Legacy Financial Advisors provides financial planning, portfolio management for individuals and small businesses, education planning, estate planning, insurance, and tax planning.
Legacy Financial Advisors reports 245 clients. They include 146 individual clients and 99 high-net-worth individuals. Of its assets, 98.5% ($313M across 933 accounts) are managed with discretion; $4.8M across 15 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 60% | 15% |
| High-net-worth individuals | 40% | 85% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 146 | $47.6M | 15.0% | $326K |
| High-net-worth individuals | 99 | $270M | 85.0% | $2.73M |
| Total | 245 | $318M | 100% | $1.3M |
- Clients
- 146
- Regulatory AUM
- $47.6M
- AUM share
- 15.0%
- Avg. per client
- $326K
- Clients
- 99
- Regulatory AUM
- $270M
- AUM share
- 85.0%
- Avg. per client
- $2.73M
Total
- Clients
- 245
- Regulatory AUM
- $318M
- AUM share
- 100%
- Avg. per client
- $1.3M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Legacy Financial Advisors charges 0.70%–1.25% for its Wealth Management Fees. The brochure does not state whether the rate is annual. The fee is billed in advance and is negotiable.
Fee details and sources
Thomas Menzel owns 50% to 75% of Legacy Financial Advisors. The leadership team of Legacy Financial Advisors includes President Laura Biermann and Chief Compliance Officer Thomas Menzel. It has 6 employees, 2 of them in advisory roles.
Leadership
- Laura BiermannVice President
- Thomas MenzelPresident, Chief Compliance Officer
Investment adviser representatives
2 representatives listed in the SEC register as of 9 October 2026.
- Laura Anne Biermann
- Thomas Lee Menzel
Staff
- 6 employees
- 2 in advisory functions
- 2 state-registered reps
- 2 insurance agents
- Owns 50% to 75% of Legacy Financial Advisors Corporation
Thomas Menzel
Control person · since September 1997
- Owns 25% to 50% of Legacy Financial Advisors Corporation
Laura Biermann
since January 2018
Legacy Financial Advisors’ regulatory assets grew from $238M (March 2021) to $318M (February 2026); clients rose from 232 to 245 and employees from 5 to 6.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| February 2026 | $318M | 245 | 6 | 1 |
| April 2025 | $286M | 225 | 6 | 1 |
| February 2024 | $257M | 221 | 6 | 1 |
| February 2023 | $225M | 229 | 6 | 1 |
| March 2022 | $260M | 229 | 5 | 1 |
| March 2021 | $238M | 232 | 5 | 1 |
Besides its headquarters, Legacy Financial Advisors has 0 offices, with 1 listed address in Minnesota.
Minnesota · 1 listed address
- 3500 American BLVD West, Suite 675, BloomingtonHQ
Contact and registration details
- Legal name
- Legacy Financial Advisors Corporation
- Headquarters
- 3500 American BLVD West, Suite 675, Bloomington, MN 55431
- Website
- lfamn.com
- Phone
- 952-893-5555
- @legacy-financial-advisors-corp.
- SEC file
- 801-62026
- Founded
- 1996
- Structure
- Minnesota corporation
- Fiscal year end
- December
Legacy Financial Advisors uses Charles Schwab ($285M) as custodian for its separately managed accounts. Legacy Financial Advisors has custody of $149M in client assets for 136 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $285M100%
At year end, Legacy Financial Advisors’ separately managed accounts were mostly in funds (80%) and cash (11%).
What the accounts hold
- Stocks9%
- Funds80%
- Cash11%
How many clients does Legacy Financial Advisors have?
Legacy Financial Advisors has 245 clients and manages $318 million for them, as of February 2026. They include 146 individual clients and 99 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 11 February 2026
What services does Legacy Financial Advisors offer?
Legacy Financial Advisors provides financial planning, portfolio management for individuals and small businesses, education planning, estate planning, insurance, 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 Legacy Financial Advisors charge?
Legacy Financial Advisors charges 0.70%–1.25% for its Wealth Management Fees. The brochure does not state whether the rate is annual. The fee is billed in advance and is negotiable.
Source: LEGACY FINANCIAL ADVISORS ADV 2A, filed 11 February 2026
Which custodians does Legacy Financial Advisors use?
Legacy Financial Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $285M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 11 February 2026
How many financial advisors does Legacy Financial Advisors have?
Legacy Financial Advisors has 2 investment adviser representatives registered with state securities authorities, out of 6 employees, and 2 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 2 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 Legacy Financial Advisors invest in?
At the end of its last fiscal year, Legacy Financial Advisors’ separately managed accounts held 80% registered funds (mutual funds, ETFs, BDCs), 11% cash and equivalents and 9% exchange-traded equities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Legacy Financial Advisors?
Legacy Financial Advisors’ direct owners are Thomas Menzel (50% to 75%) and Laura Biermann (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 11 February 2026
How does Legacy Financial Advisors get paid?
Legacy Financial Advisors is paid through a percentage of assets under management and commissions. Its Form ADV lists no 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
Is Legacy Financial Advisors registered with the SEC?
Yes, Legacy Financial Advisors has been registered with the SEC as an investment adviser since 5 May 2003. Its CRD number is 115384 and its SEC file number is 801-62026.
Source: Form ADV Part 1A, Item 1, filed 11 February 2026; IAPD firm record
How do I contact Legacy Financial Advisors?
Legacy Financial Advisors’ main office is at 3500 American BLVD West, Suite 675, Bloomington, MN 55431. Its phone number is 952-893-5555. Its website is lfamn.com.