Top Financial Advisor Firms in Minnesota

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Wealth Enhancement Advisory Services, LLC is by far the largest firm on this list, as it has more than $13.8 billion in assets under management and a network of 337 advisory employees. The team in Plymouth, the firm’s home office location, boasts eight certified financial planners (CFPs), one chartered financial analyst (CFA), one chartered financial consultant (ChFC), one MBA and one master planner advanced studies (MPAS) professional.

The firm serves nearly four times as many non-high-net-worth individuals as high-net-worth individuals. Wealth Enhancement also  serves trusts, estates, corporations, pension and profit-sharing plans and charitable organizations.

The firm’s account minimum varies depending on the type of account. More specifically, a $25,000 minimum is imposed for investment management services, a $50,000 minimum applies to WEAS select accounts and a $100,000 minimum is required for a WEAS access program account. You need anywhere from $30,000 to $250,000 for the firm’s core program account.

Wealth Enhancement is a fee-based firm, and some of the firm’s advisors are also brokers and insurance agents. In these non-advisor roles, they collect transaction-based fees, which pose a potential conflict of interest. That said, the firm is a fiduciary and therefore must act in clients' best interests.

Wealth Enhancement Advisory Services Background

Wealth Enhancement Advisory Services has been in business since 2001. WEG Holdings, LLC, a financial holding company, owns it. The firm has received numerous awards throughout its history, including being named a top financial advisor by Barron’s, Financial Advisor magazine and the Financial Times, among others.

Wealth Enhancement keeps its services very general in nature in an effort to keep them flexible for clients. Its most common services include investment management, retirement income planning, financial planning, estate planning, tax strategies, insurance and risk management, business owner consulting and private client services.

Wealth Enhancement Advisory Services Investing Strategy

Four tenets inform how Wealth Enhancement Advisory Services builds its clients’ portfolios: active management, effective diversification, cost efficiency and tax efficiency. In order to ensure that each portfolio is reaping the benefits of the current market, the firm actively monitors more than 70 markets around the world to uncover new opportunities and assess when rebalancing is necessary. 

Cost and tax efficiency are always in the back of this firm’s mind, and these considerations come into play when the firm is selecting specific investments. This means your advisor will not only search for investments that have low transaction and custody fees, but also for investments that don’t overstep the bounds of your tax profile.

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With more than $10.1 billion in assets under management, Mairs & Power joins the list this year. It primarily works with high-net-worth individuals. It also serves individuals who are not as affluent, institutions, trusts, trust companies, pension and profit-sharing plans and health and welfare plans. Additionally, it sponsors and manages three funds: Mairs & Power Growth Fund, Mairs & Power Balanced Fund and Mairs & Power Small Cap Fund. 

Account requirements depend on the account, but you need at least $2 million or $5 million. The St. Paul firm may waive these minimums at its discretion, though. 

Of its 17 advisors, 14 are chartered financial analysts (CFAs). Many are also chartered insurance counselors (CICs), while one is additionally a certified financial planner (CFP). There are two brokers on the team who earn transaction-based fees, which makes the firm fee-based.

Mairs & Power Background

George Mairs, Jr. founded the firm in 1931 and George Power, Jr. joined it in 1946. Today, Mairs' grandson, Robert Mairs, serves as president, general counsel and chief compliance officer. Mark Henneman leads the firm as CEO, chairman and Growth Fund co-manager. 

The firm offers investment management and financial planning services. It has made a name for itself as a regional investor. Investment management fees are generally asset-based, though the firm may negotiate performance-based or fixed fees. For accounts that are especially complex or need extra administrative support, the practice may require additional fees.

Mairs & Power Investing Strategy

Mairs & Power takes a long-term approach to investing. It puts an emphasis on companies with consistent and above-average growth. It also looks for those that have strong returns on invested capital and durable competitive advantages. Also, it says that it invests in companies, not markets, and considers companies of all sizes and across all sectors. The firm generally designs and manages equity, fixed income and balanced portfolios.

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Fiduciary Counselling Inc (FCI) is a St. Paul-based financial advisor firm with close to $7.7 billion in assets under management. All of that money is managed by only 15 advisors. The firm’s advisors include three certified financial planners (CFPs), two chartered financial analysts (CFAs), one certificate in investment performance management (CIPM) holder and one certified trust and financial advisor (CTFA).

The firm advises a good number of high-net-worth investors, but it advises approximately twice as many individuals who are less affluent. It also does some institutional business, advising investing companies, pooled investment vehicles, pension and profit-sharing plans, charitable organizations, other investment advisors and other corporations. The firm does not list a minimum investment, but has a minimum annual fee of $3,000.

FCI charges a single fee for investment advisory, accounting, tax, estate planning, financial planning, and trust and charitable administration services. This fee is based on a percentage of assets under management. Hourly fees may be charged for other services.

Financial Counselling Background

FCI was founded in 1941. The principal owner of the firm is M. Julie McKinley, who also serves as the company’s president and chief executive officer.

Services offered by the firm include:

• Discretionary and non-discretionary investment services
• Accounting
• Tax and trust services
• Financial services
• Estate planning

Financial Counselling Investment Strategy

Advisors at FCI develop an individual portfolio strategy for each client. That said, it has a number of model portfolios it uses as a base when developing each client’s strategy. Customized models are used in some situations when a client’s situation has a number of unusual needs.

The asset allocation model focuses on long-term investing. Potential investments for clients include equities, fixed income securities, exchange-traded funds, mutual funds, private funds and private equity funds.

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With $1 million in investable assets required to open an account, Riverbridge has one of the highest account minimums on this list. As a result, this fee-based firm’s individual client base is made up of only high-net-worth individuals. Other types of clients that this firm works with include institutions, corporations, partnerships, pension and profit-sharing plans, banks, investment companies, trusts,  estates and collective investment trusts.

Riverbridge tops SmartAsset’s list of the top financial advisor firms in Minneapolis. Its team has a total of 20 advisor certifications. If you choose to begin a client relationship with Riverbridge, you’ll find seven chartered financial analysts (CFAs), five certified financial planners (CFPs), six certified public accountants (CPAs), one financial paraplanner qualified professional (FPQP) and one chartered financial consultant (ChFC).

This firm charges performance-based fees. However, these fees only apply should your portfolio exceed projections. The firm also receives trailer and 12b-1 fees on mutual funds, though it does have a fiduciary duty always to put clients' interests first.

Riverbridge Background

Riverbridge was founded in 1987. Currently, Northill Capital Group is the majority owner. Several employees also have small stakes. 

This firm offers investment portfolio models that are designed to succeed in different ways, depending on your financial objectives. These models range from small-cap growth to growth and income portfolios. Each portfolio varies in the number of companies it invests in and its time horizon.

Riverbridge Investing Strategy

When choosing specific investments for your portfolio, Riverbridge Partners evaluates each company based on five factors: sound culture and management, strong unit growth, differentiated market position, internally financed growth and conservative accounting. The firm believes that these factors provide strong insight into whether a company has earnings power and intrinsic value.

Once the firm has found enough suitable investments and begins to piece together your portfolio, it will generally look to do so with small- and mid-capitalization companies. At any one point in time, though, Riverbridge prefers to have all of your assets fully invested, regardless of any need for liquidity. The firm estimates that its portfolios will have 30% turnover annually.

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Although CliftonLarsonAllen Wealth Advisors, LLC (CLA) has offices across the U.S., its principal location is in Minneapolis. It is second on SmartAsset’s list of the top financial advisor firms in Minneapolis. The firm manages portfolios for a wide range of clients, including individuals, banks, trusts, estates, corporations, unincorporated associations, limited partnerships, limited liability companies, charitable organizations and pension and profit-sharing plans. When it comes to individuals, CLA primarily works with non-high-net-worth clients.

While there is no minimum account size required to open or maintain an account, the firm does charge a minimum annual fee that varies depending on your account type. Basic plans start at a $500 minimum fee, while business owner and complex estate planning accounts require a minimum fee of $5,000. 

The firm has multiple certified financial planners (CFPs) in it advisor network, among other certifications. As a fee-based firm, some of the firm's advisors may be brokers or insurance agents who receive transaction-based fees - an arrangement that can potentially pose a conflict of interest. Tha said, CLA has a fiduciary duty to act in its clients' best interests.

CliftonLarsonAllen Wealth Advisors Background

CliftonLarsonAllen Wealth Advisors was created in 2000. It has gone through many ownership changes, but CliftonLarsonAllen LLP, a financial services business, now controls the firm.

Retirement planning, estate planning, investment advisory services, risk management and education fund planning make up the bulk of the services that this firm offers to clients. But for those who need it, the firm also offers more specific services like business succession planning and retirement plan administration, among others.

CliftonLarsonAllen Wealth Advisors Investing Strategy

CliftonLarsonAllen Wealth Advisors primarily uses model portfolios that invest in mutual funds and exchange-traded funds. It will seek to identify an appropriate asset allocation based on your personal risk tolerance and time horizon. The asset classes the firm usually uses are equity securities, fixed income and cash. The firm may recommend more than one model portfolio solution.

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At Meristem Family Wealth, 18 advisors manage more than $3.9 billion in assets. The team includes nine MBAs, five certified financial planners (CFPs), three certified public accountants (CPAs), two certified trust and financial advisors (CTFAs), one chartered financial analyst (CFA), one certified investment management analyst (CIMA) and one chartered alternative investment analyst (CAIA). 

You won’t have to worry about an account minimum at this firm, but there is a minimum annual fee of $30,000. The Minnetonka-based firm says its typical clients are individuals and families and their family estates, trusts, businesses, charitable organizations and partnerships.

If you work with this fee-based firm, your advisor may recommend insurance policies for which he or she will collect a commission. That may present a conflict of interest, but the firm is a fiduciary and therefore must act in your best interest.

Meristem Family Wealth Background

Although employees are the majority owners of Meristem Family Wealth, the venture capital firm PC3 Ventures, LLC does hold a minority stake in the firm. Meristem was founded in 2003.

Like a growing number of firms in the U.S., this firm customizes its services to the needs of its clients. The services offered by the firm include:

• Holistic financial review
• Portfolio management
• Family wealth management
• Tax planning
• Estate and legacy planning
• Risk management

Meristem Family Wealth Investing Strategy

Diversification is key to how Meristem Family Wealth builds portfolios for its clients. Additionally, the firm takes into account your risk tolerance, financial goals, liquidity needs and time horizon.

Aside from diversifying your investments, Meristem keeps a constant eye on risk management, tax consequences, fee considerations and manager selection. Once the firm has determined the appropriate investments for your portfolio, your advisor will explain the plan prior to its implementation. The firm does this, because it subscribes to the philosophy that an advisor and client should work as a team in order to achieve financial success.

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Focus Financial is another firm that calls Minneapolis home. It’s the third firm on SmartAsset’s list of the top financial advisor firms in Minneapolis. Focus Financial is technically a network of financial advisors that includes more than 200 advisors who are spread throughout the Midwest. The firm’s advisory network holds a few types different certifications, though certified financial planner (CFP) is  the most common.

With no minimum account size required, it’s no surprise that this firm serves more than 10,000 non-high-net-worth individuals and close to 1,500 high-net-worth clients. Some advisors at this fee-based firm earn transaction-based fees as insurance agents or brokers. This may create a conflict of interest, but the firm is bound by its fiduciary duty to act in clients' best interests.

Focus Financial Background

Focus Financial was established in 1993. The advisors employed by this independently owned firm have a wide range of experience levels and backgrounds. 

Asset management and financial planning are the firm’s primary services. Should you be looking for more goal-oriented services, the firm provides the following:

• Tax planning
• Estate planning
• Retirement planning
• Cash flow and debt analysis
• Employee benefit planning
• Asset allocation recommendations
• Accumulation planning
• Insurance review and advice

Focus Financial Investing Strategy

Above all else, the advisors at Focus Financial seek to understand your current financial situation and any future desires you might have. But whereas most firms will focus only on your goals, risk tolerance and time horizon, this firm considers a few other characteristics. These include your cost of living, cash flow, education needs and savings tendencies.

Based on these pieces of information, the firm will choose between a number of investments that fit your profile. Historically, mutual funds, exchange-traded funds, closed-end funds, stocks, bonds, options, CDs, variable and fixed annuities, limited partnerships and real estate investment trusts are the typical investments that this firm uses in client portfolios.

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Accredited Investors Wealth Management is the next firm on this list. With 42 employees, the firm’s overall team has a bevy of certifications, including 24 certified financial planners (CFPs), four certified public accountants (CPAs), four chartered financial analysts (CFAs), one chartered life underwriter (CLU) and one chartered financial counselor (ChFC). This fee-only firm calls Edina home.

Perhaps because of its $20,000 minimum annual fee (which makes sense for those with at least $2 million in assets) this firm has a 6-to-1 ratio of high-net-worth individual clients to non-high-net-worth individuals. Accredited Investors Wealth Management also works with trusts, businesses, foundations, endowments, pension and profit-sharing plan providers and charitable organizations.

Accredited Investors Wealth Management Background

CEO Ross Levin and President Wil Heupel opened Accredited Investors Wealth Management in 1987. Levin and Heupel have spent a combined 70 years in the financial services industry.

This firm acknowledges that clients never have the same sets of needs. Its advisory services are thus significantly less targeted than most, resulting in broad, customizable offerings like asset protection, income management, debt management, investment planning and estate planning.

Accredited Investors Wealth Management Portfolio Strategy

The theory of mean reversion states that, in the long-term, all investments will return to their average values, even if they fluctuate along the way. Because Accredited Investors Wealth Management strongly believes in this idea, it purchases investments while they’re low in value and sells them when their value increases.

While this approach may seem risky, the firm claims that it doesn’t intend to chase returns. To focus more on the long term, the firm strives to invest in areas of the market that it identifies as having strong valuations and upside potential.

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Carlson Capital Management, LLC has a client base almost evenly split almost between individuals and high-net-worth individuals. Aside from individuals, the firm also works with trusts, estates, pension and profit-sharing plans, corporations and charitable organizations.

Headquartered in Northfield, this firm requires clients to have at least $1 million in investable assets to open an account. The firm's advisory team includes 12 certified financial planners (CFPs), seven certified public accountant (CPA), six MBAs, four accredited investment fiduciaries (AIFs), two chartered financial analysts (CFAs), two certified trust and financial advisors (CTFAs) and one certified employee benefit specialist (CEBS).

An advisor may sell insurance policies and earn sales commissions. This makes the firm fee-based. That said, the advisory is required to act in the client's best interest.

Carlson Capital Management Background

Founded in 2015, Carlson Capital Management is the youngest firm on this list. Be sure not to confuse it with Carlson Capital Management, Inc., which actually holds principal ownership of the firm. Though it’s more of a holding company now, it was once an SEC-registered investment advisor.

Carlson Capital Management offers a variety of services for investors who are in search of a firm that can handle all of their financial management needs. The firm’s services include:

• Integrated wealth management
• 401(k) plan services
• Risk management
• Tax services
• Education planning
• Retirement planning
• Charitable gift planning
• Trust creation and management
• Stock option analysis

Carlson Capital Management Investing Strategy

Although Carlson Capital Management can handle short-term financial needs for clients, its overall desire is to manage assets for the long term. The firm bases its approach on Modern Portfolio Theory, which states that risk and return are inherently related. In turn, the firm thinks that the only time that increasing your risk is appropriate is if there’s a chance for a proportionate boost in return.

Carlson Capital is also a proponent of active asset management. Its advisors are constantly watching the market for new investment opportunities, all while making sure that their client portfolios are rebalanced when needed and adhere to the original asset allocation plans.

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Last but not least, Envoi, LLC has the simplest fee structure of any firm on this list, as it charges advisory fees based solely on a percentage of your asset under management. For reference, most other firms charge an asset-based fee or they may charge an hourly or fixed fee. 

With only 33 high-net-worth individuals and nine charitable organizations as clients, this fee-only firm is extremely exclusive. It requires at least $25 million in investable assets to open an account. The firm’s client base also offers its services to legal entities, revocable and irrevocable trusts, family businesses, family partnerships and family-owned charitable organizations. 

There are two chartered alternative investment analysts (CAIAs), two MBAs, one chartered financial analyst (CFA), one certified public accountant (CPA) and one certified financial planner (CFP) working here. (Some advisors may have multiple certifications.)

Envoi Background

Founders Brenda Sallstrom, Ryan Steensland and Jim Sand have remained the owners of Envoi since its creation in 2009. All three have extensive experience working in finance and business.

Because this firm specializes in serving high-net-worth-individuals and their families, its services are centered around these client types. The firm provides:

• Cash-flow and budget management
• Investment management
• Tax mitigation and planning
• Risk management
• Wealth transfer planning
• Young adult financial education
• Charitable organization management

Envoi Investing Strategy

Before any investment or portfolio structure decisions are made, Envoi will assemble a balance sheet that seeks to define your entire financial situation. This will consist of a detailed analysis of your assets, liabilities and cash flow. Once all of the information has been gathered, the firm will work with you to define your risk tolerance, time horizon, liquidity needs and, most importantly, financial objectives.

Diversification serves as the framework for how this firm will draft an investment plan that fits your needs. In order to diversify successfully, the firm will evaluate and utilize a mix of the following investment types: mutual funds, exchange-traded funds, registered funds, master limited partnerships, alternative investments, traditional fixed income and equities.