{"url":"https://nivawealth.com/firms/boulay-financial-advisors-111334","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/111334","regulatoryAum":3009123644,"crd":"111334","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"6978011","suffix":null,"lastName":"Bauman","firstName":"Mary","middleName":"Kathryn"},{"crd":"5527387","suffix":null,"lastName":"BLOODGOOD","firstName":"JOSEPH","middleName":"DANIEL"},{"crd":"2894697","suffix":null,"lastName":"BREMER","firstName":"DAVID","middleName":"EDGAR"},{"crd":"4542374","suffix":null,"lastName":"Brown","firstName":"Jay","middleName":"Robert"},{"crd":"4450595","suffix":null,"lastName":"CARLSON","firstName":"CHAD","middleName":"MICHAEL"},{"crd":"7952210","suffix":null,"lastName":"Chacon","firstName":"Aidan","middleName":"L"},{"crd":"8074907","suffix":null,"lastName":"Claussen","firstName":"Christopher","middleName":null},{"crd":"7948425","suffix":null,"lastName":"Cummins","firstName":"Rose","middleName":"Abigail"},{"crd":"6072116","suffix":null,"lastName":"Delaney","firstName":"Matthew","middleName":"Ryan"},{"crd":"6885789","suffix":null,"lastName":"Diaz","firstName":"Gerson","middleName":"Jesus"},{"crd":"7691915","suffix":null,"lastName":"Evenson","firstName":"Abigail","middleName":"Marie"},{"crd":"5721538","suffix":null,"lastName":"FAITH","firstName":"NATHAN","middleName":"DANIEL"},{"crd":"6315039","suffix":null,"lastName":"FAUST","firstName":"BLAKE","middleName":"BRIAN"},{"crd":"8193447","suffix":null,"lastName":"Glass","firstName":"Calli","middleName":"Rose"},{"crd":"7384261","suffix":null,"lastName":"Haire","firstName":"Zachariah","middleName":"Robert"},{"crd":"5371677","suffix":null,"lastName":"HANES","firstName":"MEGHAN","middleName":"MARIE"},{"crd":"4210260","suffix":null,"lastName":"Heilmer","firstName":"Matthew","middleName":null},{"crd":"2155424","suffix":null,"lastName":"Hogan","firstName":"Catherine","middleName":"Ann"},{"crd":"5805862","suffix":null,"lastName":"HORAN","firstName":"ELLEN","middleName":"R"},{"crd":"6960893","suffix":null,"lastName":"Johnson","firstName":"Michael","middleName":"Joseph"},{"crd":"7375317","suffix":null,"lastName":"Lunde","firstName":"Anika","middleName":"Sarah"},{"crd":"5712490","suffix":null,"lastName":"McDaniel","firstName":"Jeremy","middleName":"Joseph"},{"crd":"1698904","suffix":null,"lastName":"MELANDER","firstName":"JON","middleName":"JAMES"},{"crd":"8277214","suffix":null,"lastName":"Nelson","firstName":"Ava","middleName":"Renae"},{"crd":"6268814","suffix":null,"lastName":"Nelson","firstName":"Scott","middleName":"Eric"},{"crd":"6141135","suffix":null,"lastName":"PARGETT","firstName":"THOMAS","middleName":"RUSSELL"},{"crd":"6370853","suffix":null,"lastName":"Rice","firstName":"Rachel","middleName":"Marie"},{"crd":"7060609","suffix":null,"lastName":"Rockford","firstName":"Timothy","middleName":"James"},{"crd":"8224947","suffix":null,"lastName":"Schleicher","firstName":"William","middleName":"Gregory"},{"crd":"4823363","suffix":null,"lastName":"SCHNEEMAN","firstName":"PATRICK","middleName":"KELLY"},{"crd":"7477852","suffix":null,"lastName":"Siegfried","firstName":"Chase","middleName":"Michael"},{"crd":"7169580","suffix":null,"lastName":"Stenzel","firstName":"Laura","middleName":"Ann"},{"crd":"6960913","suffix":null,"lastName":"Ulsby","firstName":"Christina","middleName":"Elise"}],"total":33,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2020-08-31","regulatoryAum":1485272896,"clients":1042,"employees":22,"offices":2},{"filedOn":"2022-03-30","regulatoryAum":2005623011,"clients":1075,"employees":22,"offices":2},{"filedOn":"2022-11-18","regulatoryAum":1896592152,"clients":1134,"employees":37,"offices":2},{"filedOn":"2023-08-29","regulatoryAum":1868751352,"clients":1119,"employees":40,"offices":2},{"filedOn":"2024-08-27","regulatoryAum":2126764950,"clients":1056,"employees":40,"offices":2},{"filedOn":"2025-08-29","regulatoryAum":2420741792,"clients":1135,"employees":44,"offices":2},{"filedOn":"2026-08-19","regulatoryAum":3009123644,"clients":1123,"employees":45,"offices":1}],"secFileNumber":"801-60141","legalName":"Boulay Financial Advisors, LLC","displayName":"Boulay Financial Advisors","slug":"boulay-financial-advisors-111334","website":"https://boulayfinancialadvisors.com/","classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"linkedinUrl":"https://www.linkedin.com/company/boulaygroup/","founded":"2001","organization":"Minnesota limited liability company","fiscalYearEnd":"May","headquarters":{"street":"11095 Viking Drive, Suite 500","city":"Eden Prairie","state":"MN","stateName":"Minnesota","country":"United States","postalCode":"55344"},"tradeNames":[],"registration":{"secApproved":"17 April 2001","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":2669678.618613139,"staff":{"employees":45,"advisory":31,"brokerDealerReps":3,"insuranceAgents":4,"promoters":2},"aum":{"regulatory":3009123644,"discretionary":2916012518,"discretionaryAccounts":4154,"nonDiscretionary":93111126,"nonDiscretionaryAccounts":230,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":3},"clientTypes":[{"label":"Individuals (other than HNW)","clients":466,"regulatoryAum":208510088},{"label":"High-net-worth individuals","clients":630,"regulatoryAum":2717457678},{"label":"Pension and profit-sharing plans","clients":14,"regulatoryAum":54925306},{"label":"Charitable organizations","clients":null,"fewerThan5":true,"regulatoryAum":15806260},{"label":"Corporations and other businesses","clients":13,"regulatoryAum":12424312}],"feePrograms":[{"role":"main","program":"Investment Advisory Program","feeBasis":"range","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1055396","versionId":1055396,"ratePeriod":"annual","fee_billing":"advance","submittedOn":"2026-08-19","documentName":"BOULAY WEALTH AUG 2026 ADV 2A.2B","fee_rate_low":0.6,"fee_rate_high":1.95,"fee_negotiable":true,"minimum_account":null,"feeMinimumPeriod":"annual","fee_minimum_annual":10000},{"role":"other","program":"Financial Planning","summary":"Fixed fee of $10,000 to $50,000, or an hourly fee of $150 to $450 per hour; fees are negotiable.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1055396","versionId":1055396,"submittedOn":"2026-08-19","documentName":"BOULAY WEALTH AUG 2026 ADV 2A.2B"}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T04:19:55.427053+00:00","documents":[{"name":"BOULAY WEALTH AUG 2026 ADV 2A.2B","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1055396","versionId":1055396,"submittedOn":"2026-08-19"}]},"custodians":[{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"San Francisco, CA","smaAssets":2414244512},{"name":"Fidelity Brokerage Services LLC","shortName":"Fidelity","location":"Smithfield, RI","smaAssets":454498150}],"custodyNote":"Boulay Financial Advisors has custody of $1.78B in client assets for 2,732 clients.","otherCustodians":[],"leadership":[{"name":"Jay Brown","title":"President, Chief Executive Officer, Partner, Governor","crd":"4542374"},{"name":"Catherine Hogan","title":"Board Secretary, Chief Compliance Officer, Chief Operating Officer","crd":"2155424"},{"name":"Erik Allen","title":"Governor, Treasurer","crd":"5408337"},{"name":"Laura Beise","title":"Governer","crd":"7801231"},{"name":"Dan Markowitz","title":"Governor","crd":"7290561"},{"name":"Jon Melander","title":"Partner, Board Chair, Governor","crd":"1698904"}],"ownership":[{"label":"Boulay, PLLP","detail":"Owner in the 25% to 50% ownership band, since January 2001."},{"label":"Bfa Holdings, LLC","detail":"Owner in the 50% to 75% ownership band, since March 2022."},{"label":"David Bremer","detail":"Indirect owner: founding partner of Bfa Holdings, LLC and a control person, since June 2023.","parent":"Bfa Holdings, LLC"},{"label":"Joseph Bloodgood","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since March 2022.","parent":"Bfa Holdings, LLC"},{"label":"Jay Brown","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since March 2022.","parent":"Bfa Holdings, LLC"},{"label":"Nathan Faith","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since March 2022.","parent":"Bfa Holdings, LLC"},{"label":"Jon Melander","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since March 2022.","parent":"Bfa Holdings, LLC"},{"label":"Ellen Horan","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since June 2023.","parent":"Bfa Holdings, LLC"},{"label":"Patrick Schneeman","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since June 2024.","parent":"Bfa Holdings, LLC"},{"label":"Meghan Hanes","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since June 2024.","parent":"Bfa Holdings, LLC"},{"label":"Catherine Hogan","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since June 2024.","parent":"Bfa Holdings, LLC"},{"label":"Chad Carlson","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since June 2026.","parent":"Bfa Holdings, LLC"},{"label":"Matthew Delaney","detail":"Indirect owner: member of Bfa Holdings, LLC and a control person, since June 2026.","parent":"Bfa Holdings, LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Minnesota","offices":1,"addresses":[{"street":"11095 Viking Drive, Suite 500","city":"Eden Prairie","headquarters":true}]}],"brochureServices":["education planning","estate planning","insurance","tax planning","tax preparation"],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"952-893-9320","stateRegisteredReps":33,"otherAdviserReps":2,"compensation":["A percentage of assets under management","Hourly charges","Fixed fees (other than subscription fees)"],"activities":["Financial planning services","Portfolio management for individuals and/or small businesses","Portfolio management for businesses (other than small businesses) or institutional clients","Pension consulting services","Selection of other advisers (including private fund managers)","Educational seminars/workshops","Other"],"financialPlanningClients":"1-10","assetMix":[{"label":"Exchange-traded equity securities","percent":67},{"label":"U.S. state and local bonds","percent":1},{"label":"Securities issued by registered investment companies or business development companies","percent":29},{"label":"Cash and cash equivalents","percent":3}],"privateFunds":0},"sources":{"adv1FilingDate":"19 August 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/111334/PDF/111334.pdf","brochureDate":"19 August 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1055396","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Boulay Financial Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Boulay Financial Advisors offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Boulay Financial Advisors charge?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Boulay Financial Advisors use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Boulay Financial Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Boulay Financial Advisors invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Boulay Financial Advisors?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Boulay Financial Advisors get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Boulay Financial Advisors?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 19 August 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/boulay-financial-advisors-111334/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-04","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/2056342/000205634226000003/0002056342-26-000003-index.html","totalValue":1080082842,"positionCount":6,"top10Share":1,"top10":[{"issuer":"Schwab Strategic TR","titleOfClass":"COM","cusip":"808524771","value":303041255,"shares":9744092,"shareType":"SH","priorValue":266465102,"priorShares":9567867},{"issuer":"VanEck ETF Trust","titleOfClass":"COM","cusip":"92189F643","value":237820873,"shares":2287619,"shareType":"SH","priorValue":214694509,"priorShares":2220212},{"issuer":"Ishares TR","titleOfClass":"COM","cusip":"464289438","value":179321333,"shares":617030,"shareType":"SH","priorValue":151812565,"priorShares":610081},{"issuer":"Schwab Strategic TR","titleOfClass":"COM","cusip":"808524755","value":139691635,"shares":2647681,"shareType":"SH","priorValue":133344008,"priorShares":2725199},{"issuer":"Columbia ETF TR II","titleOfClass":"COM","cusip":"19762B202","value":117862706,"shares":2228872,"shareType":"SH","priorValue":105000218,"priorShares":2572904},{"issuer":"Schwab Strategic TR","titleOfClass":"COM","cusip":"808524763","value":102345040,"shares":2689045,"shareType":"SH"}],"positionsListed":6,"positions":[{"issuer":"Schwab Strategic TR","titleOfClass":"COM","cusip":"808524771","value":303041255,"shares":9744092,"shareType":"SH","priorValue":266465102,"priorShares":9567867},{"issuer":"VanEck ETF Trust","titleOfClass":"COM","cusip":"92189F643","value":237820873,"shares":2287619,"shareType":"SH","priorValue":214694509,"priorShares":2220212},{"issuer":"Ishares TR","titleOfClass":"COM","cusip":"464289438","value":179321333,"shares":617030,"shareType":"SH","priorValue":151812565,"priorShares":610081},{"issuer":"Schwab Strategic TR","titleOfClass":"COM","cusip":"808524755","value":139691635,"shares":2647681,"shareType":"SH","priorValue":133344008,"priorShares":2725199},{"issuer":"Columbia ETF TR II","titleOfClass":"COM","cusip":"19762B202","value":117862706,"shares":2228872,"shareType":"SH","priorValue":105000218,"priorShares":2572904},{"issuer":"Schwab Strategic TR","titleOfClass":"COM","cusip":"808524763","value":102345040,"shares":2689045,"shareType":"SH"}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}