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.”