Wealth manager, independent · Albert LEA, MN
ISC Financial Advisors
Murray Financial Group, LLC · SEC-registered investment adviser · CRD 157626 · SEC 801-72585
At a glance
ISC Financial Advisors is an SEC-registered investment adviser based in Albert LEA, Minnesota, with $1.6B in regulatory assets under management as of its Form ADV filed February 4, 2026. It reports 1,262 individual clients, 307 of them high-net-worth, holding an average of about $0.9 million each, and 17 employees. That ranks it 701st among the nation’s 5,657 independent wealth management RIAs and 18th of 140 in Minnesota. It reports Charles Schwab as the custodian for its clients’ separately managed accounts.
Main office 507-373-8216iscfinancialadvisors.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $1.6B
- Rank among independent wealth managers
- #701 of 5,657
- Rank among all SEC RIAs
- #4,176 of 17,210
- Rank in Minnesota
- #18 of 140
- Individual clients
- 1,262
- High-net-worth clients
- 307
- Accounts
- 3,687
- Discretionary
- 77% of AUM
- Employees
- 17
- Advisory staff
- 10
- Offices
- 3
Owners and executives on its Form ADV
- Richard J. MurrayManaging Member and Chief Compliance Officer
- Jonathan O. MurrayMinority Owner
- Lawrence T. GartnerMinority Owner
- Timothy B. JaynesMinority Owner
Custody and brokerage
Broker-dealer
Hybrid RIA
ISC Financial Advisors is a hybrid RIA: 2 of its employees are also registered representatives of a broker-dealer.
Its Form ADV brochure (filed February 2026) names Purshe Kaplan Sterling Investments as the broker-dealer its advisers are registered with.
Richard Murray and Mark Smed are Registered Representatives of Purshe Kaplan Sterling (PKS), a broker/dealer and Member of FINRA and SIPC.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 307 | $918M | 59% |
| Pension and profit sharing plans | 43 | $350M | 23% |
| Individuals | 955 | $272M | 18% |
| Charitable organizations | 13 | $12M | <1% |
Disciplinary disclosures
ISC Financial Advisors 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
- Pension consulting
How it’s paid
- A percentage of assets under management
- Hourly charges
Form ADV and brochures on the SEC’s adviser search ↗iscfinancialadvisors.com ↗
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The full record on ISC Financial Advisors
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 2,461 peers of its type and size
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- Owners and executives, with titles and stakes
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- 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 |
|---|---|---|
| Jnba Financial Advisors, LLCBloomington | $2.0B | 1,105 |
| Silveroak Wealth Management LLCEdina | $2.0B | 444 |
| Cahill Financial Advisors, Inc.Edina | $1.8B | 1,109 |
| Strategic Wealth GroupEden Prairie | $1.5B | 3,524 |
| Midwest Financial PartnersSt. Cloud | $1.5B | 438 |
| Pine Grove Financial GroupWoodbury | $1.5B | 1,404 |
Background
Questions
How much does ISC Financial Advisors manage?
ISC Financial Advisors reports $1.6B in regulatory assets under management across 3,687 accounts, 77% of it on a discretionary basis, on its Form ADV filed February 4, 2026.
How many clients does ISC Financial Advisors have?
It reports 1,262 individual clients: 307 high-net-worth individuals and 955 other individuals. Individuals account for about 77% of its regulatory assets.
Where is ISC Financial Advisors headquartered?
Its main office is in Albert LEA, Minnesota. It reports 3 offices in total and 17 employees, 10 of whom perform investment advisory functions.
How does ISC Financial Advisors charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does ISC Financial Advisors use?
It reports Charles Schwab as the custodian for its clients’ separately managed accounts. On Schedule D of its Form ADV filed February 4, 2026, it reports these amounts held: Charles Schwab ($1.2B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is ISC Financial Advisors a hybrid RIA with a broker-dealer?
ISC Financial Advisors is a hybrid RIA: 2 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 ISC Financial Advisors a fiduciary?
As an SEC-registered investment adviser, ISC Financial Advisors owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 2 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 ISC Financial Advisors’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 (2026-02-04), 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 →