Finding a Top Financial Advisor Firm in Fargo, North Dakota
If you are looking for a local financial advisor, there are lots of options to pick from in Fargo, North Dakota. So SmartAsset researched the firms and created this list to help narrow the field. We delved into the advisory services, client bases, account minimums, advisor certifications and more for each firm on our list. You can also try using SmartAsset's free advisor matching tool, which will connect you with up to three advisors in your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Eide Bailly Advisors, LLC Find an Advisor||$1,032,662,818||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|2||Classic Asset Management, LLC Find an Advisor||$179,713,000||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|3||Wealth Forward, LLC Find an Advisor||$170,019,160||No set account minimum|| || |
Minimum AssetsNo set account minimum
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What We Use in Our Methodology
To find the top financial advisors in Fargo, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
Eide Bailly Advisors
The first firm on our list is Eide Bailly Advisors. Eide Bailly works primarily with individual clients, both with and without a high net worth Institutional clients of Eide Bailly include some pensions, profit-sharing plans, charities and other businesses. Certain accounts and portfolios at the firm have a minimum investment requirement, but the exact minimum may vary.
Eide Bailly is a fee-based firm. It has advisors on staff who are also registered as insurance agents or broker-dealers, and these advisors can earn commissions from selling financial products to client. This is a potential conflict of interest. However, the firm is still a fiduciary, so it's legally obligated to act in the best interests of clients at all times.
Eide Bailly Advisors Background
Eide Bailly Advisors was founded in 2005, the same year that it registered with the SEC an investment advisor. The firm has the biggest advisor team of the firms on our North Dakota list. The firm is owned by Eide Bailly Financial Services, LLC., which is owned and operated by Eide Bailly, LLP. Dave L. Stende is currently the firm's chief executive officer and managing partner. He is a certified public accountant, like many of the firm's other advisors.
Eide Bailly provides its clients with financial planning and asset management services, as well as model investment strategies and financial consulting services.
Eide Bailly Advisors Investment Strategy
Eide Bailly Advisors looks to tailor its investment advisors services to the needs of clients. This involves getting to know clients on an individual basis, learning such information as a client's tolerance for risk, liquidity needs, time horizon and any other relevant information. They use this information to craft an investment plan for each client. This plan may sometime involve a preformed investment model or strategy.
On the whole, Eide Bailly's investment philosophy can be described as focusing around strategic and passive asset allocation. Advisors tend to use equities, fixed-income securities and cash or cash equivalents to populate client portfolios.
Classic Asset Management, LLC
Classic Asset Management, LLC comprises a team of financial advisors who work with a client base of individuals (both with and without a high net worth), retirement plans, charities and businesses.
The firm provides its clients with portfolio management, financial planning and retirement plan advisory services. The firm has no minimum requirements.
As a fee-based firm, Classic Asset Management may have advisors who are also registered as insurance agents or brokers. In these non-advisor roles, they receive commissions from the sale of insurance, securities and financial products to clients. This is a potential conflict of interest, but the firm is a fiduciary and legally obligated to act in the best interests of clients.
Classic Asset Management Background
Michael V. Young founded Classic Asset Management in 1986, though the firm has only been providing investment management services since 2006. Today, Young serves as the firm's chief compliance officer and a managing member. The firm is 100% owned by Classic Holdings, LLC, which is in turn owned by Young, Craig Alan Rottman and Douglas Gene Schmitz.
Classic Asset Management provides clients with a range of services, including financial planning, retirement plan advising and discretionary and non-discretionary portfolio management. Financial planning services are typically broad-based and take into account a client's full financial picture.
Classic Asset Management Investing Strategy
Classic Asset Management's investment strategies vary from client to client depending on their specific financial situation and investment goals. Advisors conduct an initital set of meetings and evaluations to determine crucial information about each client. Nearly every facet of the firm's investment strategies is determined by these insights.
When it comes to making more specific investment decisions, the firm looks to fundamental, charting, cyclical and technical methods of analysis. Commonly used investment strategies include long- and short-term purchases, margin transactions and Modern Portfolio Theory. The firm rebalances portfolios on a regular basis.
Wealth Forward, LLC
Wealth Forward, LLC is last on our list of the top firms in Fargo. Clients of Wealth Forward are predominantly individuals with less than a high net worth, though it also works with high-net-worth individuals and retirement plans. Services provided include financial planning, retirement plan consulting and investment management. There is no minimum account balance requirement needed to become a client.
Wealth Forward is a fee-based firm, meaning it employs advisors who earn commissions when they sell insurance products or trade securities. This poses a potential conflict of interest, though the firm is a fiduciary and legally obligated to act in the best interests of clients.
Wealth Forward Background
Wealth Forward has been providing investment advisory services since 2011. Ryan Berg is the firm's sole owner, and he holds three certifications: certified financial planner (CFP), certified public accountant (CPA) and personal financial specialist (PFS). Berg has worked in the investment business for over 20 years.
Wealth Forward's services include comprehensive and in-depth financial planning, retirement plan consulting and discretionary investment management. The firm also manages a small amount of its assets on a non-discretionary basis.
Wealth Forward Investment Strategy
Advisors at Wealth Forward monitor and rebalance client portfolios on at least a quarterly basis. While the types of securities used to implement a client's portfolio may vary, they typically include stocks, bonds, mutual funds, exchange-traded funds, private placements, convertible securities and more.
Investment strategies may also entail the use of third-party investment managers. The firm may also invest client assets in a variety of model portfolios in an effort to drive growth.