Wealth manager, independent · Eden Prairie, MN
Boulay Wealth
Boulay Financial Advisors, LLC · SEC-registered investment adviser · CRD 111334 · SEC 801-60141
At a glance
Boulay Wealth is an SEC-registered investment adviser based in Eden Prairie, Minnesota, with $3.0B in regulatory assets under management as of its Form ADV filed August 19, 2026. It reports 1,096 individual clients, 630 of them high-net-worth, holding an average of about $2.7 million each, and 45 employees. That ranks it 357th among the nation’s 5,657 independent wealth management RIAs and 8th of 140 in Minnesota. It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and Fidelity.
Up $588M from $2.4B in its previous filing; rank 465 → 357. This month’s movers →
Main office 952-893-9320boulaygroup.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $3.0B
- Rank among independent wealth managers
- #357 of 5,657
- Rank among all SEC RIAs
- #2,827 of 17,210
- Rank in Minnesota
- #8 of 140
- Individual clients
- 1,096
- High-net-worth clients
- 630
- Accounts
- 4,384
- Discretionary
- 97% of AUM
- Employees
- 45
- Advisory staff
- 31
- Offices
- 1
Owners and executives on its Form ADV
- Jay R. BrownPresident, Chief Executive Officer, Partner, Governor
- Erik L. AllenGovernor, Treasurer
- Jon J. MelanderPartner, Board Chair, Governor
- Laura L. BeiseGoverner
- Catherine A. HoganBoard Secretary, Chief Compliance Officer, Chief Operating Officer
- Dan R. MarkowitzGovernor
Custody and brokerage
Broker-dealer
Hybrid RIA
Boulay Wealth is a hybrid RIA: 3 of its employees are also registered representatives of a broker-dealer.
Its Form ADV brochure (filed August 2026) names Valmark Securities as the broker-dealer its advisers are registered with.
Brown is a registered representative of a broker dealer, Valmark Securities, Inc.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 630 | $2.7B | 90% |
| Individuals | 466 | $209M | 7% |
| Pension and profit sharing plans | 14 | $55M | 2% |
| Charitable organizations | – | $16M | <1% |
| Corporations or other businesses | 13 | $12M | <1% |
Disciplinary disclosures
Boulay Wealth 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
- Pension consulting
- Selecting other advisers
- Educational seminars and workshops
- Other services
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗boulaygroup.com ↗
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The full record on Boulay Wealth
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 1,364 peers of its type and size
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- Owners and executives, with titles and stakes
- 6 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
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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 |
|---|---|---|
| RiverbridgeMinneapolis | $5.0B | 3,482 |
| Accredited Investors Wealth ManagementEdina | $4.4B | 942 |
| Advisornet Wealth PartnersMinnetonka | $3.1B | 3,499 |
| Berger Financial GroupPlymouth | $2.9B | 3,755 |
| Tradition Wealth Management LLCEdina | $2.6B | 2,155 |
| Compass Capital Management IncMinneapolis | $2.6B | 379 |
Background
Questions
How much does Boulay Wealth manage?
Boulay Wealth reports $3.0B in regulatory assets under management across 4,384 accounts, 97% of it on a discretionary basis, on its Form ADV filed August 19, 2026.
How many clients does Boulay Wealth have?
It reports 1,096 individual clients: 630 high-net-worth individuals and 466 other individuals. Individuals account for about 97% of its regulatory assets.
Where is Boulay Wealth headquartered?
Its main office is in Eden Prairie, Minnesota. It reports 1 office in total and 45 employees, 31 of whom perform investment advisory functions.
How does Boulay Wealth charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; 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 Boulay Wealth use?
It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and Fidelity. On Schedule D of its Form ADV filed August 19, 2026, it reports these amounts held: Charles Schwab ($2.4B); Fidelity ($454M). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Boulay Wealth a hybrid RIA with a broker-dealer?
Boulay Wealth is a hybrid RIA: 3 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 Boulay Wealth a fiduciary?
As an SEC-registered investment adviser, Boulay Wealth owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 3 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 Boulay Wealth’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 (2026-08-19), 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 →