Flourish Wealth Management Inc. (Edina)

Name: Flourish Wealth Management Inc.
Address: 3300 Edinborough Way, Edina, MN, 55435
Telephone: (952) 392-4474

Flourish Wealth Management Inc. is a large advisory firm based in Edina. It manages $121.69 million of regulatory assets for 392 client accounts. It has been registered with the SEC as an adviser since 2018 and has operated in the jurisdictions of California, Minnesota, and Texas.

Flourish Wealth Management provides portfolio management for individuals and small businesses, pension consulting services, selection of other advisers, and project-based financial consulting services. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Flourish Wealth Management: assets under management

The assets under management (AUM) of Flourish Wealth Management Inc. is $121.69 million. The firm's AUM has gone down by -3% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $117.3 million in discretionary accounts and $4.4 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $302.31 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.1 million.

Flourish Wealth Management has custody of $85.58 million in cash and securities for 64 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 70% of the total AUM. The second-largest asset type is state and local bonds, which make up 22% of the firm’s portfolio. Investments in cash and cash equivalents form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Flourish Wealth Management Inc. for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Flourish Wealth Management serves?

The only and largest group of clients of Flourish Wealth Management is high net worth individuals with 64 clients and $121.69 million of assets under management. Among the 10 most similar advisory firms, Flourish Wealth Management has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $121.69 million for 64 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Flourish Wealth Management doesn't advise any private funds.

Careers at Flourish Wealth Management Inc.

The company employs 5 people that are either part- or full-time employees. 40 percent of the employees work as investment advisers or researchers. 2 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Kathleen Marie Longo	President, wealth manager and chief compliance officer	1 Jan 2014	75% - 100%	2757434

Based in Edina

The principal office where Flourish Wealth Management Inc. performs its advisory services is located at 3300 Edinborough Way, Edina, MN 55435, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number (952) 392-4474 or by fax (952) 953-3310. The normal business hours are 8:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at linkedin.com/company/3692746/ and its LinkedIn profile.