Heartland Financial Services, Ltd.

Heartland Financial Services is a state-registered investment adviser that provides financial planning, single-subject consulting and related advisory services to individuals, high-net-worth clients and small businesses, with investment recommendations that primarily emphasize mutual funds and exchange-traded funds. The firm does not manage client assets on an ongoing discretionary basis and instead delivers written plans and consultative advice tailored to each client's circumstances.

The firm customizes recommendations based on clients’ objectives, risk tolerance and time horizons, using long‑term purchase strategies and financial planning tools to set both long- and short-term goals. Persons providing advice on behalf of the firm also serve as registered representatives of a broker-dealer and as licensed insurance agents, and may receive commission-based and 12b‑1 compensation for securities or insurance product sales in addition to advisory fees.

Compared with many peers, Heartland’s business model is distinctive in that it relies on fixed and hourly planning fees rather than percentage-of-assets-under-management and does not oversee discretionary AUM, and its advisory personnel routinely transact through an affiliated broker-dealer and sell insurance products—arrangements that can create conflicts of interest. The firm also does not take custody or discretionary trading authority, so clients receive custodial statements directly and trade execution is generally directed through the recommended broker-dealer.