Boulay Financial Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, educational seminars, education planning, estate planning, insurance, tax planning, and tax preparation. Financial planning was provided to 1–10 clients last fiscal year.
Boulay Financial Advisors reports 1,123 clients. They include 630 high-net-worth individuals, 466 individual clients, and 14 pension and profit-sharing plans. Of its assets, 96.9% ($2.92B across 4,154 accounts) are managed with discretion; $93.1M across 230 accounts are not. It advised 3 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 41% | 7% |
| High-net-worth individuals | 56% | 90% |
| Pension and profit-sharing plans | 1% | 2% |
| Charitable organizations | Fewer than 5 | <1% |
| Corporations and other businesses | 1% | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 466 | $209M | 6.9% | $447K |
| High-net-worth individuals | 630 | $2.72B | 90.3% | $4.31M |
| Pension and profit-sharing plans | 14 | $54.9M | 1.8% | $3.92M |
| Charitable organizations | Fewer than 5 | $15.8M | 0.5% | — |
| Corporations and other businesses | 13 | $12.4M | 0.4% | $956K |
| Total | 1,123 | $3.01B | 100% | — |
- Clients
- 466
- Regulatory AUM
- $209M
- AUM share
- 6.9%
- Avg. per client
- $447K
- Clients
- 630
- Regulatory AUM
- $2.72B
- AUM share
- 90.3%
- Avg. per client
- $4.31M
- Clients
- 14
- Regulatory AUM
- $54.9M
- AUM share
- 1.8%
- Avg. per client
- $3.92M
- Clients
- Fewer than 5
- Regulatory AUM
- $15.8M
- AUM share
- 0.5%
- Avg. per client
- —
- Clients
- 13
- Regulatory AUM
- $12.4M
- AUM share
- 0.4%
- Avg. per client
- $956K
Total
- Clients
- 1,123
- Regulatory AUM
- $3.01B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 3
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1–10
Boulay Financial Advisors charges 0.60%–1.95% a year for its Investment Advisory Program. The fee is billed in advance, is negotiable and has a $10,000 annual minimum. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning
- Fixed fee of $10,000 to $50,000, or an hourly fee of $150 to $450 per hour; fees are negotiable.
Bfa Holdings, LLC owns 50% to 75% of Boulay Financial Advisors. Jay Brown is CEO; the leadership team includes Chief Operating Officer Catherine Hogan. It has 45 employees, 31 of them in advisory roles.
Staff
- 45 employees
- 31 in advisory functions
- 33 state-registered reps
- 3 broker-dealer reps
- 4 insurance agents
- 2 soliciting firms
- Owns 50% to 75% of Boulay Financial Advisors, LLC
Bfa Holdings, LLC
since March 2022
David Bremer
Founding partner · Control person · since June 2023
Joseph Bloodgood
Member · Control person · since March 2022
Jay Brown
Member · Control person · since March 2022
Nathan Faith
Member · Control person · since March 2022
Jon Melander
Member · Control person · since March 2022
Ellen Horan
Member · Control person · since June 2023
Patrick Schneeman
Member · Control person · since June 2024
Meghan Hanes
Member · Control person · since June 2024
Catherine Hogan
Member · Control person · since June 2024
Chad Carlson
Member · Control person · since June 2026
Matthew Delaney
Member · Control person · since June 2026
- Owns 25% to 50% of Boulay Financial Advisors, LLC
Boulay, PLLP
since January 2001
Boulay Financial Advisors’ regulatory assets grew 2.0× from $1.49B (August 2020) to $3.01B (August 2026); clients rose from 1,042 to 1,123 and employees from 22 to 45.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Aug 2026August 2026 | $3.01B | 1,123 | 45 | 1 |
| Aug 2025August 2025 | $2.42B | 1,135 | 44 | 2 |
| Aug 2024August 2024 | $2.13B | 1,056 | 40 | 2 |
| Aug 2023August 2023 | $1.87B | 1,119 | 40 | 2 |
| Nov 2022November 2022 | $1.9B | 1,134 | 37 | 2 |
| Mar 2022March 2022 | $2.01B | 1,075 | 22 | 2 |
| Aug 2020August 2020 | $1.49B | 1,042 | 22 | 2 |
Besides its headquarters, Boulay Financial Advisors has 0 offices, with 1 listed address in 1 state.
Minnesota · 1 listed address
- 11095 Viking Drive, Suite 500, Eden PrairieHQ
Contact and registration details
- Legal name
- Boulay Financial Advisors, LLC
- Headquarters
- 11095 Viking Drive, Suite 500, Eden Prairie, MN 55344
- Website
- boulayfinancialadvisors.com
- Phone
- 952-893-9320
- @boulaygroup
- SEC file
- 801-60141
- Founded
- 2001
- Structure
- Minnesota LLC
- Fiscal year end
- May
Boulay Financial Advisors’ named custodians for separately managed accounts are Charles Schwab ($2.41B, 84%) and Fidelity ($454M, 16%). Boulay Financial Advisors has custody of $1.78B for 2,732 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $2.41B84%
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $454M16%
At year end, Boulay Financial Advisors’ separately managed accounts were mostly in stocks (67%) and funds (29%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.08B across 6 positions; the largest are Schwab Strategic TR (28.1%), Vaneck ETF Trust (22.0%) and iShares TR (16.6%).
What the accounts hold
- Stocks67%
- Funds29%
- Bonds1%
- Cash3%
How many clients does Boulay Financial Advisors have?
Boulay Financial Advisors has 1,123 clients and manages $3.01 billion for them, as of August 2026. They include 630 high-net-worth individuals, 466 individual clients, and 14 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 19 August 2026
What services does Boulay Financial Advisors offer?
Boulay Financial Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, educational seminars, education planning, estate planning, insurance, tax planning, and tax preparation.
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 Boulay Financial Advisors charge?
Boulay Financial Advisors charges 0.60%–1.95% a year for its Investment Advisory Program. The fee is billed in advance, is negotiable and has a $10,000 annual minimum.
Source: BOULAY WEALTH AUG 2026 ADV 2A.2B, filed 19 August 2026
Which custodians does Boulay Financial Advisors use?
Boulay Financial Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $2.41B and Fidelity Brokerage Services LLC (Smithfield, RI), with $454M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 19 August 2026
How many financial advisors does Boulay Financial Advisors have?
Boulay Financial Advisors has 33 investment adviser representatives registered with state securities authorities, out of 45 employees, and 31 perform investment advisory functions. 3 employees are registered representatives of a broker-dealer and 4 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 Boulay Financial Advisors invest in?
At the end of its last fiscal year, Boulay Financial Advisors’ separately managed accounts held 67% exchange-traded equities, 29% registered funds (mutual funds, ETFs, BDCs), 3% cash and equivalents and 1% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Boulay Financial Advisors?
Boulay Financial Advisors’ direct owners are Boulay, PLLP (25% to 50%) and Bfa Holdings, LLC (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 19 August 2026
How does Boulay Financial Advisors get paid?
Boulay Financial Advisors is paid through a percentage of assets under management, hourly charges 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 Boulay Financial Advisors?
Boulay Financial Advisors’ main office is at 11095 Viking Drive, Suite 500, Eden Prairie, MN 55344. Its phone number is 952-893-9320. Its website is boulayfinancialadvisors.com.