Morman, Kaplan, Brilliant and Fransko provides financial planning, portfolio management for individuals and small businesses, and selecting other managers. Financial planning was provided to 1–10 clients last fiscal year.
Morman, Kaplan, Brilliant and Fransko reports 353 clients. They include 312 individual clients and 41 high-net-worth individuals. Of its assets, 100.0% ($163M across 600 accounts) are managed with discretion. A wrap fee program the firm both sponsors and manages holds $163M. Of its clients, 1% are outside the U.S. It advised 2 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 88% | 49% |
| High-net-worth individuals | 12% | 51% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 312 | $80.2M | 49.3% | $257K |
| High-net-worth individuals | 41 | $82.4M | 50.7% | $2.01M |
| Total | 353 | $163M | 100% | $461K |
- Clients
- 312
- Regulatory AUM
- $80.2M
- AUM share
- 49.3%
- Avg. per client
- $257K
- Clients
- 41
- Regulatory AUM
- $82.4M
- AUM share
- 50.7%
- Avg. per client
- $2.01M
Total
- Clients
- 353
- Regulatory AUM
- $163M
- AUM share
- 100%
- Avg. per client
- $461K
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 2
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1–10
Morman, Kaplan, Brilliant and Fransko charges 0.25%–1.50% a year for its Portfolio Management Services. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning and Consulting
- Financial planning and consulting is a fixed fee of $250 to $2,500, negotiable and paid half on engagement and half on delivery, or an hourly fee of $150 to $225.
Michael Kaplan owns 25% to 50% of Morman, Kaplan, Brilliant and Fransko. It has 7 employees, 6 of them in advisory roles.
Staff
- 7 employees
- 6 in advisory functions
- 6 state-registered reps
- 6 broker-dealer reps
- 5 insurance agents
- Owns 25% to 50% of Morman, Kaplan, Brilliant and Fransko, LLC
Michael Kaplan
Control person · since June 2016
- Owns 25% to 50% of Morman, Kaplan, Brilliant and Fransko, LLC
Alan Brilliant
Control person · since June 2016
- Owns 25% to 50% of Morman, Kaplan, Brilliant and Fransko, LLC
Stephen Morman
Control person · since June 2016
- Owns 25% to 50% of Morman, Kaplan, Brilliant and Fransko, LLC
David Fransko
Control person · since June 2016
Morman, Kaplan, Brilliant and Fransko’s regulatory assets grew from $120M (March 2024) to $163M (March 2026); clients rose from 330 to 353 and employees from 6 to 7.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $163M | 353 | 7 | 2 |
| Feb 2025February 2025 | $148M | 336 | 6 | 2 |
| Mar 2024March 2024 | $120M | 330 | 6 | 1 |
Besides its headquarters, Morman, Kaplan, Brilliant and Fransko has 1 office (1 private residence, listed without an address), with 1 listed address in 1 state.
Michigan · 1 listed address
- 777 E. Eisenhower Pkwy, Suite 740, Ann ArborHQ
Contact and registration details
- Legal name
- Morman, Kaplan, Brilliant and Fransko, LLC
- Headquarters
- 777 E. Eisenhower Pkwy, Suite 740, Ann Arbor, MI 48108
- Website
- fourfinancial.com
- Phone
- 734-272-4322
- @four-financial-management
- SEC file
- 801-129305
- Structure
- Michigan LLC
- Fiscal year end
- December
Morman, Kaplan, Brilliant and Fransko’s named custodian for separately managed accounts is LPL Financial ($163M). Morman, Kaplan, Brilliant and Fransko has custody of $13.2M for 10 clients.
- LPL FinancialLPL Financial LLC · Boston, MA · $163M100%
At year end, Morman, Kaplan, Brilliant and Fransko’s separately managed accounts were mostly in funds (69%) and stocks (12%).
What the accounts hold
- Stocks12%
- Funds69%
- Bonds2%
- U.S. government and agency bonds1%
- Investment grade corporate bonds1%
- Cash4%
- Other13%
- Structured products, market-linked cds13%
How many clients does Morman, Kaplan, Brilliant and Fransko have?
Morman, Kaplan, Brilliant and Fransko has 353 clients and manages $163 million for them, as of March 2026. They include 312 individual clients and 41 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 18 March 2026
What services does Morman, Kaplan, Brilliant and Fransko offer?
Morman, Kaplan, Brilliant and Fransko provides financial planning, portfolio management for individuals and small businesses, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Morman, Kaplan, Brilliant and Fransko charge?
Morman, Kaplan, Brilliant and Fransko charges 0.25%–1.50% a year for its Portfolio Management Services. The fee is billed in advance and is negotiable.
Which custodians does Morman, Kaplan, Brilliant and Fransko use?
Morman, Kaplan, Brilliant and Fransko’s separately managed account assets are held at LPL Financial LLC (Boston, MA), with $163M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 18 March 2026
How many financial advisors does Morman, Kaplan, Brilliant and Fransko have?
Morman, Kaplan, Brilliant and Fransko has 6 investment adviser representatives registered with state securities authorities, out of 7 employees, and 6 perform investment advisory functions. 6 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 Morman, Kaplan, Brilliant and Fransko invest in?
At the end of its last fiscal year, Morman, Kaplan, Brilliant and Fransko’s separately managed accounts held 69% registered funds (mutual funds, ETFs, BDCs), 13% other, 12% exchange-traded equities, 4% cash and equivalents, 1% U.S. government and agency bonds and 1% investment grade corporate bonds. The 13% other category is described as: Structured Products, Market-Linked CDS.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Morman, Kaplan, Brilliant and Fransko?
Morman, Kaplan, Brilliant and Fransko’s direct owners are Michael Kaplan, Alan Brilliant, Stephen Morman and David Fransko, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 18 March 2026
How does Morman, Kaplan, Brilliant and Fransko get paid?
Morman, Kaplan, Brilliant and Fransko 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 Morman, Kaplan, Brilliant and Fransko?
Morman, Kaplan, Brilliant and Fransko’s main office is at 777 E. Eisenhower Pkwy, Suite 740, Ann Arbor, MI 48108. Its phone number is 734-272-4322. Its website is fourfinancial.com.
