JNBA Financial Advisors

RIA/Wealth

JNBA Financial Advisors is a RIA/Wealth based in Sunny Isles Beach, FL led by Richard Stephen Brown, reporting $1.7B in AUM as of Q3 2025 with 82% ETF concentration, 57% concentrated in top 10 holdings, 21% allocation to IVV, and minimal technology exposure.

ChairmanRichard Stephen Brown

Portfolio Value: $1.1B
Positions: 650
Top Holding: IVV at 21.44%
Last Reported: Q3 2025

Address16690 Collins Avenue, Sunny Isles Beach, FL, 33160, United States

Top Holdings

Largest long holdings in JNBA Financial Advisors's portfolio (56.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares Core S&P 500 ETF IVV	ETF ETF	$236.0M	21.44%	+$74.9M Bought	— 352.6K shares	≤ Q2 2013 Held for 12y 5m+
2 SPDR Portfolio Developed World ex-US ETF SPDW	ETF ETF	$89.7M	8.15%	+$4.3M Bought	— 2.1M shares	Q4 2017 Held for 7y 11m
3 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$51.1M	4.64%	-$274.7K Sold	— 783.3K shares	≤ Q2 2013 Held for 12y 5m+
4 SPDR Portfolio S&P 400 Mid Cap ETF SPMD	ETF ETF	$49.2M	4.47%	+$1.9M Bought	— 861.0K shares	Q4 2017 Held for 7y 11m
5 Vanguard Growth VUG	ETF ETF	$45.4M	4.12%	+$1.6M Bought	— 94.6K shares	≤ Q2 2013 Held for 12y 5m+
6 VanEck Morningstar Wide Moat ETF MOAT	ETF ETF	$37.9M	3.45%	-$873.7K Sold	— 382.8K shares	≤ Q2 2013 Held for 12y 5m+
7 SPDR Portfolio Emerging Markets SPEM	ETF ETF	$37.2M	3.38%	-$9.5M Sold	— 793.7K shares	Q4 2017 Held for 7y 11m
8 Vanguard FTSE Developed Markets VEA	ETF ETF	$28.2M	2.56%	-$624.4K Sold	— 471.0K shares	≤ Q2 2013 Held for 12y 5m+
9 SPDR Portfolio S&P 500 Growth ETF SPYG	ETF ETF	$25.4M	2.31%	-$129.5K Sold	— 243.2K shares	Q1 2018 Held for 7y 8m
10 Aflac AFL	Insurance - Life Financial Services	$24.2M	2.20%	-$10.3K Sold	0.04% 216.4K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in JNBA Financial Advisors's latest filing

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Market Value

$1.1B

Prior: $1.0B

Q/Q Change

+5.86%

+$60.9M

Net Flows % of MV

-0.617%

Turnover Ratio

8.7%

New Purchases

17 stocks

$292.6K

Added To

78 stocks

+$91.8M

Sold Out Of

33 stocks

$202.5K

Reduced Holdings

139 stocks

-$98.6M

Increased Positions

Position	Shares Δ	Change
1 FT Vest U.S. Equity Moderate Buffer ETF GFEB	New	0 → 2.6K +$105.6K
2 SS&C Technologies SSNC	New	0 → 677.0 +$60.1K
3 ETHA iShares Ethereum Trust ETHA	New	0 → 1.6K +$50.9K
4 Global X U.S. Infrastructure Development PAVE	New	0 → 507.0 +$24.1K
5 KLAR Klarna Group plc KLAR	New	0 → 376.0 +$13.8K

Decreased Positions

Position	Shares Δ	Change
1 Glacier Bancorp GBCI	Sold	800.0 → 0 −$34.5K
2 First Interstate BancSystem, Inc. FIBK	Sold	1.0K → 0 −$28.8K
3 Ansys ANSS	Sold	76.0 → 0 −$26.7K
4 ETHE Grayscale Ethereum Trust ETHE	Sold	1.1K → 0 −$22.7K
5 GMS GMS	Sold	125.0 → 0 −$13.6K

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Analytics

Portfolio insights and performance metrics for JNBA Financial Advisors

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Sector Allocation

ETF

82.00%

Technology

3.60%

Financial Services

3.50%

Industrials

2.40%

Healthcare

1.50%

Communication Services

0.80%

Consumer Cyclical

0.70%

Basic Materials

0.60%

Consumer Defensive

0.40%

Energy

0.30%

Utilities

0.20%

Market Cap Distribution

Mega Cap (> $200B)

5.89%

Large Cap ($10B - $200B)

7.78%

Mid Cap ($2B - $10B)

0.30%

Small Cap ($300M - $2B)

0.02%

Micro Cap ($50M - $300M)

0.01%

Nano Cap (< $50M)

0.02%

N/A (ETF or Unknown)

85.99%

Portfolio Concentration

Top 10 Holdings %

56.72%

Top 20 Holdings %

71.74%

Top 50 Holdings %

87.61%

Top 100 Holdings %

94.87%