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 in your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Riverbridge Find an Advisor||$8,478,106,077||$1,000,000|| || |
|2||CliftonLarsonAllen Wealth Advisors, LLC Find an Advisor||$5,426,858,831||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Everest Financial Group Find an Advisor||$540,196,555||Varies based on account type|| || |
Minimum AssetsVaries based on account type
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|4||Envoi, LLC Find an Advisor||$2,259,319,068||$25,000,000|| || |
|5||Compass Capital Management, Inc. Find an Advisor||$1,733,251,837||$1,000,000|| || |
|6||Boulay Financial Advisors, LLC Find an Advisor||$1,485,272,896||$250,000|| || |
|7||Capital Management Associates, Inc. Find an Advisor||$1,134,398,699||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Palisade Asset Management, LLC Find an Advisor||$1,014,063,725||$1,000,000|| || |
|9||Financial Perspectives Find an Advisor||$838,201,204||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||Marquette Wealth Management Find an Advisor||$877,339,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
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:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
In terms of assets under management, Riverbridge is 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 30 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 firm has nearly 5,000 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).
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, Andrew Turner, 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 in 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. Benjamin Aase is CLA Minneapolis’ managing principal of wealth advisory and is a graduate of the University of Minnesota.
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 over 5,000 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) 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.
With a $25 million asset minimum, Envoi LLC is highly exclusive. That's because the firm only serves a handful of high-net-worth individuals and has a minimum investment of $25 million. 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.
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 three 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.
Compass Capital Management
Compass Capital Management is up next on our list of Minneapolis' top financial advisors. Its advisory staff includes three chartered financial analysts (CFAs), one chartered alternative investment analyst (CAIA) 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 includes non-high-net-worth individuals, retirement plans, charitable organizations and businesses. The firm has a $1 million minimum investment requirement.
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 over 40 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
Boulay Financial Advisors
Boulay Financial Advisors requires a minimum investment of $250,000. 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 a small number of charitable organizations.
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 75% 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).
Capital Management Associates
Capital Management Associates also does business as First Advisors and Ronin Advisory. The firm has a sizable staff of advisors, including at least one certified financial planner (CFP) and one enrolled agent (EA).
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. 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) 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 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
The company is owned by 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 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.
The firm's advisory team includes one certified financial planner (CFP). Certain advisors at the fee-based firm are also representatives of the broker-dealer Purshe Kaplan Sterling Investments, and they earn commissions if clients purchase securities. 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.
Marquette Wealth Management
Marquette Wealth Management does not list a minimum investment requirement. The majority of its clients are high-net-worth individuals, though the does also serve other individual investors. The firm also has an institutional business, advising pension plans, charitable organizations, trusts and 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 a few advisors at Marquette, including two chartered financial analysts (CFAs) and three certfied financial planners (CFPs).
Marquette Wealth Management Background
Marquette Wealth Management 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, employee-owned firm.
Services offered by the firm include wealth planning, investment management, retirement planning, education planning, estate planning and charitable giving.
Marquette Wealth Management Investing Strategy
These are the driving tenets of the Marquette Wealth Management'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.