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Top Financial Advisors in Minneapolis, MN

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Finding a Top Financial Advisor Firms in Minneapolis, Minnesota


Choosing a financial advisor is a tough decision. We made it easier for you by compiling the top 10 in your area, selected after extensive research. SmartAsset combed through company records and filings with the U.S. Securities and Exchange Commission (SEC) to find the best contenders in the financial advisor space in Minneapolis, Minnesota. If you’re still unsure of who to work with, give our advisor pairing tool a try.  

Rank Financial Advisor Assets Managed Minimum Assets Financial Services More Information
1 Riverbridge Partners Riverbridge Partners logo Find an Advisor

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$5,047,942,682

$2,000,000

  • Investment management
  • Portfolio management

Minimum Assets

$2,000,000

Financial Services

  • Investment management
  • Portfolio management
2 CliftonLarsonAllen Wealth Advisors, LLC CliftonLarsonAllen Wealth Advisors, LLC logo Find an Advisor

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$3,412,447,401

No set account minimum; $500 minimum fee

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)

Minimum Assets

No set account minimum; $500 minimum fee

Financial Services

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
3 Focus Financial Focus Financial logo Find an Advisor

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$2,796,457,085 No set account minimum
  • Financial planning
  • Asset management
  • Financial education 

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Asset management
  • Financial education 

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4 Redhawk Wealth Advisors, Inc. Redhawk Wealth Advisors, Inc. logo Find an Advisor

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$1,058,114,788 $1,000
  • Investment advice
  • Portfolio management

 

Minimum Assets

$1,000

Financial Services

  • Investment advice
  • Portfolio management

 

5 Palisade Asset Management Palisade Asset Management logo Find an Advisor

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$961,547,947 $1,000,000
  • Investment management
  • Wealth advisory
  • Family wealth planning
  • Trust advisory services
  • Retirement plan advisory services

Minimum Assets

$1,000,000

Financial Services

  • Investment management
  • Wealth advisory
  • Family wealth planning
  • Trust advisory services
  • Retirement plan advisory services
6 Capital Management Associates, Inc. Find an Advisor

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$911,365,461 No set account minimum
  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Financial and business consulting

Minimum Assets

No set account minimum

Financial Services

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Financial and business consulting
7 Marquette Wealth Management Marquette Wealth Management logo Find an Advisor

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$755,800,000 No set account minimum
  • Wealth planning
  • Investment management

Minimum Assets

No set account minimum

Financial Services

  • Wealth planning
  • Investment management
8 Boulay Financial Advisors, LLC Boulay Financial Advisors, LLC logo Find an Advisor

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$652,158,342 $200,000
  • Financial planning
  • Estate planning
  • Tax planning
  • Retirement planning

Minimum Assets

$200,000

Financial Services

  • Financial planning
  • Estate planning
  • Tax planning
  • Retirement planning
9 Financial Perspectives Financial Perspectives logo Find an Advisor

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$632,123,000 No set account minimum
  • Financial planning services
  • Portfolio management
  • Retirement plan consulting

Minimum Assets

No set account minimum

Financial Services

  • Financial planning services
  • Portfolio management
  • Retirement plan consulting
10 All Star Financial Inc. All Star Financial Inc. logo Find an Advisor

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$531,794,135 $500,000
  • Financial planning
  • Tax preparation
  • Investment management

Minimum Assets

$500,000

Financial Services

  • Financial planning
  • Tax preparation
  • Investment management

How We Found the Top Financial Advisor Firms in Minneapolis, Minnesota

We narrowed the pool of potential financial advisors by eliminating any firm that isn’t registered with the U.S. Securities and Exchange Commission (SEC) in the Minneapolis metro area. We did that because SEC-registered companies have a fiduciary duty to act in their clients’ best interest and must file paperwork each year with the commission to stay in good standing.

To further condense our list, we only considered firms with clean records and firms that managed individual accounts. The final list is ordered by assets under management, which indicates the amount of money the firm is managing for clients.

Riverbridge Partners

Riverbridge Partners

Riverbridge Partners, the first firm on our list, has more than $5 billion in assets under management (AUM), by far the highest AUM on this list. Founded in 1987, it has provided investment management services to high-net-worth individuals and institutions in Minnesota for more than 30 years. The company serves those with at least $2 million investable assets, making this the most exclusive firm on our list. In fact, 90% or more of clients fall in the high-net-worth category, which is a higher percentage than the nine other firms on our Minneapolis list.  

The company has 3,200 accounts and 18 advisors total. The team includes seven chartered financial analysts (CFAs), five certified financial planners (CFPs), four certified public accountants (CPAs), two financial paraplanner qualified professionals (FPQPs) and one chartered financial consultant (ChFC).

Riverbridge Partners Background

The average senior leader at Riverbridge Partners has worked for the company more than 20 years. The company was founded in 1987 by Mark Thompson, current principal and chief investment officer. In 2012, Northill US Holdings (owned by a Swiss couple) acquired 58% of Riverbridge. The remaining company shares are owned by Riverbridge employees, including Thompson, Rick Moulton, principal and investment team member, Andrew Turner, relationship manager and Colin Sharp, operations manager. 

Riverbridge Partners Investment Strategy

The firm highlights its commitment to “building a historic record of performance for long-term investors.” Advisors are growth-oriented and have years of expertise. Riverbridge Partners looks for companies to invest in that have strong earnings power. 

The investment team finds companies that meet earnings power requirements as well as have sound management, strategic market position, sound accounting practices and unit growth. You’ll find that your portfolio is generally invested in growth equity securities of companies of any size. 

Your portfolio will be aligned to a model portfolio. That means that most accounts with the same model portfolio will be very similar. Riverbridge offers eight model portfolios to choose from: all cap growth, small cap growth, smid cap growth, mid cap growth, large cap growth, eco leaders, concentrated growth and growth and income. Each portfolio model consists of a specific number and type of stocks chosen for the ability to meet certain performance benchmarks.

CliftonLarsonAllen Wealth Advisors

CliftonLarsonAllen Wealth Advisors, LLC

CliftonLarsonAllen (CLA) Wealth Advisors is part of a larger firm that offers outsourcing, audit, tax and consulting. The company has offices in across the U.S. and is registered in 36 states.

CLA Wealth Advisors is fee-based and has no specified asset minimum, though you may be subject to a minimum fee starting at $500. The company mainly serves individuals, though it does do some business with high-net-worth individuals.

CliftonLarsonAllen Wealth Advisors Background

CLA originated as the accounting firms Clifton Gunderson, founded in 1960 and LarsonAllen, founded in 1953. Over the years, both companies grew and expanded across state lines and industries. The company is now considered a joint firm and combines the two entities into the large presence it has today. The firm became an SEC-registered investment advisor in 2000.

Denny Schleper serves as CLA’s CEO. He’s worked for the firm for more than 30 years in various capacities, including chief business officer, chief practice officer and managing partner. Chuck Betz is CLA Minneapolis’ managing principal of wealth advisory and is a graduate of the University of Minnesota. He is a certified public accountant (CPA), certified financial planner (CFP) and chartered financial analyst (CFA).  

CliftonLarsonAllen Wealth Advisors Strategy

CLA advisors use strategic asset allocation policies to formulate investment advice. The firm also has model portfolio solutions and uses tactical asset allocation policy to manage them. This policy is driven by a macroeconomic view on what’s influencing capital markets across the globe. 

Your portfolio’s allocation is determined by what you establish as your risk tolerance, cash needs and time horizon. Initial discussions with your advisor will set up your financial goals and objectives. This means your portfolio will have a ration of equity securities, fixed income and case depending on what’s determined as your ideal outcome.

CLA uses an investment committee to review market sectors, interest rates, inflation, the economy, energy prices, fiscal policy and more. These reviews help position the firms’ strategies and overall investment outlook. 

Focus Financial Network

Focus Financial

Focus Financial is a network of 152 affiliated advisors mostly in Minnesota, Wisconsin and Iowa. Minneapolis is home of one of Focus Financial’s offices. The firm manages nearly $2.80 billion and has no asset minimum. While the company does have rate caps for its advisors, there’s no set fee per service so you might find differences depending on which advisor you work with in the network. 

The company has been ranked as one of the Twin Cities’ Top 50 Wealth Management Firms multiple times by the Minneapolis St. Paul Business Journal.

Focus Financial Background

The firm was founded in 1993 by two people who later grew Financial Focus into a network of more than 100 advisors across eight states. The company is owned by five men, each of whom owns 20% or less of the company. John Bina services as president and chief compliance officer and John Dritz is the senior officer of the company. Bina has worked in the financial services industry since 1989 and assumed his position at Focus Financial in 2007. 

Focus Financial Services

You can get a tailored financial plan based on your goals and perspectives through the financial planning services offered by Focus Financial. While it’s always smart to start early with financial planning, the company recommends you seek an advisor if you’re planning for retirement, transitioning to a new job, going through a marriage or divorce or during another key financial moment.

In addition to financial planning, the company offers asset management. The benefit of having an expert manage your portfolio can “help you avoid making costly financial management mistake,” according to Focus Financial. This means your asset manager acts “as an intermediary to keep all parties on track toward achieving your financial planning goals.” Rather than researching all your investment choices yourself, your financial advisor does the legwork for you, helping you make good choices and saving you the time and effort.

Redhawk Wealth Advisors, Inc.

Redhawk Wealth Advisors, Inc. is a fee-based financial advisor firm with more than $1.05 billion in assets under management (AUM). It has 31 advisors on staff. The company website lists three employees who are accredited investment fiduciaries (AIFs) and one who is a certified financial planner (CFP). The firm has a very low investment minimum of just $1,000, so almost anyone can use its services. All of the firm’s individual clients are non-high-net-worth individuals. It also does a significant institutional business, advising pension and profit-sharing plans and insurance companies.

Fees at the firm are based on a percentage of assets under management. The firm also has a wrap fee program, in which one fee is charged for a bundle of services. Advisors at the firm may also work for various insurance companies and make commissions from selling clients insurance products. Some management personnel at the firm may also make commissions selling precious metal products. These are potential conflicts of interest, but the firm is still bound by fiduciary duty to act in the client’s best interest. 

Redhawk Wealth Advisors, Inc. Background

Redhawk was founded in 2008. Its principal shareholder is Daniel Edward Hunt, who is also the CEO of the company.

The firm’s services include:

  • Investment advice
  • Portfolio management
  • Comprehensive financial planning
  • Retirement planning
  • Legacy planning
  • Tax planning
  • Insurance

Redhawk Wealth Advisors, Inc. Investing Strategy

Redhawk offers a number of model portfolios, including:

  • High Income
  • Conservative Allocation
  • Moderate Allocation
  • Aggressive Allocation
  • Growth Stock

Possible investments used in client portfolios include stocks, cash, mutual funds, exchange-traded funds (ETFs), bonds and annuities.

Palisade Asset Management

Palisade Asset Management

Palisade Asset Management caters to the high-net-worth client, requiring a minimum of $1 million of assets under management for advisory services. On this list, only Riverbridge Partners has a higher account minimum, requiring $2 million.

The fee-based firm has roughly 400 accounts and employs six advisors, making it the second smallest firm on the list. It has just one office in the Minneapolis metro area. Palisade Asset Management offers investment management services and wealth advisory services, including individual and family planning, trust and trustee advisory and retirement and pension plan services. 

The team at Palisade includes three chartered financial analysts (CFAs), one chartered alternative investment advisor (CAIA) and one certified investment management analyst (CIMA).

Palisade Asset Management Background

The company is owned by Peter Rocca, Steven Landberg and Paul Kronlokken. Rocca serves as the director of business development and is a certified investment manager analyst (CIMA). 

Landberg serves as managing partner and portfolio manager and is a chartered financial analyst (CFA). He has more than 30 years of wealth management experience. Kronlokken holds a chartered alternative investment analyst (CAIA) designation and serves as a portfolio manager. 

Services offered at the firm include:

  • Investment management
  • Wealth advisory
  • Family wealth planning
  • Trust advisory services
  • Retirement plan advisory services

Palisade Asset Management Investment Philosophy

The firm states that “Palisade portfolios are built on our philosophy of carefully selecting high quality individual securities.” The company has an in-depth analysis process for each security prior to purchase. Palisade Asset Management advisors prefer growth stocks for equity portfolios and high-rated bonds for fixed income and balanced portfolios.

Advisors generally hold on to assets for the long term to maximize tax efficiency and to better build wealth. The low turnover allows portfolios to build over time. The company uses three general strategies, equity, balanced and fixed income, depending on what your financial goals dictate. Your portfolio may be invested in exchange-listed securities, corporate debt securities, certificates of deposit, municipal securities and mutual funds or ETFs.

Capital Management Associates, Inc.

Capital Management Associates, Inc., a firm with locations in both Minneapolis and Bloomington, also does business as First Advisors and Ronin Advisory. The fee-based firm has 16 advisors on staff, including at least one certified financial planner (CFP).

The firm's client base includes both individuals and high-net-worth individuals, though it works with nearly twice as many individuals. It also serves pension and profit-sharing plans, charitable organizations and corporations. Capital Management Associates does not state a specific account minimum, but notes that a manager may require a minimum amount of assets for its managed account program.

The fee-based firm is engaged in a number of financial industry activities aside from providing investment advisory services. Its advisors may be separately licensed as representatives of affiliated broker-dealer Capital Management Securities, and they may receive compensation for securities transactions. Additionally, staff members at the firm are also partners of the accounting firm CMA Tax and they may receive separate compensation for providing accounting services. Advisors may also earn additional compensation as licensed insurance agents. However, the firm is a fiduciary, binding its employees to always act in clients' best interests. 

Capital Management Associates, Inc. Background

Capital Management  Associates, Inc. has been in business since 1982. The firm's principal shareholders are CEO, chairman and advisor representative Gregory Stroh, advisor representative Ralph Tuttle and CMA Financial, Inc.

The firm offers a managed account program, individual portfolio management and a range of financial planning services. Its financial planning services can address tax and cash flow, investments, insurance, retirement, death and disability and estate. Additionally, the firm provides accounting services and insurance through certain employees.

Capital Management Associates, Inc. Investing Strategy

Like most other firms, Capital Management Associates, Inc. adheres to a client's needs, investment objectives, risk tolerance and time horizon when creating and managing their portfolios. The firm establishes this information through discussions and a data-gathering process that may also touch on a client's previous investment history, family composition and background. Clients have the ability to impose reasonable restrictions on their portfolios.

The firm uses a wide range of investment types and strategies in its client portfolios. More specifically, it will utilize long-term purchases, short-term purchases and option writing.

Marquette Wealth Management

Marquette Wealth Management

Marquette Wealth Management has $755.80 million in assets under management (AUM). It does not list a minimum investment requirement for use of its services, and it charges fees based on a percentage of assets under management. Advisors at the firm do not sell securities or earn commissions from the sale of securities or insurance products to clients.

The majority of the firm’s clients are high-net-worth individuals, though it does also serve other individual investors. The firm also has an institutional business, advising pension and profit-sharing plans, charitable organizations and other corporations

There are three advisors at Marquette. That number includes one chartered financial analyst (CFA).

Marquette Wealth Management Background

Marquette was founded in 2005 as a wholly owned subsidiary of Marquette Financial Companies, which is a firm owned by the Carl R. Pohlad family. In 2015, the firm was acquired by UMB Financial Corporation, a publicly held company. In 2017, the firm was purchased by Marquette Wealth Management, LLC, bringing it back to its roots as an independent, privately held firm.

Services offered by the firm include:

  • Wealth planning
  • Investment management
  • Retirement planning
  • Education planning
  • Estate planning
  • Charitable giving

Marquette Wealth Management Investment Strategy

Marquette sets the following as the driving tenets of its investment philosophy:

  • Markets work.
  • Risk and return are related.
  • Diversification is essential.
  • Portfolio structure explains performance.
  • A long-term view is essential.

The advisors at the firm don’t pick specific companies to invest in, instead looking to diversified funds of domestic and international equities, bonds and alternative assets. 

Boulay Financial Advisors, LLC

Boulay Financial Advisors, LLC

Boulay Financial Advisors, LLC requires a minimum investment of $200,000 and manages nearly $652.16 million for its clients. Those clients include both individuals and high-net-worth individuals, though non-high-net-worth individual investors make up the majority of the firm's client base. The institutional business at the firm is limited to a small number of charitable organizations. 

There are 13 advisors on staff at Boulay. That team has an impressive number of financial certifications. That includes 10 certified financial planners (CFPs), six certified public accountants (CPAs), three accredited investment fiduciaries (AIFs), one certified management accountant (CMA), one chartered life underwriter (CLU) and one certified investment management analyst (CIMA).

Investment fees are charged based on a percentage of assets under management. Advisors may also be registered with a broker-dealer and make commissions from selling securities to clients. This represents a potential conflict of interest, but advisors are still bound by fiduciary duty to act in the best interests of clients.

Boulay Financial Advisors Background

The firm was founded in 2001 by partners at the accounting firm Boulay PLLP (formerly called Boulay, Heutmaker, Zibell & Company P.L.L.P). The accounting firm still owns 75% of the investment adviser firm.

Services offered by the company include:

  • Financial planning
  • Estate planning
  • Tax planning
  • Retirement planning
  • College planning
  • Asset allocation services

Boulay Financial Advisors Investment Strategies

Three principles drive the investment strategy at Boulay Financial Advisors: diversification, the minimization of fees and the maximization of after-tax returns.

When they begin working with the firm, clients fill out an investment profile. The information in this helps advisors to create a portfolio for the client. Asset allocation will be based on both the goals the client delineates and the investment profile they create. Investments commonly used in client portfolios include stocks, bonds, mutual funds, and exchange-traded funds (ETFs).

Financial Perspectives

Financial Perspectives

Financial Perspectives is one of a handful of firms on this list that does not have a specified asset minimum. The firm works with individuals, high-net-worth individuals, ultra-high-net-worth individuals, trusts, estates, businesses, profit-sharing plans, charitable organizations and foundations. However, non-high-net-worth individuals comprise the largest percentage of the firm's current client base.

The firm's nine-person advisory team includes one certified financial planner (CFP). Certain advisors at the fee-based firm are also representatives of the broker-dealer Purshe Kaplan Sterling Investments, and they earn commissions if clients purchase securities products. However, the firm is bound by fiduciary duty to always act in clients' best interests.

Financial Perspectives Background

Financial Perspectives was founded in 1985 by Michael T. Dugan. After Dugan became terminally ill, his younger brother, Dan Dugan, took control of the firm in 2004. Dan is currently the principal owner and president of Financial Perspectives.

Financial Perspectives is a full-service wealth management firm, and its team describes themselves as financial planners. The firm's financial planning process, which strives to address the accumulation, preservation and passing on of wealth, strives to “simplify the complexity.” The firm offers services related to investments, insurance, taxes, retirement, estate planning and philanthropy. 

Financial Perspectives Investing Strategy

Financial Perspectives considers investment advising part of its comprehensive financial planning process. Rather than take a one-size-fits-all approach, the firm tailors clients' portfolios to all aspects of their financial lives, including their unique goals and objectives, risk tolerance, income needs and generational and philanthropic desires. The firm says that a number of its strategies also take into account clients' estate planning and tax needs.

Financial Perspectives says that it will use a variety of investment strategies across domestic and international markets. It primarily recommends mutual funds, but it may also utilize ETFs, stocks, bonds, real estate investment trusts, managed investment programs, variable annuities, retirement plans, separately managed accounts and alternative investments. Financial Perspectives uses Fidelity as its custodian.

All Star Financial Inc.

All Star Financial Inc.

All Star Financial is a fee-only firm that manages nearly $531.80 million for its clients. All fees at the firm are based on a percentage of assets under management (AUM), and advisors do not make additional compensation from selling securities or insurance products.

Clients of the firm are principally individuals, though it does advise some high-net-worth individuals. There are also institutional clients on the books, including pension and profit-sharing plans, charitable organizations and other corporations. A minimum investment of $500,000 is required for asset management services.

There are six advisors at All Star. The team includes three certified financial planners (CFPs), two accredited investment fiduciaries (AIFs), two certified public accountants (CPAs), one certified divorce financial analyst (CDFA) and one chartered financial analyst (CFA).

All Star Financial Background

All Star Financial was founded in 1992. The firm is wholly owned by Robert J. Klefsaas, who also serves as the firm’s CEO and as a wealth manager.

Services provided by the firm include:

  • Financial planning
  • Tax preparation
  • Investment management

All Star Financial Investing Strategy

The firm creates portfolios for clients using a core and satellite approach. This means that investments like mutual funds and exchange-traded funds (ETFs) make of the majority or “core” of the portfolio while other selected individual securities make up a minority or “satellite” portion of the portfolio.

The firm uses a variety of economic indicators to make decisions about where to invest client money, looking at things like GDP level, employment growth and consumer spending to make choices.

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 cost of living in retirement there.

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

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. 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.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

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