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
Cornerstone Portfolio Research
Legal name Balis Enterprises LLC
Latest filing Jun 4, 2026
First filing on the tape May 28, 2021 · 17 filings
SEC status approved since Jun 25, 2021
RAUM
$444M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
5
registered through the firm on IAPD
RAUM per advisor
$88.9M
derived; firm RAUM over IAPD count
Employees
8
4 advisory (5.B.1)
Offices
6
beyond the principal office
Private funds
0
reported on Schedule D
History
17 filings and snapshots on the tape
RAUM$444M as of Jun 4, 2026
Mar 28, 2022$582M then
HNW client RAUM$0 as of Jun 4, 2026
Mar 28, 2022$0 then
State-registered IARs (5.B.3)4 as of Jun 4, 2026
Mar 28, 20223 then
Employees (5.A)8 as of Jun 4, 2026
Mar 28, 20223 then
Private funds: no history
RAUM -76% over the last fiscal year+6.4% a year over threeIARs 5 to 4offices 4 to 6
Practice profile
derived from the filing of Jun 4, 2026; every figure names its basis
- RAUM per advisor
- $88.9MderivedRAUM 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
- $332,074derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.6derivedItem 5.A over advisors
- Advisors per office
- 0.7derived7 offices incl. principal (1.F.5)
- RAUM growth, one year
- -76%derivedbetween the last two annual amendments
- Advisor growth, one year
- -20%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, selection of other advisersreportedItem 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
- 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Other investment advisers$444M100%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 1,338reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.0 fund_share=1.0 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 |
|---|---|---|---|---|
| Thomas L BalisChartered Financial Analyst | Chester Springs, Pa | Jul 16, 2021 | 11 y | 0 |
| Michael Howard RiversChartered Financial Analyst | Chester Springs, Pa | Sep 29, 2021 | 24 y | 2 |
| Scott Allen BettinChartered Financial Analyst | Chester Springs, Pa | Sep 27, 2022 | 13 y | 0 |
| Jamie Lynn SchumacherChartered Financial Analyst | Chester Springs, Pa | Jun 4, 2026 | 10 y | 0 |
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
none on the tape
Joined, latest
- Matthew John Haertzen from Wt Wealth Management, LLCDec 11, 2025 · Other
- Michael Howard Rivers from Athena Capital ManagementSep 29, 2021 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- L Thomas Balis · Principal & Chief Investment Officercontrolsince 05/2021 · owns 75% or more
- Jeffrey Kelvin · Chief Compliance Officercontrolsince 10/2024 · owns less than 5%
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 |
|---|---|---|---|---|---|
| Chester Springs, Pa | 5 | 2 | 0 |
Offices
Schedule D 1.F, the 25 largest
- , 1 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- office count surgeChange between filings · filing Mar 19, 2026offices other than the principal office (Item 1.F.5) moved from 4.0 to 6.0 (+50.0%) between the annual amendments of 2025-02-18 and 2026-03-19; the peer median change was 0.0% (43 comparable advisers, 98.0th percentile of changes)peers: asset managers, $100M to $500M (43) · 98% percentile
- RAUM down 50 %Change between filings · filing Mar 19, 2026RAUM (Item 5.F) moved from $1,848,592,587 to $444,315,128 (-76.0%) between the annual amendments of 2025-02-18 and 2026-03-19; the peer median change was +4.0% (1148 comparable advisers, 1.0th percentile of changes)peers: asset managers, $100M to $500M (1,148) · 1.3% percentile
What changed
consecutive filings, newest first
- Accounts · 4,995 to 1,338Sep 25, 2025 to Mar 19, 2026
- Advisory employees · 5 to 4Sep 25, 2025 to Mar 19, 2026
- Employees · 5 to 8Sep 25, 2025 to Mar 19, 2026
- State-registered IARs · 5 to 4Sep 25, 2025 to Mar 19, 2026
- Other offices · 4 to 6Sep 25, 2025 to Mar 19, 2026
- Discretionary RAUM · $1.8B to $444MSep 25, 2025 to Mar 19, 2026
- RAUM · $1.8B to $444MSep 25, 2025 to Mar 19, 2026
- Succession · true to falseSep 25, 2025 to Mar 19, 2026
- Succession · false to trueFeb 18, 2025 to Sep 25, 2025
- Accounts · 4 to 4,995Dec 16, 2024 to Feb 18, 2025
- Financial planning clients · unset to Dec 16, 2024 to Feb 18, 2025
- HQ city · unset to Dec 16, 2024 to Feb 18, 2025
- HQ state · unset to Dec 16, 2024 to Feb 18, 2025
- Discretionary RAUM · $1.4B to $1.8BDec 16, 2024 to Feb 18, 2025
- RAUM · $1.4B to $1.8BDec 16, 2024 to Feb 18, 2025
- Accounts · 2 to 4Mar 17, 2023 to Mar 22, 2024
- Discretionary RAUM · $369M to $1.4BMar 17, 2023 to Mar 22, 2024
- RAUM · $369M to $1.4BMar 17, 2023 to Mar 22, 2024
- Advisory employees · 3 to 5Oct 19, 2022 to Mar 17, 2023
- Employees · 3 to 5Oct 19, 2022 to Mar 17, 2023
- State-registered IARs · 3 to 5Oct 19, 2022 to Mar 17, 2023
- Other offices · 2 to 4Oct 19, 2022 to Mar 17, 2023
- Discretionary RAUM · $582M to $369MOct 19, 2022 to Mar 17, 2023
- RAUM · $582M to $369MOct 19, 2022 to Mar 17, 2023
- Accounts · 2,445 to 2Dec 13, 2021 to Mar 28, 2022
- Advisory employees · 4 to 3Dec 13, 2021 to Mar 28, 2022
- HNW clients · 176 to 0Dec 13, 2021 to Mar 28, 2022
- Individual clients · 859 to 0Dec 13, 2021 to Mar 28, 2022
- Employees · 4 to 3Dec 13, 2021 to Mar 28, 2022
- Financial planning clients · 0 to unsetDec 13, 2021 to Mar 28, 2022
- Discretionary RAUM · $573M to $582MDec 13, 2021 to Mar 28, 2022
- HNW RAUM · $339M to $0Dec 13, 2021 to Mar 28, 2022
- Individual RAUM · $234M to $0Dec 13, 2021 to Mar 28, 2022
- RAUM · $573M to $582MDec 13, 2021 to Mar 28, 2022
- Accounts · 0 to 2,445Sep 22, 2021 to Oct 21, 2021
- Advisory employees · 1 to 4Sep 22, 2021 to Oct 21, 2021
- Charity clients · unset to 0.0Sep 22, 2021 to Oct 21, 2021
- Corporate clients · unset to 0.0Sep 22, 2021 to Oct 21, 2021
- HNW clients · unset to 176.0Sep 22, 2021 to Oct 21, 2021
- Individual clients · unset to 859.0Sep 22, 2021 to Oct 21, 2021
Signals
7 dated events
- Cornerstone Portfolio Research reported RAUM $444.3M, down 76% from $1.8B (2025-09-25 to 2026-03-19)Mar 19, 2026 · RAUM change · derived
- Cornerstone Portfolio Research reported succeeding to the business of Cornerstone Portfolio Research (Form ADV Item 4)Sep 25, 2025 · Succession (Item 4) · fact
- Cornerstone Portfolio Research reported RAUM $1.8B, up 37% from $1.4B (2024-12-16 to 2025-02-18)Feb 18, 2025 · RAUM change · derived
- Jeffrey Kelvin (Chief Compliance Officer) appeared on Schedule A of Cornerstone Portfolio ResearchDec 16, 2024 · Control person joined · fact
- Cornerstone Portfolio Research reported RAUM $1.4B, up 267% from $368.6M (2023-03-17 to 2024-03-22)Mar 22, 2024 · RAUM change · derived
- Cornerstone Portfolio Research reported RAUM $368.6M, down 37% from $582.0M (2022-10-19 to 2023-03-17)Mar 17, 2023 · RAUM change · derived
- Cornerstone Portfolio Research filed its initial SEC registration (Form ADV)May 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
- Firm profile
- linkedin.com/company/cornerstoneportfolioresearchreportedpublic record, Form ADV, Sep 17, 2026
- Website
- cornerstoneportfolioresearch.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 484-631-3684reportedpublic record, Form ADV, Jun 4, 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
- $88.9Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026