Finding a Top Financial Advisor Firm in Wayzata, Minnesota
If you’re searching for a financial advisor in Wayzata, Minnesota, we can point you in the right direction. The SmartAsset team spent hours researching the top registered investment advisors (RIAs) in the city. We looked at their fees, services, account minimums and everything you need to know. Once you’ve checked out these firms, you can try SmartAsset's free financial advisor matching tool, which can connect 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||New Era Financial Advisors, Inc. Find an Advisor||$851,218,633||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Perceptive Edge Investment Management, Inc. Find an Advisor||$330,444,076||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Dougherty Wealth Advisers, LLC Find an Advisor||$291,418,898||$5,000,000|| || |
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|4||Somerset Group, LLC Find an Advisor||$144,709,576||No set account minimum|| || |
Minimum AssetsNo set account minimum
|5||PACK Private Wealth, LLC Find an Advisor||$109,500,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
What We Use in Our Methodology
To find the top financial advisors in Wayzata, 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.
New Era Financial Advisors
New Era Financial Advisors tops our Wayzata list. Leading a large team of experienced advisors is CEO Donald Warner, a chartered life underwriter (CLU) and chartered financial consultant (ChFC). The firm doesn’t require a minimum account size for investment advisory services. It primarily works with non-high-net-worth individuals, in addition to high-net-worth individuals, charitable organizations and businesses.
Some of the advisors who work at this firm can earn commissions from securities trades or insurance sales. Despite the potential conflict of interest this creates, the firm abides by fiduciary duty, legally binding it to act in clients' best interests.
New Era Financial Advisors Background
New Era Financial Advisors, which was founded in 1986, is owned by an affiliated holding company called New Era Financial Holdings, LLC. The firm's team has more than a combined 200 years of experience in the financial services industry. New Era Advisors offers such services as:
- Individual portfolio management
- Pension consulting services
- Financial planning
New Era Financial Advisors Investment Strategy
New Era Financial Advisors recommends investments consistent with the client’s investment goals, risk tolerance and other personal factors. The firm doesn’t limit its recommendations to any specific securities and will utilize any type it deems suitable based on your unique situation.
Your diversified portfolio may invest in a combination of investments, such as stocks, bonds, certifications of deposit (CDs), variable life insurance, variable annuities, mutual funds, U.S. government securities, real estate, oil and gas and more.
Perceptive Edge Investment Management
The next firm on our list, Perceptive Edge Investment Management, is a fee-only financial advisor firm. That means all of the firm's compensation comes from client-paid fees, as opposed to a combination of these fees and third-party insurance or securities commissions.
The firm doesn’t require a minimum account size for investment advisory services. However, it states in its Form ADV that it favors institutional clients with accounts worth at least $10 million and individuals with at least $1 million in investable assets.
The advisory team at Perceptive Edge includes one chartered financial analyst (CFA).
Perceptive Edge Investment Management Background
Perceptive Edge Investment Management was founded in 2002. It’s independently owned by Brian Carrington and Beth Carrington. They design and manage individual portfolios on behalf of their clients. The team uses third-party software and their own expertise to design asset allocations tailored to each client’s risk tolerance and investment goals.
Perceptive Edge Investment Management Investing Strategy
Perceptive Edge Investment Management generally recommends mutual funds, exchange-traded funds (ETFs), collective investment trusts (CITs) and individual securities like stocks. When evaluating investment managers, the firm engages in both quantitative and qualitative research. The quantitative angle involves analyzing factors like long-term performance and consistency of returns. The qualitative part involves strength of the investment management personnel and structure of the investment process.
Dougherty Wealth Advisers
Dougherty Wealth Advisers has a small client base dominated by high-net-worth individuals. The rest of its clients include non-high-net-worth individuals and charitable organizations. In most cases, you'll need at least $5 million in investable assets to become a client of the firm, though it reserves the right to waive this requirement at its discretion.
Between its Wayzata and Sioux Falls offices, Dougherty advisors boast certifications like certified public accountant (CPA), certified financial planner (CFP) and personal financial specialist (PFS). As a fee-based firm, some of these on-staff advisors can sell insurance products to clients on a commission basis. Despite the potential conflict of interest this induces, the firm must act in clients' best interests due to its fiduciary duty.
Dougherty Wealth Advisers Background
Dougherty Wealth Advisers was originally established back in 2006 under the name Somerset Advisors, LLC. Today, the firm is owned by a holding company called Dougherty Financial Group, LLC and CEO Todd Witcraft. Founder Michael Dougherty is the owner of Dougherty Financial Group.
Wealth management services are the cornerstone of what Dougherty offers its clients. This can cover a wide range of needs, such as investment management, tax planning, cash flow planning, retirement planning, wealth transfer planning, estate planning, business planning, financial reporting, protection planning and more.
Dougherty Wealth Advisers Investing Strategy
Dougherty Wealth Advisers works with clients to identify their goals and needs before investing any of their money. This involves meeting with clients personally and going over what kind of investor they are. Based on these conversations, the firm will formulate an appropriate investment portfolio plan that accounts for your risk tolerance, time horizon, income needs and long-term financial goals.
Generally speaking, the firm tends to use asset allocation models that reflect your above situation. For the most part, these portfolios tends to invest in some combination of mutual funds and ETFs, though individual stocks and bonds may also be used.
Next on our list is Somerset Group. The firm has no minimum account size requirement, so technically anyone can become a client. The firm's current client base consists of only individuals, with slightly more clients bein below the high-net-worth threshold than above it.
This is a fee-only firm, which means the firm earns all of its compensation from client-paid fees. The firm's website doesn't list any advisory certifications across its staff.
Somerset Group Background
Somerset Group is independently owned by its employees, which includes CEO John Murphy, Jr., president Arlene Kielley and treasurer Julie Toelle. The firm, which was founded in 2011, offers portfolio management and financial planning services to individuals, families and select institutions. Somerset also runs a secondary office location in Boca Grande, Florida.
Somerset Group Investment Strategy
The Somerset Group emphasizes diversification. The firm believes that investing across different asset classes that are not directly correlated can help clients capture returns and mitigate risk in different market cycles. A typical portfolio can invest in various securities types including mutual funds, exchange-traded funds (ETFs), stocks, bonds and annuities. When evaluating the value of securities like stocks, the firm’s team engages in a mix of technical and fundamental analysis.
PACK Private Wealth
PACK Private Wealth closes out our list of Wayzata's top financial advisors. The firm has a small team of advisors that works with only individuals, most of whom have a high net worth. However, the firm technically doesn't have a minimum investment requirement. PACK Private Wealth's website currently doesn't list any certifications, like certified financial planner (CFP), for its advisory staff.
One of the advisors at the firm can sell insurance products a commission basis. While this is a potential conflict of interest, the firm's fiduciary duty means it must act in clients' best interests at all times.
PACK Private Wealth Background
PACK Private Wealth is by far the youngest firm on this list, as it was founded in just 2020. The firm is principally owned by its founder and chief compliance officer (CCO) Derek J. Swedberg, who has worked in the financial services industry since 2008.
Custom investment management and financial planning services are both available through PACK Private Wealth. Financial planning is a rather flexible offering, as it can be altered to cover the specifics of your personal financial situation.
PACK Private Wealth Investing Strategy
According to its SEC-filed Form ADV, PACK Private Wealth provides its investment services "through continuous personal client contact and interaction, while providing discretionary investment management and related advisory services." To do this, the firm will learn what kind of investor you are, covering important factors like your time horizon, financial goals, liquidity needs and tolerance for risk.
Long-term investing is the basis for many of PACK's investment decisions, meaning securities are typically held for at least a year at a time. However, the firm may decide to buy and sell some investments sooner than that depending on your changing needs or market conditions. Investments typically made by the firm include ETFs, open- and closed-end mutual funds, stocks and bonds.