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July 29, 2025
We are pleased to present the Monthly Report of Recently Registered RIAs - June 2025. We are continuously blown away by the large number of newly independent RIAs from the SEC report with a total of 127.
As part of our monthly process, our data team reviewed and scrubbed this month’s raw file of 127 new filings, identifying 34 new wealth manager RIAs and 20 new investment firm RIAs. We then researched the appropriate contacts and related information before uploading everything to Dakota Marketplace.
June 2025 handed back much of May’s surge in SEC registrations: only 34 new RIAs and 20 new investment firms formed, versus May’s 85 RIAs and 57 investment firms. RIAs dropped 72% month-over-month, while investment firm launches fell 65%, signalling a short term cooling in new shop momentum after May’s record-setting wave.
Geographically, New York City remained the busiest market, with Los Angeles coming in second. The two coastal hubs together captured most of the month’s freshly formed RIAs and investment firms, reinforcing their pull as the go-to places to launch new advisory practices and pooled capital vehicles.
In this article we’re giving you five that are noteworthy and newly independent RIAs.
To view all newly independent wealth management RIAs and key contact information, book a demo of Dakota Marketplace here.
AUM: $609M
Metro Area: Philadelphia, PA
Milestone Financial Associates is a Philadelphia‑area RIA overseeing $609 million in assets for multigenerational families, professionals, and business owners across Eastern Pennsylvania. After operating for years as a practice under Commonwealth Financial Network’s RIA, the firm filed its own Form ADV and secured SEC registration in June 2025, officially launching as an independent RIA. Anchored by a client‑first culture and values‑driven ethos, the team blends comprehensive wealth, tax, and estate planning with disciplined investment management. Its credentialed professionals (CFP, ChFC, CFA) collaborate to craft goals‑based portfolios that emphasize long‑term security and financial peace of mind.
AUM: $500M
Metro Area: Overland Park, KS
Kompass Kapital Management is an Overland Park, Kansas based private equity firm that “invests in people” through a diversified portfolio of operating companies, funds, real assets, and strategic partnerships. In 2025, the organization created a separate advisory arm; Kompass Kapital Advisors, and filed its initial Form ADV with the SEC, making it a newly registered independent RIA distinct from the long-standing private equity business. The firm typically deploys equity checks of $10 million to $100 million and maintains a global footprint across North America and Europe, guided by a formal investment policy framework. Beyond capital, Kompass delivers a full shared-services platform of finance, HR, legal, marketing, technology, and more, while running every portfolio company on the Entrepreneurial Operating System (EOS).
AUM: $2.5B
Metro Area: New York City, NY
Camberline Capital Management started in 2024 as a private credit shop and disclosed that securities were offered through broker-dealer Finalis Securities LLC, not under its own RIA. In June 2025, the firm filed its initial Form ADV with the SEC to legally register as an independent investment adviser. The New York based private-credit asset manager partners with private equity sponsors and management teams to deliver bespoke financing for underserved segments of the lower-middle market. Led by founders Jens Ernberg and Thomas Hall, the firm’s professionals draw on roughly 80 years of combined underwriting experience to structure senior-secured, floating-rate loans (primarily first-lien and unitranche facilities) for North-American businesses generating $5-50 million of EBITDA across a broad range of industries. By constructing diversified portfolios aimed at downside protection and predictable income, Camberline targets superior risk-adjusted returns while aligning capital solutions with each borrower’s strategic ambitions.
Metro Area: Bellevue, WA
Founder Justin Role, CFA, formed Rare Wolf Capital LLC in 2025 and filed its first Form ADV, registering the firm in Washington on June 5, 2025. Owned solely by Rolfe, the firm pitches high-touch, personalized service and a bespoke “wealth strategy” that marries estate planning with cash-flow analysis. To safeguard client assets, it partnered with Charles Schwab Institutional as custodian. Justin Rolfe brings 20+ years of experience and a research driven, evidence based investment approach.
Metro Area: Chevy Chase, MD
Caro Investors Management, LLC is a Maryland‑domiciled investment management firm founded in 2024 by Careina Williams. Caro formed its advisory entity in early June 2025 and filed an initial Form ADV. The firm provides capital solutions to middle‑market real estate sponsors and targets private debt/credit opportunities tied to commercial real estate. Its flagship Real Estate Credit Fund plans to deploy capital into high-yield senior debt, mezzanine debt, preferred equity, and select distressed debt in “resilient” sectors such as multifamily, industrial, and investment‑grade retail. The firm launched with TPG NEXT as a significant anchor and strategic partner to help seed and scale the platform.
To view all wealth management RIAs in Dakota Marketplace and access key contact information, book a demo here!
