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 firms in your area, based on extensive research. SmartAsset combed through company records and filings with the U.S. Securities and Exchange Commission (SEC) to find the top firms in Minneapolis. For advisors who match your preferences and can meet your needs, give our advisor finder tool a try.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Riverbridge Partners Find an Advisor||$ 5,378,316,627|| |
| || |
|2||CliftonLarsonAllen Wealth Advisors, LLC Find an Advisor||$4,935,146,253||No set minimum|| || |
Minimum AssetsNo set minimum
|3||Focus Financial Find an Advisor||$ 3,495,387,782||No set minimum|| || |
Minimum AssetsNo set minimum
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|4||Envoi LLC Find an Advisor||$ 2,065,317,982||$25,000,000|| || |
|5||Redhawk Wealth Advisors, Inc. Find an Advisor||$1,111,611,503||Varies based on account type|| |
Minimum AssetsVaries based on account type
|6||Capital Management Associates, Inc. Find an Advisor||$1,004,652,401||No set account minimum|| || |
Minimum AssetsNo set account minimum
|7||Palisade Asset Management Find an Advisor||$931,298,083||$1,000,000|| || |
|8||Marquette Wealth Management Find an Advisor||$801,753,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
|9||Boulay Financial Advisors, LLC Find an Advisor||$760,862,648||$250,000|| || |
|10||Financial Perspectives Find an Advisor||$584,995,882||No set account minimum|| || |
Minimum AssetsNo set account minimum
How We Found the Top Financial Advisor Firms in Minneapolis, Minnesota
We started with all firms in Minneapolis that are registered with the U.S. Securities and Exchange Commission (SEC). We did that because SEC-registered companies have a fiduciary duty to act in their clients’ best interest and must file reports each year with the commission to stay in good standing.
We then cut any firms that reported disciplinary or legal events. We also eliminated firms who don't offer financial planning and whose client base isn't at least half individuals. The final list is ordered by assets under management (AUM), starting with the largest AUM.
All information is accurate as of the writing of this article.
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 $1 million investable assets, making this the most exclusive firm on our list. In fact, all of its individual clients fall in the high-net-worth category.
The company has about 3,600 accounts and 16 advisors. The team includes seven chartered financial analysts (CFAs), five certified financial planners (CFPs), six certified public accountants (CPAs), one financial paraplanner qualified professional (FPQP) 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 (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 works with high-net-worth individuals, too.
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 is a network of 204 affiliated advisors mostly in Minnesota, Wisconsin and Iowa. Minneapolis is home of one of Focus Financial’s offices. The firm 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 executive officers, plus five others. 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.
With a $25 million asset minimum, Envoi LLC is highly exclusive. It serves high-net-worth individuals, their trusts, legal entities, business entities and charitable organizations. The fee-only firm charges advisory fees based on a percentage of your asset under management (AUM).
The firm provides centralized financial planning and management, cash flow budgeting and expense management, discretionary investment management, income and estate tax planning, risk management and wealth transfer planning, oversight, among its services.
Brenda Sallstrom, Ryan Steensland and Jim Sand remain the owners of the firm they founded in 2009. All three have extensive experience working in finance and business.
The Envoi team includes four chartered financial analysts (CFAs), two chartered alternative investment analysts (CAIAs), one certified public accountant (CPA) one certified financial planner (CFP) and one JD. (Advisors may have more than one degree or credential.)
Envoi Client Experience
Diversification is central to the firm's investment strategy. Its process for developing asset allocations is involved, as its client families are multi-generational and have varying time horizons and goals. It generally recommends sub-advisors to manage portfolios and supervises these sub-advisors.
Redhawk Wealth Advisors, Inc. is a fee-based financial advisor firm with more than $1.11 billion in assets under management (AUM). It has 35 advisors on staff. The company website lists two employees who are accredited investment fiduciaries (AIFs), one who is a certified financial planner (CFP) and one who is a chartered retirement plan specialist (CRPS). (Advisors may have more than one credential.) The investment minimum depends on the account type, but starts at a very low $1,000. 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, where one asset-based fee covers management, transaction and custodian costs. Advisors at the firm may also work for various insurance companies and collect commissions from selling insurance products. Some management personnel at the firm may also make commissions selling precious metal products. These pose potential conflicts of interest, but the firm is bound by its fiduciary duty to act in the client’s best interest.
Redhawk Wealth Advisors 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
Redhawk Wealth Advisors 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.
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 more who with people who do not have high net worths. 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, which means its employees must always act in clients' best interests.
Capital Management Associates Background
Capital Management Associates has been in business since 1982. The firm's principal shareholders are CEO and Chairman Gregory Stroh, 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 planning. Additionally, the firm provides accounting services and insurance through certain employees.
Capital Management Associates Investing Strategy
Like most other firms, Capital Management Associates takes into account clients' 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.
Palisade Asset Management
Palisade Asset Management caters to the high-net-worth client, requiring a minimum of $1 million in assets under management for advisory services. The fee-based firm has roughly 500 accounts and six advisors. Its one office is in Minneapolis.
Palisade Asset Management offers investment management and wealth advisory services, including individual and family planning, trust and trustee advisory and retirement and pension plan services.
The team at Palisade includes four chartered financial analysts (CFAs), one chartered alternative investment advisor (CAIA), one certified investment management analyst (CIMA) and one JD.
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 Investing 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 onto 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.
Marquette Wealth Management
Marquette Wealth Management does not list a minimum investment requirement. The majority of clients are high-net-worth individuals, though the does also serve other individual investors. The firm also serves an institutional business, advising pension and profit-sharing plans, charitable organizations and other corporations.
Advisors at the firm are fee-only. This means that they do not sell securities or earn commissions from the sale of securities or insurance products to clients.
There are four advisors at Marquette, including two chartered financial analysts (CFAs) and two certfied financial planners (CFPs). (Advisors may have more than one credential.)
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 Investing Strategy
These are the driving tenets of the firm's 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 requires a minimum investment of $250,000. 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. Most are certified public accountants (CPAs). The team also includes certified financial planners (CFPs), accredited investment fiduciaries (AIFs), certified management accountants (CMAs), a chartered life underwriter (CLU) and a 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 their 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 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 12-advisor 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. That said, the firm is bound by its 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.
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 advice 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.
The practice 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 exchange-traded funds (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.