Fee-only adviser · Edina, MN
First Light Asset Management, LLC
First Light Asset Management, LLC is a fee-only investment adviser registered with the U.S. Securities and Exchange Commission, with its main office in Edina, Minnesota. On its latest Form ADV, filed March 24, 2026, it reports $1.4B in regulatory assets under management, 826 individual clients and 7 employees who give investment advice. It reports no commission compensation, is not registered as a broker-dealer and does not act as an insurance agent.
Key facts from Form ADV
| Registration | SEC-registered |
|---|---|
| Firm CRD number | 168899 · SEC file 801-78528 |
| Office | 3300 Edinborough Way Suite 201 Edina, MN 55435 |
| Phone | (952) 831-6500 |
| Website | www.firstlightam.com |
| Regulatory assets under management | $1.4B |
| Individual clients | 167 non-high-net-worth, 659 high-net-worth |
| Financial planning clients | Not reported |
| How it charges | Percentage of assets |
| Services | Portfolio management |
| Employees | 14 |
| Disciplinary disclosures | None reported |
| Latest Form ADV filing | March 24, 2026 |
Source: the firm’s Form ADV Part 1A as published by the SEC’s Investment Adviser Public Disclosure database, data as of November 6, 2026. Figures are self-reported by the firm.
What this means for you
- It charges only as a percentage of the assets it manages. Ask about the fee schedule and any account minimum, which Form ADV Part 1 does not record.
- Most of its individual clients are high-net-worth, which on Form ADV means they meet the SEC’s qualified-client or qualified-purchaser test: broadly, more than $1 million managed by the adviser or a net worth above $2 million, with the thresholds indexed for inflation.
- It sponsors or manages a wrap fee program; ask what the bundled fee covers.
- It reports no disciplinary history on Form ADV.
Before you hire any adviser
Read the firm’s Form ADV Part 2 brochure on its SEC record: it sets out fees, minimums, conflicts of interest and who will manage your money. Ask whether the firm acts as a fiduciary for all of your accounts, how it is paid in total, and who holds your assets. Our guide to choosing a financial adviser lists the questions to ask.
Other fee-only advisers in Edina
- Cahill Financial Advisors, Inc. $1.8B
- Accredited Investors Wealth Management $4.4B
- Punch & Associates Investment Management, Inc. $2.0B
- Silveroak Wealth Management LLC $2.0B
- Cornerstone Wealth Advisors, Inc. $609M
- Josh Arnold Investment Consultant, LLC $142M
See all 26 fee-only advisers in Edina →
Nearby
- Bloomington 16 firms
- Eden Prairie 5 firms
- St. Louis Park 5 firms
- Burnsville 1 firm
- Minnetonka 11 firms
- Minneapolis 41 firms
- Savage 1 firm
- Eagan 4 firms
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