Pictured: Orey Fey, Randy Fey, and Kyle Fey are financial advisors in Edgerton.

Story by Jill Fennema – Last week, the business formerly known as Waddell & Reed had a new sign installed on their business. The new sign displayed the changes that have been taking place at this financial advisory business over the past several months.

Just one of the changes that took place at Fey Financial Group was a new sign on their building.

In July, Waddell & Reed, a broker-dealer that was formed in 1937, was sold to LPL Financial. Randy Fey has used Waddell & Reed as his broker-dealer since he began working as a financial advisor with Allen “Bud” Vis in 2002.

This summer, Randy’s son Kyle moved back to town and has also joined their team. The business is now organized under the name Fey Financial Group, with LPL Financial as their broker-dealer.

The switch to LPL Financial, although fraught with paperwork, will be a positive one for the Fey’s clients. Randy explained that LPL is a larger company, so that opens up more opportunities. They also offer some technology that was not available through Waddell & Reed, even things like a phone app, where clients can check on their accounts.

“It’s been very positive having Kyle here also, helping with that transition,” Randy added.

Kyle is a 2001 graduate of Southwest MN Christian High School. He went on to Dordt College where he graduated in 2005 with his bachelor’s degree in mathematics. He then went to the University of Nebraska where he earned both his master’s degree and his PhD in mathematics.

From there he took a position as a professor of mathematics at Luther College in Decorah, Iowa, where he taught for 10 years, through the end of the 2020-21 school year.

In May, Kyle and his family moved to Edgerton. His wife, Lori – also a Dordt graduate – works remotely as a customer service representative for Decorah Bank and Trust. They have four children.