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
S•••••• P•••••••••
Legal name T••• F•••••• I••••••••• L••
Latest filing Jun 11, 2026
First filing on the tape Jul 15, 2022 · 30 filings
SEC status approved since Aug 16, 2022
RAUM
$1.6B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
100%
$1.6B individuals and HNW
Advisors
2
registered through the firm on IAPD
RAUM per advisor
$779M
derived; firm RAUM over IAPD count
Employees
15
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
30 filings and snapshots on the tape
RAUM$1.6B as of Jun 11, 2026
Mar 31, 2023$0 then
HNW client RAUM$419M as of Jun 11, 2026
Mar 25, 2025$263M then
State-registered IARs (5.B.3)2 as of Jun 11, 2026
Mar 31, 20231 then
Employees (5.A)15 as of Jun 11, 2026
Mar 31, 20231 then
Private funds: no history
RAUM +168% over the last fiscal yearIARs 3 to 2
Practice profile
derived from the filing of Jun 11, 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
- Mass-affluent RIA · private-client share at least 50 percent, non-HNW individuals at least 60 percent of private-client RAUM
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $779MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 3,326derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.0MderivedHNW RAUM over HNW clients
- Average account
- $234,224derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 7.5derivedItem 5.A over advisors
- Advisors per office
- 2.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +168%derivedbetween the last two annual amendments
- Advisor growth, one year
- -33%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +334%derived
- Compensation
- percentage of assets, otherreportedItem 5.E
- Advisory activities
- selection of other advisers, publicationsreportedItem 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)
- 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
- Individuals$1.1B73%
- High-net-worth individuals$419M27%
- Individual clients
- 6,440reported
- HNW clients
- 212reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 6,652reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- 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
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
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
- A•••••• M•••••• R••••••• to P•••••••• W••••• P•••••••Jun 14, 2023 · Other
Joined, latest
- A•••••• M•••••• R••••••• from C•••••• M••••••••• S•••••••• I•••Dec 7, 2022 · RIA to a newly registered adviser
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- G••••••••• R•••••• L•• · Board Of Directorscontrolsince 04/2026 · owns less than 5%
- P••••••••• D•••••• W••••• · Ceocontrolsince 03/2026 · owns less than 5%
- W•••• M••••••• D•••••• · Ciocontrolsince 03/2026 · owns less than 5%
- W••••••• A•••• A•••• · Ceocontrolsince 09/2023 · owns less than 5%
- P••••••••• D•••••• W••••• · Membercontrolsince 09/1996 · owns 50% to 75% of P•••••••• I••••••••• I•••
- P••••••••• K••••••• E••••• · Membercontrolsince 09/1996 · owns 50% to 75% of P•••••••• I••••••••• I•••
- S••••••••• G•••• J••••• · Chief Compliance Officersince 07/2022 · owns less than 5%
Entity owners
- P•••••••• F••••• H••••••• L•••••• · Memberdirect · owns 25% to 50%
- P•••••••• F••••• H••••••• L•••••• P••••••••• · Memberdirect · owns 25% to 50%
- P•••••••• I••••••••• I••• · Memberdirect · owns 50% to 75%
Related persons
Schedule D 7.A
- P•••••••• W••••• P•••••••investment adviseryRAUM $1.4B
Advisers that list S•••••• P••••••••• as a related person
- 120973 y
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Coeur Dalene, Id | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
8 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Jun 11, 2026G••••••••• R•••••• L•• (BOARD OF DIRECTORS) appeared on Schedule A between the filings of 2023-11-14 and 2026-06-11peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Jun 11, 2026W••••••• A•••• A•••• (CEO) left Schedule A between the filings of 2023-11-14 and 2026-06-11peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Jun 11, 2026P••••••••• K••••••• E••••• (MEMBER) left Schedule A between the filings of 2023-11-14 and 2026-06-11peers: independent wealth managers, $1B to $5B (1,362)
- control person changedChange between filings · filing Jun 11, 2026W•••• M••••••• D•••••• (CIO) appeared on Schedule A between the filings of 2023-11-14 and 2026-06-11peers: independent wealth managers, $1B to $5B (1,362)
- RAUM up 50 %Change between filings · filing Apr 15, 2026RAUM (Item 5.F) moved from $581,584,938 to $1,558,055,845 (+168.0%) between the annual amendments of 2025-03-25 and 2026-04-15; the peer median change was +17.0% (1298 comparable advisers, 99.0th percentile of changes)peers: independent wealth managers, $1B to $5B (1,298) · 99% percentile
- account count collapseChange between filings · filing Apr 15, 2026accounts (Item 5.F.2.f) moved from 10,387.0 to 6,652.0 (-36.0%) between the annual amendments of 2025-03-25 and 2026-04-15; the peer median change was +6.0% (1206 comparable advisers, 2.0th percentile of changes)peers: independent wealth managers, $1B to $5B (1,206) · 2.4% percentile
- client count surgeChange between filings · filing Apr 15, 2026individual and HNW clients (Item 5.D) moved from 1,533.0 to 6,652.0 (+334.0%) between the annual amendments of 2025-03-25 and 2026-04-15; the peer median change was +5.0% (1132 comparable advisers, 100.0th percentile of changes)peers: independent wealth managers, $1B to $5B (1,132) · 100% percentile
- HNW share shiftChange between filings · filing Apr 15, 2026HNW share of RAUM moved from 45.0% to 27.0% between the annual amendments of 2025-03-25 and 2026-04-15peers: independent wealth managers, $1B to $5B (1,362)
What changed
consecutive filings, newest first
- Accounts · 10,387 to 6,652Jan 22, 2026 to Mar 16, 2026
- HNW clients · 129 to 212Jan 22, 2026 to Mar 16, 2026
- Individual clients · 1,404 to 6,440Jan 22, 2026 to Mar 16, 2026
- Commission compensation · true to falseJan 22, 2026 to Mar 16, 2026
- Employees · 14 to 15Jan 22, 2026 to Mar 16, 2026
- State-registered IARs · 3 to 2Jan 22, 2026 to Mar 16, 2026
- Legal name · TRUE FREEDOM, LLC to TRUE FREEDOM INVESTING, LLCJan 22, 2026 to Mar 16, 2026
- Discretionary RAUM · $582M to $1.6BJan 22, 2026 to Mar 16, 2026
- HNW RAUM · $263M to $419MJan 22, 2026 to Mar 16, 2026
- Individual RAUM · $318M to $1.1BJan 22, 2026 to Mar 16, 2026
- RAUM · $582M to $1.6BJan 22, 2026 to Mar 16, 2026
- Business name · S•••••• P••••••••• L•• to S•••••• P•••••••••Jul 31, 2025 to Jan 22, 2026
- Legal name · S•••••• P••••••••• L•• to TRUE FREEDOM, LLCJul 31, 2025 to Jan 22, 2026
- Financial planning clients · 0 to 0Mar 25, 2025 to Jul 31, 2025
- Accounts · 8,528 to 10,387Jan 2, 2025 to Mar 25, 2025
- Advisory employees · 4 to 3Jan 2, 2025 to Mar 25, 2025
- Advisory activities · 5 to 3Jan 2, 2025 to Mar 25, 2025
- HNW clients · unset to 129.0Jan 2, 2025 to Mar 25, 2025
- Individual clients · unset to 1404.0Jan 2, 2025 to Mar 25, 2025
- Commission compensation · false to trueJan 2, 2025 to Mar 25, 2025
- Employees · 8 to 14Jan 2, 2025 to Mar 25, 2025
- Financial planning clients · unset to 0Jan 2, 2025 to Mar 25, 2025
- State-registered IARs · 4 to 3Jan 2, 2025 to Mar 25, 2025
- Discretionary RAUM · $434M to $582MJan 2, 2025 to Mar 25, 2025
- HNW RAUM · unset to 263339419.0Jan 2, 2025 to Mar 25, 2025
- Individual RAUM · unset to 318245519.0Jan 2, 2025 to Mar 25, 2025
- RAUM · $434M to $582MJan 2, 2025 to Mar 25, 2025
- Accounts · 5,278 to 8,528Dec 23, 2024 to Jan 2, 2025
- Non-discretionary RAUM · $1.2B to $0Dec 23, 2024 to Jan 2, 2025
- RAUM · $1.6B to $434MDec 23, 2024 to Jan 2, 2025
- Accounts · 3,639 to 5,278Sep 23, 2024 to Nov 26, 2024
- Discretionary RAUM · $203M to $434MSep 23, 2024 to Nov 26, 2024
- Non-discretionary RAUM · $0 to $1.2BSep 23, 2024 to Nov 26, 2024
- RAUM · $203M to $1.6BSep 23, 2024 to Nov 26, 2024
- Discretionary RAUM · $161M to $203MFeb 9, 2024 to Feb 27, 2024
- RAUM · $161M to $203MFeb 9, 2024 to Feb 27, 2024
- Accounts · 2,733 to 3,639Nov 14, 2023 to Feb 9, 2024
- Discretionary RAUM · $123M to $161MNov 14, 2023 to Feb 9, 2024
- RAUM · $123M to $161MNov 14, 2023 to Feb 9, 2024
- Accounts · 4 to 2,733Nov 13, 2023 to Nov 14, 2023
Signals
8 dated events
- S•••••• P••••••••• reported RAUM $1.6B, up 168% from $581.6M (2026-01-22 to 2026-03-16)Mar 16, 2026 · RAUM change · derived
- S•••••• P••••••••• reported RAUM $581.6M, up 34% from $434.0M (2025-01-02 to 2025-03-25)Mar 25, 2025 · RAUM change · derived
- S•••••• P••••••••• reported RAUM $434.0M, down 73% from $1.6B (2024-12-23 to 2025-01-02)Jan 2, 2025 · RAUM change · derived
- S•••••• P••••••••• reported RAUM $1.6B, up 691% from $202.5M (2024-09-23 to 2024-11-26)Nov 26, 2024 · RAUM change · derived
- Allen Adam Weisner (Ceo) appeared on Schedule A of S•••••• P•••••••••Nov 14, 2023 · Control person joined · fact
- Elaine Kathryn Pinkerton (Member) appeared on Schedule A of S•••••• P•••••••••Nov 14, 2023 · Control person joined · fact
- A•••••• M•••••• R••••••• left S•••••• P••••••••• for P•••••••• W••••• P••••••• (registered 2023-06-14)Jun 14, 2023 · Advisor changed firm · fact
- S•••••• P••••••••• L•• filed its initial SEC registration (Form ADV)Jul 15, 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@shermanportfolios.comreportedpublished by the firm, firm site, Sep 16, 2026
- Business email
- adam@shermanportfolios.comreportedpublished by the firm, firm site, Sep 16, 2026
- Business email
- justin@shermanportfolios.comreportedpublished by the firm, firm site, Sep 16, 2026
- Business email
- tom@shermanportfolios.comreportedpublished by the firm, firm site, Sep 16, 2026
- Business phone
- 888-957-3438reportedpublished by the firm, firm site, Sep 16, 2026
- Website
- shermanportfolios.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 800-634-2008reportedpublic record, Form ADV, Jun 11, 2026
- Contact form
- shermanresearch.com/contact-usreportedpublished by the firm, firm site, Sep 16, 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
- $779Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026