Wealth manager, independent · St. Louis Park, MN
Affiance Financial LLC
SEC-registered investment adviser · CRD 113200 · SEC 801-78208
At a glance
Affiance Financial LLC is an SEC-registered investment adviser based in St. Louis Park, Minnesota, with $1.4B in regulatory assets under management as of its Form ADV filed June 10, 2026. It reports 1,178 individual clients, 358 of them high-net-worth, holding an average of about $1.2 million each, and 25 employees. That ranks it 807th among the nation’s 5,657 independent wealth management RIAs and 23rd of 140 in Minnesota. It reports Charles Schwab as the custodian for its clients’ separately managed accounts.
Main office 952-544-9818affiancefinancial.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $1.4B
- Rank among independent wealth managers
- #807 of 5,657
- Rank among all SEC RIAs
- #4,502 of 17,210
- Rank in Minnesota
- #23 of 140
- Individual clients
- 1,178
- High-net-worth clients
- 358
- Accounts
- 4,165
- Discretionary
- 98% of AUM
- Employees
- 25
- Advisory staff
- 11
- Offices
- 3
Owners and executives on its Form ADV
- Eric S. UngerChief Compliance Officer
- Andrew B. FishmanManaging Member
- Marcia A. ZappaMember/director of Business Development and Marketing
Custody and brokerage
Broker-dealer
Hybrid RIA
Affiance Financial LLC is a hybrid RIA: 13 of its employees are also registered representatives of a broker-dealer.
Form ADV Part 1 doesn’t name an unaffiliated broker-dealer. The firm’s Part 2A brochure (Item 10) and each adviser’s record on the SEC’s adviser search do.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 358 | $1.0B | 75% |
| Individuals | 820 | $335M | 24% |
| Pension and profit sharing plans | 5 | $2M | <1% |
Disciplinary disclosures
Affiance Financial LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
How it’s paid
- A percentage of assets under management
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗affiancefinancial.com ↗
AtlasMembers
The full record on Affiance Financial LLC
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 2,701 peers of its type and size
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- Owners and executives, with titles and stakes
- 3 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
- 2Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Similar-size RIAs in Minnesota
All of Minnesota →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Midwest Financial PartnersSt. Cloud | $1.5B | 438 |
| Pine Grove Financial GroupWoodbury | $1.5B | 1,404 |
| Redhawk Wealth Advisors, Inc.Minneapolis | $1.5B | 3,118 |
| Palisade Asset Management, LLCMinneapolis | $1.3B | 104 |
| Great Waters FinancialShoreview | $1.2B | 1,627 |
| Financial PerspectivesMinneapolis | $1.2B | 734 |
Background
Questions
How much does Affiance Financial LLC manage?
Affiance Financial LLC reports $1.4B in regulatory assets under management across 4,165 accounts, 98% of it on a discretionary basis, on its Form ADV filed June 10, 2026.
How many clients does Affiance Financial LLC have?
It reports 1,178 individual clients: 358 high-net-worth individuals and 820 other individuals. Individuals account for about 100% of its regulatory assets.
Where is Affiance Financial LLC headquartered?
Its main office is in St. Louis Park, Minnesota. It reports 3 offices in total and 25 employees, 11 of whom perform investment advisory functions.
How does Affiance Financial LLC charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; fixed fees. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Affiance Financial LLC use?
It reports Charles Schwab as the custodian for its clients’ separately managed accounts. On Schedule D of its Form ADV filed June 10, 2026, it reports these amounts held: Charles Schwab ($1.4B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Affiance Financial LLC a hybrid RIA with a broker-dealer?
Affiance Financial LLC is a hybrid RIA: 13 of its employees are also registered representatives of a broker-dealer. Those representatives can also earn commissions on brokerage business through the broker-dealer, where different rules apply than for advisory accounts.
Is Affiance Financial LLC a fiduciary?
As an SEC-registered investment adviser, Affiance Financial LLC owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 13 of its employees are also registered representatives of a broker-dealer, where different rules apply to brokerage recommendations.
Where these numbers come from
Every figure is Affiance Financial LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-06-10), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →