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

Zega Investments, LLC

Wealth manager with institutional or fund businessPalm Beach Gardens, FloridaCRD 330428SEC 801-130244website IAPD

Latest filing Mar 27, 2026

First filing on the tape Apr 9, 2024 · 9 filings

SEC status approved since Jun 3, 2024

RAUM

$614M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

22%

$132M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$102M

derived; firm RAUM over IAPD count

Employees

10 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

9 filings and snapshots on the tape

RAUM$614M as of Mar 27, 2026

Jan 17, 2025$508M then

HNW client RAUM$90.4M as of Mar 27, 2026

Jan 17, 2025$78.3M then

State-registered IARs (5.B.3)7 as of Mar 27, 2026

Jan 17, 20250 then

Employees (5.A)10 as of Mar 27, 2026

Jan 17, 202510 then

Private funds: no history

RAUM +12% over the last fiscal yearIARs 6 to 7offices 0 to 9

Practice profile

derived from the filing of Mar 27, 2026; every figure names its basis

Archetypes, each a printed rule

Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent

RAUM per advisor: $102MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 33derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $1.6MderivedHNW RAUM over HNW clients
Average account: $466,933derivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.7derivedItem 5.A over advisors
Advisors per office: 0.6derived10 offices incl. principal (1.F.5)
RAUM growth, one year: +12%derivedbetween the last two annual amendments
Advisor growth, one year: +17%derivedItem 5.B.3 between annual amendments
Client growth, one year: -81%derived
Compensation: percentage of assets, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, portfolio management for businesses and institutions, otherreportedItem 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)
compensates persons for client referrals (8.G.1)
compensates non-employees for client referrals (8.G.2)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Other investment advisers$482M78%
High-net-worth individuals$90.4M15%
Individuals$41.8M6.8%

Individual clients: 139reported
HNW clients: 58reported
Pension plan clients: 0reported
Charitable clients: 0reported
Accounts: 1,315reported
Financial planning clients: 1-10reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, fixedreported
Class basis: private_client_share=0.22 fund_share=0.78 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

6 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Derek Brian Moore	Scottsdale, Az	Aug 27, 2024	32 y	6
Kenneth Blaine Luckinbill	Winterset, Ia	Aug 27, 2024	27 y	3
John Alexander Pestrichelli	West Palm Beach, Fl	Aug 27, 2024	26 y	1
Michael Alan Snyder	Wilmette, Il	Jul 30, 2025	15 y	3
Makai Florante Elep	Scottsdale, Az	Oct 31, 2025	10 y	2
Shane Michael Skinner	Palm Beach Gardens, Fl	Aug 3, 2026	10 y	0

Advisor movement

1 left, 1 joined in 12 months

net 0 in 12 months1 left in 90 days0 joined in 90 daysdeparture rate 17% of current headcount1 left over 36 months

Left, latest

Michael Waldorf Puck to Virtue Capital Management, LLC
Jul 24, 2026 · RIA to RIA

Joined, latest

Makai Florante Elep from Bradley Wealth LLC
Oct 31, 2025 · RIA to RIA
Michael Alan Snyder from Creative Planning
Jul 30, 2025 · RIA to RIA
Michael Waldorf Puck from Zega Financial, LLC
Sep 18, 2024 · Other
Derek Brian Moore from Zega Financial, LLC
Aug 27, 2024 · Other
Kenneth Blaine Luckinbill from Zega Financial, LLC
Aug 27, 2024 · Other
John Alexander Pestrichelli from Zega Financial, LLC
Aug 27, 2024 · Other

Every departure Every arrival

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

2 joined from Zega Financial, LLC
Dec 31, 2024 · Palm Beach Gardens, Fl

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Thomas John Mcdevitt · Chief Compliance Officercontrol
since 05/2024 · owns less than 5%
Sean Michael Mcgrath · Chief Operating Officercontrol
since 05/2024 · owns less than 5%
Alexander John Pestrichelli · Chief Executive Officercontrol
since 03/2011 · owns 75% or more

Related persons

Schedule D 7.A

Zega Financial, LLC
investment advisernRAUM $4.5B

Advisers that list Zega Investments, LLC as a related person

156803 n

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Palm Beach Gardens, Fl · principal	6	2	1
Scottsdale, Az	2	1	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

6 against comparable advisers; where to look, not conclusions

clients down average size upCombination · filing Mar 27, 2026
private clients fell 20 percent or more while RAUM per client rose 30 percent or more: a move up-market or the departure of small accounts. RAUM $548,799,511 to $614,016,453, advisors 6 to 7, private clients 1043 to 197, offices 0 to 9 (2025-04-07 to 2026-03-27)
peers: independent wealth managers, $500M to $1B (1,483)
wealth to institutional shiftCombination · filing Mar 27, 2026
private-client share fell 15 points or more while institutional share rose 15 points or more. RAUM $548,799,511 to $614,016,453, advisors 6 to 7, private clients 1043 to 197, offices 0 to 9 (2025-04-07 to 2026-03-27)
peers: independent wealth managers, $500M to $1B (1,483)
high office count relative to headcountStatic outlier · filing Mar 27, 2026
offices per registered advisor of 1.7 against a peer median of 0.5 (358 comparable advisers, 100.0th percentile, 4.7 robust deviations)
peers: independent wealth managers, $500M to $1B (358) · 100% percentile
client mix shiftChange between filings · filing Mar 27, 2026
private-client share of RAUM moved from 100.0% to 22.0% between the annual amendments of 2025-04-07 and 2026-03-27
peers: independent wealth managers, $500M to $1B (1,483)
institutional asset share shiftChange between filings · filing Mar 27, 2026
institutional share of RAUM moved from 0.0% to 78.0% between the annual amendments of 2025-04-07 and 2026-03-27
peers: independent wealth managers, $500M to $1B (1,483)
client count collapseChange between filings · filing Mar 27, 2026
individual and HNW clients (Item 5.D) moved from 1,043.0 to 197.0 (-81.0%) between the annual amendments of 2025-04-07 and 2026-03-27; the peer median change was +5.0% (1216 comparable advisers, 0.0th percentile of changes)
peers: independent wealth managers, $500M to $1B (1,216) · 0.2% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 1,698 to 1,315
Oct 14, 2025 to Mar 27, 2026
Advisory activities · 3 to 4
Oct 14, 2025 to Mar 27, 2026
HNW clients · 64 to 58
Oct 14, 2025 to Mar 27, 2026
Individual clients · 979 to 139
Oct 14, 2025 to Mar 27, 2026
Financial planning clients · 0 to 1-10
Oct 14, 2025 to Mar 27, 2026
State-registered IARs · 6 to 7
Oct 14, 2025 to Mar 27, 2026
Other offices · 5 to 9
Oct 14, 2025 to Mar 27, 2026
Discretionary RAUM · $549M to $614M
Oct 14, 2025 to Mar 27, 2026
HNW RAUM · $98.8M to $90.4M
Oct 14, 2025 to Mar 27, 2026
Individual RAUM · $450M to $41.8M
Oct 14, 2025 to Mar 27, 2026
RAUM · $549M to $614M
Oct 14, 2025 to Mar 27, 2026
Advisory activities · 2 to 3
May 12, 2025 to Oct 14, 2025
Business name · ZEGA INVESTMENTS to ZEGA INVESTMENTS, LLC
May 12, 2025 to Oct 14, 2025
Financial planning clients · to 0
May 12, 2025 to Oct 14, 2025
Legal name · ZEGA INVESTMENTS to ZEGA INVESTMENTS, LLC
May 12, 2025 to Oct 14, 2025
Other offices · 0 to 5
May 12, 2025 to Oct 14, 2025
Financial planning clients · unset to
Apr 7, 2025 to May 12, 2025
Accounts · 1,678 to 1,698
Jan 17, 2025 to Apr 7, 2025
Advisory employees · 9 to 10
Jan 17, 2025 to Apr 7, 2025
HNW clients · 45 to 64
Jan 17, 2025 to Apr 7, 2025
Individual clients · 156 to 979
Jan 17, 2025 to Apr 7, 2025
State-registered IARs · 0 to 6
Jan 17, 2025 to Apr 7, 2025
Discretionary RAUM · $508M to $549M
Jan 17, 2025 to Apr 7, 2025
HNW RAUM · $78.3M to $98.8M
Jan 17, 2025 to Apr 7, 2025
Individual RAUM · $430M to $450M
Jan 17, 2025 to Apr 7, 2025
RAUM · $508M to $549M
Jan 17, 2025 to Apr 7, 2025
Wrap assets (manager) · 0.0 to unset
Jan 17, 2025 to Apr 7, 2025
Wrap assets (sponsor) · 0.0 to unset
Jan 17, 2025 to Apr 7, 2025
Accounts · unset to 1678.0
May 16, 2024 to Aug 2, 2024
Advisory activities · 1 to 2
May 16, 2024 to Aug 2, 2024
HNW clients · 0 to 45
May 16, 2024 to Aug 2, 2024
Individual clients · 0 to 156
May 16, 2024 to Aug 2, 2024
Discretionary RAUM · unset to 508065847.0
May 16, 2024 to Aug 2, 2024
HNW RAUM · $0 to $78.3M
May 16, 2024 to Aug 2, 2024
Individual RAUM · $0 to $430M
May 16, 2024 to Aug 2, 2024
Non-discretionary RAUM · unset to 0.0
May 16, 2024 to Aug 2, 2024
RAUM · unset to 508065847.0
May 16, 2024 to Aug 2, 2024
Wrap assets (manager) · unset to 0.0
May 16, 2024 to Aug 2, 2024
Wrap assets (sponsor) · unset to 0.0
May 16, 2024 to Aug 2, 2024

Signals

8 dated events

Michael Waldorf Puck left Zega Investments, Llc for Virtue Capital Management, Llc (registered 2026-07-14)
Jul 24, 2026 · Advisor changed firm · fact
Zega Investments, Llc reported 5 offices beyond its principal office, up from 0 (2025-05-12 to 2025-10-14)
Oct 14, 2025 · Office count change · derived
2 advisors left Zega Financial, LLC (Palm Beach Gardens, FL) for Zega Investments, LLC within 2 days
Dec 31, 2024 · Team lift-out · derived
Mark Michael Brokaw (Managing Director Of Trading) no longer on Schedule A of Zega Investments, Llc (listed 2024-08-02, absent 2024-11-22)
Nov 22, 2024 · Control person left · inference
Jim Granger (Chief Compliance Officer) no longer on Schedule A of Zega Investments, Llc (listed 2024-04-09, absent 2024-05-16)
May 16, 2024 · Control person left · inference
Sean Michael Mcgrath (Chief Operating Officer) appeared on Schedule A of Zega Investments, Llc
May 16, 2024 · Control person joined · fact
Thomas John Mcdevitt (Chief Compliance Officer) appeared on Schedule A of Zega Investments, Llc
May 16, 2024 · Control person joined · fact
Zega Investments filed its initial SEC registration (Form ADV)
Apr 9, 2024 · 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: service@zegainvestments.comreportedpublished by the firm, firm site, Sep 15, 2026
Business phone: 800-380-9342reportedpublished by the firm, firm site, Sep 15, 2026
Website: zegainvestments.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 800.380.9342reportedpublic record, Form ADV, Mar 27, 2026
Contact form: zegainvestments.com/contact-usreportedpublished by the firm, firm site, Sep 15, 2026
Team page: zegainvestments.com/about/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: Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
RAUM per advisor: $102Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026