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
Kfg, LLC
Latest filing Jul 8, 2026
First filing on the tape Sep 22, 2025 · 4 filings
SEC status approved since Sep 3, 2025
RAUM
$188M
reported, Item 5.F
Discretionary
77%
of RAUM
Private clients
96%
$181M individuals and HNW
Advisors
8
registered through the firm on IAPD
RAUM per advisor
$23.5M
derived; firm RAUM over IAPD count
Employees
10
10 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
4 filings and snapshots on the tape
RAUM$188M as of Jul 8, 2026
Sep 22, 2025$174M then
HNW client RAUM$157M as of Jul 8, 2026
Sep 22, 2025$142M then
State-registered IARs (5.B.3)7 as of Jul 8, 2026
Sep 22, 20257 then
Employees (5.A)10 as of Jul 8, 2026
Sep 22, 20259 then
Private funds: no history
RAUM n/a over the last fiscal year
Practice profile
derived from the filing of Jul 8, 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
- RAUM per advisor
- $23.5MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 13derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.9MderivedHNW RAUM over HNW clients
- Average account
- $364,535derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 77%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
- 8.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- unknownderivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, hourly, fixed fees, otherreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, selection of other advisers, publications, educational seminars, otherreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Firms absorbed, 24 months
- 1derivedhalf or more of a firm's advisors moved here within 14 days
- 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$157M83%
- Individuals$23.8M13%
- Corporations and businesses$7.6M4.0%
- Individual clients
- 46reported
- HNW clients
- 54reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 516reported
- Financial planning clients
- 51-100reported
- 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=0.0 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 |
|---|---|---|---|---|
| Richard Steven KahlerCertified Financial Planner, Chartered Financial Consultant | Rapid City, Sd | Sep 12, 2025 | 43 y | 2 |
| Cecilia Octavia Milagro FlemingCertified Financial Planner | Rapid City, Sd | Sep 15, 2025 | 10 y | 1 |
| Benjamin Aaron PauldingCertified Financial Planner | Rapid City, Sd | Sep 22, 2025 | 13 y | 1 |
| Emily Koch | Rapid City, Sd | Sep 22, 2025 | 19 y | 1 |
| Nathaniel Gjermund GehringCertified Financial Planner | Rapid City, Sd | Sep 23, 2025 | 21 y | 8 |
| Karie Marie SwansonCertified Financial Planner | Rapid City, Sd | Aug 20, 2026 | 12 y | 0 |
Advisor movement
1 left, 3 joined in 12 months
net +2 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 13% of current headcount1 left over 36 months
Left, latest
- Aaron Thomas Freeman to Snake River Investment Counsel LLCJan 20, 2026 · RIA to a state-registered adviser
Joined, latest
- Nathaniel Gjermund Gehring from Kahler Financial Group, Inc.Sep 23, 2025 · RIA to RIA
- Benjamin Aaron Paulding from Concourse Financial Group AdvisorsSep 22, 2025 · Other
- Emily Koch from LPL Financial LLCSep 22, 2025 · Affiliated broker-dealer or bank to independent RIA
- Aaron Thomas Freeman from Kahler Financial Group, Inc.Sep 15, 2025 · RIA to RIA
- Cecilia Octavia Milagro Fleming from Kahler Financial Group, Inc.Sep 15, 2025 · RIA to RIA
- Richard Steven Kahler from Kahler Financial Group, Inc.Sep 12, 2025 · RIA to RIA
Teams: two or more advisors moving together within fourteen days, from one state
- 3 joined from Kahler Financial Group, Inc.Dec 22, 2025 · Rapid City, Sd · Firm absorbed
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Harold Paul Freidel · Chief Compliance Officer, Ceo And Managing Membercontrolsince 07/2025 · owns 50% to 75%
- Aaron Benjamin Paulding · Cfo/Coo And Managing Membersince 07/2025 · owns 10% to 25%
Entity owners
- Kahler Financial Group, Inc. · Memberdirect · owns 25% to 50%
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 |
|---|---|---|---|---|---|
| Rapid City, Sd · principal | 8 | 6 | 1 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 537 to 516Feb 12, 2026 to Mar 26, 2026
- Advisory activities · 5 to 6Feb 12, 2026 to Mar 26, 2026
- Corporate clients · 2 to 1Feb 12, 2026 to Mar 26, 2026
- HNW clients · 50 to 54Feb 12, 2026 to Mar 26, 2026
- Individual clients · 45 to 46Feb 12, 2026 to Mar 26, 2026
- Discretionary RAUM · $165M to $144MFeb 12, 2026 to Mar 26, 2026
- HNW RAUM · $142M to $157MFeb 12, 2026 to Mar 26, 2026
- Individual RAUM · $24.7M to $23.8MFeb 12, 2026 to Mar 26, 2026
- Non-discretionary RAUM · $9.0M to $43.7MFeb 12, 2026 to Mar 26, 2026
- RAUM · $174M to $188MFeb 12, 2026 to Mar 26, 2026
- Advisory employees · 9 to 10Sep 22, 2025 to Feb 12, 2026
- Employees · 9 to 10Sep 22, 2025 to Feb 12, 2026
- Other offices · 1 to 0Sep 22, 2025 to Feb 12, 2026
Signals
2 dated events
- Aaron Thomas Freeman left Kfg, Llc for Snake River Investment Counsel Llc (registered 2026-03-16)Jan 20, 2026 · Advisor changed firm · fact
- Kahler Financial Group, Inc.'s advisors moved to Kfg, LLC (Rapid City, SD): 3 of 4 registered, on the same dayDec 22, 2025 · Firm absorbed (people side) · derived
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
- Firm profile
- linkedin.com/company/kahler-financial-groupreportedpublic record, Form ADV, Sep 17, 2026
- Website
- kahlerfinancial.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 605-343-1400reportedpublic record, Form ADV, Jul 8, 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
- $23.5Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026