Best Financial Advisers in Minnesota

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Contributor, Benzinga
November 22, 2023

Searching for the best financial adviser in Minnesota can feel overwhelming. You may need to navigate a sea of marketing terms, interview several candidates and prepare for initial meetings. 

But here's the good news: Benzinga has already done the legwork for you by researching and curating a list of the top-rated financial advisers in Minnesota. In the following sections, you'll find essential details such as products and services available to simplify your quest for expert financial guidance.

Quick Look: Minnesota Financial Advisers Near You

  • Best for Managing Investment Portfolios: Fiduciary Counselling
  • Best Robo-Adviser: M1 Finance
  • Best for Independent Financial Planner: Focus Financial
  • Best for Families: Intellicents Investment Solutions
  • Best for Portfolio Analysis: Empower
  • Best for Long-term Planning: Accredited Investors Wealth Management
  • Best for Businesses: Carlson Capital Management

Best Financial Advisers in Minnesota

1. Best for Managing Investment Portfolios: Fiduciary Counselling Inc.

Fiduciary Counselling, founded in 1987 and based in Saint Paul, Minnesota, is a trusted financial advisory firm. With 17 advisers, it manages over $11.5 billion in assets for 1,667 clients across 14 states. 

The firm's core mission is to provide comprehensive, objective and independent fiduciary services to a diverse client base, including individuals, families, trusts, foundations and other entities. It offers a flexible fee structure, including fees based on assets under management, hourly charges and fixed fees.

Recognized as one of the top financial advisers in Minnesota, Fiduciary Counselling is committed to delivering exceptional financial services with integrity and professionalism.

Fiduciary Counselling Services

  • Financial planning
  • Portfolio management
  • Selection of other advisers
  • Educational seminars/workshops

Fiduciary Counselling Investment Strategy

Fiduciary Counselling tailors its investment strategy to individual client needs. The process begins by creating a personalized investment policy statement and considering risk tolerance, time horizon, income requirements and tax situations. Portfolios are diversified across asset classes, using active and passive strategies based on client preferences.

The firm manages portfolio performance, making necessary adjustments in response to market changes and client circumstances. Clients receive regular reports detailing portfolio value, returns and fees. Fiduciary Counselling sticks to a long-term, value-oriented investment philosophy, aiming for consistent returns while minimizing risk and volatility.

2. Best for Robo-Adviser: M1 Finance

M1 Finance is a top-rated robo-adviser and online brokerage platform known for its blend of automation and customization. It empowers users to create portfolios of exchange-traded funds (ETFs) and stocks or choose from 100+ expert-built portfolios, all with commission-free investing. Fractional shares are available, enabling ownership of any stock or ETF regardless of price.

M1 Finance uses a user-friendly pie-based interface for portfolio management and visualization. The platform offers convenient features like automatic deposits, rebalancing and dividend reinvestment to maintain portfolio alignment. It also provides cash management and borrowing options seamlessly integrating with your investment account. This combination of automation and flexibility makes M1 Finance an excellent choice for financial advisers in MN and beyond.

M1 Finance Services

  • Investment management
  • Retirement investing
  • Personal loan
  • Margin loans
  • Banking services

M1 Finance Investment Strategy

M1 Finance offers personalized total portfolio solutions tailored to each client's investment goals and risk tolerance. These portfolios are built on passive strategies and modern portfolio theory principles to determine the optimal asset allocation. M1 has identified efficient ETF strategies to track these asset classes. 

Once a client's risk profile is determined, they receive a recommended total portfolio solution. Clients can accept, adjust or choose a different portfolio solution with varying risk and return characteristics. They can also create their self-directed portfolio using exchange-traded securities. This approach provides clients with a tailored and adaptable investment solution aligned with their specific financial goals and preferences.

3. Best for Independent Financial Planner: Focus Financial

FOCUS FINANCIAL

FOCUS FINANCIAL

$2,828,800,000
  • A percentage of assets under your management
  • Hourly charges
  • Fixed fees (other than subscription fees)
  • Other
Caters to individuals with both high net worth ($2,000,000) and those who don’t have a high net worth
121
7,737
Yes
71
8
  • Financial planning services
  • Pension consulting services
  • Selection of other advisers (including private fund managers)
Address

1300 GODWARD STREET NE SUITE 5500MINNEAPOLIS MN, 55413

Phone number

651-631-8166

Focus Financial is a prominent independent registered investment adviser (RIA) firm with a track record from 1993. It serves a diverse client base exceeding 11,000 individuals, with a network of over 190 financial advisers spanning six states. The firm manages assets under management totaling over $4.4 billion and has earned recognition as a top-rated financial adviser in Minnesota.

In pursuit of client service and social responsibility, Focus Financial collaborates with community leaders and industry peers. It is affiliated with Royal Alliance Associates, a leading independent broker-dealer providing essential support such as trading, clearing, custody and technology services. As a distinguished Minnesota financial planner, Focus Financial's expertise and client-centric approach are evident in its extensive client base and assets under management.

Focus Financial Services

  • Asset management
  • Financial planning
  • Retirement planning
  • Pension consulting
  • Estate planning
  • Tax planning
  • Insurance planning

Focus Financial Investment Strategy

The firm's primary strategy focuses on achieving long-term portfolio growth. It doesn’t engage in active trading to respond to short-term market fluctuations, such as market timing. However, it can adjust the portfolio when significant macroeconomic changes affect the securities markets.

When selecting mutual funds, the criteria considered may include performance history, the industry sector in which the fund invests, the track record of the fund's manager, the fund's investment objectives, management style, philosophy and fee structure. The initial portfolio weighting for each client will be determined based on their individual needs and circumstances.

4. Best for Families and the Financially Underserved: Intellicents Investment Solutions

Intellicents Investment Solutions is a leading Minnesota financial planner with a mission to assist individuals and employers in achieving their financial objectives. Established in 2016 through a rebranding of a well-established company spanning over 40 years, the firm maintains a presence across multiple states in the United States. It oversees regulatory assets totaling $5.1 billion across 3,296 client accounts.

The firm's core focus is serving Americans who often lack access to traditional wealth management services. It aims to provide a more intelligent approach to realizing financial dreams. Using a blend of human expertise and cutting-edge technology, Intellicents Investment Solutions delivers personalized and innovative solutions to its clients.

Intellicents Investment Solutions Services

  • Retirement plan consulting
  • Wealth management
  • Group insurance consulting
  • Worksite financial planning

Intellicents Investment Solutions Investment Strategy

The adviser favors a long-term perspective, sticking to a buy-and-hold strategy. However, this strategy does not mean ignoring the changes in the market or the investor's own situation. Intellicents reviews clients' portfolios periodically and adjusts them according to their financial goals and risk tolerance. This process can involve rebalancing the asset allocation, diversifying the holdings or selling underperforming or overvalued assets.

5. Best for Portfolio Analysis: Empower

Empower, formerly known as Personal Capital, is a financial platform providing free tools and paid advisory services for personal wealth management. The rebranding to Empower occurred in 2023 after Empower Retirement, a major retirement planning company, acquired it in 2020. Empower is committed to delivering a comprehensive and personalized financial solution that combines data-driven technology with human advice to assist customers in achieving their financial goals.

Free tools offered by Empower include the Empower Personal Dashboard, enabling users to conveniently view their net worth, cash flow, portfolio performance, retirement readiness and more, all in one place. Users can link their financial accounts to gain a complete view of their finances. Paid services feature the Empower Personal Wealth program, which provides professional investment management and financial planning, with fees based on assets under management. As a leading financial planner in Minnesota, Empower offers a robust and well-rounded approach to personal wealth management.

Empower Services 

  • Personalized investment management
  • Financial planning
  • Retirement products and solutions
  • Brokerage and banking services. 

Empower Investment Strategy

The firm's strategy is built on five core principles: dynamic portfolio allocation, personalization, smart weighting, tax optimization and rebalancing. Combining data-driven technology with human insights, Empower tailors portfolios to users' financial goals, risk tolerance and time horizon. Its proprietary Smart Weighting™ methodology enhances returns and reduces risk by diversifying the portfolio across various factors. To maintain optimal performance, Empower consistently monitors and adjusts portfolios.

6. Best for Long-term Planning: Accredited Investors Wealth Management

ACCREDITED INVESTORS WEALTH MANAGEMENT

ACCREDITED INVESTORS WEALTH MANAGEMENT

$1,869,377,862
  • A percentage of assets under your management
  • Fixed fees (other than subscription fees)
$2,000,000
34
50
Yes
94
4
  • Financial planning services
  • Selection of other advisers (including private fund managers)
Address

5200 WEST 73RD STREET EDINA MN, 55439-2204

Phone number

952-841-2222

Accredited Investors Wealth Management® is an independent, fee-only wealth management firm established in 1987, managing over $3 billion in assets. It specializes in creating durable, adaptable long-term financial plans. 

The company's innovative Wealth Management Index™ aids clients in assessing their financial well-being, identifying areas for improvement and aligning their wealth with their life's purpose through value-centered discussions. As a top-rated financial adviser in Minnesota, it excels in delivering comprehensive and enduring financial planning solutions.

Accredited Investors Wealth Management Services

  • Asset protection
  • Debt management
  • Estate planning
  • Investment planning
  • Disability and income management

Accredited Investors Wealth Investment Strategy

The firm prioritizes long-term results over chasing investment returns or shifting capital to hot sectors or assets. Instead, it allocates capital to market areas with the most appealing relative valuations and the highest potential returns.

7. Best for Businesses: Carlson Capital Management, LLC

CARLSON CAPITAL MANAGEMENT, LLC

CARLSON CAPITAL MANAGEMENT, LLC

$1,778,497,007
  • A percentage of assets under your management
  • Fixed fees (other than subscription fees)
$1,000,000
18
653
Yes
89
6
  • Financial planning services
Address

11 BRIDGE SQUARE NORTHFIELD MN, 55057

Phone number

507-645-8887

Carlson Capital Management, established in 1987 and based in Saint Paul, Minnesota, is a financial advisory firm dedicated to providing comprehensive, objective and independent fiduciary services. Its mission extends to serving individuals, families, trusts, foundations and other entities.

CCM offers investment advisory services through its Integrated Wealth Management platform approach. With a team of 12 advisers, the firm effectively manages assets surpassing $2.9 billion for 1,575 clients, primarily catering to individuals and corporations.

Carlson Capital Management Services

  • Integrated wealth management
  • Investment management 
  • Retirement planning
  • Estate and advanced estate planning
  • Tax planning
  • Insurance planning
  • Education planning
  • Philanthropic planning

Carlson Capital Management Investment Strategy

Carlson Capital Management employs a long-term, value-oriented investment approach that aims to achieve consistent returns while managing risk and volatility. Its strategy is based on Modern Portfolio Theory and factor-based investing.

Choosing the Right Financial Advisers in Minnesota

These financial advisory firms offer a broad range of services to cater to the diverse needs of individuals, families, trusts, foundations and other entities in Minnesota. They focus on providing comprehensive, objective and independent financial guidance to help clients achieve their long-term financial goals. From tailored portfolio management to retirement planning and personalized investment solutions, these firms bring a wealth of expertise to the table. With a commitment to delivering exceptional services, they have earned recognition as some of the best financial advisers in Minnesota. Clients can choose the firm that best aligns with their unique financial objectives and preferences.

Frequently Asked Questions

Q

How do I choose the best financial adviser in Minnesota?

A

To choose the best financial adviser in Minnesota, consider factors like experience, services, fees and client reviews.

Q

Are there specific financial advisers specializing in certain areas in Minnesota

A

Yes, in Minnesota, you can find financial advisers who specialize in various areas, such as retirement planning, estate planning or investment management.

Q

What is the average cost of financial advisory services in Minnesota?

A

In Minnesota, the cost of financial advisory services varies widely, with the average cost for a comprehensive financial plan ranging from $1,000 to $3,000 and ongoing investment management typically costing around 1% of assets under management annually. Fees can vary based on the adviser’s expertise and services.

Anna Yen

About Anna Yen

Anna Yen, CFA is a personal finance writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about personal finance topics ranging from investments, budgeting, debt management, credit, student loans, insurance, and retirement planning to real estate and cryptocurrencies. Her work has been published on sites like Quicken, the crypto exchange Bybit, and Credit.com.