Financial Advisor Minneapolis: Choosing Well – PillarWM

Planning for the future can be challenging for just about anyone. However, for wealthy investors, the impact of making the wrong choice can be much more significant. You can make better decisions with the aid of a financial advisor. Minneapolis residents who wish to plan for a secure future should reach out to Pillar Wealth Management for financial advice. We understand the unique needs of investors. Read our special investment guide for investors with $10 million or more.

Top 10 Financial Advisors in Minneapolis

According to smartasset.com, the following firms are the top financial advisors in Minneapolis. These firms are registered with the SEC, offer financial planning services, have the largest volumes of assets under management, and work primarily with individuals. They have no disclosures, have fewer clients per advisor, and have been in business longer. Fee-only firms ranked higher.      

1. Choreo, LLC

Choreo has been operating as an SEC-registered financial advisor since 2000. Choreo offers a broad range of advisory services and manages over $12 billion in assets.   

Choreo offers its services to individuals and families, pension plans, charities, and businesses.

The firm develops an investment plan based on the client’s needs, goals, and objectives, with recommended investments including a mix of securities, fixed income, and other asset classes, monitored and managed by the advisor.

Investment advisory fees are based on a percentage of the assets in the client’s account, but not more than 1.5%. A minimum account balance of $1 million is required. If the fee is a fixed amount, it may be larger than 1.5%.

Choreo currently uses third-party investment consultants to find investment managers; the consultants provide market research and client model portfolios. These investment recommendations and asset allocation models are reviewed and approved by Choreo prior to being recommended or implemented in any client portfolios.

2. Focus Financial

Focus Financial Network (FFN) had been a registered financial advisor since 1993. It operated as a network of independent contractors affiliated with FFN to offer financial services. FFN pays a portion of the client’s fees to the client’s advisory representative.

FFN offers asset management, monitoring, and analysis; and financial planning, including tax and estate planning and employee benefits planning. Its clients include individuals, trusts, estates, charities, and businesses.

Advisory fees are based on portfolio value, ranging from 2.00% for up to $500,000 and 1.00% for over $25 million. The fee may be a flat fee of 1.00%. Fees will vary depending on portfolio solutions.

For their investment recommendations, FFN’s advisory representatives utilize economic, trend, fundamental, and technical analysis. FFN advisors use primarily open-ended mutual funds, ETFs, and variable products. Managed accounts may include stocks and bonds.

3. Riverbridge

Riverbridge Partners was founded in 1987. The company’s focus is on providing investment management services to a diversity of clients. Therefore, the firm does not sell insurance or prepare tax returns or estate plans. It does provide services to retirement plans. The firm manages approx. $6.3 billion in assets.

The firm’s clients include individuals, pension plans, businesses, banks, investment companies, foundations, trusts, and estates.

Riverbridge’s standard fee is 1% of assets under management. Generally, an account minimum of $1 million is required.

Riverbridge focuses on investments in diversified, well-managed companies of varying size. These companies are evaluated for sound culture and management, strong unit growth, strategic market position, internally financed growth, and conservative accounting.

A client’s portfolio may be customized and diversified across asset classes.

4. NorthRock Partners, LLC

Northrock Partners was formed in 2013. A majority of the firm is owned by Robert Nelson and Todd Moser. The firm is a full-service wealth management firm with $4 billion in assets under management. It provides both an investment Program and non-investment services—called Personal Office services.

The asset-based Program fee is generally between 0.50% and 1.25% of the assets under management. The minimum program fee is $5,000. The firm offers its services to individuals, trusts and estates, charitable organizations, and businesses.

Northrock engages independent investment managers to provide services through the Program, which may impose more restrictive account requirements. The firm evaluates the managers’ investment strategies and past performance as they relate to the client’s portfolio allocations and risk tolerance.

5. Envoi, LLC  

Envoi, LLC is owned by its founders Brenda Sallstrom, James Sand, and Ryan Steensland. It is a family office and has been providing investment advisory services in Minnesota since 2009. It manages $2.5 billion in client assets.

Envoi clients are families with multi-generational wealth, and the firm collaborates with the families to tailor an investment strategy that meets the requirements of the client. Envoi offers advice but not financial solutions, which are instead offered by third-party providers. Envoi offers a broad array of financial planning and investment services to high net worth individuals, and entities established for high net worth individuals, including trust, corporations, LLCs, LPs, and charities established by clients.

The annual minimum fee is $150,000. Combined assets of up to $25 million are charged 0.60%; assets over $500 million are charged a fee of 0.05%.

Envoi works with the client to build a balance sheet that acts as a framework for advising the client and a basis for creating an investment portfolio. On that basis, Envoi establishes a contract with sub-advisors who manage securities portfolios. Envoi performs a strict ongoing evaluation of its sub-advisors. Generally, Envoi’s portfolios are broadly diversified.

6. Great Waters Financial

Great Waters has been a registered financial advisor since 2021. The firm is owned by Michael Palumbo, Justin Halverson, and Elijah Kovar. The firm provides investment advisory services that can include, according to the client’s needs, financial planning and consulting. Financial plans are implemented by the firm at the request of the clients. The firm may allocate investments to funds that are not directly available to the client.

Investment advisor fees range from 1.25% for assets up to $500,000 to a negotiable fee (less than 0.80%) for assets greater than $10 million. The general requirement is a minimum of $100,000 in assets allocated for investment.

The firm utilizes fundamental and technical analysis of securities, with strategies for both long-term and short-term purchases.

7. Compass Capital Management, Inc.

Charles Kelley is the principal owner of Compass Capital Management (Compass), which has been operating as a registered adviser since 1988. The firm manages $1.7 billion in assets. Compass offers advisory services to a broad range of clients, which are structured around the needs and goals of the client.

Advisory management fees are 1.00% of assets up to $5 million, 0.75% on the next $5 million, 0.50% on the next $10 million, and negotiated on higher balances. The minimum account size is $1 million, and accounts less than $1 million will be charged a minimum fee.

The focus of the firm’s portfolio-building process is fundamental research and valuation of candidates. Selections are assessed for longer-term social and economic trends.

8. Everest Financial Group

Everest Financial Group (EFG) has five principal owners and has been providing financial advisory services since 2005. The firm’s investment advisor representatives (IARs) are registered with Securities America Inc (SAI), a registered broker-dealer and member of FINRA and SIPC. Charles Schwab is the custodian for EFG. IARs are fee-based advisors and, as such, may earn fees and commissions when selling securities or other products.

Fees for investment management services do not exceed 2.5% annually. A minimum account size is not required but should be large enough to be managed effectively.

Methods of analysis include charting, fundamental, technical, and cyclical methods. Investment strategies include long- and short-term purchases (securities held either more or less than one year), short sales, and modeling.

9. Capital Management Associates, Inc.

Capital Management Associates has four principal owners and has been operating as a registered investment adviser since 1982. Capital offers advisory services to a variety of clients, including individuals and corporations.

Capital’s recommendations include a comprehensive range of investment classes that are consistent with the client’s objectives, risk tolerance, and liquidity needs. For managed accounts, investment managers are selected to match the client’s investment plan; otherwise, the firm provides asset management for individual portfolios.

Capital also offers personal financial planning, including tax and cash flow, insurance, and retirement. The firm manages approx. $1.2 billion in assets. Investment management fees range from 0.1% to 2% and/or a fixed fee ranging from $200 to $10,000.

The firm’s investment strategies involve a range of methods including focusing on an appropriate ratio of securities, fixed income, and cash. Mutual funds and ETFs are closely monitored.

10. Financial Perspectives

Financial Perspectives (FP) has been in business since 1986. Its principal owner and president is Daniel Dugan. FP offers investment advisory services, financial planning, and retirement plan consulting. Depending on the client’s situation, FP may select independent investment managers to provide advice. The investment advisory fee is 1.2% for up to $1 million in assets. The percentage decreases as the amount of assets increases, with a negotiable fee for assets over $10 million. There is no account minimum, but assets must be sufficient to expect to benefit from FP’s services.

Should You Hire a Financial Advisor Minneapolis?

Investors who have never sought help from a professional advisor may be wondering, “why hire a high net worth financial advisor?”. Most advisors offer a wide variety of services, each of which can help you meet a specific financial goal. Set up a free meeting with our wealth managers to learn about the various services we offer.

A financial advisor can help you meet goals, such as:

Setting up a Comfortable Retirement

If you intend to retire in the next few years, you should be well-prepared for the challenges it brings. Once you retire, you will no longer be earning an active income from your career. As a result, you will be relying on your savings to keep yourself afloat. However, your savings won’t last forever.

A financial advisor can help you expand your portfolio with assets that provide income during your retirement. This can help you achieve a comfortable retirement where you won’t have to worry about your savings depleting. We discuss some portfolio expansion strategies in our special guide.

Making Better Investment Choices

Every investor wishes to make better investment choices. The average investor may have gained a fair amount of knowledge by studying markets themselves and practicing with different investments. However, they can always gain additional guidance from a financial advisor. Please speak with our advisors to learn how you can make better investment choices.

An advisor may be instrumental if you wish to invest in a market sector you are unfamiliar with. Additionally, they may be able to provide advice on improving your portfolio performance. We discuss many ways to enhance portfolio performance in our guide.

Protecting Your Wealth

Financial advisors are also knowledgeable regarding different wealth protection strategies. Wealthy investors are always vulnerable to market crashes or health problems. A market crash or an unexpected medical bill can leave you with far less wealth than you originally intended. A wealth manager can help you plan for such events and also assist you in minimizing the damage they may cause. We discuss the importance of wealth protection in greater depth in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

What Is the Best Type of Financial Advisor?

The term “financial advisor” applies to many different types of professionals who operate in the finance industry. There are financial advisors who specialize in retirement planning, managing investments, and wealth transfers. After learning this, you may be wondering, “what is the best type of financial advisor?

There is no “best” type of financial advisor. However, if you require assistance in a variety of different areas, a wealth manager may be the right choice for you. Wealth managers are a special type of financial advisor who offer a range of services such as portfolio analysis, asset management, retirement planning, insurance planning, and wealth transfer.

They differ from ordinary financial advisors in that they cater only to individuals with a high net worth or an ultra-high net worth. For example, at Pillar Wealth Management, we provide services for clients with $5 million to $500 million in liquid investment assets.

This means a wealth manager understands the unique goals wealthy investors wish to achieve and the challenges they face. Get in touch with our wealth managers to learn about wealth management practices.

How Much Should You Pay a Financial Advisor?

Before using the services of a financial advisor, you might be wondering, “how much should financial advice cost?”. The exact fees may vary from advisor to advisor. However, you can expect to pay around 1% of the value of the assets they are managing for you.

Some advisors may charge their clients extra for each consultation, so it is essential to understand your advisor’s charges before hiring them. You should ask your advisor their charges and many other questions outlined in our guide to choosing a financial advisor.

At Pillar Wealth Management, we charge clients a fixed annual fee. You can meet with our managers as often as you need to without paying any extra charges.

Is a Financial Advisor Worth It?

It’s natural to ask, “should I pay for a financial advisor?” After all, you may be able to carry out activities such as financial planning yourself. However, these professionals can offer advice that may be invaluable for investors. You can learn about our investment expertise by reading our guide for investors with $10 million or more.

Financial advisors are experienced with helping clients meet their financial goals, so why not give them a chance?

Why Choose Pillar Wealth Management

You should choose Pillar Wealth Management for financial advisory services due to the six decades of experience we possess. We strive to help our clients meet all their goals and to unlock their true potential as investors. Sign up for a special free consultation with our wealth managers today.

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