Editor's note: This story has been corrected to adjust the characterization of the transaction.
360 Financial, a Wayzata, Minnesota-based boutique wealth management firm, announced that it has merged with Fleming Investment Group, an Elk River, Minnesota-based financial planning practice that manages approximately $529 million in client assets.
Financial terms weren’t disclosed.
The combined company will operate under the 360 Financial brand and serve more than 1,000 clients, 360 Financial said in a press release Monday.
Mike Rogers will continue as the founder and president of 360 Financial. Fleming Investment Group's former president, Brian Bohnsack, will take on the roles of senior vice president of 360 Financial and managing principal of the Elk River location.
"This new partnership also brings a local team of specialists that can assist us in many areas like investment management, advanced financial planning, and client service support," Bohnsack said.
The headquarters for the combined company will be in Wayzata.
"We are excited to join forces with Fleming Investment Group," Rogers said. "This opportunity is great for our firm to expand into the Northwest metro area."
Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.
Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.
National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.
While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.
A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
