Finding the Right Minneapolis Financial Advisor
- Troné Fossum
- Mar 13
- 6 min read
By 360 Financial, Big Picture Planning and Wealth Management in Minnesota, MN
A financial advisor can help you plan for retirement and work toward achieving your financial goals.
Whether you need wealth management, retirement planning, or investment advisory services, a financial advisor can help.
However, not all financial advisors offer the same level of service and experience.
From shared values to credentials to cost structures, finding the perfect fiduciary financial advisor in Minneapolis, Minnesota, may feel difficult. Fortunately, we’ve done the legwork for you.
In this post, we’ll cover seven key things to consider when looking for the right financial advisor in Minneapolis. And, if you’d like to speak with a fiduciary financial advisor right away, schedule a call with a fiduciary financial advisor in the Twin Cities area.
Now, here’s how to find the right Minneapolis financial advisor for you—one that can help you navigate the complexities of financial planning, investment management, and wealth preservation.
How to Find the Right Financial Advisor in Minneapolis, MN
1. Define Your Financial Needs
Before you commit to a financial advisor, consider your financial planning goals, both long-term and short-term.
Consider whether you need assistance with retirement planning, tax planning and tax strategies, investment management, estate planning, or a combination of all the above services. If you own a business, require charitable giving strategies, or are planning for generational wealth transfer, these considerations should also guide your search.
By defining your needs, you can find an experienced financial advisor who can address your unique financial planning needs.
Do you have any of the following financial needs?
Retirement planning
Tax planning
Investment management
Estate planning
Wealth management
Charitable giving
Insurance and risk management
Business estate planning
2. Verify Credentials and Experience
Choose a financial advisor registered with either the SEC or state regulators.
Advisors with under $100 million in assets under management (AUM) register at the state level. In addition, make sure that your financial advisor has recognized national association certifications and extensive experience.
Here are key credentials to look out for when choosing your financial guide:
Certified Financial Planner (CFP®): This credential shows that the advisor has gone through extensive training in financial planning and provides client-focused strategies.
Accredited Investment Fiduciary (AIF®): Advisors with this designation are fiduciaries with a deep knowledge of prudent investment practices.
Certified Private Wealth Advisor (CPWA®): This certification is designed for advisors who specialize in high-net-worth clients and advanced wealth management strategies.
An advisor's experience and client history are also important. In addition, you may wish to partner with wealth management advisors who have worked with people like you. What is their experience? Do they specialize in helping people with financial needs similar to yours?
3. Understand the Cost Structure
Personal financial advisor fees differ from firm to firm.
The cost may vary depending on the investment advisory services offered and the chosen cost structure.
There are three main types of cost structures: fee-only, commission-based, and fee-based. Understanding the intricacies of each is key to choosing appropriate financial advisory fees.
Fee-Only Financial Planning: These advisors charge a fixed rate, hourly fee, or a percentage of assets under management. They do not receive commissions for recommending financial products.
Fee-Based Financial Planning: This structure blends fee-only services with commission-based compensation, meaning the advisor may earn a combination of direct fees and commissions from financial products.
Commission-Based Financial Planning: Advisors operating under this structure earn commissions from selling investment or insurance products. Understanding how commissions may influence recommendations is important when considering this model. Make sure you ask plenty of questions.
4. Find a Fiduciary Financial Advisor
A fiduciary financial advisor is legally and ethically obligated to act in your best financial interest.
This means they strive to recommend strategies and investment solutions that align with your financial goals rather than being influenced by commissions or incentives.
That’s why it’s important to choose a fiduciary advisor. You can be more confident when you follow their recommendations. And you'll know that your financial well-being is their top priority.
However, it’s still important to review recommendations carefully and work to ensure they align with your personal financial objectives.
5. Read Client Reviews and Case Studies & Ask for Referrals
An advisor’s reputation can offer valuable insights into their approach, client service, and abilities.
Case studies can help you understand how financial advisors handle wealth management. Meanwhile, client testimonials offer a more personal perspective from previous clients. Look for both on an advisory firm's website.
6. Schedule Interviews and Ask Key Questions
Once you have identified potential advisors, schedule an introductory meeting to evaluate whether their approach aligns with your needs.
Prepare a list of questions to ask, such as:
What is your experience working with clients in similar financial situations?
How do you tailor financial strategies to meet individual clients' needs?
What is your investment philosophy?
How do you approach risk management?
Do you provide other services beyond investment management, such as tax planning and estate planning?
How frequently do you meet with clients to review their financial plans and investment portfolios?
What is your fee structure?
How do you disclose costs?
Are you a fiduciary?
Working with a financial advisor is a long-term relationship. So use this opportunity to discover whether you feel comfortable with them. And ask questions to verify that they have the wealth management experience you need.
7. Trust Your Instincts
Trust your gut when deciding on a wealth advisor or financial advisor.
Whether you decide to work with someone in Minneapolis or beyond, you need to feel comfortable with your advisor. If anything feels off, keep searching!
A good advisor-client relationship is built on professionalism, transparency, and effective communication. If something does not feel right or you lack confidence in an advisor’s approach, it may be best to continue your search.
Take the Quiz to Find Out If You Actually Need a Financial Advisor
Do You Need a Minneapolis Financial Advisor?
If you have simple finances and need help with budgeting, debt management, or basic investment management, you may not need a wealth advisor.
Instead, you may wish to seek the guidance of a fee-based financial planner as you begin your wealth-building journey.
However, as your assets grow and your financial situation becomes more complex, a financial advisor is a must. Working with an experienced professional can be beneficial as you move toward retirement.
We generally recommend a financial advisor or wealth advisor for individuals with $500,000 or more in investable assets.
A financial advisor can create a customized financial plan and wealth management strategy. They can also help you with tax planning, estate planning, and, of course, investment management.
Business owners and individuals with multiple income sources could also greatly benefit from the guidance of a financial advisor.
Learn more about when it may be time to consult an advisor here. Or get in touch with 360 Financial.
Financial Advisor Q & A
What do personal financial planners do?
Personal financial planners help people manage their money.
They create detailed financial plans based on individual goals. This includes budgeting, retirement planning, investment strategies, tax planning, estate planning, and risk management.
They provide guidance on saving, investing, and managing debt to seek to ensure long-term financial security.
Can a financial advisor help me with cash flow analysis?
Yes, a financial advisor can help you analyze your cash flow by reviewing your income sources, expenses, and savings patterns.
They can identify opportunities to optimize spending, increase savings, and improve financial efficiency. This is especially beneficial for business owners, high-net-worth individuals, and those experiencing major life transitions, such as retirement.
Ask an advisor if they can help you with this when you initially speak with them.
How can I tell if my advisor is a fiduciary?
A fiduciary financial advisor is legally required to act in your best interest.
To verify if your advisor is a fiduciary, ask them directly if they follow a fiduciary standard.
Additionally, check their credentials—Certified Financial Planners (CFP) and Accredited Investment Fiduciaries (AIF) typically adhere to fiduciary standards. You can also look up their registration with the SEC (Securities and Exchange Commission) or FINRA (Financial Industry Regulatory Authority) to see if they have any disclosures related to conflicts of interest.
What is values-based investing?
Values-based investing is also known as socially responsible investing (SRI) or environmental, social, and governance (ESG) investing.
It is an investment strategy that aligns your financial decisions with your personal beliefs and values. A values-based approach allows investors to support companies that prioritize ethical business practices, sustainability, or other social causes.
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About 360 Financial
360 Financial is an independent wealth management firm with a team of specialized financial advisors and financial planners. As fiduciaries, 360 Financial’s advisors provide services to business owners, entrepreneurs, and professionals. We help investors with sudden wealth, retirement planning, tax planning, estate planning, and business financial planning.
Headquartered in Minnesota, we serve investors across the US with online and in-person wealth management and financial planning services.
