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
Concentric
Legal name Advisor Partners II, LLC
Latest filing Mar 31, 2026
First filing on the tape Apr 27, 2022 · 8 filings
SEC status approved since May 25, 2022
RAUM
$14B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
88%
$12B individuals and HNW
Advisors
11
registered through the firm on IAPD
RAUM per advisor
$1.3B
derived; firm RAUM over IAPD count
Employees
26
16 advisory (5.B.1)
Offices
3
beyond the principal office
Private funds
0
reported on Schedule D
History
8 filings and snapshots on the tape
RAUM$14B as of Mar 31, 2026
Feb 17, 2023$1.9B then
HNW client RAUM$12B as of Mar 31, 2026
Feb 17, 2023$1.8B then
State-registered IARs (5.B.3)12 as of Mar 31, 2026
Feb 17, 20235 then
Employees (5.A)26 as of Mar 31, 2026
Feb 17, 20239 then
Private funds: no history
RAUM +81% over the last fiscal year+93% a year over threeIARs 9 to 12offices 1 to 3
Practice profile
derived from the filing of Mar 31, 2026; every figure names its basis
- RAUM per advisor
- $1.3BderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 467derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.7MderivedHNW RAUM over HNW clients
- Average account
- $2.6MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 2.7%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.4derivedItem 5.A over advisors
- Advisors per office
- 2.8derived4 offices incl. principal (1.F.5)
- RAUM growth, one year
- +81%derivedbetween the last two annual amendments
- Advisor growth, one year
- +33%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +46%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, otherreportedItem 5.G
- Wrap fee program
- participatesreportedItem 5.I
- 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)
- a related person acts as qualified custodian (9.D.2)
- marketing includes testimonials (5.L.1.c)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$12B84%
- Corporations and businesses$1.3B9.3%
- Individuals$555M4.0%
- Charitable organizations$353M2.5%
- Pension and profit-sharing plans$21.6M0.2%
- Other investment advisers$12.4M0.1%
- Individual clients
- 762reported
- HNW clients
- 4,380reported
- Pension plan clients
- 3reported
- Charitable clients
- 91reported
- Accounts
- 5,371reported
- Financial planning clients
- reported
- Wrap fee programs
- $0 sponsored, $411M managedreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.88 fund_share=0.0 institutional_share=0.03 related_bd=false related_bank=true bd_reps=0.0 bank_owner=falsederived
Advisors registered through the firm
9 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Elena GorskayaChartered Financial Analyst | Walnut Creek, Ca | Jun 17, 2022 | 10 y | 2 |
| Rahul Nmn Agrawal | Walnut Creek, Ca | Jun 22, 2022 | 21 y | 2 |
| Jia Xu | Walnut Creek, Ca | Jun 22, 2022 | 10 y | 2 |
| Bryan James Lee | Walnut Creek, Ca | Jun 22, 2022 | 13 y | 2 |
| Ashley Elaine DuffeyChartered Financial Analyst | Lakewood, Co | Jul 10, 2024 | 10 y | 1 |
| Ralph Michael Studley | Boston, Ma | Dec 10, 2024 | 23 y | 3 |
| Luke Desmond Hass | Walnut Creek, Ca | Mar 7, 2025 | 12 y | 0 |
| Adrian Enrique Colmenares | Walnut Creek, Ca | Oct 27, 2025 | 12 y | 0 |
| Lindy Rebecca Moss | Walnut Creek, Ca | Feb 9, 2026 | 12 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 headcount2 left over 36 months
Left, latest
- Anthony Mark Castaldi to Covenant Wealth AdvisorsSep 2, 2025 · RIA to RIA
- Michael John Oconnor to Compound Planning, Inc.Feb 21, 2024 · RIA to RIA
Joined, latest
- Ralph Michael Studley from New York Life Investment Management LLCDec 10, 2024 · Other
- Ashley Elaine Duffey from Personal Capital Advisors CorporationJul 10, 2024 · RIA to RIA
- Anthony Mark Castaldi from Acorn Financial Advisory Services, Inc.May 6, 2024 · RIA to RIA
- Rahul Nmn Agrawal from Advisor Partners, LLCJun 22, 2022 · RIA to a newly registered adviser
- Michael John Oconnor from Advisor Partners, LLCJun 22, 2022 · RIA to a newly registered adviser
- Jia Xu from Advisor Partners, LLCJun 22, 2022 · RIA to a newly registered adviser
- Bryan James Lee from Advisor Partners, LLCJun 22, 2022 · RIA to a newly registered adviser
- Elena Gorskaya from Advisor Partners, LLCJun 17, 2022 · RIA to a newly registered adviser
Teams: two or more advisors moving together within fourteen days, from one state
- 4 joined from Advisor Partners, LLCAug 15, 2022 · Walnut Creek, Ca · Firm absorbed
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Nmn Rahul Agrawal · President/Chief Investment Officersince 04/2022 · owns less than 5%
- Paxson Charles Keates · General Counselsince 02/2025 · owns less than 5%
- Douglas James Mccall · Chief Compliance Officersince 02/2025 · owns less than 5%
- Cheryl Stephanie Sidebotham · Chief Operations Officersince 04/2022 · owns less than 5%
- Michael Ralph Studley · Chief Revenue Officersince 02/2025 · owns less than 5%
- Evelyn Lisandra Wilmott · Chief Compliance Officer/General Counselsince 04/2022 · owns less than 5%
Entity owners
- Pathstone Intermediate Holdings, · Managing Memberdirect · owns 75% or more
- Pathstone Intermediate Holdings, LLC · Managing Memberdirect · owns 75% or more
- Kai Xi (Tailwind) Investor, LP · Limited Partnerindirect · owns 25% to 50% of Pathstone Holdings LLC
- Kelso Gp Xi, LLC · General Partnerindirect · owns F of Kia Xi (Tailwind) Gp, L.P.
- Kia Xi (Tailwind) Gp, L.P. · General Partnerindirect · owns F of Kai Xi (Tailwind) Investor, LP
- Pathstone Holdings LLC · Memberindirect · owns 75% or more of Pathstone Intermediate Holdings, LLC
Related persons
Schedule D 7.A
- Pathstoneinvestment advisernRAUM $110B
- Willow Streetn
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Walnut Creek, Ca · principal | 11 | 2 | 0 | ||
| Boston, Ma | 3 | 2 | 0 | ||
| Newtown Square, Pa | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
3 against comparable advisers; where to look, not conclusions
- affiliate changedChange between filings · filing Mar 31, 2026bank affiliate (Item 7.A.6): no on the filing of 2025-08-01, yes on the filing of 2026-03-31peers: independent wealth managers, $5B to $20B (289)
- employee count surgeChange between filings · filing Mar 31, 2026employees (Item 5.A) moved from 16.0 to 26.0 (+63.0%) between the annual amendments of 2025-03-31 and 2026-03-31; the peer median change was +5.0% (264 comparable advisers, 96.0th percentile of changes)peers: independent wealth managers, $5B to $20B (264) · 96% percentile
- RAUM up 50 %Change between filings · filing Mar 31, 2026RAUM (Item 5.F) moved from $7,668,325,922 to $13,910,765,668 (+81.0%) between the annual amendments of 2025-03-31 and 2026-03-31; the peer median change was +18.0% (271 comparable advisers, 96.0th percentile of changes)peers: independent wealth managers, $5B to $20B (271) · 96% percentile
What changed
consecutive filings, newest first
- Accounts · 3,552 to 5,371Aug 1, 2025 to Mar 31, 2026
- Advisory employees · 9 to 16Aug 1, 2025 to Mar 31, 2026
- Charity clients · unset to 91.0Aug 1, 2025 to Mar 31, 2026
- Corporate clients · 32 to 131Aug 1, 2025 to Mar 31, 2026
- HNW clients · 2,731 to 4,380Aug 1, 2025 to Mar 31, 2026
- Individual clients · 785 to 762Aug 1, 2025 to Mar 31, 2026
- Pension plan clients · unset to 3.0Aug 1, 2025 to Mar 31, 2026
- Employees · 16 to 26Aug 1, 2025 to Mar 31, 2026
- Insurance-licensed employees · 0 to 2Aug 1, 2025 to Mar 31, 2026
- State-registered IARs · 9 to 12Aug 1, 2025 to Mar 31, 2026
- Other offices · 2 to 3Aug 1, 2025 to Mar 31, 2026
- Discretionary RAUM · $7.7B to $14BAug 1, 2025 to Mar 31, 2026
- HNW RAUM · $6.9B to $12BAug 1, 2025 to Mar 31, 2026
- Individual RAUM · $590M to $555MAug 1, 2025 to Mar 31, 2026
- Pension RAUM · unset to 21563399.0Aug 1, 2025 to Mar 31, 2026
- RAUM · $7.7B to $14BAug 1, 2025 to Mar 31, 2026
- Related bank · false to trueAug 1, 2025 to Mar 31, 2026
- Wrap assets (manager) · $353M to $411MAug 1, 2025 to Mar 31, 2026
- Business name · ADVISOR PARTNERS to CONCENTRICMar 31, 2025 to Aug 1, 2025
- Other offices · 1 to 2Mar 31, 2025 to Aug 1, 2025
- Accounts · 1,929 to 3,552Mar 28, 2024 to Mar 31, 2025
- Advisory employees · 6 to 9Mar 28, 2024 to Mar 31, 2025
- Advisory activities · 4 to 3Mar 28, 2024 to Mar 31, 2025
- Corporate clients · 17 to 32Mar 28, 2024 to Mar 31, 2025
- HNW clients · 1,378 to 2,731Mar 28, 2024 to Mar 31, 2025
- Individual clients · 530 to 785Mar 28, 2024 to Mar 31, 2025
- Employees · 12 to 16Mar 28, 2024 to Mar 31, 2025
- Financial planning clients · 1-10 to Mar 28, 2024 to Mar 31, 2025
- State-registered IARs · 5 to 9Mar 28, 2024 to Mar 31, 2025
- Other offices · 0 to 1Mar 28, 2024 to Mar 31, 2025
- Discretionary RAUM · $3.4B to $7.7BMar 28, 2024 to Mar 31, 2025
- HNW RAUM · $3.0B to $6.9BMar 28, 2024 to Mar 31, 2025
- Individual RAUM · $306M to $590MMar 28, 2024 to Mar 31, 2025
- RAUM · $3.4B to $7.7BMar 28, 2024 to Mar 31, 2025
- Wrap assets (manager) · $383M to $353MMar 28, 2024 to Mar 31, 2025
- Accounts · 1,111 to 1,929Sep 7, 2023 to Mar 28, 2024
- Advisory employees · 5 to 6Sep 7, 2023 to Mar 28, 2024
- Advisory activities · 3 to 4Sep 7, 2023 to Mar 28, 2024
- HNW clients · 850 to 1,378Sep 7, 2023 to Mar 28, 2024
- Individual clients · 240 to 530Sep 7, 2023 to Mar 28, 2024
Signals
7 dated events
- Concentric reported RAUM $13.9B, up 81% from $7.7B (2025-08-01 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- Anthony Mark Castaldi left Concentric for Covenant Wealth Advisors (registered 2025-09-05)Sep 2, 2025 · Advisor changed firm · fact
- Concentric reported RAUM $7.7B, up 127% from $3.4B (2024-03-28 to 2025-03-31)Mar 31, 2025 · RAUM change · derived
- Concentric reported RAUM $3.4B, up 74% from $1.9B (2023-09-07 to 2024-03-28)Mar 28, 2024 · RAUM change · derived
- Michael John Oconnor left Concentric for Compound Planning, Inc. (registered 2025-01-01)Feb 21, 2024 · Advisor changed firm · fact
- Advisor Partners, LLC's advisors moved to Concentric (Walnut Creek, CA): 4 of 4 registered, on the same dayAug 15, 2022 · Firm absorbed (people side) · derived
- Advisor Partners filed its initial SEC registration (Form ADV)Apr 27, 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 email
- info@concentricinnovation.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 857-305-3050reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 925-444-1320reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/concentric-innovationreportedpublic record, Form ADV, Sep 17, 2026
- Website
- concentricinnovation.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 888-265-2257reportedpublic 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
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $1.3Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026