Boulay Financial Advisors, Llc
SEC-registered
Insurance-Affiliated · Mid-sized ($1B–$10B)
CRD 111334
· SEC file 801-60141
· Eden Prairie, MN
· WWW.FACEBOOK.COM
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ADV data as of Aug 29, 2025
- Regulatory AUM
- $2.4B
- Discretionary
- $2.3B
- Clients
- 1,135
- Avg AUM / client
- $2.1M
- Accounts
- 4,260
- Employees
- 44
AUM over time
$227M
$2.4B
Feb 2012
May 2025
Annual snapshots from Form ADV filings · as of Aug 29, 2025
Investments (13F portfolio — 5 positions, $871,316,402)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Schwab Strategic Tr | COM | $266,465,102 | 9,567,867 | 30.6% | 11.0% |
| 2 | Van Eck Etf Trust | COM | $214,694,509 | 2,220,212 | 24.6% | 8.87% |
| 3 | Ishares Tr | COM | $151,812,565 | 610,081 | 17.4% | 6.27% |
| 4 | Schwab Strategic Tr | COM | $133,344,008 | 2,725,199 | 15.3% | 5.51% |
| 5 | Columbia Etf Tr Ii | COM | $105,000,218 | 2,572,904 | 12.1% | 4.34% |
Top 25 of 5 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 572 | $236M | 9.73% |
| High net worth individuals | 534 | $2.1B | 88.5% |
| Pension and profit sharing plans | 8 | $13.0M | 0.54% |
| Charitable organizations | 5 | $9.6M | 0.4% |
| Corporations and other businesses | 16 | $20.9M | 0.86% |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Emergency Physicians Professional Association Profit Sharing 401(k) Plan Emergency Physicians Professional Association | 2024 | |
| Faegre Drinker Retirement Savings Plan 2 Faegre Drinker Biddle & Reath Llp | 2024 | |
| Schwabplan Retirement Savings And Investment Plan The Charles Schwab Corporation | 2024 | |
| Nina Hale Employee Stock Ownership Plan Collective Measures, Inc. | 2024 |
People (37)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| David Edgar Bremer | Founding Partner | CFP | Nov 2004 (22y) | GP / trustee / elected manager of Bfa Holdings, Llc (indirect) |
| Nathan Daniel Faith | Member | CFP | Jan 2014 (13y) | GP / trustee / elected manager of Bfa Holdings, Llc (indirect) |
| Joseph Daniel Bloodgood | Member | CFP | Aug 2014 (12y) | GP / trustee / elected manager of Bfa Holdings, Llc (indirect) |
| Patrick Kelly Schneeman | Member | Nov 2014 (12y) | GP / trustee / elected manager of Bfa Holdings, Llc (indirect) | |
| Jon James Melander | Member | CFP | Mar 2015 (11y) | ≈ 6.25% – 25% via Bfa Holdings, Llc |
| Ellen R Horan | Member | CFP | Nov 2016 (10y) | GP / trustee / elected manager of Bfa Holdings, Llc (indirect) |
| Jay Robert Brown | President, Secretary, Chief Compliance Officer, Partner, Governor | CFP Chartered Financial Consultant | Apr 2017 (9y) | Less than 5% |
| Meghan Marie Hanes | Member | May 2021 (5y) | GP / trustee / elected manager of Bfa Holdings, Llc (indirect) | |
| Allen, Erik, Leigh | Governor, Treasurer | Mar 2022 (4y) | Less than 5% | |
| Beversdorf, Tim, Alan | Member | Mar 2022 (4y) | GP / trustee / elected manager of Bfa Holdings, Llc (indirect) | |
| Johnson, Thomas, Brent | Governor | Mar 2022 (4y) | Less than 5% | |
| Beise, Laura, Lynn Boyd | Governer | Jan 2023 (4y) | Less than 5% | |
| Catherine Ann Hogan | Board Secretary | Aug 2023 (3y) | Less than 5% | |
| Chad Michael Carlson | Registered representative | Jan 2014 (13y) | ||
| Michael Joseph Johnson | Registered representative | Dec 2019 (7y) | ||
| Scott Eric Nelson | Registered representative | CFP CFA | Jan 2020 (7y) | |
| Rachel Marie Rice | Registered representative | CFP | Jan 2021 (6y) | |
| Matthew Heilmer | Registered representative | Jun 2021 (5y) | ||
| Chase Michael Siegfried | Registered representative | Aug 2022 (4y) | ||
| Matthew Ryan Delaney | Registered representative | CFP | Jun 2023 (3y) | |
| Abigail Marie Leisen | Registered representative | Aug 2023 (3y) | ||
| Zachariah Robert Haire | Registered representative | Aug 2023 (3y) | ||
| Mary Kathryn Bauman | Registered representative | May 2024 (2y) | ||
| Rose Abigail Cummins | Registered representative | Jul 2024 (2y) | ||
| Anika Sarah Lunde | Registered representative | Oct 2024 (2y) | ||
| Aidan L Chacon | Registered representative | Nov 2024 (2y) | ||
| Thomas Russell Pargett | Registered representative | CFP | Mar 2025 (1y) | |
| Christopher Claussen | Registered representative | CFP | Apr 2025 (1y) | |
| Timothy James Rockford | Registered representative | May 2025 (1y) | ||
| Laura Ann Stenzel | Registered representative | CFP | May 2025 (1y) | |
| Gerson Jesus Diaz | Registered representative | Jul 2025 (1y) | ||
| Calli Rose Glass | Registered representative | Nov 2025 (1y) | ||
| Christina Elise Ulsby | Registered representative | CFP | Jan 2026 (1y) | |
| William Gregory Schleicher | Registered representative | Feb 2026 (0y) | ||
| Jeremy Joseph Mc Daniel | Registered representative | Mar 2026 (0y) | ||
| Blake Brian Faust | Registered representative | CFP | May 2026 (0y) | |
| Ava Renae Nelson | Registered representative | May 2026 (0y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Boulay, Pllp | Owner | Jan 2001 | A | 50% – 75% |
| Bfa Holdings, Llc | Owner | Mar 2022 | A | 25% – 50% |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Jon James Melander: 25% – 50% of Bfa Holdings, Llc × 25% – 50% direct ≈ 6.25% – 25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Retirement plans served (4)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Emergency Physicians Professional Association Profit Sharing 401(k) Plan | Emergency Physicians Professional Association | 487 | $294M | 01/01/2024 |
| Faegre Drinker Retirement Savings Plan 2 | Faegre Drinker Biddle & Reath Llp | 1,274 | $773M | 01/01/2024 |
| Schwabplan Retirement Savings And Investment Plan | The Charles Schwab Corporation | 32,145 | $8.9B | 01/01/2024 |
| Nina Hale Employee Stock Ownership Plan | Collective Measures, Inc. | 102 | $33.8M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 08/29/2025 | 1.19 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Hourly charges
- • Fixed fees
Services
- • Financial planning services
- • Portfolio management for individuals/small businesses
- • Portfolio management for businesses/institutional clients
- • Pension consulting services
- • Selection of other advisers
- • Educational seminars/workshops
- • Other services
Custody
Reported custodians
- Charles Schwab & Co. $1.8B (76% of AUM) Aug 2025
- Fidelity Brokerage Services $239M (10% of AUM) Aug 2025
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Aug 29, 2025.
View current Form ADV (SEC/IAPD) ↗