Legacy Financial Group, LLC (Des Moines)

Name: Legacy Financial Group, LLC
Address: 6000 Grand Avenue, Des Moines, IA, 50312
Telephone: 515-255-3306

Legacy Financial Group, LLC is a large advisory firm based in Des Moines. It manages $376.88 million of regulatory assets for 2,335 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Arizona, California, Colorado, and 11 other states.

Legacy Financial Group provides financial planning services, portfolio management for individuals and small businesses, selection of other advisers, and educational seminars and workshops. It prepares financial plans for more than 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Legacy Financial Group: assets under management

The assets under management (AUM) of Legacy Financial Group, LLC is $376.88 million. The firm's AUM has grown by 149% since the beginning of its operation, and $1.58 million of the total AUM is attributable to clients outside of the United States.

The firm manages $375.67 million in discretionary accounts and $1.21 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $161.09 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $403.24 thousand.

Legacy Financial Group has custody of $54.64 thousand in cash and securities for 1 client 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 68% of the total AUM. The second-largest asset type is other assets, which make up 19% of the firm’s portfolio. Investments in exchange traded securities form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Legacy Financial Group, LLC for their services and products based on a percentage of assets under management and hourly charges. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Legacy Financial Group serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Legacy Financial Group is individuals with 1,382 clients and $224.96 million of assets under management. Among the 12 most similar advisory firms, Legacy Financial Group has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $376.88 million for 1,475 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Legacy Financial Group doesn't advise any private funds.

Careers at Legacy Financial Group, LLC

The company employs 10 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 9 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
Ray Day	Managing director	1 Jul 2001	Other	1085188
Brian Joseph Hood	Managing member/chief compliance officer	1 May 2002	75% - 100%	1787301
Donald Etsuo Tanaka	Member/chief compliance officer	1 Nov 2005	Other	4553408
Melanie Carol Tanaka	Managing member	1 Nov 2005	75% - 100%	2084929
Inc. Spectrum Wealth Advisors	Holding company	1 Jan 2017	75% - 100%	81-0785636
Mary Dotterer Pitcher	Chief compliance officer	1 May 2017	Other	4347622
Scott R Arnburg	Chief compliance officer	1 Feb 2019	Other	5443467

Indirect Owners

The SEC currently registers 2 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Brian Joseph Hood	Part owner	1 Jan 2017	50% - 75%	1787301
William Bemis Elson	Part owner	1 Jan 2017	50% - 75%	1808374

Based in Des Moines

The principal office where Legacy Financial Group, LLC performs its advisory services is located at 6000 Grand Avenue, Des Moines, IA 50312, 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 515-255-3306 or by fax 515-277-3133. The normal business hours are 8:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at lfgplanners.com.