The co-founder and owner of a Michigan-based RIA is running for the Republican nomination for governor to face off against incumbent Democratic Gov. Gretchen Whitmer this fall, according to The Detroit News.
Michael Markey, the head of Legacy Financial Network, described himself as the "moderate" in the primary race after submitting the necessary number of petition signatures to be included on the ballot, The Detroit News reported. He’s the second candidate for the Republican nomination to turn in signatures to the Secretary of State’s office, garnering 22,000 valid signatures, well above the 15,000 minimum, according to the candidate.
Legacy Financial Network’s RIA subsidiary is called LFN Advisors and its services include cash flow management, tax planning investment management, and retirement and legacy planning, among others, according to its Form ADV. As of early March, LFN managed nearly $1.4 million on a discretionary basis, the ADV states.
Markey co-founded the firm in 2013, building the business from one to three locations throughout the state, according to the company’s website. Markey also hosts a weekly radio show broadcast throughout West Michigan called "Fireproof Your Finances'' every Thursday, and also is the author of a book entitled Fireproof Your Retirement. While LFN Advisors services Markey’s RIA business, more than half of Markey’s revenue stems from the sale of insurance products through his affiliated business as an insurance agent via Legacy Financial Network, according to the company’s Form ADV.
Whitmer is currently running for her second term in a state that President Joe Biden won, helping secure his victory in the 2020 presidential election; Markey said he was one of only two candidates vying for the Republican nomination who has publicly accepted Biden’s win in the state, according to The Detroit News.
Markey isn’t the only financial advisor seeking public office this fall; in Montana, financial advisor Gary Buchanan is running as an independent challenging U.S. Rep. Matt Rosendale (R-Mont.) for his seat in Congress, according to The Billings Gazette.
Buchanan’s financial services background began in 1985 with a five-year stint with Merrill Lynch, according to his AdviserInfo profile. Since then, he’s also worked with D.A. Davidson, Wachovia and Prospera Financial Services; he’s worked on the State Banking Board and the Montana Power Authority, according to The Billings Gazette.
Rosendale was elected in 2020 for the state’s at-large congressional representative, defeating Democratic nominee Kathleen Williams. Rosendale also ran unsuccessfully to unseat incumbent Sen. Jon Tester (D-Mont.) in the 2018 midterm elections. According to The Billings Gazette, Buchanan was inspired to run against Rosendale based on his vote against a House resolution supporting Ukraine in the wake of Russia’s invasion of the country.
Buchanan also said he was angered by a bill Rosendale proposed tying aid for Ukraine to the United States first building a 30-foot steel wall between the U.S. and Mexico, The Billings Gazette reported.