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••••••• W••••• P•••••••• L••
Latest filing Mar 25, 2026
First filing on the tape Dec 16, 2022 · 13 filings
SEC status approved since Jan 13, 2023
RAUM
$1.1B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
99%
$1.1B individuals and HNW
Advisors
18
registered through the firm on IAPD
RAUM per advisor
$62.2M
derived; firm RAUM over IAPD count
Employees
34
18 advisory (5.B.1)
Offices
2
beyond the principal office
Private funds
0
reported on Schedule D
History
13 filings and snapshots on the tape
RAUM$1.1B as of Mar 25, 2026
Mar 6, 2024$811M then
HNW client RAUM$750M as of Mar 25, 2026
Mar 6, 2024$309M then
State-registered IARs (5.B.3)18 as of Mar 25, 2026
Mar 6, 202419 then
Employees (5.A)34 as of Mar 25, 2026
Mar 6, 202439 then
Private funds: no history
RAUM +16% over the last fiscal yearIARs 19 to 18offices 3 to 2
Practice profile
derived from the filing of Mar 25, 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
- $62.2MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 93derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.2MderivedHNW RAUM over HNW clients
- Average account
- $134,486derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 1.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.9derivedItem 5.A over advisors
- Advisors per office
- 6.0derived3 offices incl. principal (1.F.5)
- RAUM growth, one year
- +16%derivedbetween the last two annual amendments
- Advisor growth, one year
- -5.3%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +8.1%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisersreportedItem 5.G
- Custody
- $189M, 2,042 clientsreportedItem 9.A
- 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
- is an insurance broker or agent (6.A.6)
- 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)
- has custody of client cash or bank accounts (9.A.1.a)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$750M67%
- Individuals$355M32%
- Pension and profit-sharing plans$15.0M1.3%
- Individual clients
- 1,334reported
- HNW clients
- 345reported
- Pension plan clients
- 8reported
- Charitable clients
- 0reported
- Accounts
- 8,328reported
- Financial planning clients
- 251-500reported
- Wrap fee programs
- noreported
- Custody of client assets
- $189M for 2,042 clientsreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.99 fund_share=0.0 institutional_share=0.01 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
18 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| N•••• A• S••••• | Minnetonka, Mn | Feb 2, 2023 | 26 y | 1 |
| J••• M• M•• | Minnetonka, Mn | Feb 2, 2023 | 12 y | 1 |
| H•••••• R• F•••• | Minnetonka, Mn | Feb 2, 2023 | 21 y | 2 |
| S•••• T••••• M••••••••Certified Financial Planner | Litchfield, Mn | Feb 2, 2023 | 21 y | 1 |
| A•••• A•••••• S••••••• | Minnetonka, Mn | Feb 2, 2023 | 12 y | 1 |
| M••• J• K•••••Certified Financial Planner, Chartered Financial Consultant | Minnetonka, Mn | Feb 2, 2023 | 37 y | 2 |
| J••• B• L•••••••Certified Financial Planner | Minnetonka, Mn | Feb 2, 2023 | 28 y | 1 |
| M•••••• C•••• G••••••• | Minnetonka, Mn | Feb 2, 2023 | 15 y | 1 |
| S•••••••• R• S•••••Certified Financial Planner | Minnetonka, Mn | Feb 2, 2023 | 10 y | 1 |
| L••• G•••••• D•••••••••Certified Financial Planner | Minnetonka, Mn | Feb 2, 2023 | 13 y | 1 |
| K•••• C••••• M••Chartered Financial Consultant | Minnetonka, Mn | Feb 2, 2023 | 40 y | 1 |
| J•••• W••••• D••••• | Delano, Mn | Feb 2, 2023 | 28 y | 1 |
| R••• B•••••• B•••••• | Minnetonka, Mn | Feb 2, 2023 | 22 y | 1 |
| M•••• E•••••••• R•••Certified Financial Planner | Minnetonka, Mn | Feb 5, 2023 | 26 y | 1 |
| R•••••• V•••••••• | Litchfield, Mn | Oct 16, 2023 | 12 y | 0 |
| J••• B••••••• M••••• | Minnetonka, Mn | Jan 1, 2026 | 15 y | 1 |
| C••••••• A••••• H•••••• | Minnetonka, Mn | Jan 2, 2026 | 19 y | 2 |
| M••••••• J• D••••• | Minnetonka, Mn | Jul 8, 2026 | 10 y | 1 |
Advisor movement
1 left, 3 joined in 12 months
net +2 in 12 months0 left in 90 days1 joined in 90 daysdeparture rate 5.6% of current headcount3 left over 36 months
Left, latest
- B•••••• J••• M••• to K•••••• L••••• A•••••••Sep 30, 2025 · RIA to RIA
- G•••• R••••• G••••••••• to A•• S••• F••••••••Feb 23, 2024 · RIA to RIA
- S••••• R•• S• M••••• to J••• F•••••••• A•••••••• L••Jan 2, 2024 · RIA to RIA
Joined, latest
- M••••••• J• D••••• from A••••••••• F•••••••• S•••••••• L••Jul 8, 2026 · Affiliated broker-dealer or bank to independent RIA
- C••••••• A••••• H•••••• from A••••••••• F•••••••• S•••••••• L••Jan 2, 2026 · Affiliated broker-dealer or bank to independent RIA
- J••• B••••••• M••••• from A••••••••• F•••••••• S•••••••• L••Jan 1, 2026 · Affiliated broker-dealer or bank to independent RIA
- M•••• E•••••••• R••• from A••••••••• F•••••••• S•••••••• L••Feb 5, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- J••• B• L••••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- A•••• A•••••• S••••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- M••• J• K••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- N•••• A• S••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- M•••••• C•••• G••••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- S•••••••• R• S••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- K•••• C••••• M•• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- J•••• W••••• D••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- R••• B•••••• B•••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- H•••••• R• F•••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- S•••• T••••• M•••••••• from A••••••••• F•••••••• S•••••••• L••Feb 2, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
Teams: two or more advisors moving together within fourteen days, from one state
- 2 joined from A••••••••• F•••••••• S•••••••• L••Feb 7, 2023 · Naples, Fl
- 15 joined from A••••••••• F•••••••• S•••••••• L••Feb 3, 2023 · Minnetonka, Mn
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- K•••••• M••• J• · Chief Operating Officercontrolsince 02/2023 · owns less than 5%
- L•••••••• J•••• B• · Chief Executive Officercontrolsince 02/2023 · owns 50% to 75%
- M••••••••• S••••• T••••• · Chief Financial Officercontrolsince 10/2024 · owns 25% to 50%
- W••••••• A•••••• S• · Chief Compliance Officersince 07/2023 · 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 |
|---|---|---|---|---|---|
| Minnetonka, Mn · principal | 17 | 3 | 1 | ||
| Litchfield, Mn | 5 | 0 | 0 | ||
| Delano, Mn | 3 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Delano, MN4 employees
- Litchfield, MN2 employees
- New Brighton, MN1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- HNW share shiftChange between filings · filing Mar 25, 2026HNW share of RAUM moved from 37.0% to 67.0% between the annual amendments of 2025-03-27 and 2026-03-25peers: independent wealth managers, $1B to $5B (1,362)
What changed
consecutive filings, newest first
- Accounts · 7,935 to 8,328Jul 18, 2025 to Mar 25, 2026
- Advisory employees · 33 to 18Jul 18, 2025 to Mar 25, 2026
- HNW clients · 275 to 345Jul 18, 2025 to Mar 25, 2026
- Individual clients · 1,278 to 1,334Jul 18, 2025 to Mar 25, 2026
- Assets in custody · $625M to $189MJul 18, 2025 to Mar 25, 2026
- Employees · 33 to 34Jul 18, 2025 to Mar 25, 2026
- State-registered IARs · 19 to 18Jul 18, 2025 to Mar 25, 2026
- Other offices · 3 to 2Jul 18, 2025 to Mar 25, 2026
- Discretionary RAUM · $968M to $1.1BJul 18, 2025 to Mar 25, 2026
- HNW RAUM · $358M to $750MJul 18, 2025 to Mar 25, 2026
- Individual RAUM · $596M to $355MJul 18, 2025 to Mar 25, 2026
- Pension RAUM · $14.0M to $15.0MJul 18, 2025 to Mar 25, 2026
- RAUM · $968M to $1.1BJul 18, 2025 to Mar 25, 2026
- Financial planning clients · 251-500 to 251-500Mar 27, 2025 to Jul 18, 2025
- Accounts · 7,756 to 7,935Oct 29, 2024 to Mar 27, 2025
- HNW clients · 219 to 275Oct 29, 2024 to Mar 27, 2025
- Individual clients · 1,232 to 1,278Oct 29, 2024 to Mar 27, 2025
- Assets in custody · $55.4M to $625MOct 29, 2024 to Mar 27, 2025
- Custody of client assets · false to trueOct 29, 2024 to Mar 27, 2025
- Employees · 39 to 33Oct 29, 2024 to Mar 27, 2025
- Discretionary RAUM · $811M to $968MOct 29, 2024 to Mar 27, 2025
- HNW RAUM · $309M to $358MOct 29, 2024 to Mar 27, 2025
- Individual RAUM · $487M to $596MOct 29, 2024 to Mar 27, 2025
- Pension RAUM · $15.0M to $14.0MOct 29, 2024 to Mar 27, 2025
- RAUM · $811M to $968MOct 29, 2024 to Mar 27, 2025
- Accounts · 5,657 to 7,756Aug 23, 2023 to Mar 6, 2024
- Advisory employees · 3 to 33Aug 23, 2023 to Mar 6, 2024
- HNW clients · 103 to 219Aug 23, 2023 to Mar 6, 2024
- Individual clients · 1,819 to 1,232Aug 23, 2023 to Mar 6, 2024
- Pension plan clients · 0 to 8Aug 23, 2023 to Mar 6, 2024
- Assets in custody · unset to 55435961.0Aug 23, 2023 to Mar 6, 2024
- Financial planning clients · More than 500 to 251-500Aug 23, 2023 to Mar 6, 2024
- State-registered IARs · 20 to 19Aug 23, 2023 to Mar 6, 2024
- Discretionary RAUM · $593M to $811MAug 23, 2023 to Mar 6, 2024
- HNW RAUM · $195M to $309MAug 23, 2023 to Mar 6, 2024
- Individual RAUM · $398M to $487MAug 23, 2023 to Mar 6, 2024
- Pension RAUM · $0 to $15.0MAug 23, 2023 to Mar 6, 2024
- RAUM · $593M to $811MAug 23, 2023 to Mar 6, 2024
- Accounts · 0 to 5,657Feb 6, 2023 to May 12, 2023
- Advisory employees · 17 to 3Feb 6, 2023 to May 12, 2023
Signals
14 dated events
- B•••••• J••• M••• left B••••••• W••••• P•••••••• L•• for K•••••• L••••• A••••••• (registered 2026-04-06)Sep 30, 2025 · Advisor changed firm · fact
- Gerald Steven Rice (Chief Financial Officer) no longer on Schedule A of B••••••• W••••• P•••••••• L•• (listed 2024-03-07, absent 2024-10-25)Oct 25, 2024 · Control person left · inference
- B••••••• W••••• P•••••••• L•• reported RAUM $811.0M, up 37% from $592.9M (2023-08-23 to 2024-03-06)Mar 6, 2024 · RAUM change · derived
- G•••• R••••• G••••••••• left B••••••• W••••• P•••••••• L•• for A•• S••• F•••••••• (registered 2024-04-25)Feb 23, 2024 · Advisor changed firm · fact
- S••••• R•• S• M••••• left B••••••• W••••• P•••••••• L•• for J••• F•••••••• A•••••••• L•• (registered 2023-10-03)Jan 2, 2024 · Advisor changed firm · fact
- 2 advisors left A••••••••• F•••••••• S•••••••• L•• (Naples, FL) for B••••••• W••••• P•••••••• L•• within 6 daysFeb 7, 2023 · Team lift-out · derived
- 15 advisors left A••••••••• F•••••••• S•••••••• L•• (Minnetonka, MN) for B••••••• W••••• P•••••••• L•• within 11 daysFeb 3, 2023 · Team lift-out · derived
- M••• J• K••••• (Chief Operating Officer) appeared on Schedule A of B••••••• W••••• P•••••••• L••Feb 2, 2023 · Control person joined · fact
- Gerald Steven Rice (Chief Financial Officer) appeared on Schedule A of B••••••• W••••• P•••••••• L••Feb 2, 2023 · Control person joined · fact
- Thomas Scott Marquardt (President Of Sales) appeared on Schedule A of B••••••• W••••• P•••••••• L••Feb 2, 2023 · Control person joined · fact
- B Jill Lawrence (Chief Executive Officer) appeared on Schedule A of B••••••• W••••• P•••••••• L••Feb 2, 2023 · Control person joined · fact
- B••••••• W••••• P•••••••• L•• reported 17 state-registered advisory representatives, up from 0 (2022-12-16 to 2023-02-02)Feb 2, 2023 · Advisor headcount change · derived
- Sean Kevin Woodard (Member And Chief Compliance Officer) no longer on Schedule A of B••••••• W••••• P•••••••• L•• (listed 2022-12-16, absent 2023-02-02)Feb 2, 2023 · Control person left · inference
- B•••••• P•••• A••••••• S••••••• filed its initial SEC registration (Form ADV)Dec 16, 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@bluestemwealthpartners.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 612-464-0371reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 612-464-0372reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 320-442-1041reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/bluestem-wealth-partnersreportedpublic record, Form ADV, Sep 18, 2026
- Website
- bluestemwealthpartners.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 612-464-0372reportedpublic record, Form ADV, Mar 25, 2026
- Team page
- bluestemwealthpartners.com/our-teamreportedpublished 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
- $62.2Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026