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Top Financial Advisors in Minneapolis, MN

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

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 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. SmartAsset's free financial advisor matching tool can also help by pairing you with up to three advisors who serve your area.

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

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$9,407,972,571 $1,000,000
  • Financial planning
  • Portfolio management
  • Selection of other advisors
  • Publication of periodicals
  • Educational seminars

Minimum Assets

$1,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors
  • Publication of periodicals
  • Educational seminars
2 CliftonLarsonAllen Wealth Advisors, LLC CliftonLarsonAllen Wealth Advisors, LLC logo Find an Advisor

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$6,947,612,102 No set account minimum
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Educational workshops

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Educational workshops
3 Everest Financial Group Everest Financial Group logo Find an Advisor

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$684,967,370 Varies based on account type
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Educational seminars

Minimum Assets

Varies based on account type

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Educational seminars
4 Envoi, LLC Envoi, LLC logo Find an Advisor

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$3,121,409,851 $150,000 minimum annual fee
  • Financial planning
  • Portfolio management
  • Selection of other advisors

Minimum Assets

$150,000 minimum annual fee

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors
5 NorthRock Partners, LLC NorthRock Partners, LLC logo Find an Advisor

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$4,188,037,335 No set account minimum
  • Financial planning
  • Portfolio management
  • Advisor selection
  • Educational seminars
  • Consulting

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Advisor selection
  • Educational seminars
  • Consulting
6 Boulay Financial Advisors, LLC Boulay Financial Advisors, LLC logo Find an Advisor

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$2,005,623,011 $600,000
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Educational seminars

Minimum Assets

$600,000

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Educational seminars
7 Compass Capital Management, Inc. Compass Capital Management, Inc. logo Find an Advisor

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$2,085,154,063 $1,000,000
  • Financial planning
  • Portfolio management
  • Sub-advisor

Minimum Assets

$1,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Sub-advisor
8 Capital Management Associates, Inc. Capital Management Associates, Inc. logo Find an Advisor

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$1,328,632,038 No set account minimum
  • Financial planning 
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Financial and business consulting

Minimum Assets

No set account minimum

Financial Services

  • Financial planning 
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Financial and business consulting
9 Palisade Asset Management, LLC Palisade Asset Management, LLC logo Find an Advisor

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$1,174,550,535 $1,000,000
  • Financial planning
  • Portfolio management
  • Selection of other advisors
  • Publication of periodicals

Minimum Assets

$1,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors
  • Publication of periodicals
10 Financial Perspectives Financial Perspectives logo Find an Advisor

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$767,710,007 No set account minimum
  • Financial planning
  • Portfolio management
  • Retirement plan consulting

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Retirement plan consulting

What We Use in Our Methodology

To find the top financial advisors in Minneapolis, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:

  • AUM
    Firms with more total assets under management are ranked higher.
  • Individual Client Count
    Firms who serve more individual clients (as opposed to institutional clients) are ranked higher.
  • Clients Per Advisor
    Firms with a lower ratio of clients per financial advisor are ranked higher.
  • Age of Firm
    Firms that have been in business longer are ranked higher.
  • Fee Structure
    Firms with a fee-only (as opposed to fee-based) compensation structure are ranked higher.

All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.

Riverbridge

In terms of assets under management, Riverbridge is far and away the largest firm on this list. Founded in 1980s, it has provided investment management and financial planning services to high-net-worth individuals and institutions in Minnesota for more than 35 years. The company generally serves those with at least $1 million in investable assets, making this one of the most exclusive firms on our list. In fact, all of its individual clients fall in the high-net-worth category.

The fee-only firm has thousands of client accounts split between its advisory team. These advisors hold certifications like chartered financial analyst (CFA), certified financial planner (CFP), certified public accountant (CPA) and chartered financial consultant (ChFC).

Riverbridge Background

The average senior leader at Riverbridge has worked for the company more than 20 years. The company was founded in 1987 by Mark Thompson, current principal and chief investment manager. In 2012, Northill US Holdings acquired 58% of Riverbridge. The remaining company shares are owned by Riverbridge employees, including Thompson, Rick Moulton, Emily Soltvedt, Ross Johnson, Darius Berendji, Eve Guernsey and Cyrus Jilla.

The firm's main advisory service is investment management, diversification and asset allocation planning. Financial planning services are also available.

Riverbridge Investment Strategy

Riverbridge highlights building its investment strategies for long-term returns. Advisors are growth-oriented and have years of expertise. The firm 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 services. The company has offices across the U.S. Its wealth advisor arm focuses on offerings like retirement planning, tax planning, risk management, wealth management and investment management.

CLA Wealth Advisors has no specified asset minimum. The company mainly serves individuals, with most of them not having a high net worth. The firm also works with pension plans, charities and businesses.

As a fee-based firm, certain advisors here can sell financial products on a commission basis. While this represents a potential conflict of interest, the firm's fiduciary duty legally binds it to act in your best interest.

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. Jen Leary serves as CLA’s CEO.

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.

Everest Financial Group

Everest Financial Group works with thousands of individuals clients, the vast majority of whom are non-high-net-worth individuals. However, the firm's high-net-worth clients account for more of the firm's overall assets under management. Depending on the advisory program you use at Everest, your minimum investment requirement will vary from $25,000 to $250,000.

The team of advisors here includes four certified financial planners (CFPs), one certified financial educator (CFEd) and one accredited investment fiduciary (AIF). Some of the firm's advisors may receive commissions from securities or insurance sales. Despite the potential conflict of interest this induces, the firm's fiduciary duty requires it to act in clients' best interests at all times.

Everest Financial Group Background

Everest Financial Group was founded in 2005. The firm is owned by a group of employees: John W. MacKimm II, William E. Hunstock, Nikolas P. Wogstad, T. Stanley Diong, and Dennis Tiow Chan.

Personalized investment management and financial planning are both available at this firm. Financial planning can cover topics like retirement planning, estate planning, business planning, college fund planning and more.

Everest Financial Group Investing Strategy

Everest Financial Group often uses model portfolios with its clients. That means the firm and your advisor will determine which model portfolio is best for you based your situation. That will involve your risk tolerance, time horizon, income needs and financial goals. Each model portfolio has its own asset allocation.

When it comes to trading investments, the firm may use long-term trading, short-term trading and short sales. Long-term trading involves holding assets for a year at a time, whereas short-term trading means trading before a calendar year has passed.

Envoi

With a massive $150,000 minimum annual fee, Envoi is highly exclusive. That's because the firm only serves a handful of high-net-worth individuals and families through its family office. The firm also helps manage its individual clients' trusts, legal entities, businesses and charitable organizations. As a fee-only firm, all of Envoi's compensation comes from client-paid fees.

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.

Envoi Background

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), one chartered alternative investment analysts (CAIAs), one certified public accountant (CPA) and one certified financial planner (CFP).

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.

NorthRock Partners

NorthRock Partners is a large advisory firm with billions of dollars in client assets under management and more than 20 on-staff advisors. Most of its clients are individuals, with high-net-worth individuals vastly outnumbering their non-high-net-worth counterparts. While the firm doesn't have a minimum asset requirement for new clients, it does have a $5,000 minimum annual fee.

The advisory team at NorthRock holds a range of certifications that include certified financial planner (CFP), certified private wealth advisor (CPWA), chartered financial analyst (CFA) and more. This team also has members who can sell insurance products on a commission basis. While this presents a potential conflict of interest, the firm's fiduciary duty means it must act in clients' best interests.

NorthRock Partners Background

NorthRock Partners was founded back in 2013 by CEO Rob Nelson and chief compliance officer (CCO) Jim Lund. Today, the firm is owned by Nelson and lead advisor Todd Moser.

This firm has a wide range of advisory services that it offers to clients. In fact, these services cover things like retirement planning, investment management, tax prep and advice, estate planning, insurance planning, charitable gift planning and more.

NorthRock Partners Investing Strategy

Before investing a dime of any client's assets, the advisory team at NorthRock Partners will work with them on an individual basis to determine exactly what kind of investor they are. This conversation will allow your NorthRock advisor to build a portfolio plan that can help you achieve your long- and short-term financial goals. Some of the most important factors the firm pays attention to include risk tolerance, time horizon, income needs and liquidity.

Boulay Financial Advisors

Boulay Financial Advisors requires a minimum investment of $600,000, though this stipulation is waivable. Clients of the firm include both individuals with and without a high net worth, though the latter make up the majority of the firm's client base. The institutional business at the firm is limited to charitable organizations, pension plans and businesses.

There are a handul of 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), chartered life underwriters (CLUs) and certified investment management analysts (CIMAs).

As a fee-based firm, certain advisors at Boulay can sell insurance products and securities on a commission basis. Although this is a potential conflict of interest, the firm's fiduciary duty requires it to act in your best interest at all times.

Boulay Financial Advisors Background

Boulay Financial Advisors 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 65% of the firm. Otherwise, the firm is largely employee-owned.

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).

Compass Capital Management

Compass Capital Management is up next on our list of Minneapolis' top financial advisors. Its advisory staff includes four chartered financial analysts (CFAs), two chartered alternative investment analysts (CAIAs) and one certified investment management analyst (CIMA). This is a fee-only firm, meaning all of its compensation comes from client-paid fees.

High-net-worth individuals are the most common clients at Compass Capital. Other clients the firm works with include non-high-net-worth individuals, retirement plans, charitable organizations and businesses. The firm has a $1 million minimum investment requirement, though it may accept clients with less than that.

Compass Capital Management Background

Compass Capital Management is one of the older firms on our list, having been established back in 1988. The firm is still owned by its founder, Charles Kelley, who has around 45 years' experience in the financial services industry.

Advisors at Compass Capital will alter the firm's financial planning and investment management services to your specific needs.

Compass Capital Management Investing Strategy

The basis for every client portfolio managed by Compass Capital Management is an asset allocation plan based around your personal needs and situation. This will cover things like your risk tolerance, financial goals, income needs and time horizon. The firm will put all of this guiding information into a document called an investment policy statement (IPS).

Some of the portfolio strategies the firm uses include:

  • Equity: generally consists of 25 or more mid- to large-cap growth stock companies
  • Fixed-Income: focuses on high-quality intermediate-term taxable and non-taxable bonds
  • Balanced: combines stocks, bonds and cash into a single portfolio
  • External mutual fund managers: involves the selection of a handful of mutual fund managers

Capital Management Associates

Capital Management Associates has a sizable staff of advisors. This group includes certifications like certified financial planner (CFP), accredited investment fiduciary (AIF), certified public accountant (CPA) and more.

The firm's client base includes both non-high-net-worth and high-net-worth individuals, though it works with more who with people who do not have high net worths. It also serves pension 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 employs advisors who may receive compensation for securities transactions or insurance sales, which is a potential conflict of interest. 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, president Thomas Luing, chief compliance officer (CCO)/chief financial officer (CFO) Melissa Glennie 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 individual client, requiring a minimum of $1 million in assets under management for advisory services. The fee-only firm has roughly 100 clients, almost all of whom are high-net-worth individuals. Palisade 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 certified financial planner (CFP).

Palisade Asset Management Background

Palisade Asset Management is owned by principals Peter Rocca, Steven Landberg and Paul Kronlokken. The firm was founded in 2002.

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.

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 non-high-net-worth individuals, high-net-worth individuals, trusts, estates, profit-sharing plans and charitable organizations. However, non-high-net-worth individuals comprise the largest percentage of the firm's current client base.

Certain advisors at the fee-based firm are also broker-dealer representatives and insurance agents, and they can earn commissions if clients purchase certain securities or insurance products. This creates the potential for a conflict of interest. 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 1986 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.

How Long $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

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

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.