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AdvisorNet Financial Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

AdvisorNet Financial provides wealth management services through its associated network of independent advisors and their firms. The Minneapolis-based firm also conducts business under the name AdvisorNet Wealth Management.

AdvisorNet Financial Background

AdvisorNet Financial can trace its roots back to 1959 when it formed as Stommen & Associate. Back then, the firm had five associates (plus founder Clair Stommen) and one staff member.

Its portfolio partners team, which provides investment research and back-office support, features certifications including accredited wealth management advisor (AWMA), chartered market technician (CMT) and chartered investment management analyst (CIMA). 

AdvisorNet Financial Client Types and Minimum Account Sizes

Through its independent advisors, AdvisorNet Financial works with individuals, trusts, non-profit organizations and business entities. It generally does not require a minimum investment for asset management services. 

The firm also sponsors a wrap fee program, which it extends to a small percentage of clients. Under this arrangement, clients pay one single specified fee that covers advisory services, brokerage transactions and custodial costs. 

In addition, AdvisorNet Financial advisors consult sponsors of qualified retirement plans such as 401(k)s on various matters including selection and monitoring of investment options for their plan offerings. 

Services Offered by AdvisorNet Financial

AdvisorNet Financial specializes in investment management services. To a limited extent, advisors may provide financial planning services when requested by individual clients. 

AdvisorNet Financial Investment Philosophy

AdvisorNet Financial provides investment advice in accordance with the client’s goals and financial situation. The firm doesn’t restrict itself to specific securities. Depending on your needs and risk tolerance, your portfolio may invest in the following types of investments:

  • Mutual funds
  • Fixed income securities
  • Collateralized mortgage obligations,
  • Exchange-traded funds (ETFs)
  • Independent investment managers and/or programs
  • Select alternative investments

Fees Under AdvisorNet Financial 

For investment management services on a non-wrap-fee basis, the firm generally charges asset-based fees that max out at 2.50% annually. The firm’s wrap-fee program includes trade execution, custody, reporting and investment management fees. This program has the same 2.50% annual fee cap.

For financial planning services, AdvisorNet Financial typically charges a fixed fee based on the complexity of the services requested. Rates typically range from $400 to $10,000, though heavily complex plans could see fees up to $100,000. Hourly fees may also be used, with rates being around $300.

AdvisorNet Financial Awards and Recognition 

As mentioned earlier, AdvisorNet Financial ranked among the Financial Times 2019 "300 List" for RIAs. To qualify for consideration, firms must have at least $300 million in AUM and a strong three-year growth rate, which the publication takes to reflect client satisfaction.

What to Watch Out For

AdvisorNet has one disclosure on its record, according to its most recently filed Form ADV. This was the result of actions of one of the firm's advisory affiliates.

Most advisors  here are also registered representatives of a broker-dealer and licensed insurance agents. These present potential conflicts of interest. However, the firm abides by fiduciary duty.

More About Finding the Right Financial Advisor

  • AdvisorNet Financial’s services are limited when it comes to financial planning services. If you want more comprehensive advice around specific topics like retirement savings and estate planning, you may want to work with a different advisor. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Be sure to ask potential advisors about their credentials. Not all have industry certifications, so those who do have that much more training. They may also be held to higher standards. Certified financial planners (CFPs), for example, must always provide advice in the best interests of their clients. 

All information was accurate as of the writing of this article. 

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research