Are you in search of reliable financial advisors in St. Paul? There are a lot of people in Minnesota who keep on searching queries like “best wealth advisors near me” on Google.
Hiring a financial advisor for managing your investments and wealth is a major decision. You are trusting a firm or an individual within a firm to handle your assets so you will never want to choose the wrong path for protecting your money or for growing your wealth.
But the question is, how to ensure that you are making the right decision and your money is in safe hands? This can be done by educating yourself about the different fee structures of financial advisors and then analyzing how each structure is going to affect your savings or retirement plan in the long run.
Why Do You Need Financial Advice?
You have so many options available when it comes to investing your money. Whether you are going through a career transition or thinking of starting a business, you need a smart financial strategy that can lead you toward success.
In order to make the right decision, a lot of people hire St. Paul financial planners. The right financial advisor helps them to navigate smoothly through sudden life changes i.e. marriage, divorce, the birth of a child, switching a career, or getting retirement.
Parallel to that, while selling a business, you often need a new approach and point of view to look at things. In this scenario, an expert financial planner and business broker help you identify your strengths and weaknesses so that you can make sound financial decisions.
It’s a fact that every stage of your life asks for a different approach to planning, investing, and saving money depending on your circumstances. For instance, if you start investing money at the age of 20, your approach to managing wealth and investments will be far different than a person starting at the age of 65.
There are a lot of things that you should consider before investing money. Some of them include your current income, the strength of your portfolio, and most importantly the financial advisor you choose.
Your financial strength in the long run also depends on the state of your economy, political climate, and how your financial planner takes you through the ups and downs of the market.
How Can You Accomplish Financial Planning
You can accomplish financial planning in several different ways. Some of them are:
1. Signing up with an online do-it-yourself investment company
When you choose an online do-it-yourself firm, it lets you do everything on your own without any human advice. This option comes with a lower price or cost to invest. It’s because there is no other human being involved in the process of handling transactions or doing research on your part.
2. Hiring a financial advisor
Just like hiring an St. Paul CPA, the option of having your own financial planner or wealth manager comes at a higher cost but with lucrative results.
According to analysts, you can expect 2% to 4% higher results when you actively involve a financial planner as compared to handling it all alone.
Payment Structures of St. Paul Financial Advisors
No doubt, the option of hiring a financial planner to generate greater returns is expensive. That’s why you must first analyze if this option is beneficial for you or not.
For this purpose, you need to develop a crucial understanding of how St. Paul financial advisors make money. In this way, you’ll better be able to analyze how they help you make money.
The most commonly used payment structures when hiring financial advisors in St. Paul 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?
Always remember that choosing the wrong payment structure can lead to a conflict of interest.
For example, if a financial advisor is charging you on an hourly basis and is not totally invested in helping you make more money, that person will surely spend time on another account. They make more money the more investments and assets grow in an Asset Management account.
In the same way, such financial advisors in St. Paul can make unnecessary transactions if they get a flat fee per transaction.
In our opinion, choosing the commission-based fee structure can encourage more productive results. In this structure, a financial advisor takes a portion of the growth of the investment.
How to Choose the Right Financial Advisor in St. Paul
Do you want to ensure that the financial advisors in St. Paul are not pushing you to make investments that suit their interests more than yours?
The best way to do so is to ask the financial planner, “Do you have a fiduciary responsibility to my investments?”
If the financial planner is licensed, he/she must invest in your best interest first even if it does not benefit them. They will be bound by ethics and regulations to do so.
On the other side, if the financial planner does not hold a strong sense of fiduciary responsibility, he/she could lead you to a riskier path.
However, this risker path can also provide a higher payoff for you.
So, there’s no one formula fits all scenario here. It would be hard to determine which choice is better. Safer? Or bigger and better results? It entirely depends on your situation. You can try it both ways to find out which approach works best for you.
The wisest choice? Plan a meeting with your financial advisor and see if you feel comfortable with the road he or she has planned for you. Make sure if it is tailored to the results you desire or not.
10 Best Financial Advisors in St. Paul
To help you save time, we have prepared a list of the best financial advisors in St. Paul after doing thorough research. The following companies are selected based on their experience, ratings, reviews, and expert services. Have a look:
1. Quarry Hill Advisors
Quarry Hill Advisors is a financial planning and wealth management firm helping clients achieve financial independence by making the right financial decisions. The firm helps in planning and organizing funds covering all the important areas of your life.
The firm ensures to solve all your financial struggles so that you can enjoy your life without always worrying about your financial assets. Additionally, the advisors at Quarry Hill Advisors make sure to help you make the best of every good opportunity that comes your way.
Quarry Hill Advisors build long-term solutions to enhance your investment portfolio so as to shield you from future discrepancies. It makes sure to gather the evidence before advising you to invest to strengthen your financial foundation and capture market returns.
Quarry Hill Advisors
550 Vandalia St., Suite 311,
Saint Paul, MN 55114
2. Phillip James Financial
Phillip James Financial is a financial planning and advising firm built to guide and aid you in strengthening your financial standing. It proffers direct financial advice tailored to make you come out on top, as well as establish a strong investment portfolio.
The firm designs a diverse, low-cost portfolio to ensure that all your needs are fulfilled and you are financially satisfied for a substantial future. Phillip James Financial develop a plan wherein you use your existing funds skillfully while investing in your future at the same time. This indicates that the firm aims to fight any issues that may arise now or later.
In addition to financial planning and investment advice, it also offers services like tax planning and preparation, retirement income planning, budgeting analysis, risk management, college planning, 401(K) services, and compensation planning. Therefore, if you are looking for a firm that excels in not only financial or investment planning, Phillip James Financial is the way to go.
Phillip James Financial
3675 Plymouth Boulevard Suite 110
Plymouth, MN 55446
3. Dunncreek Advisors LLC
Dunncreek Advisors LLC is a fee-first, fiduciary, financial advisory firm that offers financial advice with an open, unbiased mind. There are no conflicts of interest or quotas to fulfill that may cause issues.
The advisors at Dunncreek Advisors LLC ensure to make a financial plan based on your goals and interests. They cater to your plans and goals for the future and develop a particular outline for your agenda, while also keeping in mind the challenges of each individual.
A touch of building personal relationships with the clients is what makes Dunncreek Advisors LLC so different from other advisory firms. The advisors educate their clients well enough to make sure that their proposal is met with nothing but positivity. They also offer added services like cash and risk management, savings and investments, and retirement fund planning, etc.
Dunncreek Advisors LLC
904 Delaware Avenue
West St Paul, MN 55118
4. Capital Street Financial Services
Capital Street Financial Services is an organization that offers a plethora of financial services, making it its duty to ensure that all your needs are fulfilled as you navigate through the complicated network of finance. It encourages customers to experience what benefits they can provide through excellent financial planning services and the security that comes alongside them.
Capital Street Financial Services has made it a mission to ensure that it gives each of you the complete attention you deserve and then formulate a plan to manage and enhance your wealth. It designs particular tactics that avoid all possible issues and accomplish all formerly set goals.
In addition to future financial planning and investment, Capital Street Financial Services also highlights any possible issues you may encounter, guide you to undertake the situation, and find a solution. It builds strategies to help manage your financial decisions and be certain you are making the right ones.
Capital Street Financial Services
85 7th Place East Suite 275
St Paul, MN 55101
5. Mairs & Power, Inc.
Mairs & Power, Inc. is a registered investment advisory firm that offers personally managed accounts, mutual funds, and financial services. It specializes in investment opportunities and making sure that your assets are in trustworthy hands
The entire foundation of Mairs & Power, Inc. is based on long-term investments and utilizing money in a way that benefits you for a long time to come. It is always a good idea to ensure that you are secure in the future and that you would not feel the need to worry or encounter any issues.
Mairs & Power, Inc. informs and plans how and where your funds are going. It guarantees that the money you have invested will fall into the right place and will benefit you for a long time. Therefore, if you are looking to invest and have no idea how you can do so, then Mairs & Power, Inc. can be a suitable option for you.
Mairs & Power, Inc.
332 Minnesota Street W1520,
First National Bank Building, St. Paul, MN 55101
6. PrairieView Partners
PrairieView Partners prioritizes making sure that your future is secure. It works hard to ensure that you enjoy your life rather than worry about the dire financial questions that make it difficult to do so.
The expert advisors at PrairieView Partners devote their time and effort to enabling their clients in a way that they can make their own financial decisions and set the right long-term goals. PrairieView Partners allows people to live in the moment and enjoy life to the fullest by handling their financial issues in the perfect possible way.
PrairieView Partners reassures you that it will be on standby for any issues that may arise. It offers constant support and advice according to the situation and guide you as best as it can.
2250 Town Square Tower445
445 Minnesota Street St. Paul, MN 55101
7. R.M. Shannon Wealth Management
R.M Shannon Wealth Management is a financial advisory firm that works round the clock to make sure all your financial matters are straightened out at all times. It offers services like business succession planning, charitable giving, and debt management.
Business succession planning can be a very tough task to do by yourself. To maintain an unbiased stance, it is always a better idea to consult a financial advisor, which makes R.M. Shannon Wealth Management a great option for you. It helps you make an informed decision to make sure that your operations run smoothly and the wealth keeps on growing.
R.M. Shannon Wealth Management holds experienced team of advisors that ensures to manage all your debt and eliminate it as soon as possible so that you can return to problem-free finance. It understands that being in debt puts a lot of pressure on you and that is why it comes up with a strategic plan to eliminate all the debt as soon as possible.
R.M. Shannon Wealth Management
1595 Selby Ave, Suite 211
Saint Paul, MN 55104
Phone: (651) 321-4620
8. Karp Financial Advisors Inc.
The team of advisors at Karp Financial Advisors Inc. are devoted to managing the financial needs of those who need such assistance. They come with experience, knowledge, and superb reviews. They offer services like retirement preparation, estate planning, educational funding, tax planning, and investment management.
The aims of the organization is to make sure that rather than worrying about your finances, you spend your time completing your goals. Karp Financial Advisors, Inc. is more than well-equipped to handle your finances and guide you through the process of making healthy financial decisions.
Karp Financail Advisors, Inc. works with the goal to make you financially independent so that you can start living the way you want to, rather than having to due to financial trouble. It also strives to make sure that you are set for the future and have no worries regarding your finances.
Karp Financial Advisors Inc.
400 West Selby Ave, Suite P
St Paul, MN 55102
9. Stonebridge Capital Advisors
Stonebridge Capital Advisors is an investment planning and wealth management firm providing the best financial services since 1997. It is an SEC-registered firm providing private wealth management and customized investment solutions.
Stonebridge Capital Advisors works with a collaborative approach while constructing financial portfolios focusing on your goals and objectives parallel to helping you build, serve, and protect your business. It has an experienced team of portfolio managers and client services support staff that work together to build customized solutions for you.
Some of the major services of Stonebridge Capital Advisors include private wealth management, investment management, institutional investment management, and advisory solutions. The firm has a dedicated marketing team that provides presentation materials, research papers, economic reports, marketing and sales collateral, and speakers for seminars and conferences.
Stonebridge Capital Advisors
10. Carlson Capital Management
Carlson Capital Management is a fiduciary financial advisory firm that provides personalized investment, estate planning, tax planning and preparation, retirement framework, insurance, and 401(K) services. The firm dedicatedly helps those in financial trouble or in need of aid.
It serves individuals and small to mid-sized businesses to identify their financial goals and then work towards achieving them. Carlson Capital Management is firmly grounded in foundational values and majorly focuses on the well-being on individual clients. It follows fee-based structure that guarantees independent insignts as well as transparant and ethical relationships.
The advisors at Carlson Capital Management uses their expertise to simplify your life by integrating financial disciplines in your life. Their investment philosophy is based on academic research and the belief that markets are efficient. It is designed to minimize risk, capture global market returns, and make your wealth management plan successful.
Carlson Capital Management
1700 W 82nd St Suite 150,
Bloomington, MN 55431
The team providing this Top Ten financial advisors in St. Paul 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 St. Paul. We hope you’ve enjoyed reading the information we’ve provided and learned about some of the choices for Financial Advisors in the St. Paul 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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