Mann Financial Services, Inc. (Detroit Lakes)

Name: Mann Financial Services, Inc.
Address: 613 Hwy 10 E, Detroit Lakes, MN, 56501
Telephone: 218-844-9109

Mann Financial Services, Inc. is a large advisory firm based in Detroit Lakes. It manages $113 million of regulatory assets for 355 client accounts. It has been registered with the SEC as an adviser since 2019 and has operated in the jurisdictions of Florida, Minnesota, and North Dakota.

Mann Financial Services provides financial planning services, portfolio management for individuals and small businesses, and selection of other advisers. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Mann Financial Services: assets under management

The assets under management (AUM) of Mann Financial Services, Inc. is $113 million. The company doesn't manage any assets belonging to foreign clients.

The firm manages $93.78 million in discretionary accounts and $19.22 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $267.95 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $3.84 million.

Investments

The firm invests in investment and business development companies the most. They account for 62% of the total AUM. The second-largest asset type is exchange traded securities, which make up 28% of the firm’s portfolio. Investments in government bonds form 4% of the total invested assets.

Fees & Commissions

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

The firm provides services to individuals, charitable organizations, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Mann Financial Services is individuals with 151 clients and $52.75 million of assets under management. Among the 9 most similar advisory firms, Mann Financial Services has the 3rd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $113 million for 179 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.

Mann Financial Services doesn't advise any private funds.

Careers at Mann Financial Services, Inc.

The company employs 3 people that are either part- or full-time employees. 67 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
Brian Eugene Mann	Partner & chief compliance officer	1 Mar 2019	Other	5184687
Kevin Michael Mann	Principal	1 Mar 2019	75% - 100%	2005805

Based in Detroit Lakes

The principal office where Mann Financial Services, Inc. performs its advisory services is located at 613 Hwy 10 E, Detroit Lakes, MN 56501, 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 218-844-9109. The normal business hours are 8am - 5pm on Monday - Friday. You can find more information about the New York firm at mannfinancialmn.com/.