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EFS Advisors Review

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EFS Advisors, Inc.

Based in Cambridge, Minnesota, EFS Advisors, Inc. is a fee-based firm with more than $1.2 billion in assets under management (AUM). With fewer than 50 advisors and nearly 26,000 clients, the financial advisor offers a range of wealth advisory services. 

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 individuals, business entities, charitable organizations, banking or thrift institutions, insurance companies and estate and trust programs. 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%
$1,000,001 and Higher 0.20% 0.80%
*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

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. 

Disclosures

This firm doesn’t have any disclosures

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. 
  • Financial advisors can offer professional advice toward helping you achieve your financial goals. SmartAsset’s financial advisor matching service pairs you with up to three local advisors for free. You’ll just have to complete a short questionnaire about your financial situation, and the tool will do the rest.

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

How Many Years $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 To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then 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 the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. 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.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research