Feltl and Company

What Feltl and Company does

Feltl and Company, Inc. is a privately held, family-owned full-service brokerage and investment banking firm headquartered in Plymouth, Minnesota. The firm was founded in May 2002 by the Feltl family, tracing its lineage to Jack Feltl's 1970 brokerage career at R.J. Steichen & Company, which grew to over 200 brokers by 2000 before merging into Miller Johnson Steichen Kinnard in 2000. Following Jack Feltl's death in August 2005, the firm has continued under the leadership of CEO John C. Feltl (CFA, co-founder) and President Mary Joanne Feltl (co-founder), with David A. Rigazio as CFO and Mitchell J. Edwards as COO. The firm operates across three offices in Minnesota (Plymouth headquarters, St. Cloud) and Illinois (Edwardsville), with stated operating geographies covering Minnesota, Illinois, and Missouri.

The firm operates two primary business divisions. The Private Client Group serves individual investors through a network of independent contractor investment executives who provide personalized advice on stocks, bonds, mutual funds, variable annuities, retirement accounts (401ks, Traditional and Roth IRAs), 529 College Plans, life insurance, and alternative investments. The Equity Capital Markets group provides full-service investment banking — IPOs, follow-on offerings, private placements, PIPEs, bridge loans, strategic advisory, valuations, and M&A representation — primarily to emerging growth companies in healthcare, technology, consumer, and industrials sectors, with completed transactions ranging from $380,000 to $320 million. Supporting units include Institutional Sales & Trading, an Equity Research department focused on under-covered small to mid-cap names, and Feltl Advisors, an affiliated subsidiary offering fee-based managed money, financial planning, and estate planning.

The firm's underlying technology is provided almost entirely through a clearing relationship with RBC Correspondent Services (RBC Capital Markets, LLC) established in June 2011. RBC provides clearing, custody, bookkeeping, and execution, with all client accounts held at RBC under SIPC coverage up to $500,000 plus Lloyd's of London excess coverage up to $1 billion. Client-facing technology is delivered through the RBC Investor Connect online portal. Revenue is generated through brokerage commissions (representative payout rates up to 60% of gross commissions for producers exceeding $10,000 monthly), investment banking transaction fees, advisory fees, and ancillary service fees (margin rates from 11.25% to 13.00% on the August 2023 base rate of 10.25%, plus administrative charges such as $75 annual account fees and $25-$150 transfer fees). Customer acquisition is driven primarily through personal and professional networks in the Midwest rather than digital marketing channels.

Name

Feltl and Company

Legal name

Feltl and Company, Inc.

Website

https://feltl.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Feltl and Company is a privately held, family-owned full-service brokerage and investment banking firm in Plymouth, Minnesota, serving individual investors through its Private Client Group and emerging growth companies through its Equity Capital Markets group across the Midwest.

Ownership category

akta.pro rank

Product category

Brokerage & Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Insurance Agencies and Brokerages (52421)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

Keywords

• Full-service brokerage
• Investment banking services
• Wealth management
• Private client services
• Emerging growth capital

Headquarters

HQ city

Minnetonka

HQ country

United States

HQ region

North America

Offices3 records

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. Brokerage Commissions: Feltl and Company generates revenue through brokerage commissions on securities transactions executed for individual and institutional clients through its Private Client Group and institutional sales operations.
2. Investment Banking Fees: Investment banking revenue includes fees from initial public offerings, follow-on public offerings, private placements, PIPEs, bridge loans, and advisory services for emerging growth companies. The firm has facilitated transactions ranging from $380,000 to $320,000,000.
3. Advisory Services: The firm provides advisory services including buy and sell side representation on acquisitions, financial restructuring, reorganizations, fairness opinions, valuations, tender offers, and stock repurchases.
4. Representative Payout Structure: Feltl and Company pays representatives up to 60% of gross commissions. To qualify for the highest payout rate of 60%, a representative must generate $10,000 in monthly gross commissions. Minimum payout is 50%.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Feltl and Company is a full-service brokerage and investment banking firm offering wealth management services to individual investors and capital markets services to emerging growth companies. The Private Client Group provides personalized investment advice on stocks, bonds, mutual funds, retirement planning, and insurance products, while the Equity Capital Markets group delivers investment banking services including IPOs, follow-on offerings, private placements, PIPEs, and M&A advisory. All accounts are cleared through RBC Correspondent Services, with clients accessing them via the RBC Investor Connect online platform.

Product overview

Feltl and Company is a full-service brokerage and investment banking firm offering a unified platform of wealth management and capital markets services. The firm operates two primary divisions: the Private Client Group for individual investor services (stocks, bonds, mutual funds, retirement planning, insurance products) and the Equity Capital Markets group for investment banking (IPOs, private placements, PIPEs, advisory services). Supporting these core divisions are Feltl Advisors (financial/estate planning and managed money programs), Institutional Sales & Trading, and Equity Research focused on small to mid-cap companies. All investment accounts are cleared through RBC Correspondent Services, providing customers access to the RBC Investor Connect online portal.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Client Group Investment services division serving individual investors, providing personalized advice on stocks, bonds, and mutual funds with portfolio management tailored to individual financial goals.
• Equity Capital Markets / Investment Banking Full-service investment banking group focused on emerging growth companies in healthcare, technology, consumer, and industrials sectors, providing capital through IPOs, follow-on offerings, private placements, PIPEs, bridge loans, and strategic advisory.
• Feltl Advisors Financial planning and estate planning advisory services, professional money manager programs, and fee-based compensation arrangements offered through the firm.
• Institutional Sales & Trading

Quantifiable outcome

• Successfully managed IPOs ranging from $20 to $50 million in size
• +1 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• RBC Investor ConnectcoreTechnology or IntegrationRBC Investor Connect is an online platform provided through the RBC relationship that allows Feltl and Company customers to access their investment accounts online 24 hours a day. This provides Feltl's clients with state-of-the-art technology access comparable to much larger firms.
• Feltl AdvisorsminorOthersFeltl Advisors is a related entity offering professional money manager programs, fee-based compensation arrangements, financial planning, and estate planning advice. Investment professionals can refer clients to Feltl Advisors for these additional services.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Stifel Financial: Public, diversified broker-dealer with a 2,000+ advisor wealth management network, a robust mid-market and small-cap investment bank (Stifel Capital Markets), and equity research—covering all of Feltl's verticals at meaningfully greater scale.
• Robert W. Baird & Co. Employee-owned, mid-size broker-dealer with a leading private client group (1,800+ advisors) and strong investment banking practice, including substantial small/mid-cap advisory. More diversified and larger than Feltl but with a closely aligned wealth + ECM model.
• B. Riley Financial: Diversified financial-services firm with a large small/mid-cap investment banking and research franchise (B. Riley Securities) alongside wealth management and advisory—offering overlapping capabilities to Feltl but at meaningfully greater scale and broader national reach.
• Edward Jones: Large, decentralized broker-dealer with 19,000+ financial advisors primarily serving individual investors across the U.S. with advice-led wealth management—compares to Feltl's Private Client Group on the retail wealth side, though without the emerging-growth investment banking franchise.

Direct peers

• JMP Securities: San Francisco-based full-service investment bank specializing in small/mid-cap growth companies across healthcare, technology, and consumer—competing head-to-head with Feltl for emerging-growth IPO, follow-on, and PIPE mandates in the same verticals.
• Maxim Group: New York-based full-service broker-dealer and investment bank with a dedicated focus on small/mid-cap and emerging-growth companies across healthcare, technology, consumer, and industrials—directly comparable to Feltl's Equity Capital Markets and Equity Research verticals.
• Boenning & Scattergood: Privately held, employee-owned broker-dealer offering private client, institutional, investment banking, and public finance services in the Mid-Atlantic. Comparable in size, business mix, and employee-owned structure to Feltl.
• D.A. Davidson: Employee-owned regional broker-dealer offering wealth management, investment banking, institutional sales, and equity research across the U.S. Like Feltl, D.A. Davidson has deep roots as a middle-market advisor and serves the same emerging-growth companies and HNW individuals in overlapping verticals.
• Northland Securities: Minneapolis-based full-service broker-dealer with private client, institutional, and investment banking divisions and a stated focus on small/mid-cap emerging growth companies. Directly comparable to Feltl in geography (Upper Midwest), business mix (PCG + ECM), and target issuer size.

Regional players

• Hilltop Securities: Texas-based full-service broker-dealer providing wealth advisory, public finance, institutional sales/trading, and equity research across the South-Central U.S. Operates a similar private-client + capital-markets model to Feltl but serves a different regional geography.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/feltl-and-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

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 Feltl and Company