Minnesota is known for its incredibly beautiful lakes, its cold winters, and for being one of the nation’s leading dairy providers. But it is also known for being an important part of the Midwestern, and American, economy, which is why it is home to so many successful individuals and business.
If you have been able to carve out your own success and fortune in Minnesota and are looking to secure your future, then it’s time to contract the services of a financial advisor. They can help you put your money to work without burdening you with the difficult details involved in investing and playing the markets.
Fortunately, there are many financial advisors across the state of Minnesota. In fact, there are almost too many, which is why it can sometimes be so difficult to know which one is the best. We’ve spent a good deal of time researching the many different firms in the state to eliminate the guesswork and make this process easier. Here are our top five financial advisory firms in Minnesota:
Wealth Enhancement Advisory Services, LLC
Wealth Enhancement Advisory Services, LLC is Minnesota’s largest financial advisor, with more than $7.39 billion in assets under management. If you would like to work with Wealth Enhancement Advisory Services, though, then you will need to have assets worth at least $25,000 – $250,000.
This company, located in the city of Plymouth, was founded in the year 2001 and has 212 financial advisors on its staff. For its investing strategy, Wealth Enhancement Advisory Services LLC focuses primarily on four things: effective diversification, cost efficiency, tax efficiency, and active management. Your advisors will be sure to look for investments that have low transaction fees and low custody fees to increase your bottom line.
You can expect the following working with Wealth Enhancement Advisory Services, LLC:
- Fee-based compensation structure
- Active monitoring by financial planners of over 70 global markets to find the best investing opportunities
- A strong focus on cost and tax efficiency
Riverbridge Partners is the second largest firm on our list and is another one of the great financial advisors in Minnesota. They manage over $5.04 billion worth of assets, but they require a minimum investment of $2 million to open an account, making it them of the most exclusive financial advisory firms in the entire state of Minnesota.
This firm, which was founded in 1987 and is based in Minneapolis, has 18 financial advisors on its staff. It is known to evaluate companies for investment based on five main criteria: unit growth, culture, differentiated market position, accounting, and internally financed growth. It invests in the companies that meet its standards in each of the five areas, but only when it makes sense within your financial plan.
You can expect the following working with Riverbridge:
- Fee-based financial structure
- About 30 percent turnover for your portfolio annually
- All of your assets fully invested most of the time
CliftonLarsonAllen Wealth Advisors, LLC
With over $3.4 billion in assets under management, CliftonLarsonAllen Wealth Advisors, LLC is our third choice for financial advisor firms in Minnesota. There is no minimum account requirement, but there is a minimum fee of $500.
Founded in 2000 and located in Minneapolis, CliftonLarsonAllen currently has 83 advisors on its team, which means it has more than enough expertise on staff to help you achieve your goals.
In terms of its investment strategy, CLA Wealth Advisors focuses heavily on maintaining a strong balance in your portfolio between equity securities, fixed income, and cash. The firm will make investments in accordance with your financial goals, risk tolerance, and retirement timeline.
You can expect the following working with CLA Wealth Advisors.
- Fee-based compensation plan
- Retirement plan administration, should you need this service
- Emphasis on adequate diversification for all of its portfolios
Focus Financial has over $2.79 billion in assets under management and no minimum requirement, which makes it an accessible firm for investors from all backgrounds, yet they still tend to focus on serving high-net-worth individuals. Furthermore, founded in 1993 and with 152 financial advisors on its staff, Focus Financial is experienced and highly-qualified, meaning your money is in good hands.
In terms of an investing strategy, Focus Financial takes a deep look at all aspects of your financial situation. Unlike many firms, it will take your cost of living, your savings tendencies, and your education needs into consideration. The firm also invests in a wide variety of assets in order to find the absolute best opportunities for you. For example, it will frequently invest in stocks, bonds, real estate investment trusts, CDs, and fixed annuities. In sum, wherever value can be found, the company will make investments for you.
You can expect the following working with Focus Financial:
- Fee-based compensation structure
- Extremely personalized investments that are designed to help you reach your financial goals as soon as possible without taking on too much risk
- Periodic rebalancing based on the performance of your portfolio
Meristem Family Wealth
Minnetonka-based Meristem Family Wealth is our fifth and final pick for the best financial advisors in the state of Minnesota. This firm manages over $2.79 billion worth of assets. There is no account minimum to work with Meristem Family Wealth. However, there is a very significant fee of $30,000, which will put this firm out of reach for those with less than a few million dollars to invest.
This firm has been operating since the year 2003 and has 16 financial advisors on its staff who make all of the investing and financial planning decisions. It specializes in providing the following financial services: holistic financial review, portfolio management, family wealth management, tax planning, estate and legacy planning, and risk management.
Meristem’s investing strategy involves a significant focus on diversification in order to reduce risk and expand opportunities for positive returns. The company also makes sure to only choose investments that do not have inappropriate or excessively-high fees.
You can expect the following working with Meristem Family Wealth:
- Fee-based compensation structure
- A highly-personalized approach to wealth management that takes your entire financial situation and all of your financial goals into consideration
- Transparent fees without any hidden surprises
Increased financial security is something that most people desire. If you work with one of the financial advisors on this list, then you have an excellent chance of improving your sense of financial security and growing your net worth. These financial advisors all take slightly different approaches and have different investing styles, so you should choose the one that you believe is the best fit for your preferences and unique needs. But no matter which one you choose, we are confident they will help deliver your financial stability and peace of mind.