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

Willow

Independent wealth managerRogers, ArkansasCRD 325785SEC 801-131403website IAPD

Legal name Willow Financial LLC

Latest filing Jun 30, 2026

First filing on the tape May 2, 2023 · 18 filings

SEC status approved since Nov 1, 2024

RAUM

$128M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

100%

$128M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$31.9M

derived; firm RAUM over IAPD count

Employees

4 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

18 filings and snapshots on the tape

RAUM$128M as of Jun 30, 2026

Mar 3, 2025$110M then

HNW client RAUM$93.7M as of Jun 30, 2026

Mar 3, 2025$70.0M then

State-registered IARs (5.B.3)4 as of Jun 30, 2026

Mar 3, 20255 then

Employees (5.A)5 as of Jun 30, 2026

Mar 3, 20256 then

Private funds: no history

RAUM +16% over the last fiscal yearIARs 5 to 4offices 0 to 1

Practice profile

derived from the filing of Jun 30, 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: $31.9MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 27derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $2.0MderivedHNW RAUM over HNW clients
Average account: $356,533derivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.3derivedItem 5.A over advisors
Advisors per office: 2.0derived2 offices incl. principal (1.F.5)
RAUM growth, one year: +16%derivedbetween the last two annual amendments
Advisor growth, one year: -20%derivedItem 5.B.3 between annual amendments
Client growth, one year: +0.0%derived
Compensation: hourly, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, selection of other advisersreportedItem 5.G
Custody: $17.0M, 30 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

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)
compensates persons for client referrals (8.G.1)
compensates non-employees for client referrals (8.G.2)
has custody of client cash or bank accounts (9.A.1.a)
marketing includes testimonials (5.L.1.c)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$93.7M73%
Individuals$33.9M27%

Individual clients: 62reported
HNW clients: 46reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 358reported
Financial planning clients: 11-25reported
Wrap fee programs: noreported
Custody of client assets: $17.0M for 30 clientsreported
Compensation: fixed, hourlyreported
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

4 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Steven Michael SchmittCertified Financial Planner	Rogers, Ar	Jun 29, 2023	18 y	1
Philip A Kapler	Rogers, Ar	Jun 29, 2023	11 y	1
Madison Elizabeth Derden	Rogers, Ar	Jun 29, 2023	10 y	0
Joseph Angelo Chowansky	Rogers, Ar	Oct 23, 2025	11 y	1

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

Joseph Angelo Chowansky from Thrivent Investment Management Inc.
Oct 23, 2025 · Affiliated broker-dealer or bank to independent RIA
Steven Michael Schmitt from Thrivent Investment Management Inc.
Jun 29, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
Philip A Kapler from Thrivent Investment Management Inc.
Jun 29, 2023 · Affiliated broker-dealer or bank to a newly registered adviser

Every departure Every arrival

Teams: two or more advisors moving together within fourteen days, from one state

2 joined from Thrivent Investment Management Inc.
Jun 30, 2023 · Rogers, Ar

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

A Philip Kapler · Member / Principal And Chief Compliance Officercontrol
since 05/2023 · owns 25% to 50%
Michael Steven Schmitt · Managing Member / Principalcontrol
since 05/2023 · owns 50% to 75%

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
Rogers, Ar · principal	4	1	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

What changed

consecutive filings, newest first

Other offices · 0 to 1
Apr 10, 2026 to Jun 30, 2026
Accounts · 326 to 358
Nov 14, 2025 to Mar 24, 2026
HNW clients · 33 to 46
Nov 14, 2025 to Mar 24, 2026
Individual clients · 75 to 62
Nov 14, 2025 to Mar 24, 2026
Assets in custody · unset to 16997110.0
Nov 14, 2025 to Mar 24, 2026
Custody of client assets · false to true
Nov 14, 2025 to Mar 24, 2026
Financial planning clients · 1-10 to 11-25
Nov 14, 2025 to Mar 24, 2026
Discretionary RAUM · $110M to $128M
Nov 14, 2025 to Mar 24, 2026
HNW RAUM · $70.0M to $93.7M
Nov 14, 2025 to Mar 24, 2026
Individual RAUM · $40.2M to $33.9M
Nov 14, 2025 to Mar 24, 2026
RAUM · $110M to $128M
Nov 14, 2025 to Mar 24, 2026
Advisory employees · 5 to 4
Mar 7, 2025 to Nov 14, 2025
Employees · 6 to 5
Mar 7, 2025 to Nov 14, 2025
State-registered IARs · 5 to 4
Mar 7, 2025 to Nov 14, 2025
Financial planning clients · 1-10 to 1-10
Mar 3, 2025 to Mar 7, 2025
Accounts · 305 to 326
Oct 8, 2024 to Mar 3, 2025
HNW clients · 38 to 33
Oct 8, 2024 to Mar 3, 2025
Individual clients · 65 to 75
Oct 8, 2024 to Mar 3, 2025
Financial planning clients · 0 to 1-10
Oct 8, 2024 to Mar 3, 2025
Discretionary RAUM · $110M to $110M
Oct 8, 2024 to Mar 3, 2025
HNW RAUM · $76.4M to $70.0M
Oct 8, 2024 to Mar 3, 2025
Individual RAUM · $34.0M to $40.2M
Oct 8, 2024 to Mar 3, 2025
RAUM · $110M to $110M
Oct 8, 2024 to Mar 3, 2025
Business name · WILLOW FINANCIAL LLC to WILLOW
Oct 2, 2024 to Oct 8, 2024
Advisory employees · 4 to 5
Oct 8, 2024 to Oct 8, 2024
State-registered IARs · 4 to 5
Oct 8, 2024 to Oct 8, 2024
Accounts · 83 to 305
Jan 26, 2024 to Oct 2, 2024
Advisory employees · 3 to 4
Jan 26, 2024 to Oct 2, 2024
HNW clients · 13 to 38
Jan 26, 2024 to Oct 2, 2024
Individual clients · 45 to 65
Jan 26, 2024 to Oct 2, 2024
Employees · 3 to 6
Jan 26, 2024 to Oct 2, 2024
State-registered IARs · 3 to 4
Jan 26, 2024 to Oct 2, 2024
Discretionary RAUM · $32.0M to $110M
Jan 26, 2024 to Oct 2, 2024
HNW RAUM · $19.2M to $76.4M
Jan 26, 2024 to Oct 2, 2024
Individual RAUM · $12.9M to $34.0M
Jan 26, 2024 to Oct 2, 2024
RAUM · $32.0M to $110M
Jan 26, 2024 to Oct 2, 2024
Assets in custody · 0.0 to unset
Jan 4, 2024 to Jan 26, 2024
Custody of client assets · true to false
Jan 4, 2024 to Jan 26, 2024
Advisory activities · 2 to 3
Sep 18, 2023 to Jan 4, 2024
Assets in custody · unset to 0.0
Sep 18, 2023 to Jan 4, 2024

Signals

2 dated events

2 advisors left Thrivent Investment Management Inc. (Rogers, AR) for Willow on the same day
Jun 30, 2023 · Team lift-out · derived
Willow Financial Llc filed its initial SEC registration (Form ADV)
May 2, 2023 · 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: 479-709-3949reportedpublished by the firm, firm site, Sep 16, 2026
Firm profile: linkedin.com/company/willow-nwareportedpublic record, Form ADV, Sep 18, 2026
Firm profile: linkedin.com/company/pathway-by-willowreportedpublic record, Form ADV, Sep 18, 2026
Website: willownwa.comreportedpublic record, Form ADV, Sep 18, 2026
Principal office phone: (479) 709-3949reportedpublic record, Form ADV, Jun 30, 2026
Contact form: willowfinancialnwa.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: $31.9Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026