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EFS Advisors 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.

EFS Advisors

Based in Cambridge, Minnesota, EFS Advisors, Inc. is a fee-based firm that manages assets for both individuals and institutions. Some of the firm's advisors are licensed to sell insurance and investment products, and could earn commissions on those transactions. However, EFS has a fiduciary duty that requires the team to act in the best interests of clients.  

EFS Advisors, Inc. Background 

The firm was established in 1998 by Kent D. Schutte, and Schutte serves as the firm’s primary owner. EFS Advisors also has an arrangement with third parties Educators Lifetime Solutions and Lifesprk. The arrangement allows them to earn additional compensation from referrals. 

Many of the firm’s advisors are also licensed as insurance agents and securities agents or broker-dealers.

EFS Advisors, Inc. Client Types and Minimum Account Sizes

EFS Advisors serves non-high-net-worth indivuals, as well as banking or thift institutions, pension and profit sharing plans, insurance companies and businesses. 

The firm doesn’t specify a minimum account size requirement. 

Services Offered by EFS Advisors, Inc.

EFS Advisors offers the following services:

  • Portfolio management
  • Financial planning
  • Publication of periodicals or newsletters
  • Educational seminars/workshops

EFS Advisors, Inc. Investment Philosophy

EFS Advisors has an advisory committee that evaluates data and employs technical analysis in its investment process. The committee performs a quarterly fund analysis for mutual funds and exchange-traded funds (ETFs). In addition, the firm’s investment products include annuities. 

The firm says on its website that it works to help its clients enjoy their lives by establishing a financially secure future. EFS Advisors also says it aids its clients by helping them start their management program, maintain wealth growth, focus on personal goals and match their profiles with the most suitable financial vehicles. 

Fees Under EFS Advisors, Inc.

EFS Advisors generally collects fees on a quarterly basis, and the firm is primarily compensated through asset-based fees and hourly charges. Fees typically aren’t negotiable, and accounts terminated or initiated during a calendar quarter may be charged a prorated fee if requested by the client. 

The firm also offers a fixed-only account that charges a quarterly fee of 0.09%. The firm’s fee schedule for all of its standard accounts is listed below. 

Amount of assets  Quarterly fee Annual fee
$0.00 - $210,000 0.26% 1.04%
$210,001 - $500,000 0.24% 0.96%
$500,001 - $1,000,000 0.22% 0.88%
(beginning Q2 2021) $1,000,001 and $3,000,000 0.20% 0.80%
(beginning Q2 2021) $3,000,001 and $5,000,000 0.18% 0.72%
(beginning Q2 2021) $5,000,001 and $10,000,000 0.17% 0.68%
(beginning Q2 2021) $10,000,001 and higher 0.15% 0.60%
*Fixed Income and Cash Management Only 0.15% 0.60%
Non-asset management consulting services Up to $195/hour (negotiable)

What to Watch Out For

EFS Advisors has one disclosure reported on its Form ADV for "causing certain clients to pay a higher advisory fee than they should have" and was fined $250,000. 

The firm also earns additional compensation from its affiliation with Education Lifetime Solutions, an insurance agency, and Lifesprk, a provider of senior care. This creates a conflict of interest if advisors refer clients solely for personal gain, but the firm’s fiduciary duty prevents this. 

 

Opening an Account With EFS Advisors, Inc.

Prospective clients who’d like to work with EFS Advisors can set up an appointment with an advisor by visiting the firm’s principal office at 440 Emerson St. N., Suite 2, Cambridge, Minnesota, 55008. You can also reach out through the firm’s email, or you can call the firm’s office number or toll free number. The firm’s office number is (763) 689-9023. Its toll free number is (877) 403-2374.

Tips for Saving for Retirement

  • Investing is one of the most common ways to save for retirement, but budgeting can also be an effective way. If you structure your expenses with limits for how much your spending each week or month, you may be able to set aside more money for retirement. Our budget calculator can help you with managing your expenses. 
  • 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.

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

How Long $1 Million 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.

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

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We 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 metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. 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.