# Raffa Investment Advisers

> Raffa Investment Advisers is an SEC-registered investment advisory firm in Washington, DC, registered since 2007, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 24, 2026.

- CRD: 136971
- Filed as: RAFFA INVESTMENT ADVISERS
- Legal name: Raffa Wealth Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Washington, DC
- Filing period: October 2026
- Form ADV filing dated: September 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/136971
- AdvisorCensus page: https://advisorcensus.com/firm/raffa-investment-advisers-washington-dc-136971

## Quick answers

**How is Raffa Investment Advisers compensated?**
On its Form ADV (Item 5.E, October 2026), Raffa Investment Advisers reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Raffa Investment Advisers located?**
Raffa Investment Advisers' principal office is in Washington, DC, according to its Form ADV.

**Is Raffa Investment Advisers registered with the SEC or a state?**
Raffa Investment Advisers is an SEC-registered investment advisory firm, registered since 2007. Status as filed: Approved. CRD 136971.

**How much does Raffa Investment Advisers manage?**
Raffa Investment Advisers reports $1,698,115,469 in regulatory assets under management in its Form ADV filing dated September 24, 2026 (89% discretionary).

**How have Raffa Investment Advisers' assets and staff changed since 2021?**
In the Form ADV data for Raffa Investment Advisers: Regulatory assets under management: $1,050,887,094 in the October 2021 data and $1,698,115,469 in the October 2026 data, up 62%. Total employees: 7 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Raffa Investment Advisers serve?**
By number of clients on Form ADV Item 5.D: charitable organizations (153); high net worth individuals (50); pension and profit sharing plans (but not the plan participants or government pension plans) (26).

**Which custodians does Raffa Investment Advisers use?**
Raffa Investment Advisers' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Raffa Investment Advisers report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/136971

**What changed in Raffa Investment Advisers' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 5 to 6. Regulatory assets under management went from $1,540,071,340 to $1,698,115,469 (+10%). No longer lists an office in Washington, DC.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,698,115,469
- Discretionary: $1,512,564,172
- Non-discretionary: $185,551,297

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 21 | $10,887,855 |
| High net worth individuals | 50 | $312,811,047 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 26 | $236,127,700 |
| Charitable organizations | 153 | $1,130,316,309 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 2 | $7,972,558 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2007 (19 years)
- Employees: 9 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, DC, FL, IL, MD, PA, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- raffaadvisers.com
- LinkedIn @raffa-investment-advisers
- LinkedIn linkedin.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,050,887,094 | 7 | May 17, 2021 |
| October 2022 | $1,271,801,393 | 7 | February 18, 2022 |
| October 2023 | $1,029,644,682 | 9 | March 28, 2023 |
| October 2024 | $1,283,866,208 | 7 | April 16, 2024 |
| October 2025 | $1,540,071,340 | 7 | March 25, 2025 |
| October 2026 | $1,698,115,469 | 9 | September 24, 2026 |

Regulatory assets under management: $1,050,887,094 in the October 2021 data and $1,698,115,469 in the October 2026 data, up 62%.
Total employees: 7 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 5 to 6.
- Regulatory assets under management went from $1,540,071,340 to $1,698,115,469 (+10%).
- No longer lists an office in Washington, DC.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Raffa Investment Advisers (CRD 136971): Form ADV filing data as of October 2026.