Finding a Top Financial Advisor Firm in Bloomington, Minnesota
Choosing a financial advisor can be a stressful decision. We’ve streamlined the process by identifying the top financial advisor firms in the Bloomington area. SmartAsset combed through company records and filings with the U.S. Securities and Exchange Commission (SEC) to find the best contenders in the area, along with key info on their fees, qualifications and more. If you’re still unsure of which firm to work with, SmartAsset's free tool can match you with up to three advisors in your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||BerganKDV Wealth Management, LLC Find an Advisor||$1,342,921,109||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||JNBA Financial Advisors, LLC Find an Advisor||$1,216,880,803||$5,000 minimum annual fee|| || |
Minimum Assets$5,000 minimum annual fee
|3||Stevens Foster Financial Advisors Find an Advisor||$662,685,637||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||Personal Wealth Partners, LLC Find an Advisor||$587,134,150||No set account minimum|| || |
Minimum AssetsNo set account minimum
|5||BGM Wealth Partners Find an Advisor||$390,008,404||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||Webb Financial Group Find an Advisor||$290,207,000||$250,000|| || |
|7||Acumen Financial Advisors, LLC Find an Advisor||$389,921,383||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|8||Fure Financial Corporation Find an Advisor||$216,280,478||No set account minimum|| || |
Minimum AssetsNo set account minimum
|9||Caissa Wealth Strategies Find an Advisor||$175,841,768||$1,000,000|| || |
|10||Legacy Financial Advisors Corporation Find an Advisor||$237,970,833||$500,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Bloomington, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
BerganKDV Wealth Management
BerganKDV Wealth Management takes the top spot on our list. This fee-only firm offers services with no minimum account size to individuals without a high net worth, high-net-worth individuals, pension plans, charities, trusts, government entities and corporations.
Among the services the firm offers are individual portfolio management, retirement plan consulting, tax planning, retirement planning, estate planning, insurance planning and cash flow analysis.
BerganKDV Wealth Management Background
BerganKDV Wealth Management started conducting its investment advisory business in 2007, but the company's history goes back to 1945. Its principal shareholder is BerganKDV, Ltd. But wealth management is just one of the many services that BerganKDV Ltd. offers. The company also provides accounting, auditing, payroll and HR services, cybersecurity and cloud computing services.
Among the firm's team of advisors are chartered financial analysts (CFA), certified financial planners (CFP) and certified public accountants (CPA).
BerganKDV Wealth Management Investment Philosophy
BerganKDV Wealth Management employs fundamental analysis, charting, technical analysis, cyclical analysis and quantitative analysis when analyzing which securities to include in client portfolios. When examining a mutual fund or ETF, the firm will look at the fund’s management to see if it has been able to perform across various economic conditions.
The firm uses a mix of investment strategies including long-term purchases, short-term purchases, trading, options and more. The firm uses its discretion and information from the client to determine the best combination of strategies for their portfolio.
JNBA Financial Advisors
JNBA Financial Advisors has the second most assets under management (AUM) on this list. The firm works primarily with non-high-net-worth individuals, but it also offers its services to high-net-worth individuals, pension plans and charitable organizations.
JNBA offers fee-only investment management services, financial planning and consulting services to it clients. The firm doesn’t have a stated minimum account size for these services, though it does require a $5,000 minimum annual fee.
JNBA Financial Advisors Background
JNBA Financial Advisors became a registered investment advisor in 1979, led by Judith Brown. Today, Judith’s son Richard serves as both owner and CEO of the firm.
Among the firm’s advisors, there are a handful of certified financial planners (CFPs). Other advisory certifications include chartered financial analyst (CFA), chartered financial consultant (ChFC) chartered advisor for senior living (CASL) and more.
JNBA Financial Advisors Investment Philosophy
To analyze investment options, JNBA's advisors will primarily perform both fundamental and technical analysis. Fundamental analysis involves looking at a company's past performance as well as basic financial information surrounding a security in order to gauge its intrinsic value. Technical analysis involves examining price and volume data to attempt to forecast the direction of a stock or fund.
JNBA views wealth management as a marathon rather than a sprint. Consequently, it focuses on fostering consistent, long-term growth rather than attempting to time the market for short-term gains. Every portfolio is regularly reviewed on a 10-day cycle, and each client portfolio is constructed with an asset allocation designed to maximize return for the client’s risk tolerance.
Stevens Foster Financial Advisors
Stevens Foster Financial Advisors comes up next in our roundup. The firm’s clients are a fairly even split between non-high-net-worth and high-net-worth individuals, with the former making up a slightly larger percentage of the client base. The firm doesn’t specify a minimum account size.
Stevens Foster focuses on comprehensive financial planning services and investment management. Its financial planning services can cover estate planning, insurance planning, tax management and risk management, among other issues.
Stevens Foster is a fee-based firm. In its case, this means that some on-staff financial advisors can earn commissions when they sell insurance products. Despite this, the firm still abides by fiduciary duty.
Stevens Foster Financial Advisors Background
Stevens Foster Financial Advisors first opened up shop in 1988. William H. Stevens founded the firm and is still its CEO and principal shareholder. According to the firm's website, it has been included on Barron's list of the top financial advisors in the U.S. every year since 2007.
Four advisors make up the leadership team at Stevens Foster: CEO William H. Stevens, VP of planning Debra A. Groezinger, VP of investments Jonathan P. Horick, and VP of finance and tax Philip D. Bergstrom. Throughout this group, there is one certified financial planner (CFP), two certified public accountants (CPAs), one chartered financial analyst (CFA), one chartered life underwriter (CLU) and one chartered financial consultant (ChFC).
Stevens Foster Financial Advisors Investment Philosophy
Stevens Foster relies on an in-house investment team that develops investment strategies and conducts investing research and analysis. With respect to client portfolios, the firm pays special attention to diversified asset allocations, fee considerations, tax consequences and selecting the right asset managers.
The firm also makes sure to tailor its investment decisions to each client’s financial goals, risk tolerance, cash flow needs and time horizon. To ensure that all of these factors are accurately accounted for, the firm will speak with you directly to determine them.
Personal Wealth Partners
Personal Wealth Partners is headquartered in Bloomington, but also has offices in Williston, North Dakota and River Falls, Wisconsin. The fee-based firm works mostly with individuals under the high-net-worth threshold. However, it also offers its services to high-net-worth individuals, pension plans and charitable organizations. The firm does not have a minimum investment requirement.
Some of the advisors at Personal Wealth Partners are licensed to sell insurance products and securities on a commission basis. Despite the potential conflict of interest this creates, the firm is a fiduciary and must act in clients’ best interests no matter what.
Personal Wealth Partners Background
Personal Wealth Partners was founded in 2014 by Daniel Edward Steichen. Steichen continues to serve as the principal of the firm today. Steichen has an extensive past in the financial services industry that spans more than 30 years.
Of the firm's advisors, there are five certified financial planners (CFPs). There is also a chartered financial consultant (ChFC), one personal financial specialist (PFS) and two CPAs with inactive certifications.
Personal Wealth Partners Investment Philosophy
Rather than focusing primarily on stock selection, Personal Wealth Partners makes strategic asset allocations its top priority when it comes to assembling client portfolios. This helps to ensure diversification in every portfolio and sets up each client to experience gains over the long-term.
When analyzing individual securities, Personal Wealth Partners will use fundamental analysis, which examines overall economic and financial factors to gauge a security’s intrinsic value. The firm will also look at past pricing and volume data to estimate future performance. When analyzing mutual funds and exchange-traded funds (ETFs), the firm will look at the fund’s management and if the fund has been able to perform well over time and during differing economic conditions.
BGM Wealth Partners
BGM Wealth Partners has been serving Bloomington-area clients for more than two decades. The firm currently works exclusively with individuals, just over half of whom have a high net worth.
BGM Wealth Partners provides a wide range of fee-only services to its clients, which means the firm does not receive extra commissions on top of client-paid fees. Its available services include investment management, financial planning, consulting, wealth coaching and selection of independent investment managers.
BGM Wealth Partners Background
BGM Wealth Partners was originally established in 1996. The firm is owned by BGM Holdings, LLC, a financial services holding company. Chief operating officer (COO) Jon T. Meyer has a minority ownership stake in BGM Holdings.
BGM employs a small team of advisors. Four of these staff members have a certified financial planner (CFP) designation, along with two certified public accountants (CPAs) and one personal financial specialist (PFS).
BGM Wealth Partners Investment Philosophy
BGM Wealth Partners will approach each client’s portfolio with their unique risk tolerance, timeline and goals in mind. The firm will create an asset allocation with a specific mix of mutual funds, exchange-traded funds (ETFs) and independent investment managers that will in turn select individual stocks.
The firm constructs these portfolios with a long-term angle in mind, believing that attempts to time the market in the short-term will wind up costing you down the road.
Webb Financial Group
Webb Financial Group has been operating in Bloomington for 40 years. All but two of the firm's clients are non-high-net-worth individuals, with a couple high-net-worth individuals to round it out. The firm has a $250,000 minimum relationship size that it holds its clients to.
Investment management and financial planning services are both available at Webb Financial Group. The extent of the latter will depend in part on your unique financial situation, but the firm’s capabilities include tax planning, estate planning, college fund planning and retirement planning, among other offerings.
Webb Financial Group is a fee-based firm that employs advisors who may receive insurance product sales commissions. Despite this, the firm is still a fiduciary, legally binding it to act in clients' best interests.
Webb Financial Group Background
Webb Financial Group was founded in 1981 by the father of the firm’s current CEO, Gary Webb. Gary Webb owns the firm, along with chief operations officer (COO) Michael Bischoff.
The firm's team of financial advisors includes one registered financial consultant (RFC) and one certified financial planner (CFP).
Webb Financial Group Investment Philosophy
Webb Financial Group begins each investment process by collecting information from the client. This information will include considerations like their income, tax situation, risk tolerance, investing goals and time until retirement.
With that info in hand, the firm will then go about constructing an asset allocation that’s appropriate for that client. As necessary, the firm will also rebalance client portfolios to help maintain the target allocation percentages.
Acumen Financial Advisors
Acumen Financial Advisors is the next firm up on our Bloomington list. The firm’s clients are almost entirely individuals, with a nearly even split between those with and without a high net worth. The firm also works with a handful of pension plans. One of the firm's third-party investment management programs comes with a $50,000 minimum investment, though the rest of its services are minimum-free.
The firm offers financial planning, along with portfolio management and individual investment advice. Additionally, the firm offers consulting services to retirement plans. Acumen is a fee-based firm, so some advisors may receive commissions from selling insurance or securities to clients. The firm still abides by fiduciary duty, though, legally binding it to act in clients' best interests at all times.
Acumen Financial Advisors Background
John T. Ryan and Todd W. Steger founded Acumen Financial Advisors in 1995, and both are still involved in the day-to-day operation of the firm today. Every advisor at the firm is a certified financial planner (CFP).
Acumen offers portfolio management services as part of a wrap fee program, which means you pay only one all-encompassing fee on a quarterly basis. The exact fee will be a percentage of your assets under management (AUM). These range from 1.00% to 2.50%, depending on the value of your assets.
Acumen Financial Advisors Investment Philosophy
Acumen Financial Advisors typically adopts a buy-and-hold strategy when it comes to client portfolios, preferring to take the long view rather than “outsmarting the market” for short-term gains. With each client, the firm will factor in the client’s appetite for risk, time until retirement and ultimate financial goals before arriving at the proper asset allocation.
Fure Financial Corporation
Fure Financial Corporation is one of the oldest firms on this list, having opened in the 1980s. However, its founder and owner, Johannes Fure, has over three decades of experience in the financial services industry. The lion’s share of this fee-only firm’s clients are non-high-net-worth individuals, but the firm does work with high-net-worth individuals as well.
Fure Financial offers a standard range of financial planning, investment management and consulting services to its clients. More specifically, financial planning can cover retirement planning, estate planning, insurance planning, tax planning, education fund planning, long-term care planning and more.
Fure Financial Corporation Background
Johannes Fure founded Fure Financial Corporation in 1984, making it one of the longest tenured firms on this list. He continues to serve as the firm’s owner, president and chief investment officer (CIO).
The firm has two certified financial planners (CFP) on staff.
Fure Financial Corporation Investment Philosophy
Like many modern advisory firms, Fure Financial Corporation uses modern portfolio theory when constructing client portfolios. MPT is the belief that a balanced and diversified portfolio is your best shot at maximizing your return for a given level of risk. Because of this, your stated risk tolerance is a major factor in your portfolio’s final asset allocation.
When it comes to investing strategies, the firm will typically opt for mutual funds, exchange-traded funds (ETFs) and independent money managers. These managers may in turn select individual stocks or other securities for you.
Caissa Wealth Strategies
According to Caissa Wealth Strategies' website, the firm is named after the Roman goddess of chess, referring to the fact that its clients "have many complex ‘pieces’ in [their] financial board of life" as the inspiration. The fee-only firm has a high $1 million minimum investment requirement, though it may be willing to waive this in certain situations.
Caissa's entire client base is made up of individuals, with a close to even split between individuals with and without a high net worth. Clients will have access to advisors who hold a number of certifications, including certified financial planner (CFP), certified divorce financial analyst (CDFA), chartered financial consultant (ChFC) and chartered life underwriter (CLU).
Caissa Wealth Strategies Background
Caissa Wealth Strategies was founded just over a decade ago in 2009 by Kelly S. Olson. Olson is still the firm's principal owner and its chief investment officer (CIO).
Investment management and financial planning are both available through Caissa. Financial planning can cover retirement planning, insurance planning, college fund planning, net worth determination, cash flow planning and more.
Caissa Wealth Strategies Investing Strategy
Caissa Wealth Strategies works with clients to build a customized portfolio for them. These services are available on both a discretionary and non-discretionary basis, and advisors will meet with clients to determine what kind of investor they are. To do this, the firm will work with you to figure out your risk tolerance, time horizon, income needs and long- and short-term financial goals. A personal investment policy will come from these findings, as well as an asset allocation plan.
Once your assets are invested in the market, Caissa will monitor how your portfolio's investments are doing. If necessary, the firm may decide to rebalance your portfolio back to something closer to your original asset allocation.
Legacy Financial Advisors Corporation
Legacy Financial Advisors Corporation is a fairly small advisory firm in terms of assets under management and advisory staff. Its client base is exclusively made up of individuals, with most of them coming in below the high-net-worth threshold. The firm has a $500,000 minimum investment requirement, though it may be willing to waive this minimum under certain circumstances.
The firm provides two broad categories of services. The first is portfolio management, either by the firm’s advisors or by independent money managers the firm selects. The second is financial planning, which could include estate planning, retirement preparation and tax planning.
Certain on-staff advisors at this firm can earn commissions from insurance sales, making it a fee-based firm. Legacy Financial still abides by fiduciary duty, though, legally binding it to act in clients' best interests no matter what.
Legacy Financial Advisors Corporation Background
Legacy Financial Advisors was founded in 1996. Its current president and co-owner, Tom Menzel, has been involved since the firm’s founding, and he assumed ownership of the firm in 1997. Menzel and vice president Laura Biermann each hold the certified financial planner (CFP) designation. Biermann is also the other co-owner of the firm.
Legacy Financial Advisors Corporation Investment Philosophy
When analyzing securities, Legacy Financial Advisors relies mostly on fundamental analysis, which is the attempt to gauge a security’s intrinsic value by looking at fundamental statistics regarding the company or fund. The firm will do this by reviewing information from third-party research, Morningstar, fund prospectuses and other investment management companies.
The firm looks to strategic asset allocation as its primary investment strategy, believing that balanced and diversified portfolios give clients the best chance for sustainable, long-term success. The risk tolerance of each asset allocation will be tailored to each client.