Financial Resource Advisors

What Financial Resource Advisors does

Financial Resource Advisors (FRA) is an independent financial advisory firm founded in 1978 in Waterloo, Iowa by Ivan Bullerman. Currently led by President Jay Bullerman and Managing Partner Mike Hulme, the firm delivers financial planning, investment management, retirement planning, risk protection, tax, and employer retirement plan services to individuals, families, business owners, and corporate plan sponsors. It operates under a team-based model (lead advisors, service advisors, client service specialists) rather than as a collection of solo practices, and serves clients nationally with an Iowa/Cedar Valley concentration, including a multi-decade relationship with John Deere employees across multiple Waterloo locations.

FRA's service stack centers on a proprietary-branded BEYOND401k program (specialized 401(k) advisory with fiduciary accountability), managed portfolios for IRAs and after-tax accounts, insurance/risk products (life, long-term care, disability), employer-plan consulting, and tax preparation delivered through an ownership-integrated partnership with Integrated Accounting Solutions (IAS). The technology stack is vendor-orchestrated rather than proprietary: Cetera Advisors is the broker-dealer, Pershing and Cetera Investment Services provide custody, client portals aggregate Albridge Wealth, NetXInvestor, and AdviceWorks, and investment research/asset-allocation support flows through Cetera Investment Management.

Revenue is generated through tiered, asset-based advisory fees (rates decline as AUM grows, spousal bundling available), transaction-based commissions on individual securities and certain mutual fund 12b-1 service fees, and professional services revenue from the affiliated tax and accounting practice. The go-to-market combines direct advisor outreach, employer retirement plan partnerships (including enterprise relationships such as John Deere), educational content marketing (articles, calculators, video library, webinars), and referral networks. The firm is professionally owned with no external private equity or venture capital, and operates with approximately 20 personnel.

Name

Financial Resource Advisors

Legal name

Financial Resource Advisors

Website

https://fraonline.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

11–50 employees

Short description

Financial Resource Advisors is an independent Iowa-based wealth management firm founded in 1978 that delivers financial planning, retirement, investment management, risk protection, and tax services to individuals, families, business owners, and employer retirement plan sponsors on a national basis.

Ownership category

akta.pro rank

Product category

Financial Advisory Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAAACAB

Financial Planning–Led RIAs

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

SECONDARYFSAEABAE

Employer Retirement Plan Advisory (401(k)/Pension)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Wealth & Retirement Advisory

SECONDARYFSAAAAAF

Financial Planning & Goals-Based Advice (Mass Affluent)

Financial & Insurance/Asset & Wealth Management/Retail & Mass-Affluent Wealth Management

SECONDARYFSAEAAAO

Business Owner & Executive Financial Planning

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Investment Advisory & Financial Planning

SECONDARYFSAEABAF

Retirement Plan Participant Advice & Managed Accounts

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Wealth & Retirement Advisory

Keywords

• Financial advisory services
• Retirement planning
• Wealth management
• Investment management
• 401(k) advisory

Headquarters

HQ city

Waterloo

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Advisory Fees: FRA offers both fee-based and commission-based advisory fee structures. The advisory account fee is an inclusive fee structure covering account analysis, trading, maintenance, and statements. A bundled and tiered fee schedule is available where rates decrease as assets in advisory accounts increase, with spousal bundling options.
2. Commissions: Additional compensation may be earned through commissions for purchase of individual stocks, bonds, and through service fees (12b-1) for mutual fund transactions.
3. Tax Preparation Services: Through affiliated Integrated Accounting Solutions (IAS), FRA offers bookkeeping, tax preparation, and consulting services for individuals and businesses.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Financial Resource Advisors provides comprehensive financial planning, investment and wealth management, retirement planning (including its proprietary BEYOND401k! 401(k) advisory program), risk protection/insurance, employer-sponsored retirement plan services, and integrated tax preparation and accounting services delivered through affiliated Integrated Accounting Solutions (IAS). Services are executed through broker-dealer Cetera Advisors and custodians Pershing and Cetera Investment Services, with access to a client portal integrating Albridge Wealth, NetXInvestor, and AdviceWorks.

Product overview

Financial Resource Advisors (FRA) offers a unified financial advisory platform combining multiple service modules: core financial planning and investment management services including BEYOND401k! (their specialized 401(k) advisory program), investing and wealth management, risk protection (insurance), employer retirement plans, and tax/accounting resources. The platform is supplemented with educational tools including calculators, videos, tax resources, and estate planning services. FRA also provides a client portal integrating multiple account access platforms (Albridge Wealth, NetXInvestor, AdviceWorks) for unified account management. Services are delivered through broker-dealer Cetera Advisors with custodial support from Pershing and Cetera Investment Services.

Differentiator

Problem solved

Functional benefit

Brands

• BEYOND401k!: FRA's exclusive specialized 401(k) Advisory Program designed to provide greater diversification, execute more effective risk management, and enhance investor returns with fiduciary accountability.

Products and services

• Financial & Retirement Planning Comprehensive financial planning service covering investment, income tax, retirement, education savings, estate, and legacy planning for individuals and families, including personalized plan development and implementation guidance.
• BEYOND401k! FRA's exclusive specialized 401(k) advisory program providing greater diversification, more effective risk management, enhanced investor returns, and fiduciary accountability for retirement plan participants.
• Investing & Wealth Management Comprehensive investment management services for IRAs, Roth IRAs, 401(k)s, and after-tax investments, including managed portfolios with active and passive investments, disciplined rebalancing, and alternative investment options.
• Risk Protection Insurance and risk management services including lifetime income guarantees, life insurance, long-term care insurance, and disability income insurance to mitigate risks associated with investments, death, disability, long-term care, and longevity.
• Employer Retirement Plans Comprehensive retirement program services for businesses, including 401(k) plan guidance, fiduciary responsibilities training, investment selection and monitoring, and employee education for successful retirement outcomes.
• Tax & Accounting Resources

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature1 record

Partnerships

Nine partnerships are on record, tiered core and minor.

• Cetera AdvisorscoreTechnology or IntegrationFRA works with Cetera Advisors as their broker-dealer through Cetera Financial Group based in San Diego, CA. Cetera executes trades, offers administrative solutions, provides compliance oversight, and conducts regular audits. Cetera does not set sales quotas nor have proprietary investment products FRA is required to promote.
• PershingcoreOthersPershing custodies FRA's brokerage accounts. As a subsidiary of Bank of New York Mellon Corporation, Pershing is a leading provider of securities services. Pershing meets net capital requirements and is subject to regular audits for appropriate handling and protection of investor assets.
• Cetera Investment ServicescoreOthersCetera Investment Services custodies individual retirement accounts for FRA clients. Provides secure custody and account management services.
• Cetera Investment ManagementcoreTechnology or IntegrationCetera Investment Management provides investment research, asset allocation guidance, and portfolio monitoring tools to Cetera Advisors. Their tools and insights help FRA advisors deliver advice tailored to client needs.
• Integrated Accounting Solutions (IAS)coreStrategic or Co-development PartnerIAS is a CPA-led, Cedar Valley-based accounting firm specializing in bookkeeping, tax preparation, and consulting. FRA ownership integration allows clients to receive coordinated retirement, investment planning, and accounting services with enhanced collaboration.
• Cedar Valley ClubsminorOthersLocal non-profit community organization supported through FRA's philanthropy program focusing time and donations on community causes and financial literacy.
• Habitat for Humanity (We Build Habitat)minorOthersHabitat for Humanity affiliate supported through FRA's non-profit partnerships, focusing on community service and charitable giving.
• The Job FoundationminorOthersLocal workforce development non-profit supported through FRA's community giving program.
• Quota of the Cedar ValleyminorOthersService club organization supported through FRA's community partnerships, focusing on local charitable causes.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Raymond James Financial: Broker-dealer / RIA platform providing financial planning, investment management, retirement plan services, and advisor support through affiliated advisors. Comparable to FRA's planning-plus-broker-dealer architecture, but at firm-level scale.
• Edward Jones: National wealth management franchise offering financial planning, retirement, and 401(k) advisory to individuals, families, and employers. Overlaps heavily with FRA's service mix but operates through a much larger advisor network and proprietary technology stack.
• Ameriprise Financial: Large diversified wealth manager with advisor-led financial planning, retirement income, and investment management for individuals and small-business retirement plans. Comparable segment and planning-led model, but at significantly broader scale and brand recognition.
• Principal Financial Group: Specialist in employer-sponsored retirement plans (401(k)), with retirement income and individual wealth offerings. Directly comparable to FRA's BEYOND401k employer-plan focus, but at institutional scale with proprietary recordkeeping and plan-design capabilities.
• Robert W. Baird: Employee-owned wealth management and investment bank offering financial planning, retirement, and 401(k) advisory to individuals and mid-market employers. Comparable advisor-led retirement-plan and wealth-management practice, especially in the Midwest.
• Empower Retirement: Large retirement plan recordkeeper/advisor serving 401(k) plan sponsors and participants with fiduciary and participant-advice services. Most directly comparable to FRA's employer retirement plan and BEYOND401k business at a scaled, plan-administration level.

Emerging players

• Facet Wealth: Digital-first flat-fee financial planning firm serving mass-affluent households with virtual CFP-led advice. Competes with FRA for the same individual/family planning segment but via a remote, technology-led delivery model rather than team-based local advisory.

Direct peers

• Cambridge Investment Research: Independent broker-dealer / RIA platform supporting independent financial advisors with compliance, technology, and investment research — same operational backbone model as FRA's Cetera relationship, but at much greater scale and with similar advisor-led practice structure.
• Mariner Wealth Advisors: Independent RIA providing comprehensive financial planning, investment management, retirement plan services, and tax/estate strategies to individuals and families. Comparable as a multi-service independent advisory platform pursuing fiduciary, holistic engagements.
• Creative Planning: Large independent, fee-based RIA offering holistic financial planning, retirement, tax, and investment management to individuals and families. Directly comparable as an independent, planning-led firm targeting mass-affluent and HNW households, though significantly larger in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@financialresourceadvisors
• Facebookfacebook.com/Financial-Resource-Advisors-1702678753281993

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Financial Resource Advisors