Affiance Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, education planning, estate planning, insurance, retirement plan services, and tax planning. Financial planning was provided to 26–50 clients last fiscal year.
Affiance Financial reports 1,183 clients. They include 820 individual clients, 358 high-net-worth individuals, and 5 pension and profit-sharing plans. Of its assets, 97.9% ($1.34B across 4,055 accounts) are managed with discretion; $28.3M across 110 accounts are not. It advised 8 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 69% | 24% |
| High-net-worth individuals | 30% | 75% |
| Pension and profit-sharing plans | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 820 | $335M | 24.4% | $409K |
| High-net-worth individuals | 358 | $1.03B | 75.4% | $2.89M |
| Pension and profit-sharing plans | 5 | $2.38M | 0.2% | $475K |
| Total | 1,183 | $1.37B | 100% | $1.16M |
- Clients
- 820
- Regulatory AUM
- $335M
- AUM share
- 24.4%
- Avg. per client
- $409K
- Clients
- 358
- Regulatory AUM
- $1.03B
- AUM share
- 75.4%
- Avg. per client
- $2.89M
- Clients
- 5
- Regulatory AUM
- $2.38M
- AUM share
- 0.2%
- Avg. per client
- $475K
Total
- Clients
- 1,183
- Regulatory AUM
- $1.37B
- AUM share
- 100%
- Avg. per client
- $1.16M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 8
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 26–50
Affiance Financial charges 0.85%–1.50% a year for its Investment management fee. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.50% |
| $500K–$1M | 1.25% |
| $1M–$2.5M | 1.10% |
| $2.5M–$5M | 1.00% |
| $5M and above | 0.85% |
Fee details and sources
Other fees
- Financial Planning Services
- Fixed fee for financial planning, typically $500 to $25,000 per agreement, based on complexity and time; an initial client engagement fee of $500 to $25,000 is due on signing.
Gamefish, Inc. owns 25% to 50% of Affiance Financial and is in turn owned by Andrew Fishman (50–75%). The leadership team of Affiance Financial includes Chief Compliance Officer Eric Unger. It has 25 employees, 11 of them in advisory roles.
Leadership
- Eric UngerChief Compliance Officer
- Andrew FishmanManaging Member
- Marcia ZappaMember/Director of Business Development and Marketing
Investment adviser representatives
12 representatives listed in the SEC register as of 9 October 2026.
- Kyle Scott Berg
- Andrew Bert Fishman
- Michael Nathan Fishman
- Brendan William Halleron
- Christopher Campbell Johnson
- Daniel Zavie Lear
- Steven Michael Lear
- Rebekah Pearl Peterson
- Hunter R Schwimmer
- Tanner Steele
- Eric Steven Unger
- Marc Samuel Usem
Staff
- 25 employees
- 11 in advisory functions
- 11 state-registered reps
- 13 broker-dealer reps
- 5 insurance agents
- Owns 25% to 50% of Affiance Financial LLC
Gamefish, Inc.
Control person · since January 2016
- Owns 50% to 75% of Gamefish, Inc.
Andrew Fishman
Control person · since January 2016
- Owns 10% to 25% of Affiance Financial LLC
Eric Unger
Control person · since April 2013
- Owns 10% to 25% of Affiance Financial LLC
Zavie, LLC
since April 2022
- Owns 75% or more of Zavie, LLC
Daniel Lear
Control person · since May 2022
- Owns 10% to 25% of Affiance Financial LLC
Marli Corporation
since January 2026
- Owns 75% or more of Marli Corporation
Marc Usem
Control person · since April 2022
- Owns 5% to 10% of Affiance Financial LLC
Warberg Capital, LLC
since April 2022
- Owns 75% or more of Warberg Capital, LLC
Kyle Berg
Control person · since March 2022
- Owns 5% to 10% of Affiance Financial LLC
Marcia Zappa
since April 2022
Affiance Financial’s regulatory assets grew 1.5× from $889M (July 2021) to $1.37B (June 2026); clients rose from 1,047 to 1,183 and employees from 22 to 25.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $1.37B | 1,183 | 25 | 3 |
| April 2025 | $1.15B | 1,115 | 25 | 3 |
| March 2024 | $971M | 1,031 | 23 | 1 |
| March 2023 | $815M | 1,020 | 21 | 1 |
| June 2022 | $1.06B | 1,052 | 24 | 1 |
| July 2021 | $889M | 1,047 | 22 | 1 |
Besides its headquarters, Affiance Financial has 2 offices (2 private residences, listed without an address), with 1 listed address in Minnesota.
Minnesota · 1 listed address
- 600 Highway 169 South, Suite 1750, St. Louis ParkHQ
Contact and registration details
- Legal name
- Affiance Financial LLC
- Headquarters
- 600 Highway 169 South, Suite 1750, St. Louis Park, MN 55426
- Website
- affiancefinancial.com
- Phone
- 952-544-9818
- @affiance-financial
- SEC file
- 801-78208
- Founded
- 2000
- Structure
- Minnesota LLC
- Fiscal year end
- December
Affiance Financial uses Charles Schwab ($1.36B) as custodian for its separately managed accounts. Affiance Financial has custody of $697M in client assets for 1,659 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $1.36B100%
At year end, Affiance Financial’s separately managed accounts were mostly in funds (89%). Its reported 13F holdings for the quarter ended 30 June 2026 total $695M across 111 positions; the largest are Vanguard Index Fds (19.2%), iShares TR (14.1%) and Vanguard Index Fds (12.6%).
What the accounts hold
- Stocks5%
- Funds89%
- Bonds2%
- U.S. government and agency bonds1%
- Investment grade corporate bonds1%
- Cash5%
Reported 13F holdings
- $695M
- Reported 13F value
- 111
- Positions
- 72.3%
- In the 10 largest
- +12.7%
- Value vs. prior quarter
- Vanguard Index Fds · S&P 500 ETF Shs19.2%
- iShares TR · Core US Aggbd ET14.1%
- Vanguard Index Fds · Total Stk Mkt12.6%
- iShares TR · Core MSCI Eafe5.6%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt5.3%
- iShares TR · Rus 1000 Grw ETF4.7%
- Vanguard Index Fds · Value ETF3.4%
- Profesionally Managed Portfo · Akre Focus ETF2.8%
- Vanguard Index Fds · Extend Mkt ETF2.5%
- SPDR Index Shs Fds · ST Port Mark ETF1.9%
Together, the ten largest are 72.3% of reported value.
How many clients does Affiance Financial have?
Affiance Financial has 1,183 clients and manages $1.37 billion for them, as of June 2026. They include 820 individual clients, 358 high-net-worth individuals, and 5 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 10 June 2026
What services does Affiance Financial offer?
Affiance Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, education planning, estate planning, insurance, retirement plan services, and tax planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Affiance Financial charge?
Affiance Financial charges 0.85%–1.50% a year for its Investment management fee. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Which custodians does Affiance Financial use?
Affiance Financial’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $1.36B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 10 June 2026
How many financial advisors does Affiance Financial have?
Affiance Financial has 11 investment adviser representatives registered with state securities authorities, out of 25 employees, and 11 perform investment advisory functions. 13 employees are registered representatives of a broker-dealer and 5 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Affiance Financial invest in?
At the end of its last fiscal year, Affiance Financial’s separately managed accounts held 89% registered funds (mutual funds, ETFs, BDCs), 5% exchange-traded equities, 5% cash and equivalents, 1% U.S. government and agency bonds and 1% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Affiance Financial?
Affiance Financial is owned through holding companies by Andrew Fishman, Daniel Lear, Kyle Berg and Marc Usem. Its direct owners are Eric Unger, Gamefish, Inc., Zavie, LLC, Warberg Capital, LLC, Marcia Zappa and Marli Corporation, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 10 June 2026
How does Affiance Financial get paid?
Affiance Financial is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Affiance Financial?
Affiance Financial’s main office is at 600 Highway 169 South, Suite 1750, St. Louis Park, MN 55426. Its phone number is 952-544-9818. Its website is affiancefinancial.com.