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
Fjell Capital
Legal name Fjell Capital, LLC
Latest filing Aug 24, 2026
First filing on the tape Jul 15, 2023 · 14 filings
SEC status approved since Aug 15, 2023
RAUM
$187M
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
96%
$180M individuals and HNW
Advisors
4
registered through the firm on IAPD
RAUM per advisor
$46.8M
derived; firm RAUM over IAPD count
Employees
4
3 advisory (5.B.1)
Offices
2
beyond the principal office
Private funds
0
reported on Schedule D
History
14 filings and snapshots on the tape
RAUM$187M as of Aug 24, 2026
Mar 28, 2024$130M then
HNW client RAUM$130M as of Aug 24, 2026
Mar 28, 2024$90.9M then
State-registered IARs (5.B.3)3 as of Aug 24, 2026
Mar 28, 20244 then
Employees (5.A)4 as of Aug 24, 2026
Mar 28, 20245 then
Private funds: no history
RAUM +19% over the last fiscal yearIARs 4 to 3offices 0 to 2
Practice profile
derived from the filing of Aug 24, 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
- $46.8MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 51derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.7MderivedHNW RAUM over HNW clients
- Average account
- $285,973derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 3.6%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.0derivedItem 5.A over advisors
- Advisors per office
- 1.3derived3 offices incl. principal (1.F.5)
- RAUM growth, one year
- +19%derivedbetween the last two annual amendments
- Advisor growth, one year
- -25%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +4.1%derived
- Compensation
- percentage of assets, hourly, 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
- 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)
- has custody of client securities (9.A.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$130M70%
- Individuals$50.0M27%
- Charitable organizations$6.8M3.6%
- Individual clients
- 154reported
- HNW clients
- 48reported
- Pension plan clients
- n/areported
- Charitable clients
- 3reported
- Accounts
- 654reported
- Financial planning clients
- 101-250reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=0.96 fund_share=0.0 institutional_share=0.04 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 |
|---|---|---|---|---|
| Thomas Martin Stadum | Fargo, Nd | Aug 18, 2023 | 13 y | 2 |
| Daniel Brian SchusterCertified Financial Planner | Fargo, Nd | Aug 18, 2023 | 18 y | 2 |
| Jacob Bill Radke | Fargo, Nd | Aug 28, 2023 | 19 y | 1 |
| Keith William GregorChartered Financial Analyst | Phoenix, Az | Aug 25, 2026 | 10 y | 1 |
Advisor movement
1 left, 1 joined in 12 months
net 0 in 12 months0 left in 90 days1 joined in 90 daysdeparture rate 25% of current headcount1 left over 36 months
Left, latest
- Joshua B Slevin to Robert W. Baird & Co. IncorporatedMar 10, 2026 · RIA to RIA
Joined, latest
- Keith William Gregor from Mellig Group, LLCAug 25, 2026 · Other
- Jacob Bill Radke from Sanctuary Advisors, LLCAug 28, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- Thomas Martin Stadum from Sanctuary Advisors, LLCAug 18, 2023 · Affiliated broker-dealer or bank to a newly registered adviser
- Daniel Brian Schuster from Sanctuary Advisors, LLCAug 18, 2023 · 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 Sanctuary Advisors, LLCOct 2, 2023 · Fargo, Nd
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Bill Jacob Radke · Director, Platformcontrolsince 08/2024 · owns less than 5%
- Brian Daniel Schuster · Director, Wealth Managementcontrolsince 08/2024 · owns less than 5%
- Martin Thomas M Stadum · Chief Executive Officer / Chief Compliance Officercontrolsince 07/2020 · 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 |
|---|---|---|---|---|---|
| Fargo, Nd · principal | 4 | 1 | 1 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Other offices · 1 to 2Apr 16, 2026 to Aug 24, 2026
- Accounts · 638 to 654Oct 7, 2025 to Mar 27, 2026
- Advisory employees · 5 to 3Oct 7, 2025 to Mar 27, 2026
- Charity clients · unset to 3.0Oct 7, 2025 to Mar 27, 2026
- Corporate clients · 7.0 to unsetOct 7, 2025 to Mar 27, 2026
- HNW clients · 41 to 48Oct 7, 2025 to Mar 27, 2026
- Individual clients · 153 to 154Oct 7, 2025 to Mar 27, 2026
- Assets in custody · $32.3M to $57.1MOct 7, 2025 to Mar 27, 2026
- Employees · 5 to 4Oct 7, 2025 to Mar 27, 2026
- State-registered IARs · 4 to 3Oct 7, 2025 to Mar 27, 2026
- Discretionary RAUM · $146M to $184MOct 7, 2025 to Mar 27, 2026
- HNW RAUM · $108M to $130MOct 7, 2025 to Mar 27, 2026
- Individual RAUM · $43.1M to $50.0MOct 7, 2025 to Mar 27, 2026
- Non-discretionary RAUM · $11.5M to $3.0MOct 7, 2025 to Mar 27, 2026
- RAUM · $157M to $187MOct 7, 2025 to Mar 27, 2026
- Other offices · 0 to 1Jun 30, 2025 to Oct 7, 2025
- Advisory activities · 4 to 5Mar 26, 2025 to Jun 30, 2025
- Financial planning clients · 101-250 to 101-250Mar 26, 2025 to Jun 30, 2025
- Accounts · 523 to 638Sep 20, 2024 to Mar 26, 2025
- Advisory activities · 3 to 4Sep 20, 2024 to Mar 26, 2025
- HNW clients · 38 to 41Sep 20, 2024 to Mar 26, 2025
- Assets in custody · $43.3M to $32.3MSep 20, 2024 to Mar 26, 2025
- Custody of client assets · true to falseSep 20, 2024 to Mar 26, 2025
- Financial planning clients · 0 to 101-250Sep 20, 2024 to Mar 26, 2025
- Legal name · FJELL CAPITAL to FJELL CAPITAL, LLCSep 20, 2024 to Mar 26, 2025
- Discretionary RAUM · $135M to $146MSep 20, 2024 to Mar 26, 2025
- HNW RAUM · $99.9M to $108MSep 20, 2024 to Mar 26, 2025
- Individual RAUM · $41.5M to $43.1MSep 20, 2024 to Mar 26, 2025
- Non-discretionary RAUM · $11.1M to $11.5MSep 20, 2024 to Mar 26, 2025
- RAUM · $146M to $157MSep 20, 2024 to Mar 26, 2025
- Accounts · 519 to 523Jul 2, 2024 to Sep 20, 2024
- Advisory activities · 2 to 3Jul 2, 2024 to Sep 20, 2024
- Corporate clients · 5 to 7Jul 2, 2024 to Sep 20, 2024
- HNW clients · 36 to 38Jul 2, 2024 to Sep 20, 2024
- Individual clients · 143 to 153Jul 2, 2024 to Sep 20, 2024
- Pension plan clients · 0.0 to unsetJul 2, 2024 to Sep 20, 2024
- Pooled vehicle clients · 0.0 to unsetJul 2, 2024 to Sep 20, 2024
- Discretionary RAUM · $119M to $135MJul 2, 2024 to Sep 20, 2024
- HNW RAUM · $90.9M to $99.9MJul 2, 2024 to Sep 20, 2024
- Individual RAUM · $34.6M to $41.5MJul 2, 2024 to Sep 20, 2024
Signals
5 dated events
- Joshua B Slevin left Fjell Capital for Robert W. Baird & Co. Incorporated (registered 2026-07-01)Mar 10, 2026 · Advisor changed firm · fact
- Brian Daniel Schuster (Director, Wealth Management) appeared on Schedule A of Fjell CapitalSep 20, 2024 · Control person joined · fact
- Bill Jacob Radke (Director, Platform) appeared on Schedule A of Fjell CapitalSep 20, 2024 · Control person joined · fact
- 3 advisors left Sanctuary Advisors, LLC (Fargo, ND) for Fjell Capital on the same dayOct 2, 2023 · Team lift-out · derived
- Fjell Capital filed its initial SEC registration (Form ADV)Jul 15, 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
- 701-491-7600reportedpublished by the firm, firm site, Sep 16, 2026
- Firm profile
- linkedin.com/company/fjellcapitalreportedpublic record, Form ADV, Sep 17, 2026
- Website
- fjellcapital.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 701-491-7600reportedpublic record, Form ADV, Aug 24, 2026
- Contact form
- fjellcapital.com/contactreportedpublished 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
- $46.8Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026