Top Financial Advisors in Minnesota

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Mairs & Power is a fee-only firm that works primarily with high-net-worth individuals, though it also serves individuals without a high net worth. Institutional investors include trusts, investment companies, pension and profit-sharing plans, charitable organizations, government entities, insurance companies and businesses.

Account requirements depend on the type of account you open. But you'll need at least $2 million or $5 million. The firm, however, may waive these minimums at its discretion.

The advisory team holds multiple certifications, including chartered financial analysts (CFAs) and chartered insurance counselors (CICs).

Mairs & Power Background

George Mairs, Jr. founded Mairs & Power in 1931, and George Power, Jr. joined it in 1946. The firm is entirely employee-owned.

Mairs & Power offers investment management and financial planning services. It has made a name for itself as a regional investor. Investment management fees are generally asset-based, though the firm may negotiate performance-based or fixed fees. For accounts that are especially complex or need extra administrative support, the practice may require additional fees.

Mairs & Power Investing Strategy

Mairs & Power takes a long-term approach to investing. It puts an emphasis on companies with consistent and above-average growth. It also looks for those that have strong returns on invested capital and durable competitive advantages. Also, it says that it invests in companies, not markets, and considers companies of all sizes and across all sectors. The firm generally designs and manages equity, fixed-income and balanced portfolios.

Fiduciary Counselling (FCI) is a St. Paul-based financial advisor firm. The fee-only firm works with both non-high-net-worth and high-net-worth investors. It also does some institutional business, advising investing companies, charitable organizations, investment advisors and corporations.

The firm does not list a minimum investment but has a minimum annual fee of $1,000.

FCI charges a single fee for investment advisory, accounting, tax, estate planning, financial planning, and trust and charitable administration services. This fee is based on a percentage of assets under management. Hourly fees may be charged for other services.

Financial Counselling Background

Financial Counselling was founded in 1941. The principal owner of the firm is M. Julie McKinley, who also serves as the company’s president and CEO.

Services offered by the firm include discretionary and non-discretionary investment services, accounting, tax and trust services, retirement planning and estate planning.

Financial Counselling Investment Strategy

Advisors at FCI develop an individual portfolio strategy for each client. That said, it has a number of model portfolios it uses as a base when developing each client’s strategy. Customized models are used in some situations when a client’s situation has a number of unusual needs.

The asset allocation model focuses on long-term investing. Potential investments for clients include equities, fixed-income securities, exchange-traded funds (ETFs), mutual funds, private funds and private equity funds.

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Riverbridge is a fee-based firm that works with high-net-worth individuals, banks, investment companies, pooled investment vehicles, retirement plans, charities, government entities, insurance companies, businesses and Taft-Hartley plans.

Riverbridge is also featured in SmartAsset’s list of the top financial advisor firms in Minneapolis. Its team has quite a few advisors with certifications. If you choose to begin a client relationship with Riverbridge, you’ll find chartered financial analysts (CFAs), Certified Financial Planners™ (CFPs®), certified public accountants (CPAs) and chartered financial consultants (ChFCs).

Riverbridge Background

Riverbridge was founded in 1987. Currently, Northill Capital Group is the majority owner. Several employees also have stakes. 

This firm offers investment portfolio models that are designed to succeed in different ways, depending on your financial objectives. These models range from small-cap growth to growth and income portfolios. Each portfolio varies in the number of companies it invests in and its time horizon.

Riverbridge Investing Strategy

When choosing specific investments for your portfolio, Riverbridge Partners evaluates each company based on five factors: sound culture and management, strong unit growth, differentiated market position, internally financed growth and conservative accounting. The firm believes that these factors provide strong insight into whether a company has earnings power and intrinsic value.

Once the firm has found enough suitable investments and begins to piece together your portfolio, it will generally look to do so with small- and mid-capitalization companies. At any one point in time, though, Riverbridge prefers to have all of your assets fully invested, regardless of any need for liquidity. The firm estimates that its portfolios will have 30% turnover annually.

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NorthRock Partners is a large advisory firm that works with both high-net-worth and non-high-net-worth individuals, as well as charities and businesses. While the firm doesn't have a minimum asset requirement for new clients, it does have a $5,000 minimum annual fee.

The advisory team at NorthRock holds a range of certifications that include Certified Financial Planner™ (CFP®), certified private wealth advisor (CPWA) and chartered financial analyst (CFA), among other certifications.

This team also has members who can sell insurance products on a commission basis. While this presents a potential conflict of interest, the firm's fiduciary duty means it must act in clients' best interests.

NorthRock Partners Background

NorthRock Partners was founded back in 2013 and is owned by principals Rob Nelson and Todd Moser. This firm has a wide range of advisory services that it offers to clients. In fact, these services cover things like retirement planning, investment management, tax prep and advice, estate planning, insurance planning, charitable gift planning and more.

NorthRock Partners Investing Strategy

Before investing a dime of any client's assets, the advisory team at NorthRock Partners will work with them on an individual basis to determine exactly what kind of investor they are. This conversation will allow your NorthRock advisor to build a portfolio plan that can help you achieve your long- and short-term financial goals. 

Some of the most important factors the firm pays attention to include risk tolerance, time horizon, income needs and liquidity.

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intellicents investment solutions does not require clients to adhere to a minimum investment requirement. This has led the firm's individual client base to feature a nearly even split between individuals with and without a high net worth. Pension and profit-sharing plans are also clients of intellicents.

The advisory team holds a wide range of certifications. These include chartered financial analyst (CFA), Certified Financial Planner™ (CFP®), accredited investment fiduciary (AIF), certified long-term care (CLTC), chartered retirement plans specialist (CRPS) and more.

intellicents is a fee-based firm, which means its advisors can sell insurance products and securities on a commission basis. Despite the potential conflict of interest this creates, the firm's fiduciary duty means it must act in clients' best interests at all times.

intellicents investment solutions Background

intellicents investment solutions was founded in 1996. CEO Bradley K. Arends and President Grant S. Arends own the firm.

While many might know intellicents for its retirement plan consulting services, it also has offerings for individual investors. This includes both investment management and financial planning.

intellicents investment solutions Investing Strategy

Generally speaking, intellicents investment solutions prefer to invest with long-term returns in mind. It follows this by keeping to the tenets of a "buy and hold" strategy, which means it doesn't trade securities all that often. However, the firm will adjust your investment portfolio and asset allocation when your situation, goals or market conditions change.

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Envoi has less than 50 high-net-worth individuals and charitable organizations as clients. And while this fee-only firm doesn't require a minimum asset level, it does charge a $150,000 annual fee. The firm also offers services to legal entities, revocable and irrevocable trusts, family businesses, family partnerships and family-owned charitable organizations. 

There are advisors with certifications like chartered alternative investment analyst (CAIA), chartered financial analyst (CFA), certified public accountant (CPA) and Certified Financial Planner™ (CFP®) working here.

Envoi Background

Founders Brenda Sallstrom, Ryan Steensland and James Sand have remained the owners of Envoi since its creation in 2009. All three have extensive experience working in finance and business.

Because this firm specializes in serving high-net-worth individuals and their families, its services are centered around these client types. The firm provides:

• Cash flow and budget management
• Investment management
• Tax mitigation and planning
• Risk management
• Wealth transfer planning
• Young adult financial education
• Charitable organization management

Envoi Investing Strategy

Before any investment or portfolio structure decisions are made, Envoi will assemble a balance sheet that seeks to define your entire financial situation. This will consist of a detailed analysis of your assets, liabilities and cash flow. Once all of the information has been gathered, the firm will work with you to define your risk tolerance, time horizon, liquidity needs and, most importantly, financial objectives.

Diversification serves as the framework for how this firm will draft an investment plan that fits your needs. In order to diversify successfully, the firm will evaluate and utilize a mix of the following investment types: mutual funds, exchange-traded funds (ETFs), registered funds, master limited partnerships, alternative investments, traditional fixed-income and equities.

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Financial Dimensions Group has a variable account minimum that differs based on the service. These can range from $5,500 up to $50,000, though some exceptions may be made.

The firm works with both high-net-worth and non-high-net-worth individuals, as well as retirement plans, charitable organizations and businesses.

The advisory team holds multiple certifications, including Certified Financial Planners™ (CFPs®) and certified fund specialists (CFSs), among other designations.

Note that advisors here may have the ability to earn commissions from the sale of certain financial products. While this represents a potential conflict of interest, the firm's fiduciary duty legally binds it to act in your best interest, no matter what.

Financial Dimensions Group Background

Financial Dimensions Group is owned by Gregg R. Anderson and Gloria J. Pozzini, two advisors at the firm. The firm has been in business since 1995.

Investment management services at this firm are offered through a third-party program called the VISION2020 Wealth Management Platform. Financial planning can also cover retirement planning, cash flow analysis, savings planning and more.

Financial Dimensions Group Investing Strategy

Financial Dimensions Group custom builds portfolios for each client that it works with. This involves doing a deep dive into formulating your investor profile, which will cover factors like your risk tolerance, time horizon, financial goals and liquidity needs. Your advisor may also ask you to fill out a risk tolerance questionnaire so they can more accurately assess what your stance is.

When investing clients' assets, the firm typically invests in mutual funds and ETFs, and to a lesser extent, individual stocks and bonds. The firm may rebalance your portfolio if your investments' returns throw off your intended allocations.

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Carlson Capital Management, LLC has a client base almost evenly split almost between individuals and high-net-worth individuals. Aside from individuals, the firm also works with trusts, estates, pension and profit-sharing plans, corporations and charitable organizations.

Headquartered in Northfield, this firm requires clients to have at least $1 million in investable assets to open an account. The firm's advisory team includes some Certified Financial Planners™ (CFPs®), certified public accountants (CPAs), MBAs, accredited investment fiduciaries (AIFs), chartered financial analysts (CFAs), certified trust and financial advisors (CTFAs) and certified employee benefit specialist (CEBS).

An advisor may sell insurance policies and earn sales commissions. This makes the firm fee-based. That said, the advisory is required to act in the client's best interest.

Carlson Capital Management Background

Founded in 2015, Carlson Capital Management is the youngest firm on this list. Be sure not to confuse it with Carlson Capital Management, Inc., which actually holds principal ownership of the firm. Though it’s more of a holding company now, it was once an SEC-registered investment advisor.

Carlson Capital Management offers a variety of services for investors who are in search of a firm that can handle all of their financial management needs. The firm’s services include:

• Integrated wealth management

• 401(k) plan services

• Risk management

• Tax services

• Education planning

• Retirement planning

• Charitable gift planning

• Trust creation and management

• Stock option analysis

Carlson Capital Management Investing Strategy

Although Carlson Capital Management can handle short-term financial needs for clients, its overall desire is to manage assets for the long term. The firm bases its approach on Modern Portfolio Theory, which states that risk and return are inherently related. In turn, the firm thinks that the only time that increasing your risk is appropriate is if there’s a chance for a proportionate boost in return.

Carlson Capital is also a proponent of active asset management. Its advisors are constantly watching the market for new investment opportunities, all while making sure that their client portfolios are rebalanced when needed and adhere to the original asset allocation plans.

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Accredited Investors Wealth Management is the next firm on this list and operates as fee-only. With 42 employees, the firm’s overall team has a bevy of certifications, including some Certified Financial Planners™ (CFPs®), certified public accountants (CPAs), chartered financial analysts (CFAs), chartered life underwriter (CLU) and chartered financial counselor (ChFC). 

Perhaps because of its $20,000 minimum annual fee (which makes sense for those with at least $2 million in assets) this firm has a 6-to-1 ratio of high-net-worth individual clients to non-high-net-worth individuals. Accredited Investors Wealth Management also works with trusts, businesses, foundations, endowments, pension and profit-sharing plan providers and charitable organizations.

Accredited Investors Wealth Management Background

CEO Ross Levin and President Wil Heupel opened Accredited Investors Wealth Management in 1987. Levin and Heupel have spent a combined 70 years in the financial services industry.

This firm acknowledges that clients never have the same set of needs. Its advisory services are thus significantly less targeted than most, resulting in broad, customizable offerings like asset protection, income management, debt management, investment planning and estate planning.

Accredited Investors Wealth Management Portfolio Strategy

The theory of mean reversion states that, in the long term, all investments will return to their average values, even if they fluctuate along the way. Because Accredited Investors Wealth Management strongly believes in this idea, it purchases investments while they’re low in value and sells them when their value increases.

While this approach may seem risky, the firm claims that it doesn’t intend to chase returns. To focus more on the long term, the firm strives to invest in areas of the market that it identifies as having strong valuations and upside potential.

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Berger Financial Group caters to a diverse clientele including individuals, high-net-worth individuals and families, trusts, estates, as well as businesses and business owners. This fee-based firm offers a range of financial advisory services tailored to meet the unique needs of each client group.

The firm provides specialized advice on college cost and savings estimates, estate tax strategies and wealth distribution. Their offerings also encompass plan implementation services, financial counseling and both tax preparation and planning. 

Berger Financial Group Background

Berger Financial Group was founded in 1996. The firm is primarily owned by the Berger Financial Group Employee Stock Ownership Plan Trust, with certain employees holding minority stakes. Today, the firm manages more than $1.6 billion in assets under management (AUM) across its nearly 3,000 clients and 52 advisors. 

Berger Financial Group Portfolio Strategy

The firm employs a distinctive approach to investment management, focusing on proprietary strategies that are both strategic and tactical, with a strong emphasis on long-term objectives. The firm tailors its investment strategies to align closely with client-specific factors such as their financial goals, the timeline for achieving these goals, current and anticipated future assets, risk tolerance, time horizon, net worth and cash flow