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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe 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.
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.