FormulaFolios, which has $3.5bn in AUM, is a Michigan-based registered investment adviser
AmeriLife Group said that it has acquired FormulaFolios and has merged it with its subsidiary Brookstone Capital Management to create a registered investment adviser (RIA) with $6.5bn in assets under management (AUM).
FormulaFolios, which has $3.5bn in AUM, is a Michigan-based registered investment adviser.
AmeriLife said that the acquisition is said to help in further boosting its RIA platform for advisers, while enabling it to quickly move towards its goal of surpassing $10bn in AUM.
The merger of the two RIAs comes about a year after the US insurance distribution firm entered into a partnership with Brookstone Capital Management, an Illinois-based registered investment adviser engaged in offering fee-based asset management services.
AmeriLife said that the merger consolidates its position among the largest independent marketing and RIA organisations in the US.
AmeriLife CEO comments on the merger of the RIAs
AmeriLife chairman and CEO Scott Perry said: “This addition to the AmeriLife family continues to reinforce our position as a leading provider of advisory services to our targeted niche of retirement advisors.
“It’s a major step toward AmeriLife’s strategic goal of providing full-service life and health insurance and retirement and legacy planning services to our agents, advisors and clients nationwide.”
The combination of Brookstone Capital Management and FormulaFolios is said to result in one of the largest RIAs serving the independent retirement advisor community. The enlarged firm, which will retain the FormulaFolios brand, will have over 800 advisors working across 500 offices in all the 50 states of the US.
Brookstone Capital Management CEO and AmeriLife investment advisory services division president Dean Zayed said: “The addition of FormulaFolios extends our investment platform and enhances the training and resources we can provide to affiliated independent advisors.
“Now, our combined organization delivers next-generation technology platforms, enhanced financial planning support, greater investment selection, digital marketing and lead generation solutions, and robust training and networking opportunities for advisors at each level of their career.”
In May 2020, AmeriLife acquired an interest in Pinnacle Financial Services, a provider of financial products and services for individuals, businesses, and their employees.