M
Sep 25, 2024 to Mar 4, 2025
Pooled vehicle RAUM · $84.5M to $138M
Sep 25, 2024 to Mar 4, 2025
RAUM · $169M to $221M
Sep 25, 2024 to Mar 4, 2025
Accounts · 106 to 144
Mar 20, 2023 to Mar 22, 2024
HNW clients · 12 to 11
Mar 20, 2023 to Mar 22, 2024
Pooled vehicle clients · 1 to 3
Mar 20, 2023 to Mar 22, 2024
Assets in custody · $10.5M to $31.3M
Mar 20, 2023 to Mar 22, 2024
Discretionary RAUM · $56.9M to $80.1M
Mar 20, 2023 to Mar 22, 2024
HNW RAUM · $56.3M to $80.3M
Mar 20, 2023 to Mar 22, 2024
Individual RAUM · $800,000 to $1.0M
Mar 20, 2023 to Mar 22, 2024
Non-discretionary RAUM · $49.3M to $88.5M
Mar 20, 2023 to Mar 22, 2024
Pension RAUM · $1.3M to $2.8M
Mar 20, 2023 to Mar 22, 2024
Pooled vehicle RAUM · $47.8M to $84.5M
Mar 20, 2023 to Mar 22, 2024

Signals

7 dated events

D••••• W••••• M••••••••• L•• reported RAUM $106.3M, down 52% from $221.0M (2025-10-14 to 2026-02-25)
Feb 25, 2026 · RAUM change · derived
Allan John Staab (Member) no longer on Schedule A of D••••• W••••• M••••••••• L•• (listed 2024-03-22, absent 2024-09-25)
Sep 25, 2024 · Control person left · inference
Adam Daniel Bernstein (Chief Compliance Officer) no longer on Schedule A of D••••• W••••• M••••••••• L•• (listed 2021-03-02, absent 2021-04-01)
Apr 1, 2021 · Control person left · inference
Louis Timothy D••••• (Chief Compliance Officer) appeared on Schedule A of D••••• W••••• M••••••••• L••
Apr 1, 2021 · Control person joined · fact
Allan John Staab (Member) appeared on Schedule A of D••••• W••••• M••••••••• L••
Apr 1, 2021 · Control person joined · fact
Lee Christopher Hughes (Member) appeared on Schedule A of D••••• W••••• M••••••••• L••
Apr 1, 2021 · Control person joined · fact
S•••• A•••••••• L•• filed its initial SEC registration (Form ADV)
Mar 2, 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: 224-330-9662reportedpublished by the firm, firm site, Sep 16, 2026
Website: d•••••••••.comreportedpublic record, Form ADV, Sep 21, 2026
Principal office phone: 224-330-9662reportedpublic record, Form ADV, Feb 25, 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: $53.1Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026