Wealth manager, independent · DES Moines, IA
Legacy Financial Group
Legacy Financial Group, LLC · SEC-registered investment adviser · CRD 154927 · SEC 801-79803
At a glance
Legacy Financial Group is an SEC-registered investment adviser based in DES Moines, Iowa, with $1.0B in regulatory assets under management as of its Form ADV filed May 18, 2026. It reports 1,450 individual clients, 314 of them high-net-worth, holding an average of about $0.7 million each, and 18 employees. That ranks it 1097th among the nation’s 5,657 independent wealth management RIAs and 7th of 47 in Iowa. It reports Charles Schwab as the custodian for its clients’ separately managed accounts.
Main office 515-255-3306lfgtax.comAs filed on Form ADV
- Regulatory AUM
- $1.0B
- Rank among independent wealth managers
- #1,097 of 5,657
- Rank among all SEC RIAs
- #5,359 of 17,210
- Rank in Iowa
- #7 of 47
- Individual clients
- 1,450
- High-net-worth clients
- 314
- Accounts
- 4,146
- Discretionary
- 99% of AUM
- Employees
- 18
- Advisory staff
- 11
- Offices
- 1
Owners and executives on its Form ADV
- Michelle A. McCarthyChief Compliance Officer
- William B. ElsonPartner Advisor
- Brian J. HoodPartner Advisor
- Rachel E. WoodPartner Advisor
- Scott R ArnburgPartner Advisor
- Scott A. NelsonPartner Advisor
Custody and brokerage
Broker-dealer
Hybrid RIA
Legacy Financial Group is a hybrid RIA: 3 of its employees are also registered representatives of a broker-dealer.
Its Form ADV brochure (filed March 2026) names Integrity Alliance as the broker-dealer its advisers are registered with.
nt Adviser Representatives (IARs) with Legacy Financial Group are dually Registered Representatives of Integrity Alliance, LLC (“Integrity Alliance”) a registered broker - dealer, member of the Financial Industry Regulatory Authority, Inc.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 314 | $686M | 68% |
| Individuals | 1,136 | $312M | 31% |
| Corporations or other businesses | 2 | $9M | <1% |
Disciplinary disclosures
Legacy Financial Group 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
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
- Other
Form ADV and brochures on the SEC’s adviser search ↗lfgtax.com ↗
AtlasMembers
The full record on Legacy Financial Group
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 3,523 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 Iowa
All of Iowa →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Steele Capital Management, Inc.Dubuque | $3.5B | 1,521 |
| Accel Wealth ManagementWaverly | $1.1B | 1,290 |
| Northwest Wealth Management, LLCSpencer | $1.0B | 2,085 |
Background
Questions
How much does Legacy Financial Group manage?
Legacy Financial Group reports $1.0B in regulatory assets under management across 4,146 accounts, 99% of it on a discretionary basis, on its Form ADV filed May 18, 2026.
How many clients does Legacy Financial Group have?
It reports 1,450 individual clients: 314 high-net-worth individuals and 1,136 other individuals. Individuals account for about 99% of its regulatory assets.
Where is Legacy Financial Group headquartered?
Its main office is in DES Moines, Iowa. It reports 1 office in total and 18 employees, 11 of whom perform investment advisory functions.
How does Legacy Financial Group charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; other. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Legacy Financial Group use?
It reports Charles Schwab as the custodian for its clients’ separately managed accounts. On Schedule D of its Form ADV filed May 18, 2026, it reports these amounts held: Charles Schwab ($999M). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Legacy Financial Group a hybrid RIA with a broker-dealer?
Legacy Financial Group 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 Legacy Financial Group a fiduciary?
As an SEC-registered investment adviser, Legacy Financial Group 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 Legacy Financial Group’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 (2026-05-18), 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 →