Top Financial Advisors in Minnesota

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Wealth Enhancement Advisory Services is by far the largest firm on this list, as it has billions in assets under management and many on-staff advisors. The team in Plymouth, the firm’s home office location, boasts 10 certified financial planners (CFPs), one chartered financial analyst (CFA), one chartered retirement planning counselor (CRPC) and one chartered financial consultant (ChFC).

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

The firm’s account minimum varies depending on the type of account. They start at $25,000 and go as high as $100,000. This is a fee-based firm, so some of the firm’s advisors can earn commissions from the sale of financial products, 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. Wealth Enhancement Group, 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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EFS Advisors has many individual clients, all of whom have less than a high net worth. The firm also does some institutional business, working with banks, retirement plans, insurance companies and businesses. The firm doesn't have a specific investment minimum, so technically anyone has a chance to become a client.

Certain members of the advisory staff at EFS can sell insurance products and securities on a commission basis. Although this represents a potential conflict of interest, the firm's fiduciary duty means it must act in clients' best interests no matter what.

EFS Advisors Background

EFS Advisors was founded in 1998 by Kent D. Schutte, who is still the firm's principal owner. Schutte still acts as the firm's president.

Both financial planning and investment management services are available through EFS. These offerings are customizable, meaning your financial situation will have a bearing on how they're administered.

EFS Advisors Investing Strategy

EFS Advisors works with clients to determine their financial goals and situation before investing any of their money. Most importantly, the firm will figure out your risk tolerance, time horizon, income needs and liquidity preferences. Based on these factors, an investment portfolio plan will be put together specifically for you. As your portfolio ages, the firm will supervise its returns and make adjustments as necessary.

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Mairs & Power is the third firm on this list, but it's the second-largest in assets under management. It primarily works with high-net-worth individuals, though it also serves individuals without a high net worth, institutions, trusts, investment companies, pension and profit-sharing plans, charitable organizations, government entities, insurance companies and businesses. 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 type of account you open, but you'll need at least $2 million or $5 million. This St. Paul firm may waive these minimums at its discretion, though. 

Of its advisors, 15 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 Mairs & Power in 1931, and George Power, Jr. joined it in 1946. Today, Mairs' grandson, Robert Mairs, serves as president, general counsel and chief compliance officer (CCO). The firm is entirely employee-owned.

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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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-only firm’s individual client base is made up of only high-net-worth ones. Other types of clients that this firm works with include corporations, partnerships, pension and profit-sharing plans, banks, investment companies, trusts, estates, collective investment trusts, government entities, insurance companies and Taft-Hartley plans.

Riverbridge tops SmartAsset’s list of the top financial advisor firms in Minneapolis. Its team has quite a few advisors with certifications. If you choose to begin a client relationship with Riverbridge, you’ll find chartered financial analysts (CFAs), certified financial planners (CFPs), certified public accountants (CPAs) and chartered financial consultants (ChFCs).

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.

Fiduciary Counselling (FCI) is a St. Paul-based financial advisor firm. The firm advises a good amount 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, charitable organizations, other investment advisors and corporations. The firm does not list a minimum investment, but has a minimum annual fee of $1,000.

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

Financial Counselling was founded in 1941. The principal owner of the firm is M. Julie McKinley, who also serves as the company’s president and CEO.

Services offered by the firm include discretionary and non-discretionary investment services, accounting, tax and trust services, retirement planning and 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 (ETFs), mutual funds, private funds and private equity funds.

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Although CliftonLarsonAllen Wealth Advisors (CLA) has offices across the U.S., its principal location is in Minneapolis. In fact, 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, trusts, estates, corporations, 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 each require a minimum fee of $3,000 and $5,000, respectively. 

The firm has multiple certified financial planners (CFPs) on its staff, 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. That 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 (ETFs). 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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Everest Financial Group, a fee-based firm, is headquartered in Minneapolis. The firm works with over 5,000 clients, all of whom are individuals. More than 94% of these individuals fall into the non-high-net-worth category. Minimum investments at the firm vary depending on the account you subscribe to. These requirements can be from $25,000 up to $250,000.

Everest's advisory staff holds a handful of certifications. More specifically, there are four certified financial planners (CFPs) and one accredited investment fiduciary (AIF).

Securities and insurance products can be sold by certain advisors at Everest, and they may receive commissions for these sales. The receipt of this compensation is a potential conflict of interest, though the firm's fiduciary duty means it must act in clients' best interests.

Everest Financial Group Background

Everest Financial Group was founded back in 2005, making it one of the younger firms on this list. The firm is owned by five partners: John W. MacKimm II, William E. Hunstock, Nikolas P. Wogstad, T. Stanley Diong, and Dennis Tiow Chan.

Financial planning services at Everest are quite robust. In fact, you'll find retirement planning, business planning, estate planning, insurance planning, college fund planning and more. Investment management services are another of the firm's main offerings.

Everest Financial Group Investing Strategy

Everest Financial Group uses a variety of trading strategies when managing clients' investment portfolios. For example, it participates in long-term trading (held for more than a year), short-term trading (held for less than a year), short sales and model portfolio asset allocations.

The firm also diversifies what investment methods of analysis is utilizes when making investment decisions. These involve charting, fundamental analysis, technical analysis and cyclical analysis.

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intellicents investment solutions does not require clients to adhere to a minimum investment requirement. This has led the firm's individual client base to feature a nearly even split between individuals with and without a high net worth. Pension and profit-sharing plans are also clients of intellicents.

The advisory team at this firm boasts a wide range of certifications. These include chartered financial analyst (CFA), certified financial planner (CFP), accredited investment fiduciary (AIF), certified long-term care (CLTC), chartered retirement plans specialist (CRPS) and more.

intellicents is a fee-based firm, which means its advisors can sell insurance products and securities on a commission basis. Despite the potential conflict of interest this creates, the firm's fiduciary duty means it must act in clients' best interests at all times.

intellicents investment solutions Background

intellicents investment solutions was founded in 1996 by CEO Brad Arends and president of retirement services Grant Arends. The duo still owns the firm to this day. The firm has another branch in Minnesota, as well as offices in Kansas, Iowa, Washington, Colorado and Texas.

While many might know intellicents for its retirement plan consulting services, it also has offerings for individual investors. This includes both investment management and financial planning.

intellicents investment solutions Investing Strategy

Generally speaking, intellicents investment solutions prefers to invest with long-term returns in mind. It follows this by keeping to the tenets of a "buy and hold" strategy, which means it doesn't trade securities all that often. However, the firm will adjust your investment portfolio and asset allocation when your situation, goals or market conditions change.

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At Meristem Family Wealth, the team of advisors includes six certified financial planners (CFPs), five 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 balance 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 estates, trusts, businesses, charitable organizations and partnerships.

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. 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 and 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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Financial Dimensions Group has a variable account minimum that differs based on the services you use at the firm. These generally vary from $5,500 up to $50,000, though some exceptions may be made. The firm mostly works with individuals, most of whom don't have a high net worth. The firm also has some institutional clients, such as retirement plans, charitable organizations and businesses.

Although it has a fairly small advisory team, certifications are found throughout Financial Dimensions' staff. More specifically, you'll find 13 certified financial planners (CFPs), five certified fund specialists (CFSs), one chartered financial consultant (ChFC), one chartered retirement planning counselor (CRPC), one certified kingdom advisor (CKA) and two certified divorce financial analysts (CDFAs).

Note that advisors here may have the ability to earn commissions from the sale of certain financial products. While this represents a potential conflict of interest, the firm's fiduciary duty legally binds it to act in your best interest, no matter what.

Financial Dimensions Group Background

Financial Dimensions Group is owned by Gregg R. Anderson and Gloria J. Pozzini, two advisors at the firm. The firm has been in business since 1995, and it has secondary branches in Maple Grove and New Brighton.

Investment management services at this firm are offered through a third-party program called the VISION2020 Wealth Management Platform. Financial planning can also cover retirement planning, cash flow analysis, savings planning and more.

Financial Dimensions Group Investing Strategy

Financial Dimensions Group custom builds portfolios for each client that it works with. This involves doing a deep dive into formulating your investor profile, which will cover factors like your risk tolerance, time horizon, financial goals and liquidity needs. Your advisor may also ask you to fill out a risk tolerance questionnaire so they can more accurately assess what your stance is.

When investing clients' assets, the firm typically invests in mutual funds and ETFs, and to a lesser extent, individual stocks and bonds. The firm may rebalance your portfolio if your investments' returns throw off your intended allocations.