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July 9, 2020

Brookstone and FormulaFolios combine operations to form $6.5bn RIA

Brookstone Capital Management and FormulaFolios, both US-based RIAs, have merged operations to form a business with $6.5bn in assets.

The merged group will operate under the Brookstone brand and serve independent retirement advisers.

It will have dual headquarters in Chicago as well as Grand Rapids, Michigan.

At the end of December 2019, Brookstone and FormulaFolios managed assets of $2.95bn and $3.64 bn, respectively.

FormulaFolios co-founder and executive director Jason Wenk said: “Both companies have spent significant resources in building out the platform and programmes they consider to be their competitive advantages.

“Now, we can leverage each other’s strengths to deliver a more robust experience to our adviser clients.”

The merger will combine the expertise of the two firms to offer technologies for lead generation, financial planning, account aggregation, portfolio analysis, among others.

It will also offer a range of investment options, marketing programmes along with advisor training solutions.

The firms’ five key executives will remain. They include Dean Zayed as CEO, Darryl Ronconi as president and COO, Jason Wenk as Executive Director; Jason Crump as VP of Relationship Management; and Joel VanWoerkom as VP of Operations.

Brookstone founder and CEO Dean Zayed called the deal a “natural fit”.

“Brookstone and FormulaFolios have consistently been the top two considerations for retirement advisers seeking an RIA partner supportive of their planning philosophies,” Zayed stated.

Kansas-based RIA Creative Planning also made a deal and purchased Southfield, Michigan-based peer Starfire Investment Advisers for an undisclosed sum.

The acquisition of Starfire brought $530m in assets to Creative Planning.

Starfire president Ron Humenny said that the firm had talks with 12 other firms before zeroing in on Creative Planning.

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