The main hub of Minnesota alongside Minneapolis, St. Paul is a wonderful city in a huge metropolitan area, and we know that there are plenty of excellent opportunities and already successful individuals living in the area. For these people, we recommend that you consider working with a financial advisor to ensure your long-term financial stability as well as maximize the returns you’re making from your portfolio. A second mind with expert training and experience will be worth every penny of the cost.
Yet which advisory firm should you try to work with? Here are our top five choices for financial advisory firms for St. Paul, Minnesota:
1) Fiduciary Counselling, Inc.
A top firm from St. Paul that has $5.5 billion in assets under management, Fiduciary Counselling, Inc. is able to make waves in the area because of its vast resources and its focus on the client. With many advisors under their employ, they can clearly get you the help you and your portfolio need while remaining organized and focused on the latest trends.
When determining the best investment choice for clients, Fiduciary Counselling, Inc. will have some pre-made portfolios ready and available, but they will also tailor portfolios based on the needs of their clients.
Fiduciary Counselling Inc. is a fee-only firm that does not have a minimum investment requirement, but it does have a minimum annual fee ($3,000) that you should take note of. You should also see if their fee structure is a good pairing with your financial situation.
You can expect the following working with Fiduciary Counselling, Inc.:
- A large and available staff so you’re never left waiting long for help.
- Services offered include tax planning, trust services, estate planning, investment services, and others.
- A longstanding history and deep-rooted institutional stability.
2) Riverbridge Partners
Our second choice is Riverbridge Partners, a Minneapolis firm that has $5 billion in assets under its management and experience as a firm that goes back to 1987. Mostly working with high net worth and wealthier individuals, the firm is committed to clients and views their services as not only an initial consultation but a regular review of your financial situation. They will adjust portfolios as necessary and look out diligently for any threats to your wealth.
They focus heavily on long-term wealth preservation and gains, and as such will generally ignore trying to time smaller cycles or picking quick growth companies. Instead, they prefer to invest in proven and stable companies for their clients.
Riverbridge Partners is a fee-based firm that requires that you have $2 million in investable assets to work with them.
You can expect the following working with Riverbridge Partners:
- A series of strategies that beat the averages and keep your wealth in a more stable position.
- Institutional services if you’re in a position of responsibility and could use help.
- A staff that values heavily the relationships they have with their clients.
3) Focus Financial
Another huge advisory firm with more than 100 advisors, Focus Financial was founded in 1993 and has experienced great growth to now have $2.79 billion in assets under management across several states. While based in Minneapolis, if you’re looking for a more centered firm, you might want to look elsewhere. However, the firm has done right by thousands of clients and it remains independently owned.
Their investment strategy is a mixture of working with your portfolio and getting to know you and your current financial needs. They will plan and make adjustments based on the information they find out and will always put you first.
Focus Financial is a fee-based firm that that does not have any minimum account or asset requirements, but we do ask that you check to see if their fee structure works well with your financial situation.
You can expect the following working with Focus Financial:
- Many different insurance options and services available should you find the need for them.
- Planning services including estate, tax, asset preservation, education, investment management, and more general options.
- A firm that is committed to providing independent advice.
4) Accredited Investors Wealth Management
Accredited Investors Wealth Management is a firm based in Edina that was founded in 1987 and has $1.86 billion in assets under its management. With several dozen advisors, many of whom have top certifications in their field, they stand ready to provide truly comprehensive wealth management and financial planning services.
They both play the long-term market and know there is a right time to sell investments to make the greatest returns for their investors. They also keep their client’s lifelong financial goals in mind and will invest and make changes to portfolios with that in mind.
Accredited Investors Wealth Management is a fee-only firm that doesn’t have a minimum asset requirement, but it does have a minimum annual fee of $20,000. This means only people with more than $2 million to invest should really consider working with them.
You can expect the following working with Accredited Investors Wealth Management:
- A helpful online portal to help you keep track of your portfolio.
- A firm that is dedicated to giving back to the community.
- A staff with a diverse set of intellectual backgrounds and specializations.
5) Envoi, LLC
Our last choice for residents of St. Paul (the firm is based in Minnetonka), Envoi has $1.62 billion in assets under management and has been in operation since 2009. What separates this firm from the rest is that they only work with the wealthiest of clients, which makes them a firm we wouldn’t recommend to nearly any readers, but a firm we would recommend strongly to those who would qualify. If you fit into the latter category, visit their site and learn more about them.
Their investment strategy first involves a dive into your financial situation. When this is thoroughly completed, Envoi will talk to you about your priorities and then develop a custom investment plan.
Envoi, LLC is a fee-only firm that requires that you have $25 million in investable assets to work with them, making them by far the most exclusive firm on this list.
You can expect the following working with Envoi, LLC:
- A team that knows how to work with, and in fact works exclusively with, high net worth individuals.
- A focus that’s intense to the point where they only have a few clients for every advisor on staff.
- All the main services you would expect from a firm catering to such clients.
St. Paul can be an amazing place to live with plenty of opportunities, but it can be easy to lose track of things if there are many threads to hold onto. We hope that you consider working with a financial advisor so that you can more easily focus on the pursuits that give your life greater meaning. Take your time and look over the firms listed above once again. Once you have a shortlist, make a few phone calls and review what you learn from the perspectives of your financial situation and goals. Do this, and we’re certain you’ll make the right decision.