Advisornet Financial, Inc. (Minneapolis)

Name: Advisornet Financial, Inc.
Address: 701 Fourth Avenue South, Minneapolis, MN, 55415
Telephone: 612-347-8600

Advisornet Financial, Inc. is a large advisory firm based in Minneapolis. It manages $1.98 billion of regulatory assets for 11,216 client accounts. It has been registered with the SEC as an adviser since 2012 and has operated in the jurisdictions of Arizona, California, Colorado, and 18 other states.

Advisornet Financial provides financial planning services, portfolio management for individuals and small businesses, pension consulting services, selection of other advisers, educational seminars and workshops, and periodic investment monitoring and financial consulting.. It prepares financial plans for more than 499 clients. On top of advisory services, the firm doesn't engage in other business activities.

Advisornet Financial: assets under management

The assets under management (AUM) of Advisornet Financial, Inc. is $1.98 billion. The firm's AUM has grown by 1836% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $1.96 billion in discretionary accounts and $21.49 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $176.2 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $275.53 thousand.

Advisornet Financial has custody of $25.22 million in cash and securities for 99 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 48% of the total AUM. The second-largest asset type is investment and business development companies, which make up 44% of the firm’s portfolio. Investments in cash and cash equivalents form 5% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Advisornet Financial, Inc. for their services and products based on a percentage of assets under management, hourly charges, fixed fees, and commissions. 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 Daniel John May serves?

The firm provides services to individuals, charitable organizations, and high net worth individuals. The largest group of clients of Daniel John May is individuals with 4,150 clients and $1.77 billion of assets under management. Among the 11 most similar advisory firms, Advisornet Financial has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $1.98 billion for 4,184 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.

Advisornet Financial doesn't advise any private funds.

Careers at Advisornet Financial, Inc.

The company employs 135 people that are either part- or full-time employees. 89 percent of the employees work as investment advisers or researchers. 120 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.

Daniel John May has been acting as President since 1 Aug 1999. Trisha Sue Qualy joined the executive team most recently as the Vice President.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Daniel Waldemar Anderson	Chairman/director	1 Jan 1980	Other	4900
Daniel John May	President/ceo/director	1 Aug 1999	50% - 75%	1185577
Andre Steven Laberge	Sr. vice president, cco	1 Jul 2002	Other	4160536
Kevin Steven Riley	Chief financial officer	1 Apr 2007	Other	5600515
Todd Joseph Kelzenberg	Vice president, business development	1 Mar 2009	Other	4196625
John Albert House	5% or more direct owner	1 Aug 2009	Other	1238482
Michael Thomas Betz	Cio	1 May 2011	Other	4709573
Chandra Ellen Halverson	Vice president, coo	1 Mar 2012	Other	4318309
Andre Steven Laberge	Cco, legal counsel	1 Jul 2013	Other	4160536
Shelley Ann Kunde	Coo, compliance supervisor	1 Jul 2013	Other	2949892
Thomas Kenneth Rippberger	Vice president, chief compliance officer	1 Sep 2013	Other	3131447
Katherine Lynn Moss	5% or more direct owner	1 Jan 2017	Other	2548715
Trisha Sue Qualy	Vice president	1 Feb 2018	Other	5942154

Based in Minneapolis

The principal office where Advisornet Financial, Inc. performs its advisory services is located at 701 Fourth Avenue South, Minneapolis, MN 55415, which is also the mailing address of the firm. An additional office of the firm is in Maple Grove, MN. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 612-347-8600 or by fax 612-313-7513. The normal business hours are 9:00 a.m. to 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at advisornetwm.com/ and its LinkedIn profile.