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Securian Financial Review

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Securian Financial Services, Inc.

Securian Financial Services, Inc. traces its origins back to 1880 when it was initially estblished as a life insurance company. While the firm still offers insurance services, it has since expanded to provide an array of financial planning and investment management options.

Securian is a fee-based advisor managing more than $12.3 billion in assets. There are more than 1,000 advisors on staff, most of whom also work as broker-dealers. Most of the clients at Securian are individuals, but the St. Paul, Minnesota-based firm also works with institutional clients.

Securian Financial Services Background

Securian was founded in 1993 and is a wholly-owned subsidiary of Securian Financial Group, Inc. and an indirect subsidiary of a mutual insurance holding company called Minnesota Mutual Companies, Inc. In addition to doing business as a financial advisor, the firm is also a broker-dealer.

Securian Financial Services Client Types and Minimum Account Sizes

The majority of the clients at Securian are individuals. The majority of them are not high-net-worth, though the firm does advise a good number of high-net-worth individual clients. Institutional clients include banking or thrift institutions, pension and profit sharing plans, charitable organizations, state or municipal government entities, other investment advisors and corporations.

The minimum account size at Securian depends on the services used:

  • Retirement plan services: no minimum
  • Securian Advisory Annuity: $25,000
  • Portfolio Solutions II Program: $50,000
  • SEI Asset Allocation Program: $50,000
  • SEI Managed Account Program and the Integrated Managed Account Program: $500,000 to $2.5 million depending on strategy. Each portfolio also has minimum account size between $50,000 and $250,000
  • SEI Distribution Focused Strategies Program: $50,000 to $100,000 based on the strategy and features
  • Buckingham Fund Strategist Portfolio Program: $500,000
  • Buckingham Unified Managed Account Program: $100,000
  • AssetMark Program: Ranging from $10,000 to $1 million, based on portfolio options
  • Securian Legacy Advance Program: $500,000
  • Securian Trust Connection: $500,000
  • Individually managed investment management services: $10 million

Services Offered by Securian Financial Services 

Services at Securian include:

  • Individual financial planning
  • Business financial planning
  • Retirement plan services
  • Retirement plan participant advisory services
  • Educational services
  • Investment management services
  • Securian Advisory Annuity
  • Portfolio solutions
  • Asset allocation programs
  • Broker-dealer services

Securian Financial Services Investment Philosophy

Most client money at Securian is invested in mutual funds -- around 83%. A further 10% is invested in stocks, with 6% held in cash or cash equivalents and the remainder put into various bonds.

Various methods of analysis are used to make investments including fundamental security analysis. Modern portfolio theory is used to develop the long-term strategies used with client accounts.

Securian Financial Services Fees

Fees at Securian depend on the services and program you use. The general asset management fees are as follows for any account started after September 25, 2014:

Account Assets Annual Fee
First $500,000 1.75%
Next $1.5 million 1.10%
Next $1 million 0.90%
Next $1 million 0.70%
Over $4 million 0.50%

Financial planning fees are generally charged on an hourly rate not to exceed $500 an hour or on a fixed-fee.

Other programs have their own fees, available in the firm’s SEC brochure.

*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.
Estimated Investment Management Fees at Securian Financial Services*
Your Assets Securian Financial Services Fee Amount
$500K $8,750
$1MM $14,250
$5MM $46,250
$10MM $72,250

The firm is also a broker-dealer, so advisors may earn commissions for selling securities. This is a conflict of interest, explained below.

What to Watch Out For

There is only one disclosure on the firm’s record in the past 10 years. In 2019, the firm conducted advisory business with four investment advisors who weren't registered in the state of Alaska. The violation resulted in a $10,000 fine.

Advisors at Securian may earn commissions for selling securities. This is a conflict of interest as advisors may have incentive to sell securities to clients based on the higher commissions, even if it isn’t the best choice for the client. When acting as an advisor, though, advisors must act in the best interest of the client. 

Opening an Account With Securian Financial Services 

Those interested in finding a financial professional can set up an appointment with an advisor by contacting the firm at (800) 820-4205.

Tips for Investment

  • Investing can be difficult, but finding a financial advisor to help you doesn’t need to be. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • Workplace retirement accounts are the vehicle most people use to save. See how yours could grow with SmartAsset’s free 401(k) calculator.

All information was accurate as of the writing of this article. 

How Many Years $1 Million Lasts in Retirement

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

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

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. 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.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research