{"url":"https://nivawealth.com/firms/legacy-financial-advisors-115384","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/115384","regulatoryAum":317668456,"crd":"115384","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"6758217","suffix":null,"lastName":"BIERMANN","firstName":"LAURA","middleName":"ANNE"},{"crd":"1091744","suffix":null,"lastName":"MENZEL","firstName":"THOMAS","middleName":"LEE"}],"total":2,"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":"2021-03-10","regulatoryAum":237970833,"clients":232,"employees":5,"offices":1},{"filedOn":"2022-03-11","regulatoryAum":260209110,"clients":229,"employees":5,"offices":1},{"filedOn":"2023-02-23","regulatoryAum":225329499,"clients":229,"employees":6,"offices":1},{"filedOn":"2024-02-02","regulatoryAum":257187144,"clients":221,"employees":6,"offices":1},{"filedOn":"2025-04-23","regulatoryAum":285636318,"clients":225,"employees":6,"offices":1},{"filedOn":"2026-02-11","regulatoryAum":317668456,"clients":245,"employees":6,"offices":1}],"secFileNumber":"801-62026","legalName":"Legacy Financial Advisors Corporation","displayName":"Legacy Financial Advisors","slug":"legacy-financial-advisors-115384","website":"https://lfamn.com/","logo":{"src":"https://rmkhnxnbeclogprvkfyl.supabase.co/storage/v1/object/public/firm-logos/115384/01c9686439f3aa49-r1.webp","tone":"light","width":605,"height":200,"sourceUrl":"https://lfamn.com","sourceLabel":"Legacy Financial Advisors Corporation, website"},"classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"linkedinUrl":"https://www.linkedin.com/company/legacy-financial-advisors-corp./","founded":"1996","organization":"Minnesota corporation","fiscalYearEnd":"December","headquarters":{"street":"3500 American BLVD West, Suite 675","city":"Bloomington","state":"MN","stateName":"Minnesota","country":"United States","postalCode":"55431"},"tradeNames":[],"registration":{"secApproved":"5 May 2003","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":1296605.9428571428,"staff":{"employees":6,"advisory":2,"brokerDealerReps":0,"insuranceAgents":2,"promoters":0},"aum":{"regulatory":317668456,"discretionary":312867320,"discretionaryAccounts":933,"nonDiscretionary":4801136,"nonDiscretionaryAccounts":15,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"Individuals (other than HNW)","clients":146,"regulatoryAum":47583871},{"label":"High-net-worth individuals","clients":99,"regulatoryAum":270084585}],"feePrograms":[{"role":"main","program":"Wealth Management Fees","feeBasis":"range","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1008111","versionId":1008111,"ratePeriod":"not_stated","fee_billing":"advance","submittedOn":"2026-02-11","documentName":"LEGACY FINANCIAL ADVISORS ADV 2A","fee_rate_low":0.7,"fee_rate_high":1.25,"fee_negotiable":true,"minimum_account":null,"feeMinimumPeriod":null,"fee_minimum_annual":null}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T08:35:54.040952+00:00","documents":[{"name":"LEGACY FINANCIAL ADVISORS ADV 2A","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1008111","versionId":1008111,"submittedOn":"2026-02-11"}]},"custodians":[{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"San Francisco, CA","smaAssets":284983981}],"custodyNote":"Legacy Financial Advisors has custody of $149M in client assets for 136 clients.","leadership":[{"name":"Laura Biermann","title":"Vice President","crd":"6758217"},{"name":"Thomas Menzel","title":"President, Chief Compliance Officer","crd":"1091744"}],"ownership":[{"label":"Thomas Menzel","detail":"President, chief compliance officer in the 50% to 75% ownership band and a control person, since September 1997."},{"label":"Laura Biermann","detail":"Vice president in the 25% to 50% ownership band, since January 2018."}],"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Minnesota","offices":1,"addresses":[{"street":"3500 American BLVD West, Suite 675","city":"Bloomington","headquarters":true}]}],"brochureServices":["education planning","estate planning","insurance","tax planning"],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"952-893-5555","stateRegisteredReps":2,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Commissions"],"activities":["Financial planning services","Portfolio management for individuals and/or small businesses","Other"],"financialPlanningClients":"0","assetMix":[{"label":"Exchange-traded equity securities","percent":9},{"label":"Securities issued by registered investment companies or business development companies","percent":80},{"label":"Cash and cash equivalents","percent":11}],"privateFunds":0},"sources":{"adv1FilingDate":"11 February 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/115384/PDF/115384.pdf","brochureDate":"11 February 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1008111","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 Legacy Financial Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Legacy Financial Advisors offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Legacy Financial Advisors charge?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Legacy Financial Advisors use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Legacy Financial Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Legacy Financial Advisors invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Legacy Financial Advisors?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Legacy Financial Advisors get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Is Legacy Financial Advisors registered with the SEC?","answer":"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","sourceRef":{"doc":"adv1","section":"identity"}},{"question":"How do I contact Legacy Financial Advisors?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 11 February 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"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."}