Top 10 Best Financial Advisors in Rochester Minnesota

Are you looking for a professional financial advisor in Rochester? A lot of people like you in Minnesota keep on searching “best wealth advisors near me” on Google and we can understand why this is so.

Hiring a financial advisor is an important decision because you are trusting a firm or an individual within a firm with your money. Nobody will ever want to go wrong with protecting their money and investing it for wealth accumulation or retirement.

So, how can you ensure that you are trusting the right person with your money? How to gather the right knowledge about the fee structure of financial advisors to understand how it will affect your savings or retirement plan in the long run?

Why Do You Need Financial Advice?

There are a lot of options available for financial advisors when it comes to investing your money. Whether you are in the transition phase, just starting your business, or looking for a risk-free retirement plan, you need a sound strategy to do so.

That’s why a lot of people seek the advice of Rochester financial planners to navigate smoothly through sudden events of life like marriage, divorce, childbirth, quitting a job, switching a job, or shifting towards entrepreneurship.

Besides that, if you are in the phase of selling your business, it often results in needing an entirely different approach. During this process, you need a good business broker and financial planner to help you make the best choices.

Thus, every stage of your life demands a new approach to saving, investing, and planning your money. It entirely depends on your circumstances.

Let’s say a person begins investing money at the age of 21, his/her needs and approach to investment will be different than a person who starts this process at the age of 60.

Yes, we cannot deny that there are a lot of factors to consider when it comes to investing. This includes your approach, how strong the investment portfolio is, and the present income of an individual. But, above all these factors, the chance of your success or failure majorly depends on the financial planner you hire.

Your financial strength in the long term depends on the political climate, the state of your country’s economy, and how your financial planner takes you through the ups and downs of the market.

How Can You Accomplish Financial Planning

There are many different ways to accomplish financial planning. The two major ones are:

1. Signing up with an online do-it-yourself investment company

When you choose an online do-it-yourself firm, it allows you to handle everything without any human advice. This option comes with a lower cost or price. It’s because no human being is involved in doing research or making transactions in the investment.

2. Hiring a financial advisor

Just like Rochester CPA, hiring your own wealth manager or financial planner comes with higher costs but with lucrative results.

Financial analysts say that you can expect 2% to 4% better results when you work with a financial planner as compared to handling it all alone.

Payment Structures of Rochester Financial Advisors

It’s true that involving a financial planner in wealth management to get greater returns comes at a higher cost. So, you must first analyze if it will work in your favor or not.

To get a better understanding of this, learn how Rochester financial advisors make money. It will help you analyze how they work to make you money.

The most commonly used payment structures when hiring financial advisors in Rochester are:

• Hourly: The investor is charged for time use on his behalf, regardless of assets.
• Retainer: A scheduled fee (usually monthly or annual) 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.

Which Payment Structure is  Best?

In order to make the best choice, know that a conflict of interest can arise if you go with the wrong structure that does not meet your needs.

For example, if a financial advisor charges an hourly fee and is less concerned about helping you make more money, that person is more likely to spend time on another account. When they make more money, more investments and assets grow in an Asset Management account.

Besides that, financial advisors in Rochester can transfer money unnecessarily if they get a flat fee per transaction.

So, in our view, choosing the commission-based fee structure can boost results. It involves taking a portion of the growth of the investment.

How to Choose the Right Financial Advisor in Rochester

How can you analyze that the financial advisors in Rochester are not suggesting you make investments that suit their interests more than yours?

The best way to understand this is to ask your potential financial planner, “Do you have a fiduciary responsibility to my investments?”

If the financial planner is licensed, he/she will be bound by ethics and regulations to must first invest in your best interest even if they do not benefit from it.

On the other hand, if a financial planner does not take fiduciary seriously, he/she could lead you to a riskier path. However, this path can also end up with a higher payoff. Nobody knows.

So, it’s hard to determine which choice is the best. It truly depends on your situation. You can try both options and decide later which one works best for you.

The safer side? Have a meeting with your potential financial planner first and get to know him/her. Make sure you feel comfortable with the plan they have created for you. It should be tailored to the results you want to achieve.

10 Best Financial Advisors in Rochester

Here is the list of the top 10 best financial advisors in Rochester for you. We have done detailed research and selected these companies based on their reviews, experience, ratings, and professional services. Have a look:

1. Fortress Financial Group

Fortress Financial Group is a fee-only, fiduciary firm helping clients grow their wealth and achieve financial freedom so that they can make the best choices for their financial future. It is a full-service investment firm using a comprehensive approach and cutting-edge technology to design a tailored plan that can lead you toward your ideal lifestyle.

Fortress Financial Group takes the guesswork out of your financial future by identifying your acceptable level of risk and reward. It ensures that your portfolio defines your investment expectations and goals. The firm believes in delivering the right balance of knowledge with personal attention customized to each client.

Some of the major services of Fortress Financial Group include Wealth Management, retirement planning, corporate executives, and investment management. The company also keeps on sharing educational videos on topics that can benefit its clients in making sound financial decisions.

Fortress Financial Group
1610 14th Street NW, Suite 100
Rochester, MN 55901
Phone: 507-529-1400
www.fortressfg.net

2. Pulse Financial Planning

Pulse Financial Planning is a fee-only financial advisory firm helping healthcare professionals to organize, protect, and invest their assets. It is fiduciary and does not earn any commission of any kind while helping you grow your wealth.

Pulse Financial Planning offers competitively priced financial planning packages for all healthcare professionals looking to get their finances back on track. It specializes in wealth creation, wealth protection, and retirement planning.

Matt Elliott, Founder of Pulse Financial Planning, worked at a large brokerage firm for 10 years where he managed $500 million in assets. Later he earned CFP certification, started his own firm, took the fiduciary oath, and created an environment of integrity that was client-focused.

Pulse Financial Planning is a recommended advisor on The White Coat Investor and also a member of The National Association of Personal Financial Advisors (NAPFA), Fee-Only Network. 

Pulse Financial Planning
3265 19th Street NW Suite 700
Rochester, MN, 55901
Phone: (507) 218-7707
https://www.pulsefinancialplanning.com

3. Morgan Stanley

Morgan Stanley is an American multinational financial service and investment management company helping people, governments, and institutions manage, raise, and distribute the capital they need to achieve financial freedom. The firm has been serving its clients for the past 85 years by solving complex problems for them through innovative thinking.

Morgan Stanley operates on five core values: putting clients first, leading with exceptional ideas, doing the right thing, committing to diversity and inclusion, and giving back. It has a huge base of 70,000+ employees across 41 countries.

Some of the major services of Morgan Stanley include wealth management, investment banking, capital markets, investment management, sustainable investing, and sales & trading. The firm is committed to technological innovation. It has an expert team of technologists around the world who create cutting-edge and secure platforms for all of its businesses.

Morgan Stanley
14 Second Street SW Suite 201
Rochester, MN 55902
Phone: (507) 529-4404
https://www.morganstanley.com

4. Fyooz Financial Planning

Fyooz Financial Planning is a fee-only, fiduciary firm serving the next generation of couples and families across the country. The firm is run by a team of husband and wife who dedicatedly focus on aligning money and goals for millennial couples parallel to empowering them with financial guidance.

Fyooz Financial Planning offers different packages like one-time financial planning and ongoing financial planning to clients based on their needs. Some of the major services that it includes in its ongoing financial package include cashflow calculations, current investment review, tax analysis, retirement and education funding, budgeting, professionally managed investments, insurance review, and education and estate planning.

Natalie and Dan are Certified Financial Planners who help you understand investment selections, tax, and asset allocation impact your financial goals as a couple. At Fyooz Financial Planning, they use a unique and relatable approach to financial planning by providing you with the right tools that you need to live richly together.

Fyooz Financial Planning
221 1st Avenue SW Suite #202
Rochester, MN 55902
Phone: +1 507-564-2298
www.fyoozfinancial.com

5. Advanced Financial Consultants

Advanced Financial Consultants is a financial service company that believes in a clear vision, a definite destination, and an enjoyable life. It offers retirement planning, insurance products, insurance planning, and college planning services to clients.

Advanced Financial Consultants integrates deeply rooted family values into everyday practice. It builds a customizable financial strategy that is perfectly suitable for you and your family’s needs. It takes great pride in its ability to provide its clients and their survivors with knowledge, experience, care, and compassion throughout difficult times.

The professionals at Advanced Financial Consultants have been working with individuals, families, and businesses for the past many years in the many areas of survivor planning, including the event of an untimely death or facing a terminal diagnosis. They work together with you to simplify the process of financial planning making sure that everyone involved in the process can enjoy complete peace of mind.

Advanced Financial Consultants
2770 Commerce Drive Northwest
Rochester, MN 55901
Phone: 507 288 4248
www.advancedfin.com

6. Strategic Tax and Retirement

Strategic Tax and Retirement is a certified financial planning company dedicated to helping clients with all their tax and retirement needs. It offers a wide range of retirement solutions so that you can maximize your investment options and balance your tax responsibilities. Some of their major services include financial planning, money management, tax & accounting, and insurance protection.

Strategic Tax and retirement is an all-inclusive tax financial planning firm founded by Rochester, Minnesota native, Greg Nelson –  a Certified Financial Planner. Greg developed a proprietary planning software tool (RPS) used to manage your financial portfolio. It creates a roadmap for your earnings, taxes, and retirement throughout your lifetime.

The financial planners at Strategic Tax and Retirement communicate directly with your tax preparer, and insurance professional to collaboratively design, implement, and monitor your personal retirement plan. The tax and accounting professionals here have a combined experience of 75+ years which helps them provide top-quality service in the areas of tax preparation and accounting.

Strategic Tax and Retirement
2434 Superior Drive NW, Ste. 101
Rochester, MN 55901
Phone: 507.288.3636
www.strategictr.com

7. Wealth Enhancement Group

Wealth Enhancement Group is an independent firm offering a comprehensive and collaborative approach to managing wealth. It specializes in serving high-net-worth individuals, business owners, pre-retirees, retirees, and the ones who went through the loss of a partner or spouse.

In 1997, four financial advisors sharing an office space realized with time that they also share the same belief: the financial services industry needs a different and better way to offer services to clients – one that can relieve stress from their clients’ financial lives. They built a firm, Wealth Enhancement Group, that would deliver comprehensive financial guidance under one roof so that the clients wouldn’t have to deal with managing multiple financial relationships while making complex financial decisions.

Wealth Enhancement Group follows a 3 step UniFi Process to ensure that your financials are straightforward and organized. The process starts with organizing your financial life together,  collaborating with Roundtable team of specialists to make sure every angle is covered in your financial plan, and then guiding you to put that plan into action.

Wealth Enhancement Group
975 34th Ave NW Ste 250
Rochester, Minnesota 55901
Phone: (507) 289-3601
www.wealthenhancement.com

8. Carlson Capital Management

Carlson Capital Management is an integrated wealth management firm formed by Carlson family – a family persuing entrepreneurship since 1938. The firm is a trusted fiduciary advisor offering customized tax, investment, retirement, insurance, philanthropic planning, and 401(k) plans.

Carlson Capital Management serves small to mid-sized businesses and takes pride in the fact that the clients trust it with more than their financial assets. Each member of their team understands that they are here to help clients with thier wealth in a way that it can add peace of mind and purpose to their lives.

Some of the major services of Carlson Capital Management include integrated wealth management, retirement plans, risk management, CCM tax & trust administration, an institutional portfolio services. It has built long-lasting partnerships with its clients and thier families by providing high level of service and competency.

Carlson Capital Management
Rochester, MN 55904
Phone: 507.288.9797
www.carlsoncap.com

9. Edelman Financial Engines

Edelman Financial Engines is a financial planning and investment advisory company formed by the 2018 merger of Financial Engines and Edelman Financial Services. Working with this company, you’ll get more than just an experienced financial advisor – you’ll get a lifelong partner dedicated to helping you achieve financial freedom.

Edelman Financial Engines is fiduciary and actively seek ways to make the lives of its clients better whether it includes working with policymakers or innovating with its business to improve financial security. The sole motivation and commitment of this firm is to serve the best interests of its clients.

The professionals at Edelman Financial Engines hold experience of more than 35 years and all the necessary tools as well as expertise required to make the best financial strategy for clients. They offer a full suite of services that are needed to make successful transition from one milestone to the next.

Edelman Financial Engines
3157 Superior Drive NW
Rochester, Minnesota 55901
Phone: +1 833-752-6333
www.edelmanfinancialengines.com

10. Nicholas Forliti – Ameriprise Advisors

Nicholas Forliti works as a Business Financial Advisor for Tornow, Greene, Forliti & Associates. It is a private wealth advisory practice of Ameriprise Financial Advisors. Nicholas Forliti offers one-to-one financial advise, personalized recommendations, regular meetings, and 24 hour access to his clients.

Parallel to that, Nicholas Forliti provides investment, asset allocation, and portfolio recommendations based on the individual goals of the clients and their personal risk tolerance. He documents your goals, schedule meetings for review, analyze your progress on each milestone, and update your approach as per your life changes so that you can track your progress along the way.

Nicholas Forliti – Ameriprise Advisors
2001 2nd St SW Ste 115
Rochester,  MN  55902-4157
Phone: 507.295.4951
www.ameripriseadvisors.com

Note

The team providing this Top Ten financial advisors in Rochester 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 them make those good decisions for hiring financial advisors in Rochester. We hope you’ve enjoyed reading the information we’ve provided and learned about some of the choices for Financial Advisors in the Rochester 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.

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