Securian Financial Services, Inc. is a fee-based advisor managing more than $9.6 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, Inc. 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.
What Types of Clients Does Securian Financial Services, Inc. Accept?
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.
Securian Financial Services, Inc. Minimum Account Sizes
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
- Loring Ward Fund Strategist Portfolio Program: $500,000
- Loring Ward 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, Inc.
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
Most client money at Securian is invested in mutual funds -- around 82%. A further 9% is invested in stocks, with 7% 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.
Fees Under Securian Financial Services, Inc.
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|
|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.
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
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.
There are no disclosures on the firm’s record in the past 10 years.
Where Is Securian Financial Services, Inc. Located?
The firm’s headquarters are at 400 Robert Street North St. Paul, Minnesota 55101.
Opening an Account With Securian Financial Services, Inc.
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All information was accurate as of the writing of this article.