Wealth manager, independent · Minneapolis, MN
Focus Financial
Focus Financial Network, Inc. · SEC-registered investment adviser · CRD 116140 · SEC 801-71117
At a glance
Focus Financial is an SEC-registered investment adviser based in Minneapolis, Minnesota, with $6.8B in regulatory assets under management as of its Form ADV filed October 1, 2026. It reports 13,560 individual clients, 1,697 of them high-net-worth, holding an average of about $0.5 million each, and 189 employees. That ranks it 157th among the nation’s 5,657 independent wealth management RIAs and 4th of 140 in Minnesota. It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and BNY Pershing.
Main office 651-631-8166focusfinancial.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $6.8B
- Rank among independent wealth managers
- #157 of 5,657
- Rank among all SEC RIAs
- #1,731 of 17,210
- Rank in Minnesota
- #4 of 140
- Individual clients
- 13,560
- High-net-worth clients
- 1,697
- Accounts
- 27,510
- Discretionary
- 96% of AUM
- Employees
- 189
- Advisory staff
- 114
- Offices
- 37
Owners and executives on its Form ADV
- John K. WatkinsShareholder:director
- John P. LaytonShareholder:director
- David K. HeitkampShareholder:director
- John H. DritzShareholder:director:treasurer
- John G. BinaPresident
- David W. BeisslerShareholder:director
- William R. BergstromShareholder:director
- Walter E. PickupShareholder:director
- Christina ChaconasVP Operations
- Michael S. DalesShareholder
- Evan A. ChangChief Compliance Officer
Custody and brokerage
Broker-dealer
Hybrid RIA
Focus Financial is a hybrid RIA: 124 of its employees are also registered representatives of a broker-dealer.
Its Form ADV brochure (filed March 2026) names Osaic Wealth as the broker-dealer its advisers are registered with.
In that regard, certain FFN Advisors are registered with Osaic Wealth's Investment A dviser for the provision of Third-Party Advisory Services and products.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 1,697 | $3.9B | 57% |
| Individuals | 11,863 | $2.8B | 42% |
| Corporations or other businesses | 88 | $68M | <1% |
| Pension and profit sharing plans | 33 | $53M | <1% |
| Charitable organizations | 3 | $2M | <1% |
Disciplinary disclosures
Focus Financial answers yes to 3 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). 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
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
- Other
Form ADV and brochures on the SEC’s adviser search ↗focusfinancial.com ↗
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The full record on Focus Financial
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 610 peers of its type and size
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- Owners and executives, with titles and stakes
- 11 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 |
|---|---|---|
| Wealth Enhancement Advisory Services, LLCPlymouth | $122B | 80,986 |
| Fiduciary Counselling IncSt Paul | $10B | 1,645 |
| Thrivent Advisor Network, LLCMinneapolis | $6.8B | 14,611 |
| RiverbridgeMinneapolis | $5.0B | 3,482 |
| Accredited Investors Wealth ManagementEdina | $4.4B | 942 |
| Advisornet Wealth PartnersMinnetonka | $3.1B | 3,499 |
Background
Questions
How much does Focus Financial manage?
Focus Financial reports $6.8B in regulatory assets under management across 27,510 accounts, 96% of it on a discretionary basis, on its Form ADV filed October 1, 2026.
How many clients does Focus Financial have?
It reports 13,560 individual clients: 1,697 high-net-worth individuals and 11,863 other individuals. Individuals account for about 98% of its regulatory assets.
Where is Focus Financial headquartered?
Its main office is in Minneapolis, Minnesota. It reports 37 offices in total and 189 employees, 114 of whom perform investment advisory functions.
How does Focus Financial charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; fixed fees; other. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Focus Financial use?
It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and BNY Pershing. On Schedule D of its Form ADV filed August 26, 2026, it reports these amounts held: Charles Schwab ($2.9B); BNY Pershing ($1.6B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Focus Financial a hybrid RIA with a broker-dealer?
Focus Financial is a hybrid RIA: 124 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 Focus Financial a fiduciary?
As an SEC-registered investment adviser, Focus Financial owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 124 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 Focus Financial’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 (2026-08-26), 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 →