Loading
Tap on the profile icon to edit
your financial details.

Top Financial Advisors in Minneapolis, MN

Your Details Done
by Nina Semczuk Updated

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 $8,706,225,900

$25,000 to $250,000

  • Investment management
  • Retirement planning

Minimum Assets

$25,000 to $250,000

Financial Services

  • Investment management
  • Retirement planning
2 $5,800,178,400

$25,000 to $250,000

  • Comprehensive wealth management
  • Financial planning
  • Investment management
  • Estate planning
  • Tax strategies
  • Business retirement plan consulting

Minimum Assets

$25,000 to $250,000

Financial Services

  • Comprehensive wealth management
  • Financial planning
  • Investment management
  • Estate planning
  • Tax strategies
  • Business retirement plan consulting
3 $5,315,547,300

No minimum

  • Financial advisory
  • Wealth management personal and business
  • Tax services
  • Audit

Minimum Assets

No minimum

Financial Services

  • Financial advisory
  • Wealth management personal and business
  • Tax services
  • Audit
4 $4,686,654,900

$2,000,000

  • Investment management
  • Portfolio management

Minimum Assets

$2,000,000

Financial Services

  • Investment management
  • Portfolio management
5 $2,881,241,700

No minimum assets; minimum fee $500 and up

  • Wealth Advisory
  • Business succession planning
  • Financial planning
  • Institutional investment services
  • Insurance
  • Private client tax
  • Family office
  • Retirement

Minimum Assets

No minimum assets; minimum fee $500 and up

Financial Services

  • Wealth Advisory
  • Business succession planning
  • Financial planning
  • Institutional investment services
  • Insurance
  • Private client tax
  • Family office
  • Retirement
6 2,254,100,000

No minimum

  • Financial planning
  • Asset management
  • Financial education 

Minimum Assets

No minimum

Financial Services

  • Financial planning
  • Asset management
  • Financial education 
7 $1,577,046,500

$2,000,000

  • Wealth management
  • Investment advisory
  • Asset protection
  • Debt management
  • Estate planning

Minimum Assets

$2,000,000

Financial Services

  • Wealth management
  • Investment advisory
  • Asset protection
  • Debt management
  • Estate planning
8 $1,100,697,600

No minimum

  • Investment management
  • Wealth planning 

Minimum Assets

No minimum

Financial Services

  • Investment management
  • Wealth planning 
9 $763,538,900

$250,000

  • Personal wealth management
  • Estate planning
  • Tax planning
  • Retirement planning
  • Investment management
  • Family office services
  • Nonprofit services

Minimum Assets

$250,000

Financial Services

  • Personal wealth management
  • Estate planning
  • Tax planning
  • Retirement planning
  • Investment management
  • Family office services
  • Nonprofit services
10 $ 736,441,500

$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

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.

Thrivent Investment Management

Thrivent Investment Management has the most assets under management out of all the firms we reviewed in Minneapolis, with over $8.7 billion. The company has a large network of advisors based around the U.S. and is headquartered in Minneapolis. Thrivent creates “financial strategies that help Christians be wise with money and live generously.” It has over 1,600 advisors in its network and manages more than 33,000 accounts.

Almost the entirety of the assets Thrivent manages is for individual accounts under $1.5 million. The company account minimums range from $25,000 to $250,000 depending on the type of account or portfolio you choose. The company’s literature stresses that new members should be “Christians who seek to live out their faith.” If you support what the company calls “The Thrivent Way,” you can open an investment account, retirement account and purchase insurance products. Thrivent is registered in all 50 states. 

Thrivent Investment Management Background

The company’s roots stem from a Lutheran fraternal benefit society that was chartered in 1902 in Wisconsin. In 1917, the organization joined with a similar group in Minnesota. The group became Thrivent Financial for Lutherans in 2001 as a not-for-profit company that helped sell insurance for congregation members. In 2013, the company voted to allow all Christians and in 2014 it became known as Thrivent Financial. 

Bradford Hewitt is the CEO of the Fortune 500 company and has worked in financial services since 1982. Randy Boushek is the chief financial officer and has worked for the company since 1981. He oversees the accounting, tax and actuarial functions of the company. 

Thrivent Investment Management Product Choices

You have the choice of seven different discretionary managed account programs and one non-discretionary account program. Each program comes with a different minimum account size ranging from $25,000 for Advantage account (your money is invested in Thrivent mutual funds), to $250,000 for a Unified Managed Account (UMA) which allows the following assets: equity, balanced and fixed-income strategies, ETFs and mutual funds. The biggest differences between account programs, other than minimum account size and asset types, is how rebalancing and reallocation is determined as well as annual fees. 

In addition to portfolio management, Thrivent offers insurance products and retirement products. The company is fee-based: That means in addition to fees, advisors make money (in the form of a commission or other compensation) from selling you these additional products.  

 

Assets Under Management

$8,706,225,900

Number of Advisors

1652

Time in Business

Since 2013

Disclosures

0

Fee Structure

Fee-based

Office Location

625 Fourth Ave. S.

Minneapolis, MN

55415-1624 USA

Phone Number

1-800-847-4836

Website

Thrivent Investment Management has the most assets under management out of all the firms we reviewed in Minneapolis, with over $8.7 billion. The company has a large network of advisors based around the U.S. and is headquartered in Minneapolis. Thrivent creates “financial strategies that help Christians be wise with money and live generously.” It has over 1,600 advisors in its network and manages more than 33,000 accounts.

Almost the entirety of the assets Thrivent manages is for individual accounts under $1.5 million. The company account minimums range from $25,000 to $250,000 depending on the type of account or portfolio you choose. The company’s literature stresses that new members should be “Christians who seek to live out their faith.” If you support what the company calls “The Thrivent Way,” you can open an investment account, retirement account and purchase insurance products. Thrivent is registered in all 50 states. 

Thrivent Investment Management Background

The company’s roots stem from a Lutheran fraternal benefit society that was chartered in 1902 in Wisconsin. In 1917, the organization joined with a similar group in Minnesota. The group became Thrivent Financial for Lutherans in 2001 as a not-for-profit company that helped sell insurance for congregation members. In 2013, the company voted to allow all Christians and in 2014 it became known as Thrivent Financial. 

Bradford Hewitt is the CEO of the Fortune 500 company and has worked in financial services since 1982. Randy Boushek is the chief financial officer and has worked for the company since 1981. He oversees the accounting, tax and actuarial functions of the company. 

Thrivent Investment Management Product Choices

You have the choice of seven different discretionary managed account programs and one non-discretionary account program. Each program comes with a different minimum account size ranging from $25,000 for Advantage account (your money is invested in Thrivent mutual funds), to $250,000 for a Unified Managed Account (UMA) which allows the following assets: equity, balanced and fixed-income strategies, ETFs and mutual funds. The biggest differences between account programs, other than minimum account size and asset types, is how rebalancing and reallocation is determined as well as annual fees. 

In addition to portfolio management, Thrivent offers insurance products and retirement products. The company is fee-based: That means in addition to fees, advisors make money (in the form of a commission or other compensation) from selling you these additional products.  

 

Wealth Enhancement Advisory Services

Second on our Minneapolis financial advisor roundup is Wealth Enhancement Advisory Services, known as WEAS. WEAS has almost $3 billion less assets under management than our no. 1 firm, but it also has about two-thirds fewer clients (9,700 accounts as compared to Thrivent’s 33,000.)

With 190 advisors, you can find a representative in over 40 states and in multiple areas around the greater Minneapolis area. The company is fee-based and offers wealth management services, including retirement income planning, investment management, insurance and estate planning and more, as well as business retirement plan consulting.   

Wealth Enhancement Advisory Services Background

The company was founded by four advisors in 1997 who wished to start a firm that “would help relieve stress from their clients’ financial lives.” The founders wanted to put all services under one roof so that clients wouldn’t have to coordinate multiple accounts and deal with the complexities of managing multiple financial relationships. 

Jeff Dekko, certified financial planner (CFP) and series 7, 24, and 66-registered is the current CEO of WEAS. He’s spent more than 20 years in the industry and joined the firm in 2003. Jim Cahn, the chief investment officer, also holds the same series registrations as the CEO and has an MBA from the University of Chicago.  

The Wealth Enhancement Advisory Client Experience

WEAS uses its own three step process to help clients reach financial goals. The UniFTM process starts with organization - your advisor will collect your financial information and deposit it into your inventory. Collaboration comes next, WEAS uses a RoundtableTM team to examine your financial situation from every angle. This includes services such as estate planning, financial planning, tax strategization and more. 

The final step is guide. Your advisor team will help put your plan in action and support your stated financial objectives. The company uses the team format to gather a group of seasoned professionals with different areas of expertise to weigh in on your financial future, giving you the benefit of years of diverse industry experience. 

 

Assets Under Management

$5,800,178,400

Number of Advisors

190

Time in Business

Since 1997

Disclosures

0

Fee Structure

Fee-based

Office Location

505 N. Highway 169

Suite 900

Plymouth, MN 55441

Phone Number

763-417-1700

Website

Second on our Minneapolis financial advisor roundup is Wealth Enhancement Advisory Services, known as WEAS. WEAS has almost $3 billion less assets under management than our no. 1 firm, but it also has about two-thirds fewer clients (9,700 accounts as compared to Thrivent’s 33,000.)

With 190 advisors, you can find a representative in over 40 states and in multiple areas around the greater Minneapolis area. The company is fee-based and offers wealth management services, including retirement income planning, investment management, insurance and estate planning and more, as well as business retirement plan consulting.   

Wealth Enhancement Advisory Services Background

The company was founded by four advisors in 1997 who wished to start a firm that “would help relieve stress from their clients’ financial lives.” The founders wanted to put all services under one roof so that clients wouldn’t have to coordinate multiple accounts and deal with the complexities of managing multiple financial relationships. 

Jeff Dekko, certified financial planner (CFP) and series 7, 24, and 66-registered is the current CEO of WEAS. He’s spent more than 20 years in the industry and joined the firm in 2003. Jim Cahn, the chief investment officer, also holds the same series registrations as the CEO and has an MBA from the University of Chicago.  

The Wealth Enhancement Advisory Client Experience

WEAS uses its own three step process to help clients reach financial goals. The UniFTM process starts with organization - your advisor will collect your financial information and deposit it into your inventory. Collaboration comes next, WEAS uses a RoundtableTM team to examine your financial situation from every angle. This includes services such as estate planning, financial planning, tax strategization and more. 

The final step is guide. Your advisor team will help put your plan in action and support your stated financial objectives. The company uses the team format to gather a group of seasoned professionals with different areas of expertise to weigh in on your financial future, giving you the benefit of years of diverse industry experience. 

 

RSM Wealth Management

This fee-based firm is licensed in 50 states and has office locations mainly in the Midwest, East Coast and California. RSM Wealth Management has no stated minimum account size and offers more than just wealth management. RSM is a global company that offers services such as audits, tax consulting, outsourcing, risk advisory and more. The firm has over 3,700 wealth management clients and 79 advisors.  

RSM Wealth Management Services Background

The company can trace its roots back almost 100 years to 1926 when an Iowa native opened an accounting firm in Cedar Rapids. Ira McGladrey expanded his firm into the I.B McGladrey Company when he purchased a seven-person office. 

Throughout the next several decades, McGladrey expanded his firm into other cities and eventually into eight states by the late 1960s. McGladrey became RSM US in late 2015 after combining a number of partner companies under one umbrella. Prior to the name change, the firm mainly worked in tax, assurance and consulting. As of late 2017, the company was ranked by Financial Advisor magazine as the 30th-largest registered investment advisor in the U.S. 

More than 700 RSM professionals work in Minnesota across offices in three cities: Minneapolis, Duluth and Rochester. Jamie Woell is the Minneapolis managing partner and Jeff Ramsey is the director of wealth management. Joe Adams is the RSM US CEO and managing partner and has served as CEO since 2011.  

RSM Wealth Management Investment Strategy

RMS Wealth Management uses a variety of different analyses to determine which securities to invest in. Overall, the company advises on long-term investment strategies. Advisors recommend broad and diverse portfolios. 

Your portfolio’s makeup will depend on what is most important to you. Your financial goals, time horizon, risk tolerance and cash flow needs are all factors that are used in creating your investment plan. That means no two portfolios are exactly alike. 

Assets Under Management

$5,315,547,300

Number of Advisors

79

Time in Business

Since 2015

Disclosures

0

Fee Structure

Fee-based

Office Location

801 Nicollet Mall Suite 1100

Minneapolis, MN 55402

Phone Number

612-332-4300

Website

This fee-based firm is licensed in 50 states and has office locations mainly in the Midwest, East Coast and California. RSM Wealth Management has no stated minimum account size and offers more than just wealth management. RSM is a global company that offers services such as audits, tax consulting, outsourcing, risk advisory and more. The firm has over 3,700 wealth management clients and 79 advisors.  

RSM Wealth Management Services Background

The company can trace its roots back almost 100 years to 1926 when an Iowa native opened an accounting firm in Cedar Rapids. Ira McGladrey expanded his firm into the I.B McGladrey Company when he purchased a seven-person office. 

Throughout the next several decades, McGladrey expanded his firm into other cities and eventually into eight states by the late 1960s. McGladrey became RSM US in late 2015 after combining a number of partner companies under one umbrella. Prior to the name change, the firm mainly worked in tax, assurance and consulting. As of late 2017, the company was ranked by Financial Advisor magazine as the 30th-largest registered investment advisor in the U.S. 

More than 700 RSM professionals work in Minnesota across offices in three cities: Minneapolis, Duluth and Rochester. Jamie Woell is the Minneapolis managing partner and Jeff Ramsey is the director of wealth management. Joe Adams is the RSM US CEO and managing partner and has served as CEO since 2011.  

RSM Wealth Management Investment Strategy

RMS Wealth Management uses a variety of different analyses to determine which securities to invest in. Overall, the company advises on long-term investment strategies. Advisors recommend broad and diverse portfolios. 

Your portfolio’s makeup will depend on what is most important to you. Your financial goals, time horizon, risk tolerance and cash flow needs are all factors that are used in creating your investment plan. That means no two portfolios are exactly alike. 

Riverbridge Partners

Riverbridge Partners, founded in 1987, 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 17 advisors total. Unlike the first three firms on our list, this company has just one office and is one standalone firm, rather than a network of advisors or a larger distributed company.  

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. 

Six team members are chartered financial analysts (CFAs) and six are certified financial planners (CFPs), which is more certifications in one company than most firms on this list. 

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.

Assets Under Management

$4,686,654,900

Number of Advisors

17

Time in Business

Since 1987

Disclosures

0

Fee Structure

Fee-based

Office Location

1200 IDS Center

80 South Eighth Street

Minneapolis, Minnesota 55402

Phone Number

612-904-6200

Website

Riverbridge Partners, founded in 1987, 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 17 advisors total. Unlike the first three firms on our list, this company has just one office and is one standalone firm, rather than a network of advisors or a larger distributed company.  

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. 

Six team members are chartered financial analysts (CFAs) and six are certified financial planners (CFPs), which is more certifications in one company than most firms on this list. 

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 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 individual clients and only 11 to 25% of the company’s 3,500 accounts are considered high net worth ($1.5 million or more).  

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. 

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. 

Assets Under Management

$2,881,241,700

Number of Advisors

74

Time in Business

Since 2000

Disclosures

0

Fee Structure

Fee-based

Office Location

220 South Sixth Street

Suite 300

Minneapolis, MN 55402-1436

Phone Number

612-376-4500

Website

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 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 individual clients and only 11 to 25% of the company’s 3,500 accounts are considered high net worth ($1.5 million or more).  

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. 

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 over 140 affiliated advisors mostly in Minnesota, Wisconsin and Iowa. Minneapolis is home of one of Focus Financial’s offices. The firm manages more than $2.2 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 with 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.

Assets Under Management

2,254,100,000

Number of Advisors

148

Time in Business

Since 1993

Disclosures

0

Fee Structure

Fee-based

Office Location

1300 Godward St. NE, Suite 5500

Minneapolis, MN 55413

Phone Number

1-888-631-8166

Website

Focus Financial is a network of over 140 affiliated advisors mostly in Minnesota, Wisconsin and Iowa. Minneapolis is home of one of Focus Financial’s offices. The firm manages more than $2.2 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 with 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.

Accredited Investors Wealth Management

Accredited Investors Wealth Management is the first fee-only company on our list. This means the company makes money from clients solely based on management fees, not from selling products (such as insurance) in order to earn commission dollars. The company is one of the smallest employee-wise with just four advisors. 

Accredited Investors may be small but it’s exclusive. More than half of its clients have what’s considered a high net worth (more than $1.5 million) and the company generally only takes on clients with $2 million of investable assets. The company is registered in 15 states and is headquartered in Edina, Minnesota. 

Accredited Investors Wealth Management Background

Ross Levin, current CEO, and Wil Heupel, president, founded the firm in 1987. Both are certified financial planners (CFPs). Additionally, Heupel holds a chartered life underwriter (CLU) certification and is a chartered financial consultant (ChFC). The company has over 40 employees. 

The two founders hold the majority of equity in the company. Rebecca Krieger is also a minority owner and serves as the managing director of client and community outreach. 

Accredited Investors Wealth Management Investment Philosophy

The firm uses an approach for investment decisions that we didn’t come across anywhere else in our research on Minneapolis firms. Called the theory of mean reversion, it states that “while valuations and returns for various assets vary substantially, over time valuations will return to their long-term average.” This all boils down to the common sentiment: buy low and sell high. 

 

In action, Accredited Investors will not chase investment returns or make reactive market choices; the company prefers to focus on long-term investing and allocates money to areas of the market that has the highest potential for returns.

The company has five strategic asset allocations for portfolio construction. Your portfolio will consist of the allocation best suited for your stated financial goals and objectives after your advisor takes into account your risk tolerance, time horizon and cash needs, among other considerations. Most of Accredited Investors’ assets are held in mutual funds and ETFs.

Assets Under Management

$1,577,046,500

Number of Advisors

4

Time in Business

Since 1987

Disclosures

0

Fee Structure

Fee-only

Office Location

5200 West 73rd Street

Edina, Minnesota 55439

Phone Number

952-841-2222

Website

Accredited Investors Wealth Management is the first fee-only company on our list. This means the company makes money from clients solely based on management fees, not from selling products (such as insurance) in order to earn commission dollars. The company is one of the smallest employee-wise with just four advisors. 

Accredited Investors may be small but it’s exclusive. More than half of its clients have what’s considered a high net worth (more than $1.5 million) and the company generally only takes on clients with $2 million of investable assets. The company is registered in 15 states and is headquartered in Edina, Minnesota. 

Accredited Investors Wealth Management Background

Ross Levin, current CEO, and Wil Heupel, president, founded the firm in 1987. Both are certified financial planners (CFPs). Additionally, Heupel holds a chartered life underwriter (CLU) certification and is a chartered financial consultant (ChFC). The company has over 40 employees. 

The two founders hold the majority of equity in the company. Rebecca Krieger is also a minority owner and serves as the managing director of client and community outreach. 

Accredited Investors Wealth Management Investment Philosophy

The firm uses an approach for investment decisions that we didn’t come across anywhere else in our research on Minneapolis firms. Called the theory of mean reversion, it states that “while valuations and returns for various assets vary substantially, over time valuations will return to their long-term average.” This all boils down to the common sentiment: buy low and sell high. 

 

In action, Accredited Investors will not chase investment returns or make reactive market choices; the company prefers to focus on long-term investing and allocates money to areas of the market that has the highest potential for returns.

The company has five strategic asset allocations for portfolio construction. Your portfolio will consist of the allocation best suited for your stated financial goals and objectives after your advisor takes into account your risk tolerance, time horizon and cash needs, among other considerations. Most of Accredited Investors’ assets are held in mutual funds and ETFs.

Punch & Associates Investment Management

This small, fee-based company markets itself as a “boutique investment advisory.”  Fifteen employees work for Punch & Associates and the firm manages more than 400 accounts. More than half of the firm’s clients have a high net worth, meaning have more than $1.5 million in assets, and the company manages over $1 billion in total assets. 

Punch calls Edina, Minnesota home with only one office and no affiliate advisors, such as the first few firms on our Minneapolis list. The company is based in that one location. 

Punch & Associates Investment Management Background

Howard Punch, Jr. founded Punch & Associates in 2002. He’s the majority owner of the company and the president and chief investment officer. He got his start at Merrill Lynch in the 1980s and has worked in financial services ever since. 

Andy Matysik, managing partner, is a part-owner of the company, as is John Carraux, portfolio manager and managing partner. Both have spent over 15 years at the firm and Carraux is a chartered financial analyst (CFA).  

Punch & Associates Investment Management Investment Strategies

Punch’s investment philosophy is based upon a concept known as behavioral finance. This theory assumes that individuals do not act rationally, therefore, investors can profit off of moments of irrational behavior. Taken a step further, Punch advisors believe that when all investors are acting in a certain way, their behavior will likely prove to be wrong at some point in the future. This informs how aggressive the company pursues any of its strategies at a given time.

Punch & Associates employs four main investment strategies: income, large cap, small cap and micro cap. Each strategy corresponds with an approach to investing in select companies related to the strategy’s name. For example, the income strategy is oriented toward generating income through investing in securities that yield income. 

Assets Under Management

$1,100,697,600

Number of Advisors

7

Time in Business

Since 2002

Disclosures

0

Fee Structure

Fee-based

Office Location

7701 France Avenue South

Suite 300

Edina, MN 55435

This small, fee-based company markets itself as a “boutique investment advisory.”  Fifteen employees work for Punch & Associates and the firm manages more than 400 accounts. More than half of the firm’s clients have a high net worth, meaning have more than $1.5 million in assets, and the company manages over $1 billion in total assets. 

Punch calls Edina, Minnesota home with only one office and no affiliate advisors, such as the first few firms on our Minneapolis list. The company is based in that one location. 

Punch & Associates Investment Management Background

Howard Punch, Jr. founded Punch & Associates in 2002. He’s the majority owner of the company and the president and chief investment officer. He got his start at Merrill Lynch in the 1980s and has worked in financial services ever since. 

Andy Matysik, managing partner, is a part-owner of the company, as is John Carraux, portfolio manager and managing partner. Both have spent over 15 years at the firm and Carraux is a chartered financial analyst (CFA).  

Punch & Associates Investment Management Investment Strategies

Punch’s investment philosophy is based upon a concept known as behavioral finance. This theory assumes that individuals do not act rationally, therefore, investors can profit off of moments of irrational behavior. Taken a step further, Punch advisors believe that when all investors are acting in a certain way, their behavior will likely prove to be wrong at some point in the future. This informs how aggressive the company pursues any of its strategies at a given time.

Punch & Associates employs four main investment strategies: income, large cap, small cap and micro cap. Each strategy corresponds with an approach to investing in select companies related to the strategy’s name. For example, the income strategy is oriented toward generating income through investing in securities that yield income. 

JNBA Financial Advisors

JNBA Financial Advisors was founded in 1980 and is the oldest firm on this list and the second fee-only firm listed. The company manages over $750 million assets and has more than 800 accounts. The company primarily serves individuals and families with net worths below $1.5 million. 

Nineteen advisors work at JNBA, which is one of the larger firms on this list, not including distributed offices, conglomerates and advisor networks. According to JNBA, over 96% of clients stay with the firm with a turnover rate at barely 4%. JNBA has offices in Minneapolis and Duluth. 

JNBA Financial Advisors Background

Judith Brown founded the firm in 1980 and was one of the first financial advisors to offer fee-based financial advice. Richard Brown, Judith’s son, now serves as the company’s CEO and primary owner. Kim Brown serves as president of the company and has worked for JNBA for over 10 years. Mark Evans is the chief investment officer; he is a chartered financial analyst (CFA) and certified public accountant (CPA). 

JNBA Financial Advisors Investment Philosophy

Personal wealth management is evaluated and implemented holistically at JNBA. The company believes in “smart, steady and meaningful accumulation of wealth.” To get you there, the company will provide advice and action in six areas of your financial life. This includes financial position, retirement planning, tax planning, investment management, risk management and estate planning. Your relationship with JNBA is a team effort; the company doesn’t believe in a single advisor relationship. Instead, you’ll work with a team of experts to evaluate each financial realm. 

Your investments are managed by the investment committee. This committee helps with portfolio optimization, active oversight and management. Your portfolio is reviewed on a 10-day cycle and the company uses iRebal trading and rebalancing software to keep your assets tracking in the right direction. 

Assets Under Management

$763,538,900

Number of Advisors

19

Time in Business

Since 1980

Disclosures

0

Fee Structure

Fee-only

Office Location

500 Normandale Lake Blvd

Suite 450

Minneapolis, MN 55437

Phone Number

952-844-0995

Website

JNBA Financial Advisors was founded in 1980 and is the oldest firm on this list and the second fee-only firm listed. The company manages over $750 million assets and has more than 800 accounts. The company primarily serves individuals and families with net worths below $1.5 million. 

Nineteen advisors work at JNBA, which is one of the larger firms on this list, not including distributed offices, conglomerates and advisor networks. According to JNBA, over 96% of clients stay with the firm with a turnover rate at barely 4%. JNBA has offices in Minneapolis and Duluth. 

JNBA Financial Advisors Background

Judith Brown founded the firm in 1980 and was one of the first financial advisors to offer fee-based financial advice. Richard Brown, Judith’s son, now serves as the company’s CEO and primary owner. Kim Brown serves as president of the company and has worked for JNBA for over 10 years. Mark Evans is the chief investment officer; he is a chartered financial analyst (CFA) and certified public accountant (CPA). 

JNBA Financial Advisors Investment Philosophy

Personal wealth management is evaluated and implemented holistically at JNBA. The company believes in “smart, steady and meaningful accumulation of wealth.” To get you there, the company will provide advice and action in six areas of your financial life. This includes financial position, retirement planning, tax planning, investment management, risk management and estate planning. Your relationship with JNBA is a team effort; the company doesn’t believe in a single advisor relationship. Instead, you’ll work with a team of experts to evaluate each financial realm. 

Your investments are managed by the investment committee. This committee helps with portfolio optimization, active oversight and management. Your portfolio is reviewed on a 10-day cycle and the company uses iRebal trading and rebalancing software to keep your assets tracking in the right direction. 

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 and Accredited Investors Wealth Management have higher account minimums, requiring $2 million each. 

The fee-based firm has roughly 400 accounts and employs seven 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. 

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 has is a certified investment manager analyst (CIMA). 

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

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 long term to maximize tax efficiency and to better build wealth. The low turnover is an ideal method for 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. 

Assets Under Management

$ 736,441,500

Number of Advisors

7

Time in Business

Since 2002

Disclosures

0

Fee Structure

Fee-based

Office Location

100 South Fifth Street

Suite 420

Minneapolis, MN 55402

Phone Number

612-455-2900

Website

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 and Accredited Investors Wealth Management have higher account minimums, requiring $2 million each. 

The fee-based firm has roughly 400 accounts and employs seven 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. 

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 has is a certified investment manager analyst (CIMA). 

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

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 long term to maximize tax efficiency and to better build wealth. The low turnover is an ideal method for 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. 

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