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 10 financial advisor firms in the Bloomington, MN 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, our financial advisor matching tool can provide a tailored recommendation for an advisor in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||BerganKDV Find an Advisor||$1,398,975,824||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||JNBA Financial Advisors, Inc. Find an Advisor||$885,245,857||None|| || |
|3||Stevens Foster Financial Advisors Find an Advisor||$489,659,161||None|| || |
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|4||Personal Wealth Partners, LLC Find an Advisor||$488,669,106||None|| || |
|5||Navpoint Financial, Inc. Find an Advisor||$420,050,515||None|| || |
|6||BGM Wealth Partners, LLC Find an Advisor||$407,966,352||None|| || |
|7||Acumen Wealth Advisors, LLC Find an Advisor||$166,690,553||$500,000|| || |
|8||Fure Financial Corporation Find an Advisor||$200,907,925||None|| || |
|9||Webb Financial Group Find an Advisor||$196,662,000||$250,000|| || |
|10||Legacy Financial Advisors Corporation Find an Advisor||$168,803,430||$500,000|| || |
How We Found the Top Financial Advisor Firms in Bloomington, Minnesota
We narrowed the pool of potential financial advisors to those located in Bloomington, Minnesota and registered with the Securities and Exchange Commission (SEC). We did that because SEC-registered companies have a fiduciary duty to act in their clients’ best interests and must file a Form ADV each year with the commission to stay in good standing.
To further condense our list, we only considered firms that are free of disclosures, manage individual accounts and offer financial planning services. The final list is ordered by assets under management (AUM), which indicates the amount of money the firm is managing for clients.
BerganKDV Wealth Management
BerganKDV Wealth Management is the only firm on this list with more than $1 billion in assets under management (AUM). The fee-based firm offers services with no minimum account size to individuals without a high net worth, high-net-worth individuals, pension plans 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. Its principal shareholder is BerganKDV Ltd. 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.
There are 19 financial advisors managing 931 clients at BerganKDV Wealth Management. Among those 19 are two chartered financial analysts (CFAs), five certified financial planners (CFPs), two certified public accountants (CPAs), one chartered life underwriter (CLU) and one accredited investment fiduciary (AIF).
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, Inc.
JNBA Financial Advisors, Inc. has the second most assets under management (AUM) on this list with $885 million. The firm works primarily with 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 impose a minimum account size for these services.
JNBA Financial Advisors Background
JNBA became a registered investment advisor in 1984, led by Judith Brown. Today, Judith’s son Richard serves as both owner and CEO of the firm. Among the firm’s 18 advisors, there are five certified financial planners (CFPs), one chartered financial analyst (CFA) and one chartered financial consultant (ChFC).
JNBA Financial Advisors Investment Philosophy
To analyze investment options, JNBA 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 is the third firm in our roundup, with roughly $489 million in assets under management (AUM). The firm’s 388 clients are a fairly even split between individuals and high-net-worth individuals. The firm doesn’t specify a minimum account size.
Stevens Foster focuses on comprehensive financial planning services and investment management. Its financial planning can cover estate planning, insurance planning, tax management and risk management, among other factors. Stevens Foster is a fee-based firm.
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.
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).
The firm’s fees for financial planning or consulting services typically fall between $750 and $25,000. Investment management fees will usually be charged as a percentage of your assets under management (AUM). The exact rate you’ll pay will be between 0.60% and 1.70%, depending on the size of your account and the complexity of the services you need.
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, LLC
Personal Wealth Partners, LLC is headquartered in Bloomington, but has offices in North Dakota and Wisconsin as well. As of its most recent SEC filing, the firm has roughly $488 million in assets under management (AUM), which comes in just shy of Stevens Foster Financial Advisors.
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, charitable organizations and corporations.
Many of the advisors at Personal Wealth Partners are licensed to sell insurance products and are registered representatives of a broker-dealer, meaning they may earn commissions from certain transactions. Despite this, 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. Nine other advisors work at the firm, and among them are six certified financial planners (CFPs).
The firm charges fees for investment management services based on a percentage of your AUM. The exact percentage will vary between 0.45% and 1.50%, and it will depend on the value of your assets on the last day of the previous billing period.
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.
Navpoint Financial, Inc.
Navpoint Financial is a six-person, fee-only advisory firm with just over $420 million in assets under management (AUM). Its 230 clients are all individuals, with a majority of them above the high-net-worth threshold.
Navpoint specializes in both investment management and financial planning services.
Navpoint Financial Background
Navpoint was founded by Bruce Carlson in 1997. Carlson served as CEO of the firm until 2008, at which point he passed the torch to current CEO and president David Martell. Carlson is still the sole owner of the firm. Rounding out the leadership team is Krista Ketelsen, the firm’s vice president and chief compliance officer (CCO).
Fees at Navpoint can be fixed, hourly or based on a percentage of your invested assets. If a percentage, your personal rate will be 2.00% or under. The specific fee schedule will be laid out to you in writing at the outset of your client-advisor relationship.
Navpoint Financial Investment Philosophy
Navpoint Financial employs fundamental analysis, technical analysis and cyclical analysis when researching investment options for its clients. The firm also employs a number of investment strategies, provided that the strategy works in concert with each client’s risk tolerance, time horizon and investment goals. These strategies can include, but are not limited to, long-term purchases, short-term purchases, trading and options.
BGM Wealth Partners, LLC
BGM Wealth Partners has been serving Bloomington-area clients for more than two decades. It boasts just under $408 million in assets under management (AUM). The firm currently works exclusively with individuals, about half of whom are high-net-worth individuals and half are below that threshold.
BGM Wealth Partners provides a wide range of fee-only services to its clients, including 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 Wealth Partners employs four advisors. Three of these advisors are certified financial planners (CFPs) and one is a certified public accountant (CPA).
For financial planning services, the firm typically charges a fixed fee based on the scope and complexity of the services being provided. Half of this fee is usually charged at the start of the relationship, and the other half is charged once the planning has been completed. Fees for investment advisory services typically range up to 1.00% of your assets under management (AUM).
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.
Acumen Financial Advisors, LLC
Acumen Financial Advisors, LLC has been in business since 1995, and it currently operates in the same building as another firm on this list, BerganKDV Wealth Management. The firm’s clients are mostly non-high-net-worth individuals, but the firm also works with high-net-worth individuals and a handful of pension plans.
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.
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 youngest firms on this list, having just opened in 2017. However, its founder and owner, Johannes Fure, has three decades of experience in the financial services industry. The lion’s share of this fee-based firm’s clients are non-high-net-worth individuals, but the firm does work with high-net-worth individuals and charitable organizations as well.
Fure Financial offers a standard range of financial planning, investment management and consulting services to its clients. Additionally, some of the firm’s advisors are independently licensed to sell insurance products such as life insurance and annuities. The firm still abides by fiduciary duty, though, legally binding it to act in your best interest.
Fure Financial Corporation Background
Johannes Fure founded Fure Financial Corporation in 2017. He continues to serve as the firm’s owner, president and chief investment officer (CIO). Rounding out the firm’s leadership is vice president Dale L. Acton and chief information security officer (CISO) Grant A. Meyer. All four of the firm’s advisors are certified financial planners (CFPs).
Investment management fees at Fure Financial can range from 0.95% to 2.20% of clients’ assets under management (AUM). For financial planning services, the firm typically charges a fixed fee between $1,200 and $15,000.
Fure Financial Corporation Investment Philosophy
Like many modern advisory firms, Fure Financial Corporation uses modern portfolio theory (MPT) 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.
Webb Financial Group
Webb Financial Group has been working in Bloomington for more than 35 years, accruing over $196 million in assets under management (AUM). All but one of the firm’s 541 clients are individuals, with a lone high-net-worth individual to round it out. Webb Financial Group is a fee-based firm.
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 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 third and final member of the firm’s leadership team is chief compliance officer (CCO) Tim Greife. There’s one certified financial planner (CFP) working at the firm.
The firm charges fees for investment advisory services based on the value of your assets. These could run you anywhere from 0.50% to 1.40% depending on how valuable your assets are. Fees for financial planning services can be charged either as an annual retainer fee ranging from $1,500 to $25,000, or as an hourly fee of $150 to $500.
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.
Legacy Financial Advisors Corporation
Legacy Financial Advisors has the fewest advisors of any firm on this list, with only two. The firm has grown to represent 196 clients and more than $168 million in assets since its founding in 1996. Its client base is exclusively made up of individuals, with some being above the high-net-worth threshold and most under it.
The fee-based 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.
Legacy Financial Advisors Corporation Background
Legacy Financial Advisors was founded in 1996. Its current president and 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 hold the certified financial planner (CFP) designation.
For investment management services performed by the firm itself, fees are negotiable and based on a percentage of assets under management (AUM), typically ranging from 0.40% to 1.75%. For investment management services performed by money managers, fees are also a percentage of AUM, though they’ll vary depending on the exact manager you work with.
If you receive investment management services, financial planning services are available at no additional charge. For stand-alone financial planning, the firm may charge a flat fee from $1,000 to $20,000, or an hourly fee of up to $250.
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.