Finding the best financial advisor in Minneapolis can be like trying to choose the most beautiful lake among the state’s more than 14,000 offerings. It may feel overwhelming, but it really comes down to a few factors, including your financial needs and goals, and your budget to pay for advice.
Still, while choosing the right advisor is ultimately a personal decision, it’s helpful to compare firms using data, so we compiled the most pertinent information to help guide your decision. For this list of the best advisors in the North Star State, we only looked at firms that manage individual accounts and offer financial planning services. We then ranked these firms based on assets under management (AUM), which serves as a general metric for a firm’s size. Although not formally part of our ranking, we encourage readers to take note of each firm’s client-to-advisor ratio, as this indicates how much attention you may get as a client. All data used in our methodology is taken from each firm’s most recent Form ADV filing with the SEC so as to ensure the accuracy and reliability of our rankings.
While this list won’t tell you the best firm for you, it can ease the shopping experience a bit. Read on for a list of the top financial advising firms in Minneapolis, and their key highlights:
How much would you like to invest?
|Firm name||Minimum Assets Required||Fee Structure|
|Advanced Capital Group||$5,000|| |
|Riverbridge||$1 million|| |
|CliftonLarsonAllen Wealth Advisors, LLC||None|| |
|Focus Financial||Not specified|| |
|Envoi LLC||$25 million|| |
|Thrivent Advisor Network, LLC||None|| |
|Redhawk Wealth Advisors, Inc.||Varies by account|| |
|Capital Management Associates Inc||Not specified|| |
For our search, we looked at firms across the city of Minneapolis. All of the firms considered are bound by fiduciary duty, registered with the U.S. Securities and Exchange Commission (SEC) and offer individual account management and financial planning services. Information used for our methodology criteria is taken directly from each firm’s most recent Form ADV filing and brochure, found on the IAPD database.
To localize our results for this list, we exclusively looked at firms that met the above criteria and had their headquarters in Minneapolis, as per the address provided in the Form ADV. Of those firms, we only considered those that offer financial planning services and portfolio management to individual investors. To be considered for this list, firms also could have no more than one disciplinary disclosure in the past 10 years. From there, the remaining firms that met all of the above stipulations were ranked in order of highest to lowest AUM, as this is an indication of a firm’s size and how many assets it has been entrusted to manage.
In our reviews, we have also listed several other key features that will help you determine which financial advisor may be most fitting for your investing style and financial needs. While our ranking system and methodology is designed to help you compare firms, it does not indicate which firm may be best for you. All information here is accurate as of March 4, 2021, but we urge you to also evaluate these firms on https://adviserinfo.sec.gov/.
Founded in 1998, Advanced Capital Group is a fee-only, independent firm that works with individuals who need investment management and financial planning. Separately, the firm advises employer-sponsored retirement plans and provides their participants with financial education and planning. It also works with other organizations, such as foundations, endowments, corporations and financial institutions.
Advanced Capital Group’s main owners are CEO and principal Charles Langowski, principal Justin Dorsey and Patrick Larson, principal and director of institutional management. The firm is based out of Minneapolis, its only public office location.
Advanced Capital Group creates custom portfolios for clients that range from more conservative to more aggressive, with asset classes and weighting varying by portfolio. Clients typically work with Advanced Capital Group for either a comprehensive portfolio, made up of mutual funds and ETFs, or a municipal bond portfolio, which comprises one portion of the client’s overall portfolio.
The firm generally takes a buy-and-hold approach to investments, though it occasionally shortens or lengthens its holding times based on market and economic conditions. Advanced Capital Group evaluates investments based on “Rolling Periods of Time,” which allows the firm to see performance over several unique time periods, rather than one, static time period.
Advanced Capital Group has a clean disciplinary record. The SEC requires all registered investment advisory firms to disclose legal and disciplinary actions against the firm or its employees in the last 10 years that a client would find material when evaluating the firm or the integrity of its management. Learn more by viewing the firm’s IAPD page.
Riverbridge, legally registered with the SEC as Riverbridge Partners LLC, primarily serves high net worth individuals and families, which the SEC defines as those with $750,000 under management or a net worth of at least $1.5 million. For reference, the firm generally requires an aggregate investment of at least $1 million. In addition to individuals, the firm works with advisors and institutional investors, including charitable organizations, pension and profit-sharing plans and pooled investment vehicles. Services offered include investment management and financial consulting services, including tax, estate, insurance and retirement planning.
Founded in 1987, Riverbridge principals — CIO Mark Thompson, portfolio manager Rick Moulton, relationship manager Andrew Turne and director of operations Colin Sharp — collectively own 42% of the firm. Private equity firm Northill Capital Group owns the remaining 58% of the firm.
The firm’s sole office is located in Minneapolis.
Riverbridge has eight model portfolio strategies that it uses to create portfolios for clients. Advisors may use these strategies to augment a client’s existing portfolio or manage their entire portfolio using a mix of equity and fixed income investments.
Typically, the firm invests in companies that are taking a long-term approach to building their earnings power and intrinsic value based on five evaluation metrics: strong management and culture, strong unit growth, strategic market position, internally financed growth and conservative accounting. In addition, Riverbridge uses a sustainability lens when choosing investments, looking for companies that “add enduring value to the lives of the people and communities they serve.”
Riverbridge discloses no legal or disciplinary actions against the firm or its employees over the past 10 years that would be material to a client evaluating the firm or the integrity of its leadership team. For more information, visit Riverbridge’s IAPD page.
CliftonLarsonAllen Wealth Advisors, LLC provides investors with investment management and financial planning, including on topics such as retirement planning, estate planning, education funding, business succession and risk management. In addition, the firm holds financial education and seminar events for some wealthy clients. Its client base includes individuals both with and without a high net worth, as well as businesses, pension and profit-sharing plans and charitable organizations.
In addition to its Minneapolis headquarters, the firm has 26 offices throughout the country. ClifronLarsonAllen has been a registered investment advisor since 2000, when it was created through the merger of two CPA firms. It is a subsidiary of the tax firm CliftonLarsonAllen LLP.
When creating client portfolios, CliftonLarsonAllen Wealth Advisors uses model portfolios made up of mutual funds and ETFs that are managed by the firm’s team or third-party advisors. In general, portfolios emphasize long-term, strategic allocation that aims to minimize risk through diversification.The firm also considers taxes when making investment decisions, in an effort to help clients minimize the impact of taxes on their portfolios.
The firm aims to hold securities for at least a year, though sometimes it engages in shorter-term purchases. Occasionally, CliftonLarsonAllen will buy and sell a purchase within 30 days, usually when necessary to implement a broader financial plan.
CliftonLarsonAllen Wealth Advisors has a clean record. The firm discloses no legal or disciplinary events over the prior decade that potential clients would find material when evaluating the firm or its management. For more information, view the firm’s IAPD page.
More than 120 independent financial advisors working in 55 independent offices throughout the country comprise the Focus Financial network. These advisors offer financial planning, asset management and financial education to individuals (including those who are high net worth), pension and profit-sharing plans, businesses and charitable organizations.
Multiple individuals own Focus Financial, but none of them has an ownership stake of more than 20%. The Minneapolis-based firm launched in 1993.
The strategy used by Focus Financial depends on both the advisor and the client’s goals. In the Advisor Managed Portfolios program, advisors create an asset allocation for their clients using planning software. Clients may choose to invest in multiple investment strategies and classes via a unified managed account, or through third-party managers, or they can opt for the firm’s model portfolio program, which invests in mutual funds and ETFs using a variety of investment styles and strategies.
In general, advisors prefer open-ended mutual funds, no-load mutual funds, ETFs and variable products, although some managed accounts also include stocks and bonds. Rather than attempting to time the market, the firm’s team aims to make investment decisions that take a long-term view.
Focus Financial does not disclose any legal or disciplinary issues over the past 10 years that would materially impact a client’s view of the firm. This includes any civil, criminal or regulatory events involving either the advisory company or its employees or affiliates. Visit the firm’s IAPD page for more information.
Envoi LLC primarily provides services to high-net-worth individuals and families and their related entities, generally requiring a minimum investment of at least $25 million. The firm helps clients with all aspects of their financial lives, from financial planning and investment management to cash flow budgeting and expense management. It can also help with wealth transfer planning, educating younger generations, managing client charitable organizations and coordinating information between trustees and other advisors.
The firm’s principals, Brenda Sallstrom, James Sand and Ryan Steensland, founded the firm in 2009 and remain its sole owners. Its sole office location is in Minneapolis.
Envoi begins its work with each family by creating a balance sheet and cash flow statement. Advisors then use these documents to create a customized asset allocation strategy and select sub-advisors to manage the investments and make trading decisions.
The firm believes that portfolio diversification is key to preserving and enhancing wealth. As such, Envoi may invest client money in a range of investments, including traditional bonds, equity separate account managers, mutual funds, ETFs, master limited partnerships or alternative investments.
Envoi does not disclose any legal or disciplinary events over the past decade that would materially impact a client’s opinion of the firm or its management. As a registered investment advisory firm, the SEC requires Envoi to report this information in its Form ADV paperwork. For more information and to view the firm’s Form ADV, visit Envoi’s IAPD page.
More than 20 independent advisor teams throughout the country have joined Thrivent Advisor Network, LLC since its founding in 2019. The network is owned through a subsidiary of Thrivent for Lutherans, a membership-owned, fraternal organization with roots in the Lutheran community.
Advisors in the network provide investment management services to individuals and high net worth individuals and families. Other clients of the firm include trusts, estates, businesses and retirement plans. In addition to its headquarters in Minneapolis, the firm has 25 other office locations throughout the country.
Thrivent Advisor Network typically takes a long-term approach to selecting investments for the customized portfolios it builds for clients. Although the firm aims to keep securities for at least a year, occasionally it will buy and sell investments within a shorter time frame.
The investment strategy chosen for a particular client will reflect their risk tolerance and overall financial situation. Portfolios managed by advisors in the network primarily include a mix of low-cost, diversified mutual funds and ETFs, though they may also include individual stocks and bonds, limited partnerships and other investments. The firm may also recommend independent managers or investment platforms for its clients instead of in-house management.
Thrivent Advisor Network acknowledges one disciplinary disclosure over the past 10 years, in which an agency found the firm or an affiliate had been involved in a violation of investment-related regulations. For more information, visit the firm’s IAPD page.
CEO Daniel Hunt is a principal shareholder of Redhawk Wealth Advisors, Inc., which launched in 2008. The firm offers comprehensive financial planning, investment management, retirement planning, legacy planning, tax planning and insurance services to individuals. Other clients of the firm include pension and profit-sharing plans and insurance companies.
In addition to its Minneapolis headquarters, Redhawk Wealth Advisors has 27 offices located throughout the country.
To determine the right strategy for each client, advisors at Redhawk Wealth Advisors ask clients a series of questions to assign them a “risk number,” which reflects their risk tolerance. The firm then creates a portfolio for the client that is aligned with that number and takes into account other factors, such as the client’s investment objectives and time horizon.
Redhawk Wealth Advisors takes a defensive, active management approach to investing, making decisions about securities based on momentum, trends, analytics and discipline. Using data, the firm analyzes market conditions to determine when to make changes to Redhawk portfolios.
Redhawk Wealth Advisors does not have any disciplinary disclosures. Investment advisory firms registered with the SEC are required to report information that would be material to clients evaluating the firm, including any civil, criminal or regulatory events involving the firm, its employees or its affiliates from within the last 10 years. For more information, visit Redhawk Wealth Advisors’ IAPD page.
Founded in 1982, Capital Management Associates’ owners include the firm’s CEO Gregory Alan Stroh, president Thomas Luing and CCO Melissa Glennie, as well as CMA Financial Inc.
The firm offers portfolio management and financial planning services. It serves individuals, high net worth individuals, pension and profit-sharing plans, charitable organizations and businesses from its two Minneapolis offices.
Capital Management Associates uses three main strategies when selecting investments for client accounts:
Rather than focusing on specific security selection, Capital Management Associates emphasizes finding the best asset allocation for each client, based on their goals and risk tolerance.
The firm manages money on both a discretionary basis, in which it makes trades on behalf of clients, and on a non-discretionary basis, where it advises clients who may choose to execute the trades on their own.
Capital Management Associates has a clean disciplinary record. That means it has not disclosed any disciplinary events over the last 10 years involving the firm, its employees or its affiliates that could be material to a client. The SEC requires all registered investment advisors to disclose such information on their Form ADV paperwork. For more information about Capital Management Associates, visit the firm’s IAPD page.
Income tax in Minneapolis ranges from 5.35% to 9.85%, depending on the taxpayer’s income level. Minnesota does not have an inheritance tax, but it does have an estate tax, which kicks in for estates worth more than $3 million and ranges from 13% to 16%.
No. While many financial advisor firms offer retirement planning, not all advisors specialize in it. If retirement planning is important to you, be sure to interview potential advisors to make sure that they have experience with the services that you want.
Divorce financial advisors can work with you both during and after a divorce to make sure you implement the financial changes necessary for you to continue making progress toward your financial goals. While many advisors can help in this area, those with a certified divorce financial analyst (CFDA) certification have completed specialized training and passed an exam on the subjects relevant to working with divorced clients.
You’ll want to consider a number of factors to find the right fit, including whether the advisor offers the services you need, if their fees fit into your budget, if you can meet their account minimum and whether you’re comfortable with the way they get paid and their investment philosophy. Another important factor to consider is whether you feel comfortable with the advisor and the firm, as this will likely be a long-term relationship and you’ll be entrusting this person with your finances.
The “Find a Financial Advisor” links contained in this article will direct you to webpages devoted to MagnifyMoney Advisor (“MMA”). After completing a brief questionnaire, you will be matched with certain financial advisers who participate in MMA’s referral program, which may or may not include the investment advisers discussed.