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Friends Wealth Management
Friends Wealth Management operates from Plymouth, Minnesota, where founder Larry Pham established the firm to serve a concentrated group of professionals...
Friends Wealth Management
Friends Wealth Management operates from Plymouth, Minnesota, where founder Larry Pham established the firm to serve a concentrated group of professionals — particularly physicians and corporate executives. The firm organizes around a planning-first model, coordinating tax strategy, retirement roadmaps, and asset allocation for earners who often face compressed career peaks and complex deferred-compensation packages. Pham structured the firm as a fiduciary, fee-only practice, meaning it earns no commissions from product sales. The firm's investment approach blends public-markets portfolio construction with access to direct private real estate opportunities. On the public side, Friends Wealth Management builds globally diversified portfolios tilted toward factor exposures. The private allocation emphasizes multifamily and commercial real estate syndications, where the firm participates as a limited partner alongside operators it has vetted directly. This dual structure — passive indexing for liquid markets and curated operator relationships for illiquid property — shapes a barbell deployment posture aimed at tax efficiency and current income. The practice maintains a lean footprint, serving clients primarily across Minnesota and the upper Midwest. The firm does not publish its total assets under management, and no public filings independently confirm a precise figure. It markets itself through professional-referral networks rather than broad institutional channels. As of June 2025, the firm's public communications emphasize its ongoing integration of retirement-plan oversight with private real estate allocations for client portfolios. The structural differentiator is subtle but real: few small planning firms combine a pure fee-only fiduciary model with in-house real estate syndication sourcing. This removes the product-distribution conflict common among broker-dealer-backed advisors, while maintaining access to an asset class that many RIAs of comparable size outsource entirely.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Plymouth
Corporate office
Plymouth, MN, United States
Principals
Larry Pham
Founder and Wealth Advisor
Frequently asked questions
Who runs investment decisions at Friends Wealth Management?
Larry Pham, the firm's founder, serves as the primary wealth advisor and directs both financial planning and investment strategy. According to the firm's public disclosures, Pham operates with a fee-only fiduciary obligation, meaning all advice must place client interests ahead of the advisor's compensation incentives. There is no indication of an external investment committee or outsourced chief investment officer arrangement.
Does Friends Wealth Management participate in fund commitments or only direct deals?
The firm structures private allocations through direct real estate syndications rather than closed-end private real estate funds. In the public markets, it primarily uses exchange-traded funds and mutual funds to achieve factor exposures across asset classes. This suggests a preference for manager-vectoring (selecting specific operators) in illiquid property alongside indexing in liquid public markets.
How is the firm compensated?
Friends Wealth Management operates on a fee-only model, charging clients a percentage of assets under management or a flat retainer fee depending on the engagement. The firm explicitly states it does not accept commissions from financial-product sales, which distinguishes it from broker-dealer-affiliated advisory practices that can face incentives to recommend higher-fee products.
What type of client does the firm typically serve?
The firm concentrates on medical professionals, such as physicians and surgeons, and corporate executives in the Minneapolis–St. Paul metropolitan area. These clients tend to have high W-2 income, compressed career peaks, stock-option or deferred-compensation complexity, and a need for tax-reduction strategies that small-business owners often access differently through entity structures.
What is the firm's known posture on co-investments alongside external partners?
In its real estate syndication activity, the firm acts as a limited partner — effectively a co-investor — in deals sponsored by operating partners it selects. It does not claim to originate or manage properties directly. This means the firm is underwriting both the property-level economics and the track record of the sponsor operator before allocating client capital.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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