Finding a Top Financial Advisor Firm in Minnetonka, Minnesota
Minnetonka, Minnesota has plenty of financial advisor firms, and choosing one can be a stressful decision. We’ve streamlined your hunt for the right firm by researching and compiling the top choices in your area. SmartAsset sorted through company records and filings with the U.S. Securities and Exchange Commission (SEC) to find the best contenders in Minnetonka. If you’re still unsure of who to work with, SmartAsset’s financial advisor matching tool can connect you with up to three advisors who serve your area.
Find a Fiduciary Financial Advisor
We match more than 50,000 people with financial advisors per month. Get connected to an advisor that serves your area today.| Rank | Financial Advisor | Assets Managed | Minimum Assets | Financial Services | More Information |
|---|---|---|---|---|---|
| 1 | Marks Group Wealth Management, Inc.  Find an Advisor | $1,463,855,812 | $1,000,000 |
| Minimum Assets$1,000,000Financial Services
|
| 2 | The Advocate Group, LLC  Find an Advisor | $591,053,993 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 3 | Cherry Tree Wealth Management, LLC  Find an Advisor | $484,875,402 | $500,000 |
| Minimum Assets$500,000Financial Services
|
What We Use in Our Methodology
To find the top financial advisors in Minnetonka, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
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AUMFirms with more total assets under management are ranked higher. -
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Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher. -
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Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher. -
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Age of FirmFirms that have been in business longer are ranked higher.
All information is obtained through public records and is updated annually after the firms’ form ADV filing. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria. SmartAsset is not a client of the aforementioned firms, and did not receive compensation for including any of the firms on the aforementioned list.
Marks Group Wealth Management
Marks Group Wealth Management is a firm in eastern Minnetonka that works with hundreds of clients, more than half of whom are individuals with less than a high net worth. High-net-worth individuals, pension plans, charitable organizations and corporations make up the rest of its client base.
The firm imposes a minimum account size of $1 million, though it may be willing to accept less than that.
Marks Group is a fee-based firm, which means some of its advisors may have the ability to sell insurance products or securities on a commission basis. This constitutes a potential conflict of interest, though it's mitigated by the firm's fiduciary duty to act in clients' best interests.
Marks Group Wealth Management Background
Marks Group Wealth Management was founded in 2008 by Bennett Marks, who principally owns the firm to this day.
The firm holds multiple certifications, including certified financial planners (CFPs).
Marks Group Wealth Management offers a range of services that encompass financial planning and consulting, investment management and a wrap fee program. The firm will also recruit the services of independent sub-advisors from time to time.
Marks Group Wealth Management Investment Philosophy
Marks Group maintains six different portfolio models that it uses to create appropriate asset allocations for each client’s portfolio. These model portfolios vary in terms of cash flow, potential for growth and aggressiveness, and the firm will take into account the client’s goals and risk tolerance when considering which model would be most appropriate.
When analyzing potential securities, the firm will typically employ fundamental and technical analysis. Fundamental analysis involves looking at a company’s earnings, management capabilities, products, services and market position to gain an idea of its intrinsic value. Technical analysis involves analyzing historical market data to attempt to forecast future performance.
The Advocate Group
The Advocate Group has been working with individuals and organizations in Minnetonka for two decades. The firm serves both non-high-net-worth and high-net-worth individuals, as well as charities.
The firm doesn't have a minimum investment requirement, though it usually works with clients who have at least $500,000 in investable assets.
Many of the advisors at The Advocate Group hold an advisory certification. These include certified financial planner (CFP) and chartered financial analyst (CFA).
Some of the on-staff advisors here may be able to receive commissions for the sale of insurance products to clients. Despite the potential conflict of interest this creates, the firm abides by fiduciary duty, legally requiring it to act in clients' best interests at all times.
The Advocate Group Background
The Advocate Group was originally established in 2002, but it has existed in its current form since 2011. The firm has four controlling owners, all of whom are also employees. They are CEO Michael L. Corrigan, chief operating officer (COO) Rebecca A. Wachter, secretary Sean P. O’Hagan and chief investment officer (CIO) Seth Heimermann.
The firm offers both investment management and financial planning services. Financial planning services include tax planning, retirement planning, cash flow modeling, risk management, estate planning and charitable gift planning.
The Advocate Group Investment Philosophy
The Advocate Group believes that a comprehensive financial plan is what should determine a client’s proper asset allocation, as opposed to their personal risk tolerance. In other words, while the client’s individual risk level should definitely be a factor, it shouldn’t be the only one.
Furthermore, the firm thinks that maintaining reserves of liquid assets is crucial to helping clients hold a steady financial situation throughout periods of market volatility. If you have any specific liquidity or cash flow needs, the firm can work this out with you as well.
Cherry Tree Wealth Management
Cherry Tree Wealth Management has been in business since 2009. It serves both high-net-worth and non-high-net-worth individuals, as well as retirement plans, charities and government entities.
The firm holds multiple certifications, including certified financial planners (CFPs) and chartered financial analysts (CFAs), among other designations.
Fees for portfolio management services are calculated as a percentage of your AUM. For financial planning services, the firm will typically charge an hourly fee. What exactly you’ll pay will depend on the nature and complexity of your financial needs.
The firm typically calls for at least $500,000 in investable assets for new client accounts.
Cherry Tree is a fee-based firm.
Cherry Tree Wealth Management Background
Cherry Tree Wealth Management was formed in Minnetonka in 2009. There are two owners with a stake in the company: chairman Anton Christianson and holding company Adam Smith Companies, LLC.
Cherry Tree specializes in individual portfolio management and financial planning services, as well as consulting for qualified retirement plans.
Cherry Tree Wealth Management Investment Philosophy
Cherry Tree Wealth Management believes that a strategic asset allocation has a much more significant impact on long-term investing upside than individual stock selection. Therefore, the firm will pay careful attention to ensure that the mix of asset classes in your portfolio fall in line with your investing goals, cash flow needs and risk tolerance.
The firm frequently engages in long-term investment strategies, which involves purchasing securities with the intent to hold onto them for at least a year. Occasionally the firm will use short-term purchase strategies (less than a year), but this is far less common.
