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
Kapstone Financial Advisors LLC
Latest filing Jun 18, 2026
First filing on the tape Jan 31, 2022 · 15 filings
SEC status approved since Aug 11, 2022
RAUM
$322M
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
97%
$314M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$80.6M
derived; firm RAUM over IAPD count
Employees
5
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
15 filings and snapshots on the tape
RAUM$322M as of Jun 18, 2026
Feb 27, 2023$183M then
HNW client RAUM$216M as of Jun 18, 2026
Feb 27, 2023$85.6M then
State-registered IARs (5.B.3)3 as of Jun 18, 2026
Feb 27, 20233 then
Employees (5.A)5 as of Jun 18, 2026
Feb 27, 20234 then
Private funds: no history
RAUM +19% over the last fiscal year+21% a year over threeIARs 3 to 3
Practice profile
derived from the filing of Jun 18, 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
- $80.6MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 127derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.8MderivedHNW RAUM over HNW clients
- Average account
- $296,757derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 2.5%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.3derivedItem 5.A over advisors
- Advisors per office
- 4.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +19%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -0.2%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, pension consultingreportedItem 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
- High-net-worth individuals$216M67%
- Individuals$98.0M30%
- Pension and profit-sharing plans$7.5M2.3%
- Charitable organizations$648,6830.2%
- Individual clients
- 432reported
- HNW clients
- 76reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 1,086reported
- Financial planning clients
- 11-25reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.97 fund_share=0.0 institutional_share=0.03 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 |
|---|---|---|---|---|
| David Charles KronourCertified Financial Planner | Lebanon, Oh | Mar 28, 2022 | 20 y | 5 |
| Randall Jay Kronour | Lebanon, Oh | Mar 28, 2022 | 27 y | 5 |
| Roy Elmer Mcguffin | Lebanon, Oh | Mar 29, 2022 | 38 y | 4 |
| David Robert FrazierCertified Financial Planner | Lebanon, Oh | Feb 12, 2026 | 29 y | 2 |
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
- David Robert Frazier from Kovack Advisors, Inc.Feb 12, 2026 · Affiliated broker-dealer or bank to independent RIA
- Roy Elmer Mcguffin from B. Riley Wealth Advisors, Inc.Mar 29, 2022 · Affiliated broker-dealer or bank to a newly registered adviser
- Randall Jay Kronour from B. Riley Wealth Advisors, Inc.Mar 28, 2022 · Affiliated broker-dealer or bank to a newly registered adviser
- David Charles Kronour from B. Riley Wealth Advisors, Inc.Mar 28, 2022 · Affiliated broker-dealer or bank to a newly registered adviser
Teams: two or more advisors moving together within fourteen days, from one state
- 3 joined from B. Riley Wealth Advisors, Inc.Apr 1, 2022 · Dayton, Oh
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Charles David Kronour · Managing Member / Managing Director / Chief Compliance Officercontrolsince 01/2022 · 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 |
|---|---|---|---|---|---|
| Lebanon, Oh · principal | 4 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- HNW share shiftChange between filings · filing Feb 26, 2026HNW share of RAUM moved from 35.0% to 67.0% between the annual amendments of 2025-01-31 and 2026-02-26peers: independent wealth managers, $100M to $500M (5,676)
What changed
consecutive filings, newest first
- Accounts · 1,160 to 1,086Jan 31, 2025 to Feb 26, 2026
- Advisory activities · 2 to 3Jan 31, 2025 to Feb 26, 2026
- HNW clients · 129 to 76Jan 31, 2025 to Feb 26, 2026
- Individual clients · 380 to 432Jan 31, 2025 to Feb 26, 2026
- Discretionary RAUM · $271M to $315MJan 31, 2025 to Feb 26, 2026
- HNW RAUM · $95.1M to $216MJan 31, 2025 to Feb 26, 2026
- Individual RAUM · $169M to $98.0MJan 31, 2025 to Feb 26, 2026
- Non-discretionary RAUM · $185,286 to $7.5MJan 31, 2025 to Feb 26, 2026
- Pension RAUM · $7.0M to $7.5MJan 31, 2025 to Feb 26, 2026
- RAUM · $271M to $322MJan 31, 2025 to Feb 26, 2026
- Accounts · 945 to 1,160Aug 6, 2024 to Jan 31, 2025
- HNW clients · 51 to 129Aug 6, 2024 to Jan 31, 2025
- Individual clients · 501 to 380Aug 6, 2024 to Jan 31, 2025
- Financial planning clients · 11-25 to 11-25Aug 6, 2024 to Jan 31, 2025
- Discretionary RAUM · $200M to $271MAug 6, 2024 to Jan 31, 2025
- HNW RAUM · $103M to $95.1MAug 6, 2024 to Jan 31, 2025
- Individual RAUM · $101M to $169MAug 6, 2024 to Jan 31, 2025
- Non-discretionary RAUM · $4.5M to $185,286Aug 6, 2024 to Jan 31, 2025
- Pension RAUM · unset to 7033564.0Aug 6, 2024 to Jan 31, 2025
- RAUM · $205M to $271MAug 6, 2024 to Jan 31, 2025
- HQ city · LEBENON to LEBANONJan 19, 2024 to Feb 9, 2024
- Accounts · 890 to 945Nov 14, 2023 to Jan 19, 2024
- HNW clients · 43 to 51Nov 14, 2023 to Jan 19, 2024
- Individual clients · 449 to 501Nov 14, 2023 to Jan 19, 2024
- Employees · 4 to 5Nov 14, 2023 to Jan 19, 2024
- HQ city · DAYTON to LEBENONNov 14, 2023 to Jan 19, 2024
- Other offices · 1 to 0Nov 14, 2023 to Jan 19, 2024
- Discretionary RAUM · $176M to $200MNov 14, 2023 to Jan 19, 2024
- HNW RAUM · $85.6M to $103MNov 14, 2023 to Jan 19, 2024
- Individual RAUM · $96.0M to $101MNov 14, 2023 to Jan 19, 2024
- Non-discretionary RAUM · $7.0M to $4.5MNov 14, 2023 to Jan 19, 2024
- RAUM · $183M to $205MNov 14, 2023 to Jan 19, 2024
- Accounts · 889 to 890Aug 11, 2022 to Feb 27, 2023
- Charity clients · 3.0 to unsetAug 11, 2022 to Feb 27, 2023
- HNW clients · 52 to 43Aug 11, 2022 to Feb 27, 2023
- Individual clients · 365 to 449Aug 11, 2022 to Feb 27, 2023
- Financial planning clients · 0 to 11-25Aug 11, 2022 to Feb 27, 2023
- Other offices · 0 to 1Aug 11, 2022 to Feb 27, 2023
- Discretionary RAUM · $164M to $176MAug 11, 2022 to Feb 27, 2023
- HNW RAUM · $121M to $85.6MAug 11, 2022 to Feb 27, 2023
Signals
2 dated events
- 3 advisors left B. Riley Wealth Advisors, Inc. (Dayton, OH) for Kapstone Financial Advisors LLC on the same dayApr 1, 2022 · Team lift-out · derived
- Kapstone Financial Advisors Llc filed its initial SEC registration (Form ADV)Jan 31, 2022 · 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
- 937-751-1000reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 937-949-8023reportedpublished by the firm, firm site, Sep 15, 2026
- Website
- kapstoneadvisors.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- (937) 751-1000reportedpublic record, Form ADV, Jun 18, 2026
- Contact form
- kapstoneadvisors.com/contactreportedpublished 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
- $80.6Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026