CliftonLarsonAllen Wealth Advisors, also known as CLA Wealth Advisors, is a full-service financial advisor firm with its headquarters located in Minneapolis. This firm employs a large team of financial advisors and oversees billions of dollars in client assets under management (AUM). The firm has a wide variety of financial services, including financial planning and consulting, investment management and wealth management. CLA's clients are mainly individuals, though the firm does also have some institutional clients.
CLA is a fee-based firm, which means some advisors here can sell certain insurance products and securities on a commission basis. These fees are in addition to standard advisory charges. A fee-only firm works differently, as it only makes money from advisory fees.
CliftonLarsonAllen Wealth Advisors Background
CliftonLarsonAllen Wealth Advisors was originally founded in 2000. The firm is under the ownership of CliftonLarsonAllen LLP, a company that began as two separate accounting firms: Clifton Gunderson and LarsonAllen, which formally merged in 2012. Jen Leary serves as the firm's CEO out of its Tampa office. In total, the firm has 120 branch locations.
According to the firm's website, many certified public accountants (CPAs) work at CliftonLarsonAllen. This shouldn't come as a surprise considering the firm's tax-heavy background.
CliftonLarsonAllen Wealth Advisors Client Types and Minimum Account Sizes
CliftonLarsonAllen Wealth Advisors works with a variety of clients, though most are either individuals with or without a high net worth. The rest of the firm's client base includes pension, profit-sharing and other retirement plans, charities and businesses.
CLA does not require a minimum investment for new client accounts, but the firm may impose minimum fees.
Services Offered by CliftonLarsonAllen Wealth Advisors
CLA Wealth Advisors offers a wide range of financial services to clients. Financial planning and wealth advisory services are provided based on a client's personal financial situation and may pertain to retirement planning, estate planning, investment planning, education fund planning, risk management and insurance planning.
Asset and portfolio management services are provided on both a discretionary and non-discretionary basis, and the firm aims to fit its services to the individual needs of clients. Along with traditional offerings, the firm also provides consulting services in regards to business succession, audits, taxes, outsourcing and more.
CliftonLarsonAllen Wealth Advisors Investment Philosophy
CliftonLarsonAllen Wealth Advisors looks to tailor its investment decisions to the individual needs of each client. When working with clients, advisors take note of their investment history, time horizon, risk tolerance, liquidity needs and other relevant criteria. Advisors use this information to develop a comprehensive investment plan. Portfolios are typically constructed using model portfolio solutions that involve mutual fund and exchange-traded fund (ETF) securities. CLA allows clients to place reasonable restrictions on how their assets are managed.
When formulating investment strategies, CLA employs a policy of strategic asset allocation. The firm ensures all client funds are diversified across a range of asset classes, as opposed to focusing on the selection of individual securities that it thinks will succeed. Although investment strategies revolve around a specific asset allocation, they may differ based on the client's goals or the particular model portfolio being used.
Fees Under CliftonLarsonAllen Wealth Advisors
Advisory fees for services provided by CliftonLarsonAllen Wealth Advisors vary based on the type of service requested. For financial planning and wealth advisory services, a fixed fee schedule is generally used. Basic plans cost anywhere from $500 to $3,000, whereas plan fees for business owners, executives and estate planning clients can be $3,000 to $10,000-plus.
Investment portfolio management fees are charged on a quarterly basis, in advance. These charges are asset-based, meaning they are calculated based on a percentage of the client's total AUM. Rates go as follows:
|Investment Management Fee Schedule|
|Account Size||Annual Fee|
|$10,000,000 and up||0.40%|
Here's an estimated breakdown of what kinds of fees you can expect to pay at CLA:
|*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.|
|Estimated Investment Management Fees at CliftonLarsonAllen Wealth Advisors*|
|Your Assets||CliftonLarsonAllen Wealth Advisors Fee Amounts|
What to Watch Out For
CliftonLarsonAllen Wealth Advisors does not list any legal or regulatory disclosures on its Form ADV.
Since CliftonLarsonAllen Wealth Advisors is a fee-based firm, some on-staff advisors may receive commissions when they sell certain insurance products or securities to clients. This is a potential conflict of interest. However, the firm and its advisors abide by fiduciary duty, legally binding them to act in clients' best interests at all times.
Opening an Account With CliftonLarsonAllen Wealth Advisors
To inquire about opening an account with CliftonLarsonAllen, you can either go to the firm's website and submit a contact form or call (612) 376-4777 to find an advisor in your area.
All information is accurate as of the writing of this article.
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