Two of the industry’s largest and fastest-growing Registered Investment Adviser (RIA) firms, Brookstone Capital Management and FormulaFolios, are combining to create a $6.5 billion+ RIA.
This merger positions the firm as a leading provider of advisory services to its targeted niche of retirement advisors. The combined company will retain the Brookstone name and will reflect the best that each firm has to offer, executives said in a news release, including exclusive and expansive state-of-the-art technologies, portfolio design and advisor support, a vast suite of investment options, marketing programs and advisor training solutions.
The FormulaFolios brand will be retained for continued oversight of the asset management division.
“Brookstone and FormulaFolios have consistently been the top two considerations for retirement advisors seeking an RIA partner supportive of their planning philosophies,” said Dean Zayed, JD, LLM, CFP®, founder and CEO of Brookstone and President of AmeriLife’s Investment Advisory Services division. “It was a natural fit for us to come together as one. Now, advisors can gain access to all of the leading programs and resources each of our companies have to offer.”
“This is a unique opportunity for both firms and our affiliated advisors,” said Jason Wenk, co-founder of FormulaFolios and Executive Director. “Both companies have spent significant resources in building out the platform and programs they consider to be their competitive advantages. Now, we can leverage each other’s strengths to deliver a more robust experience to our advisor clients.”
The company will leverage the best of its combined resources to provide advisors with an array of business-building solutions. Highlights include:
- Next-Gen Technology Stack: Exclusive technologies for lead generation, financial planning and proposal development, account aggregation, portfolio analysis and management, and more
- Financial Planning Support: With a software-enabled planning process, CERTIFIED FINANCIAL PLANNERTM professionals, CFAs and other support staff are dedicated to offering one-on-one assistance with financial plan and proposal development
- Investment Selection: An open-architecture platform and targeted model portfolios offer advisors diverse options for investment management for growth, with an emphasis on income strategies for retirement
- Marketing: With one of the most robust digital marketing platforms in the industry, the company provides end-to-end support for online lead generation and brand development
- Training and Networking: From working with newly appointed advisors to advisors with more than $100m in AUM, the combined company offers training opportunities at each level of business development as well as interactive networking opportunities among advisors and leaders of the firm.
Brookstone will maintain both companies’ headquarters in Chicago and Grand Rapids, Mich. The more than 100 employees will work between these two offices and a satellite office in California. The five key executives between both firms will be retained, serving in the following capacities: Dean Zayed as CEO; Darryl Ronconi as President and COO; Jason Wenk as Executive Director; Jason Crump as VP of Relationship Management; and Joel VanWoerkom as VP of Operations.
In July of 2019, Brookstone partnered with AmeriLife Group (“AmeriLife”), which is now backed by the private equity firm Thomas H. Lee Partners, L.P. ("THL"). The combined organization created one of the largest independent marketing and RIA organizations in the U.S.