Two RIAs have merged to form a $6.5 billion advisory firm with some 800 advisors: Brookstone Capital Management and FormulaFolios.

Wheaton, Illinois-based Brookstone works with about $3 billion in assets and 400 advisors. A year ago, the turnkey asset management provider (or TAMP) sold a majority stake to AmeriLife, which is now backed by the private equity firm Thomas H. Lee Partners.

FormulaFolios, which has offices in Grand Rapids, Michigan, and Costa Mesa, California, works with about $3.5 billion of assets using its money management algorithms and other resources.

“Brookstone and FormulaFolios have consistently been the top two considerations for retirement advisors seeking an RIA partner supportive of their planning philosophies,” according to Brookstone CEO Dean Zayed, an attorney and CFP. “It was a natural fit for us to come together as one.”

The combined entity will maintain both companies’ headquarters in the Chicago area and Grand Rapids. 

“Both companies have spent significant resources in building out the platform and programs they consider to be their competitive advantages. Now, we can leverage each other’s strengths to deliver a more robust experience to our advisor clients,” said Jason Wenk, executive director of FormulaFolios, in a statement.

The merged firm plans to focus on serving advisors via its latest technology stack; a financial planning system and support for CFPs, CFAs and other professionals; investment selection via an an open-architecture platform and targeted model portfolios; digital marketing platforms; and training and networking programs.