# Pine Grove Financial Group

> Pine Grove Financial Group is an SEC-registered investment advisory firm in Woodbury, MN, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 19, 2026.

- CRD: 308193
- Filed as: PINE GROVE FINANCIAL GROUP
- Legal name: MLG Wealth Management, Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Woodbury, MN
- Filing period: October 2026
- Form ADV filing dated: May 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/308193
- AdvisorCensus page: https://advisorcensus.com/firm/pine-grove-financial-group-woodbury-mn-308193

## Quick answers

**How is Pine Grove Financial Group compensated?**
On its Form ADV (Item 5.E, October 2026), Pine Grove Financial Group reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other.

**Where is Pine Grove Financial Group located?**
Pine Grove Financial Group's principal office is in Woodbury, MN, according to its Form ADV; the June 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Pine Grove Financial Group registered with the SEC or a state?**
Pine Grove Financial Group is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 308193.

**How much does Pine Grove Financial Group manage?**
Pine Grove Financial Group reports $1,491,320,609 in regulatory assets under management in its Form ADV filing dated May 19, 2026 (100% discretionary).

**How have Pine Grove Financial Group's assets and staff changed since 2021?**
In the Form ADV data for Pine Grove Financial Group: Regulatory assets under management: $507,165,135 in the October 2021 data and $1,491,320,609 in the October 2026 data, up 194%. Total employees: 11 in October 2021 and 24 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pine Grove Financial Group serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (898); high net worth individuals (506).

**Which custodians does Pine Grove Financial Group use?**
Pine Grove Financial Group's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Pine Grove Financial Group report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/308193

**What changed in Pine Grove Financial Group's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 15 to 14.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Other

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,491,320,609
- Discretionary: $1,491,320,609
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 898 | $379,553,812 |
| High net worth individuals | 506 | $1,111,766,797 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)
- Educational seminars/workshops

### Firm details
- Registered since: 2020 (6 years)
- Employees: 24 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, FL, IA, IL, LA, MD, MN, NC, NE, OH, PA, SC, TX, WA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Apple Valley, MN
- Minnetonka, MN
- St. Louis Park, MN

### Websites listed on Form ADV (Item 1.I)
- pinegrovefg.com
- LinkedIn @pine-grove-financial-group

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $507,165,135 | 11 | September 21, 2021 |
| October 2022 | $626,206,273 | 10 | March 16, 2022 |
| October 2023 | $699,796,326 | 10 | May 16, 2023 |
| October 2024 | $1,027,139,612 | 20 | March 4, 2024 |
| October 2025 | $1,247,926,037 | 21 | February 12, 2025 |
| October 2026 | $1,491,320,609 | 24 | May 19, 2026 |

Regulatory assets under management: $507,165,135 in the October 2021 data and $1,491,320,609 in the October 2026 data, up 194%.
Total employees: 11 in October 2021 and 24 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 15 to 14.

### January 2026
- No longer lists the business name Kadence Wealth.
- No longer lists the business name Gray Pines Wealth Management.
- Employees performing advisory functions went from 13 to 15.
- Regulatory assets under management went from $1,247,926,037 to $1,478,459,615 (+18%).
- Changed its office addresses in Apple Valley, MN.
- Registered or notice-filed in AZ, CA, CO, FL, IA, IL, MD, NC, OH, PA, SC, WA, WI.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pine Grove Financial Group (CRD 308193): Form ADV filing data as of October 2026.