Question 1

What are the common fees and fee structures for financial advisors in Minnesota?

Accepted Answer

Financial advisors in Minnesota can be paid in various ways. Some advisors can charge fees based on a percentage of assets under management or a flat fee for their services. Alternatively, some advisors use a combination of commissions and fees or solely earn commissions by selling financial products. It's important to understand the compensation structure of your financial advisor to ensure transparency and manage potential conflicts of interest. To learn more about financial advisor fees and the factors affecting them, explore the costs of hiring a financial advisor.

Question 2

What are the benefits of hiring a financial advisor in Minnesota?

Accepted Answer

There are multiple benefits to hiring a financial advisor in Minnesota. Financial advisors are finance professionals that help you by providing you with professional guidance and strategy to build wealth. You as a client also benefit from their deep knowledge, experience, perspective, and gain peace of mind knowing you're making informed financial decisions. Additionally, working with a financial advisor can potentially minimize investment risks and lead to more returns on your investments. A financial advisor also reviews your investments regularly and provides ongoing support to help you stay on track and adjust your financial plans as needed. To learn more, read about the benefits of working with a financial advisor.

Question 3

What kind of certifications should I look for when choosing a financial advisor in Minnesota?

Accepted Answer

When choosing a financial advisor in Minnesota, look for some common credentials like Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Chartered Financial Consultant (ChFC). These designations indicate that the advisor has undergone certified training in the field as a financial advisor and is committed to keeping your best interests a priority. To ensure you are making an informed decision while picking an advisor, explore the 6 common financial advisor certifications you need to know. To further explore the various credentials an advisor can hold, read more about advisor designations.

Question 4

What types of services can I expect from a financial advisor in Minnesota?

Accepted Answer

Financial advisors in Minnesota offer a wide range of services, including retirement planning, investment management, estate planning, tax planning, insurance planning, and wealth management. The specific services that an advisor offers may depend on their area of expertise, so it's important to find an advisor whose services align with your needs and goals. By clicking on the "View full profile" button of any vetted financial advisor listed on WiserAdvisor&rsquo;s directory, you can access detailed information about their services, fees, credentials, and more. Read on to better understand how financial advisors can assist you with the various services they provide.

Question 5

How can I find a financial advisor in Minnesota that specializes in retirement planning?

Accepted Answer

You can utilize our Minnesota financial advisor directory as the majority of advisors listed there offer retirement planning services. By clicking on the "View full profile" button of any vetted financial advisor, you can access detailed information about their services, fees, credentials, and more. In the "Advisory Services Provided" section, you will be able to confirm if retirement planning is among the services they offer. Additionally, we recommend using the free financial advisor match tool to connect with pre-screened and vetted advisors in Minnesota who meet your specific needs.

Question 6

What should I look for when choosing a financial advisor in Minnesota?

Accepted Answer

When choosing a financial advisor in Minnesota, you should consider factors including qualifications, years of relevant experience, method of compensation, and services offered. Additionally, it's important to ensure that an advisor has the necessary licenses and registrations with trusted regulatory organizations such as the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). To learn more, read the guide on using FINRA's BrokerCheck tool to evaluate a financial advisor&rsquo;s credentials.

Question 7

What should I expect during my first meeting with a financial advisor in Minnesota?

Accepted Answer

During your first meeting with a financial advisor in Minnesota, you can expect a discussion about your financial goals, current financial situation, and risk tolerance. The advisor may ask questions to understand your objectives, income, expenses, assets, and debts. They may also inquire about your investment experience and any specific concerns you have. For more information on how to prepare for your first meeting, refer to this guide on how to prepare for a meeting with your financial advisor.

Question 8

How often should I meet with my financial advisor in Minnesota?

Accepted Answer

How often you should meet with your financial advisor may depend on your individual needs and financial situation. Some clients meet with their advisors quarterly or annually, while others may require more frequent meetings to stay on top of complex finances or significant life changes. With your financial advisor, you can discuss your financial circumstances and help determine the appropriate frequency for reviewing your financial plan. Read on to learn more about how often you should meet with your advisor.

Question 9

Are there financial advisors in Minnesota who specialize in helping individuals who are retiring without a retirement plan?

Accepted Answer

Yes, there are financial advisors in Minnesota who specialize in helping individuals who are retiring without a retirement plan. These advisors understand the unique challenges faced by individuals in this situation and can provide guidance on creating a financial roadmap for retirement. They may assist in developing strategies to maximize savings, establish a sustainable retirement income, and explore investment options suited for late-stage retirement planning. To gain a deeper understanding of late-life retirement planning read on about how to plan for retirement if started late.

Question 10

How do I know if a financial advisor in Minnesota is legitimate?

Accepted Answer

To determine if a financial advisor in Minnesota is legitimate, you can check if they are properly licensed and registered with the appropriate regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). It's also important to review each financial advisor's years of relevant experience, credentials (CFP, ChFCs, CFAs, etc.), education, method of compensation, client testimonials, and ensure that they adhere to a strict code of ethics. Additionally, to ensure a financial advisor is legitimate, we recommend using the free financial advisor match tool to connect with pre-screened and vetted advisors in Minnesota who meet your specific needs.

Question 11

What is the typical minimum asset requirement for working with a financial advisor in Minnesota?

Accepted Answer

The typical minimum asset requirement for working with a financial advisor in Minnesota can vary. While some advisors might have specific minimum investment thresholds, many are willing to offer valuable guidance and support regardless of the size of your portfolio. Even if you have a relatively small amount to invest, an advisor can assist you in creating a customized plan to achieve your financial goals, manage risks, and make well-informed decisions. To learn more about how financial advisors can help with investment management and portfolio growth, consider exploring the impact of asset allocation on your investments.

Question 12

How do financial advisors in Minnesota help individuals effectively manage their retirement portfolios?

Accepted Answer

Financial advisors in Minnesota can offer valuable assistance in managing retirement portfolios by evaluating your current financial status, which involves examining your income, expenses, assets, and debts, crafting a tailored retirement plan that reflects your individual requirements, and taking into consideration factors such as your preferred retirement age, lifestyle expectations, and risk tolerance. These advisors also provide guidance in selecting suitable retirement accounts like IRAs or 401(k)s, offer support in making strategic investment choices to enhance your retirement savings, and conduct assessments of your potential Social Security benefits to ensure you have comprehensive insights to pave the way for a successful retirement. To delve deeper into the role of financial advisors in securing your financial future during retirement, explore the benefits of hiring a retirement advisor.

Question 13

What steps can I take to effectively manage my retirement portfolio in Minnesota?

Accepted Answer

To effectively manage your retirement portfolio in Minnesota, start by assessing your current financial situation, including income, expenses, assets, and debts. Followed by setting clear retirement goals based on your desired lifestyle and age of retirement, diversifying your portfolio to manage risk, and regularly reviewing and adjusting your investments as necessary based on market trends. While managing your portfolio independently can be appealing, consider the benefits of working with a professional financial advisor who can offer personalized guidance tailored to your specific needs. To make informed decisions about managing your retirement portfolio, read about DIY money management versus hiring a professional for your financial needs.

Financial Advisor	Experience	AUM	Minimum Assets	Fee Structure
Edelman Financial Engines LLCEdelman Financial Engines LLC206 Broadway Avenue S, Suite 460Rochester, MN 55904	Not Disclosed	Not Specified	Not Specified	Fee-Based
Shaun MarlineMarline & Associates LLC Wealth Management11 East Superior StreetDuluth, MN 55802	18 Years	Not Specified	$50,000	Not Specified
Ty BernickeCFP^®1625 Radio Drive, Suite 110Woodbury, MN 55125	27 Years	Not Specified	$500,000	Fee-Based


AMERIPRISE FINANCIAL SERVICES, LLCMinneapolis, MN	13903	2284921	$479,793,782,427	A percentage of AUM, Hourly charges, Fixed fees
U.S. BANCORP ASSET MANAGEMENT, INC.Minneapolis, MN	77	88	$176,091,949,959	A percentage of AUM, Other (ADMINISTRATION FEES)
GARDA CAPITAL PARTNERSWayzata, MN	200	3	$137,829,756,000	A percentage of AUM, Performance Based
THRIVENT FINANCIAL FOR LUTHERANSMinneapolis, MN	4167	69	$121,600,874,152	A percentage of AUM, Performance Based
GALLIARD CAPITAL MANAGEMENTMinneapolis, MN	102	279	$85,511,782,543	A percentage of AUM, Fixed fees
RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.Minneapolis, MN	193	227	$76,497,109,888	A percentage of AUM, Fixed fees, Performance Based
WEALTH ENHANCEMENT ADVISORY SERVICES, LLCPlymouth, MN	712	154394	$72,024,609,099	A percentage of AUM, Hourly charges, Fixed fees, Other (FEES RECEIVED FROM THIRD PARTY INVESTMENT ADVISORS)
SECURIAN ASSET MANAGEMENT, INC.St Paul, MN	87	369	$42,989,647,472	A percentage of AUM, Fixed fees, Other (CERTAIN ACTUAL EXPENSES ARE REIMBURSED BY THE CLIENT)
WALLEYE CAPITAL LLCPlymouth, MN	335	14	$31,696,623,992	A percentage of AUM, Performance Based, Other (PASS-THROUGH EXPENSES)
THRIVENT ASSET MANAGEMENT, LLCMinneapolis, MN	431	33	$30,310,955,626	A percentage of AUM
CASTLELAKE, L.P.Minneapolis, MN	224	37	$26,316,985,845	A percentage of AUM, Performance Based, Other (SERVICING FEES)
ADVANCED CAPITAL GROUPMinneapolis, MN	27	341	$25,902,315,714	A percentage of AUM, Fixed fees
WINSLOW CAPITAL MANAGEMENT LLCMinneapolis, MN	39	1218	$23,423,257,436	A percentage of AUM, Performance Based
AB CARVAL INVESTORS, LPMinneapolis, MN	205	70	$20,428,486,178	A percentage of AUM, Performance Based
VARDE MANAGEMENT, L.P.Minneapolis, MN	233	109	$18,092,415,340	A percentage of AUM, Performance Based

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