Searching for financial advisors in Minneapolis?
Every day, hundreds of people in Minnesota are searching for “wealth advisors near me”.
Hiring a firm, or trusting an individual within a firm, to invest and protect your money for retirement or wealth accumulation is a big decision. Knowing what asset management company or wealth advisory service to hire can be a tough decision to make. How do you know your money is in the right hands? How do you know about their fees and how it affects your retirement or savings long term? In the financial planning business, reputation is one thing. But the philosophy and how they go about managing your portfolio is much more important.
Many seek the advice of Minneapolis financial planners to navigate sudden changes in life such as marriage, divorce, death or switching a career. Selling a business can often result in needing a new approach, with a good business broker and a financial planner needed to take the seller to the next level of success.
Every stage of life calls for a different approach to saving and planning. If one started investing at age 21, the needs of that person are drastically different than one who starts at 65 years of age. The approach, how aggressive the investment portfolio is and the current income of the different individuals, are all things to consider. Many options are available for those who wish to invest and plan for a final destination—whether it’s freedom from the workforce or for a very comfortable eventual retirement. The success or failure to reach the ultimate destination largely depends on the firm chosen and the performance of their services. Let’s not forget that the political climate, the state of the economy and how dedicated the investor is at staying with the market ups and downs are factors that can impact the lifetime results of your long-term financial strength.
Financial planning can be accomplished in several ways. Signing up with an online do-it-yourself investment company is one way. Another is to hire an actual advisor. Both strategies come with their pros and cons.
An online do-it-yourself firm lets you do it without human advice and usually comes with a lower price or cost to invest. After all, another human is not paid for doing research or making transactions in the investment. Just like when hiring a Minneapolis business broker, The option of hiring a wealth manager or financial planner comes with higher costs, but proven to have more lucrative results. Analysts say you can anticipate 2% to 4% higher results when you have direct involvement of an active financial planner versus going it alone.
What Will That 2% or 4% Cost?
Hiring a financial planner comes with greater returns but at higher costs? At which point is it beneficial? To know that, it’s crucial to understand how your advisor makes money. It will determine how they work to make you money. Which means it is important to understand the various options and payment structures when hiring financial advisors in Minneapolis. Here are the most common choices:
- Hourly: The investor is charged for time use on his behalf, regardless of assets.
- Retainer: A scheduled (usually monthly or annual) fee makes the Financial Advisor available, on-call for the advisory services the retainer covers.
- Flat fees: A set price for financial planning and asset management services. The fees have nothing to do with the amount of the investor’s account, big or small. It’s like ordering off a menu of services.
- Commission: The financial advisor receives a percentage of the money spent buying high-performing investments, usually charged per transaction.
- Asset management: The investor is charged a fee based on how much money is invested and fees usually are paid directly from the investor’s account.
If a financial advisor is less motivated to make you more money—for example, an hourly fee—that advisor is more likely to spend time on another account. They make more money the more investments and assets grow in an Asset Management account. But also be aware that conflicts of interest can arise, depending on the fee structure. For example, financial advisors in Minneapolis might move money around needlessly if they get a flat fee per transaction. Taking a portion of the growth of the investment (commissions) may encourage more thoughtful transactions.
How do you know financial advisors in Minneapolis aren’t pushing you into investments that benefit someone else’s interests more than your own? Be sure to ask a financial planner you plan to work with, “Do you have a fiduciary responsibility to my investments?” The question will tell you if he is licensed or not. If he is, that means the financial planner must invest in your best interest first, even if it doesn’t benefit the financial planner. They are bound by ethics and regulations to do so. If the planner is not operating with a strict sense of fiduciary responsibility, he could lead you down a path that has more risk. But that riskier path can also offer a higher pay off for you, as well as him. Who can say which choice is better? It would be hard to determine. Safer? Or bigger and better results? Like anything else, depending on your unique situation, you may be wise to try it both ways to find which approach is better. The wisest course? Get to know your financial planner and make sure you feel comfortable with the road he or she has planned for you, tailored to the results you desire.
The following are the best financial advisors in Minneapolis.
Financial Perspectives was founded in 1985 by Michael T. Dugan. His younger brother, Dan took control of the firm in 2004 when Michael became ill. Dan is the current principal owner and president.
Financial Perspectives is a full-service wealth management firm whose team describes themselves as financial planners. The firm’s planning process works to address the accumulation, preservation and passing on of wealth and strives to “simplify the complexity.” The firm’s services are related to investments, insurance, taxes, retirement, estate planning and philanthropy.
Financial Perspectives works with high-net-worth individuals, trusts, estates, businesses, profit-sharing plans, charitable organizations and foundations but non-high-net-worth individuals comprise the largest percentage of the firm’s client base. It does not have a specified asset minimum.
The firm is bound by its fiduciary duty to always act in clients’ best interests which makes them one the best financial advisors in Minneapolis.
Investment advice is part of the firm’s comprehensive financial planning process. They do not take a one-size-fits-all approach and tailors clients’ portfolios to all aspects of their financial lives, including their unique goals and objectives, risk tolerance, income needs and generational and philanthropic desires. A number of the firm’s strategies also consider the clients’ estate planning and tax needs. Financial Perspectives uses Fidelity as its custodian.
3025 Harbor Lane North, Suite 200
Minneapolis, MN 55447
Cahill Financial Advisors
Cahill Financial Advisors, Inc. provides investment management, financial planning, estate planning, and related services for individuals, families and small businesses. Their mission is to be a trusted advisor to clients as they pursue their vision of financial success. The firm is an independent Registered Investment Advisor utilizing a fee-only model. They do not earn commissions on any products or utilize proprietary investment vehicles. Being a fiduciary to their clients allows them to align their interests with the best interest of their clients.
Established in 1980, Cahill Financial Advisors has been in Edina, MN since their doors opened. Their clients are their neighbors, whether located down the street, around the country, or in the greater Twin Cities metro area.
Cahill Financial Advisors employs a client-centered wealth management approach and works with clients to review financial strategies and tactics applicable to their unique and individual situations. They develop a plan of action specifically to meet clients’ financial goals.
As life changes, Cahill Financial Advisors understand that client’s needs evolve. The advisor’s recommendations are tailored to those evolving needs rather a generic approach to financial advice. This allows the firm and the client to make decisions together, based on mutual understanding.
The firm is committed to “growing smart.” They continually look to add expertise through skilled and knowledgeable people, utilizing evolving technology and developing trusted resource partners. The result is a deep, knowledgeable and experienced team, acting as each client’s financial advocate. Fiduciary standards and a fee-only structure allow Cahill Financial Advisors to reduce conflicts of interest and ensures that their interests are aligned with their client’s, putting them in the top ten financial advisors in Minneapolis.
Cahill Financial Advisors
7241 Ohms Ln
Minneapolis, MN 55439
Phone: (952) 593-9945
R.M Shannon Wealth Management LLC
R.M. Shannon Wealth Management was founded on the belief that wealth management starts with truly knowing their clients. They offer exceptional service to their select clientele. With a full understanding of each client’s situation, lifestyle, family, priorities, and goals, their advisors help clients use wealth for the things each client values most. This is growing and using wealth according to values.
R.M. Shannon Wealth Management is an independent, fee-only registered investment adviser with no ties to any one financial institution. That differentiates them from acting as employees of banks, brokerage firms or insurance companies. They assure an objective position with no ulterior incentives to sell anything or invest in any certain fund. Being truly independent, R.M. Shannon Wealth Management can see the best ways to serve their clients.
True wealth management involves all facets of a client’s financial life. It coordinates discretionary investment management with cash flow, tax planning, legacy planning, and risk management. This necessitates the firm working closely with accountants, attorneys, bankers, insurance agents and other professionals. R.M. Shannon Wealth Management believes true wealth management is delivered by professionals working as a team with their clients making them one of the best financial advisors in Minneapolis.
R.M. Shannon Wealth Management
1595 Selby Avenue, Suite 211
Saint Paul, MN 55104
Phone: (651) 321-4620
Aurochs Financial Group
Aurochs Financial Group knows their clients would like to have enough wealth to live life with no regrets. But every client knows how overwhelming and confusing life can be. Which solutions are the right ones for each client and their dreams?
Aurochs Financial Group believes you can plan for it. Much is possible with a strategic, consistently implemented plan, and Aurochs Financial Group has created a proprietary method called The Smart Decision Process™ that ensures nothing is overlooked while creating a dynamic model for making smart decisions based on each client’s most important objectives and values. Simply put, “The Smart Decision Process” allows for flexibility and diligence in achieving goals throughout the planned and unexpected developments in life.
Aurochs Financial Group is here for the long-term.
In this challenging economy, clients may be in complex situations or just unhappy with the advice they are currently getting. It’s not uncommon. We believe many successful investors would value a second opinion on their finances. Aurochs Financial Group has created a complimentary second-opinion service and are pleased to offer the same expertise and guidance that their clients have come to expect. We’ll take you through the discovery process to get very clear on where you are now, where you want to go and what the gaps are. Since the firm limits their practice to a few households they can make a significant impact on, it is important that we only onboard households that have the financial complexity to warrant our comprehensive approach. If they are not the right advisors for each client, they point them in the direction of the right solutions.
Aurochs Financial Group offers a fee-only firm that employs proprietary methods to ensure a comprehensive, dynamic model for smart decision-making.
Aurochs Financial Group
15600 Wayzata Blvd., Suite 100
Wayzata, MN 55391
Phone: (952) 470-5049
Boulay Financial Advisors, LLC
Boulay Financial Advisors, LLC was founded in 2001 by partners at the accounting firm Boulay PLLP (formerly called Boulay, Heutmaker, Zibell & Company P.L.L.P). The firm requires a minimum investment of $250,000 and clients include both individuals and high-net-worth individuals. The institutional business at the firm is limited to a small number of charitable organizations.
With 13 advisors on staff at Boulay Financial Advisors, the team includes certified financial planners (CFPs), accredited investment fiduciaries (AIFs), certified management accountants (CMAs), a chartered life underwriter (CLU) and a certified investment management analyst (CIMA). Fees are charged based on a percentage of assets under management. Advisors may make commissions from selling securities to clients, which represents a potential conflict of interest, but advisors are bound by their fiduciary duty to act in the best interests of clients.
Three principles drive the investment strategy at Boulay Financial Advisors: diversification, the minimization of fees and the maximization of after-tax returns.
Clients fill out an investment profile and the information helps advisors to create a portfolio. Asset allocation is based on both the goals the client delineates and the investment profile they create. Investments commonly used in client portfolios include stocks, bonds, mutual funds, and exchange-traded funds (ETFs).
Boulay Financial Advisors
7500 Flying Cloud Drive, Suite 800
Minneapolis, Minnesota 55344
Capital Management Associates, Inc.
Capital Management Associates has been in business since 1982 with the principal shareholders CEO and Chairman Gregory Stroh, Ralph Tuttle and CMA Financial, Inc.
The firm has locations in both Minneapolis and Bloomington and also does business as First Advisors and Ronin Advisory. The fee-based firm has 16 advisors, including at least one certified financial planner (CFP).
The firm’s client base includes both people who do not have high net worth and high-net-worth individuals. It also serves pension and profit-sharing plans, charitable organizations and corporations. Though the firm does not have a stated specific account minimum, a manager may require a minimum amount of assets for its managed account program.
The fee-based firm is engaged in a number of financial industry activities aside from providing investment advisory services. The firm is a fiduciary, which means its employees must always act in clients’ best interests. The firm offers a managed account program, individual portfolio management and a range of financial planning services. Its financial planning services can address tax and cash flow, investments, insurance, retirement, death and disability and estate planning. The firm provides accounting services and insurance through certain employees.
Capital Management Associates takes into consideration clients’ needs, investment objectives, risk tolerance and time horizon when creating and managing portfolios. Clients have the ability to impose reasonable restrictions on their portfolios.
Capital Management Associates
7900 Xerxes Avenue South, Suite 500
Minneapolis, MN 55431-1120
Flourish Wealth Management
Kathy Longo was inspired to start her own business while working for a female wealth manager and entrepreneur. Flourish Wealth Management was founded 2014 with a vision of improving clients’ lives by helping them understand their unique money story and values, gain confidence in talking about money with loved ones, and plan for the life of their dreams.
Flourish Wealth Management is an independent boutique wealth management firm and offers comprehensive wealth management services for individuals and families. The firm’s expertise is providing financial advice for women in transition such as a divorce, loss of a spouse or recent inheritance. The Advisors tap into what’s most important to clients and empower them to take control of their financial future.
Employees embrace their passion for helping people and believe in growing and sharing their expertise through a culture of education and continuous learning. That lets them improve the lives of clients as they help them successfully navigate through the many planned and unexpected transitions in life.
The firm seeks opportunities to fully align clients’ investments with their personal values and use Socially Responsible Investments (SRI) and Environmental Social Governance (ESG) is an important opportunity to put investment dollars behind important themes that can influence the future while making a profit.
The advisors at Flourish Wealth Management understand that each client is unique and deliver individualized wealth management and investment solutions, creating exciting possibilities for the future. It’s a place for everyone to Flourish!
Planning is an ongoing process and partnership customized to achieve financial goals through the unpredictability of life and the complexity of financial decisions. Their clients enjoy a great sense of confidence in their ability to achieve their highest aspirations making them one of the top financial advisors in Minneapolis.
Flourish Wealth Management
3300 Edinborough Way, Suite 420
Edina, MN 55435
Phone: (952) 392-4474
Birchwood Financial Partners
Birchwood was founded in 1990 and has a diverse team of financial advisors, with qualifications including Certified Financial Planner™, Chartered Advisor in Philanthropy®, and Chartered Financial Analyst. Nearly all team members are active in local and professional affiliations. They have also earned various awards and accolades. This fee-only financial planning firm is a leader in its field.
The majority of its financial advisors and support staff are women, in stark contrast with the financial advisory industry as a whole. Birchwood is committed to championing a diverse, talented team.
For three decades, Birchwood Financial Partners has offered high level customized services to clients and has gained accolades for their commitment to continuing education in their field.
Client success is first and foremost at Birchwood. Helping clients live their most meaningful life is a key focus of Birchwood Financial Partners. This wealth management firm typically works with clients with a minimum asset balance of $1,000,000 but makes exceptions.
The firm is fee-only and also a fiduciary.
Birchwood Financial Partners
3300 Edinborough Way, Suite 610
Edina, MN 55435
Phone: (952) 885-9088
SDW Investment Advisors
At SCHWARZ DYGOS WHEELER INVESTMENT ADVISORS, clients find a tremendous amount of experience and expertise. With a minimum of 14 years experience in financial services and industry-leading credentials, SDW advisors strive to deliver top-tier advice on all of financial needs. The firm is dedicated to serving a limited number of investors and providing personalized and responsive service to each client. Because they are an independent Registered Investment Advisory firm, each Advisor is held to a fiduciary standard at all times. That means a client’s best interests must come first, making them one of the top financial advisors in Minneapolis. Always.
SDW Investment Advisors was founded in 2008 on the premise that clients want to work with an objective, seasoned financial professional whose only loyalty is to that client. Financial advisors are not commission-based salespeople, but true advisors who are masters of their craft. The firm is fierce advocates for clients, bringing clarity and transparency to every situation and is accountable solely to each client, without exception.
SDW Investment Advisors
50 South Sixth Street, 14th Floor, Suite 1405
Minneapolis, MN 55402
Phone: (612) 355-4360
Redhawk Wealth Advisors
Redhawk Wealth Advisors was founded in 2008, and the principal shareholder is Daniel Edward Hunt, who is also the CEO of the company.
Redhawk is a fee-based firm with more than $1.11 billion in assets under management (AUM) and 35 advisors on staff. Investment minimums depend on the account type, but start at $1,000. The firm’s individual clients are mostly average net-worth individuals, though the firm also does a significant institutional business, advising pension and profit-sharing plans and insurance companies.
The firm also has a wrap fee program, where one asset-based fee covers management, transaction and custodian costs. Some management and advisors at the firm may also make commissions. These pose potential conflicts of interest, but the firm is bound by its fiduciary duty to act in the client’s best interest. They deserve their spot on the top ten financial advisors in Minneapolis.
Redhawk Wealth Advisors set out to create a different kind of investment firm. The first prerequisite was offering clients unfiltered, unbiased recommendations. Redhawk has no special deals or fee-sharing arrangements with other financial institutions, which gives total freedom to recommend only what is in the client’s best interest.
With the financial world’s confusing jargon and conflicting advice, it’s hard to know what’s what. Redhawk Wealth Advisors decided to create a different experience. The firm chose the hawk to represent the attributes of the firm we desired to create for our clients: Independence.
Clarity of vision helps the firm avoid market downturns, maintain client gains, and provide better financial outcomes.
The firm vigilantly watches investment performance and shares that information with clients regularly. Redhawk’s investment committee meets weekly to select, monitor, and replace underperforming investments with those that will keep clients moving along toward their investment objectives.
Redhawk Wealth Advisors
7700 France Ave. S., Suite 430
Minneapolis, MN 55435
The team providing this Top Ten financial advisors in Minneapolis list believes smart people make smart decisions because they educate themselves on the choices they are preparing to make. We hope we’ve helped you become smarter about choosing a financial advisor that meets your unique and specific needs. We try to provide readers with up-to-date information that will help make those good decisions for hiring financial advisors in Minneapolis. We hope you’ve enjoyed reading the information we’ve provided and learning about some of the choices for Financial Advisors in the Minneapolis area.
No content is intended to constitute professional advice. This content is not responsible or liable for any consequences relating directly or indirectly to any action you take or fail to take based on the information provided. It is very important to do your own analysis, based on your own personal circumstances, before making any investment. Consult with your own investment, financial, tax and legal advisers. Readers agree to indemnify and hold harmless the providers of this information, from and against any and all liability, losses, claims, demands, disputes, damages or costs of any kind.
Searching for a Minnesota Business Broker in Minneapolis?
Peterson Acquisition is rated as one of the best Minneapolis business brokers and #1 among all business brokers in the nation!
If you have any questions on our top 10 lists, please contact Chad Peterson to discuss partnership opportunities.