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.
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SEC-registered adviser
B•••• T••• L••
Latest filing Mar 31, 2026
First filing on the tape Jul 29, 2021 · 16 filings
SEC status approved since May 19, 2023
RAUM
$345M
reported, Item 5.F
Discretionary
9.3%
of RAUM
Private clients
28%
$95.7M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$86.3M
derived; firm RAUM over IAPD count
Employees
15
5 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
1
reported on Schedule D
History
16 filings and snapshots on the tape
RAUM$345M as of Mar 31, 2026
Apr 25, 2022$0 then
HNW client RAUM$83.7M as of Mar 31, 2026
Mar 31, 2025$21.6M then
State-registered IARs (5.B.3)6 as of Mar 31, 2026
Apr 25, 20221 then
Employees (5.A)15 as of Mar 31, 2026
Apr 25, 20221 then
Private funds1 as of Mar 31, 2026
Mar 31, 20251 then
RAUM +25% over the last fiscal yearIARs 3 to 6
Practice profile
derived from the filing of Mar 31, 2026; every figure names its basis
Archetypes, each a printed rule
- Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent
- RAUM per advisor
- $86.3MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 16derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.9MderivedHNW RAUM over HNW clients
- Average account
- $5.3MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 9.3%derivedof RAUM
- Institutional
- 71%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 3.8derivedItem 5.A over advisors
- Advisors per office
- 4.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +25%derivedbetween the last two annual amendments
- Advisor growth, one year
- +100%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +152%derived
- Compensation
- percentage of assets, performance-based, otherreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 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)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Insurance companies$246M71%
- High-net-worth individuals$83.7M24%
- Individuals$12.0M3.5%
- Pooled investment vehicles$2.9M0.8%
- Individual clients
- 34reported
- HNW clients
- 29reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 65reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.28 fund_share=0.01 institutional_share=0.71 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 |
|---|---|---|---|---|
| A•••• N••••• | Miami, Fl | May 27, 2025 | 12 y | 0 |
| S••••••• R•••• | Miami, Fl | Jun 17, 2025 | 11 y | 0 |
| A•••••• P•••••• | Miami, Fl | Dec 26, 2025 | 14 y | 1 |
| M•••••• A•••• B•••Chartered Financial Analyst | Montevideo | Jan 1, 2026 | 15 y | 4 |
Advisor movement
1 left, 2 joined in 12 months
net +1 in 12 months1 left in 90 days0 joined in 90 daysdeparture rate 25% of current headcount1 left over 36 months
Left, latest
- R••••• L••••••• M•••••• to B•••••Jul 30, 2026 · RIA to RIA
Joined, latest
- M•••••• A•••• B••• from E•• C•••••• I••••••••• C••••Jan 1, 2026 · Other
- A•••••• P•••••• from B• V•••Dec 26, 2025 · Other
Private funds
1 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| B• F••• S•• | Hedge Fund | $3.0M | 1 | Aug 21, 2024 |
Owners and control persons
Schedule A and B, latest filing
- G••••••••• A•••••••• · Director / Ccocontrolsince 06/2021 · owns 10% to 25%
- R•••• G••••••• O•••••• · Directorcontrolsince 06/2021 · owns 50% to 75%
- R•••• G••••••• O•••••• · Managing Membercontrolsince 07/2021 · owns 50% to 75% of B•••••••• H••••••• L••
Entity owners
- B•••••••• H••••••• L•• · Memberdirect · owns 75% or more
Related persons
Schedule D 7.A
- T••• G••••• M•••• F•••pooled vehicle sponsorn
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Miami, Fl · principal | 4 | 2 | 1 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
6 against comparable advisers; where to look, not conclusions
- institutional to wealth shiftCombination · filing Mar 31, 2026institutional share fell 15 points or more while private-client share rose 15 points or more. RAUM $276,710,783 to $345,141,149, advisors 3 to 6, private clients 25 to 63, offices 0 to 0 (2025-03-31 to 2026-03-31)peers: independent wealth managers, $100M to $500M (5,676)
- unusually large average accountStatic outlier · filing Mar 31, 2026RAUM per account of $5,309,864 against a peer median of $439,994 (5431 comparable advisers, 99.0th percentile, 3.3 robust deviations)peers: independent wealth managers, $100M to $500M (5,431) · 99% percentile
- high institutional concentrationStatic outlier · filing Mar 31, 2026institutional share of RAUM of 71% against a peer median of 0% (5676 comparable advisers, 100.0th percentile, 24.0 robust deviations)peers: independent wealth managers, $100M to $500M (5,676) · 100% percentile
- client mix shiftChange between filings · filing Mar 31, 2026private-client share of RAUM moved from 10.0% to 28.0% between the annual amendments of 2025-03-31 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
- HNW share shiftChange between filings · filing Mar 31, 2026HNW share of RAUM moved from 8.0% to 24.0% between the annual amendments of 2025-03-31 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
- institutional asset share shiftChange between filings · filing Mar 31, 2026institutional share of RAUM moved from 89.0% to 71.0% between the annual amendments of 2025-03-31 and 2026-03-31peers: independent wealth managers, $100M to $500M (5,676)
What changed
consecutive filings, newest first
- Accounts · 35 to 65Mar 31, 2025 to Mar 31, 2026
- Advisory employees · 7 to 5Mar 31, 2025 to Mar 31, 2026
- Corporate clients · 8.0 to unsetMar 31, 2025 to Mar 31, 2026
- HNW clients · 7 to 29Mar 31, 2025 to Mar 31, 2026
- Individual clients · 18 to 34Mar 31, 2025 to Mar 31, 2026
- Employees · 12 to 15Mar 31, 2025 to Mar 31, 2026
- State-registered IARs · 3 to 6Mar 31, 2025 to Mar 31, 2026
- Discretionary RAUM · $12.6M to $32.2MMar 31, 2025 to Mar 31, 2026
- HNW RAUM · $21.6M to $83.7MMar 31, 2025 to Mar 31, 2026
- Individual RAUM · $5.5M to $12.0MMar 31, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $264M to $313MMar 31, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $3.0M to $2.9MMar 31, 2025 to Mar 31, 2026
- RAUM · $277M to $345MMar 31, 2025 to Mar 31, 2026
- Accounts · 12 to 35Aug 21, 2024 to Mar 31, 2025
- Advisory employees · 2 to 7Aug 21, 2024 to Mar 31, 2025
- Corporate clients · unset to 8.0Aug 21, 2024 to Mar 31, 2025
- HNW clients · unset to 7.0Aug 21, 2024 to Mar 31, 2025
- Individual clients · 10 to 18Aug 21, 2024 to Mar 31, 2025
- Employees · 10 to 12Aug 21, 2024 to Mar 31, 2025
- Financial planning clients · unset to Aug 21, 2024 to Mar 31, 2025
- State-registered IARs · 2 to 3Aug 21, 2024 to Mar 31, 2025
- Discretionary RAUM · $20.8M to $12.6MAug 21, 2024 to Mar 31, 2025
- HNW RAUM · unset to 21565134.0Aug 21, 2024 to Mar 31, 2025
- Individual RAUM · $72.5M to $5.5MAug 21, 2024 to Mar 31, 2025
- Non-discretionary RAUM · $208M to $264MAug 21, 2024 to Mar 31, 2025
- RAUM · $229M to $277MAug 21, 2024 to Mar 31, 2025
- Accounts · 11 to 12Mar 28, 2024 to Aug 21, 2024
- Pooled vehicle clients · unset to 1.0Mar 28, 2024 to Aug 21, 2024
- Private funds · unset to 1Mar 28, 2024 to Aug 21, 2024
- Discretionary RAUM · $17.8M to $20.8MMar 28, 2024 to Aug 21, 2024
- Pooled vehicle RAUM · unset to 3000000.0Mar 28, 2024 to Aug 21, 2024
- RAUM · $226M to $229MMar 28, 2024 to Aug 21, 2024
- Accounts · 3 to 11Dec 6, 2023 to Mar 28, 2024
- HNW clients · 2.0 to unsetDec 6, 2023 to Mar 28, 2024
- Individual clients · unset to 10.0Dec 6, 2023 to Mar 28, 2024
- Discretionary RAUM · $0 to $17.8MDec 6, 2023 to Mar 28, 2024
- HNW RAUM · 8778767.0 to unsetDec 6, 2023 to Mar 28, 2024
- Individual RAUM · unset to 72473401.0Dec 6, 2023 to Mar 28, 2024
- Non-discretionary RAUM · $159M to $208MDec 6, 2023 to Mar 28, 2024
- RAUM · $159M to $226MDec 6, 2023 to Mar 28, 2024
Signals
10 dated events
- R••••• L••••••• M•••••• left B•••• T••• L•• for Balanz (registered 2026-07-23)Jul 30, 2026 · Advisor changed firm · fact
- Raul Fernando Marengo (Director) no longer on Schedule A of B•••• T••• L•• (listed 2023-03-06, absent 2023-04-19)Apr 19, 2023 · Control person left · inference
- Enrique Gabriel Gendler (Principal) no longer on Schedule A of B•••• T••• L•• (listed 2023-03-06, absent 2023-04-19)Apr 19, 2023 · Control person left · inference
- A•••• M•••••• B••• (Principal/Portfolio Manager/Cco) no longer on Schedule A of B•••• T••• L•• (listed 2022-12-19, absent 2023-03-06)Mar 6, 2023 · Control person left · inference
- Enrique Gabriel Gendler (Principal) appeared on Schedule A of B•••• T••• L••Mar 6, 2023 · Control person joined · fact
- Orlando Gabriel Ruiz (Director) appeared on Schedule A of B•••• T••• L••Aug 25, 2021 · Control person joined · fact
- Alejandro Goldaracena (Director) appeared on Schedule A of B•••• T••• L••Aug 25, 2021 · Control person joined · fact
- Raul Fernando Marengo (Director) appeared on Schedule A of B•••• T••• L••Aug 25, 2021 · Control person joined · fact
- Cesar Julio Canas (Chief Compliance Officer) no longer on Schedule A of B•••• T••• L•• (listed 2021-07-29, absent 2021-08-25)Aug 25, 2021 · Control person left · inference
- B•••••••• A•••• M••••••••• filed its initial SEC registration (Form ADV)Jul 29, 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
- Website
- blacktoro.usreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 786 753-7009reportedpublic record, Form ADV, Mar 31, 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
- Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $86.3Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026