The Top Financial Advisors in North Dakota

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Eide Bailly Advisors leads off our list of the top financial advisors in North Dakota. Eide Bailly works primarily with individual clients, both with and without a high net worth. Institutional clients of Eide Bailly include pensions, profit-sharing plans, charities and other businesses. Certain accounts and portfolios at the firm have a minimum investment requirement, but the exact minimums may vary.

Eide Bailly is a fee-based firm, which means it has advisors on staff who are also registered as insurance agents or broker-dealers. While these advisors can earn commissions from selling financial products to clients, the firm is a fiduciary, so it's legally obligated to act in the best interests of clients..

Eide Bailly Advisors Background

Eide Bailly Advisors was founded in 2005, the same year that it registered with the SEC an investment advisor. The firm has the biggest advisor team of the firms on our North Dakota list and the most assets under management. The firm is owned by Eide Bailly Financial Services, LLC., which is owned and operated by Eide Bailly, LLP. Jeremy Hauk serves as managing partner and CEO.

In addition to its headquarters in Fargo, Eide Bailly has offices in 14 other states. 

Eide Bailly provides its clients with financial planning and asset management services, as well as model investment strategies and financial consulting services.

Eide Bailly Advisors Investment Strategy

Eide Bailly Advisors looks to tailor its investment advisory services to the needs of clients. This involves getting to know clients on an individual basis, learning such information as a client's tolerance for risk, liquidity needs, time horizon and any other relevant information. They use this information to craft an investment plan for each client. This plan may sometimes involve a pre-built investment model or strategy.

On the whole, Eide Bailly's investment philosophy can be described as focusing on strategic and passive asset allocation. "This means our investment strategy aims to balance both risk and reward in your portfolio by apportioning assets according to your goals, risk tolerance and investment horizon," the firm states in its Form ADV brochure. Advisors tend to use equities, fixed-income securities and cash or cash equivalents to build client portfolios, and then periodically rebalance those holdings to keep them aligned with the client's target asset allocation. 

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Prairiewood Wealth Management is the next firm up on our list of the top financial advisory firms in the state of North Dakota. This small firm has a client base made up almost exclusively of individuals, the majority of which do not have a high net worth. However, most of the firm's total assets under management come from its high-net-worth individual clients. Prairiewood doesn't have many institutional clients, but it does work with a few charities.

Prairiewood is a fee-only firm, so none of its advisors have arrangements where they receive commisisons in exchange for selling financial products to clients. The firm has a $500,000 minimum account size requirement that may be waived in certain circumstances.

Prairiewood Wealth Management Background

Prairiewood Wealth Management was founded in 2009 and has been in business ever since. However, it only registered with the SEC as an investment advisor in 2020. Prior to that, the firm was registered at the state level. Steven M. Nelson is the sole owner of the firm. Nelson is a chartered financial analyst (CFA). The other advisor at the firm, Nathan Anderson, is a certified public accountant (CPA).

Prairiewood works with clients to provide comprehensive wealth management services, from investment management to financial planning services.

Prairiewood Wealth Management Investment Strategy

Prairiewood Wealth Management aims to tailor its investment strategies and investment portfolio management services to the wants, needs and financial objectives of its clients. The firm states that one of its goals is to help its clients meet their financial goals through the use of financial investments. 

When selecting investments for use in client portfolios, Prairiewood tends to use individual equities, exchange-traded funds (ETFs), and mutual funds. Their overarching investment approach can be described as "fundamental value discipline in a systemic investing approach."

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Wealth Forward, LLC is last on our list of the top firms in North Dakota. Clients of Wealth Forward are predominantly individuals with less than a high net worth, though it also works with high-net-worth individuals and retirement plans. Services provided include financial planning, retirement plan consulting and investment management. There is no minimum account balance requirement needed to become a client.

Wealth Forward is a fee-based firm, meaning it employs advisors who earn commissions when they sell insurance products or trade securities. This poses a potential conflict of interest, though the firm is a fiduciary and legally obligated to act in the best interests of clients.

Wealth Forward Background

Wealth Forward has been providing investment advisory services since 2011. Ryan Berg is the firm's sole owner, and he holds three certifications: certified financial planner (CFP), certified public accountant (CPA) and personal financial specialist (PFS). Berg has worked in the investment business for over 20 years.

Wealth Forward's services include comprehensive and in-depth financial planning, retirement plan consulting and discretionary investment management. The firm also manages a small amount of its assets on a non-discretionary basis. 

Wealth Forward Investment Strategy

Advisors at Wealth Forward monitor and rebalance client portfolios on at least a quarterly basis. While the types of securities used to implement a client's portfolio may vary, they typically include stocks, bonds, mutual funds, exchange-traded funds, private placements, convertible securities and more.

Investment strategies may also entail the use of third-party investment managers. The firm may also invest client assets in a variety of model portfolios in an effort to drive growth.

Next up on our list is the small firm Johnson Wealth Management. Johnson is based in Grand Forks and has just a single advisor on staff. It works mainly with individual clients, and the majority of those individuals have a high net worth. Johnson doesn't work with many institutional clients, but it does work with a handful of pensions, profit-sharing plans and charities.

You'll need an account balance of at least $500,000 to work with Johnson Wealth Management. It's also good to note that the firm is fee-only, so there's no potential conflict of interest from a dynamic such as an advisor earning commissions from the sale of financial products.

Johnson Wealth Management Background

Johnson Wealth Management, a one-man operation, was founded in 2002. It was registered as a state advisor at first, but ended up swapping that out for an SEC registration in 2017. Derrick Johnson owns 100% of the firm on his own. Johnson attended the University of North Dakota but doesn't appear to be financially certified as a certified financial planner (CFP) or anything else.

Clients can engage Johnson Wealth Management for investment supervisory services and asset management services. The firm also does financial planning and even has engagements that don't relate to matters involving securities directly.

Johnson Wealth Management Investment Strategy

Johnson Wealth Management works with clients to create investment policy statements that are used to guide investment strategies on an individualized basis. The firm takes note of a client's tolerance for risk, liquidity needs, financial situation and other important information, using it to inform investment decisions on the client's behalf.

At Johnson Wealth Management, client assets are primarily invested in low-cost and passively managed funds. The firm does not believe that security analysis generate additional long-term returns, so it stays away from such investment tactics. 

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Light Financial Services rounds out our list of the top financial advisor firms in North Dakota. This small fee-only practice primarily works with individuals who do not have a high net worth but also has a limited base of high-net-worth clients, as well. The firm, which is located in Fargo, is also open to working with charities, corporations and other business entities. 

Light Financial Services has one advisor on staff with the certified financial planner (CFP) designation. The firm charges portfolio management fees as a percentage of your assets under management. However, it may also charge financial planning fees that can range from $750 to $7,500 per arrangement. 

Light Financial Services Background

Founded in 2003, Light Financial Services is owned by Paul Light, who also serves as the firm’s president and chief compliance officer.  Light has worked in financial services since 1989, having spent time at Prudential Insurance and Educators Financial Services before establishing his namesake firm. 

Light Financial Services provides investment management, financial planning and 403(b) plan consultations. The firm also offers access to a third-party wrap fee program, which allows clients to pay a flat fee that covers portfolio management, administrative costs, trading fees and other expenses. 

Light Financial Services Investment Strategy

Light Financial Services provides investment management services through model asset allocations – prebuilt portfolios designed to meet a particular investment goal. The firm manages individual accounts according to their stated objectives, including maximum capital appreciation, income, as well as tax considerations. 

Light Financial Services typically invests client assets into a mix of exchange-listed securities and mutual funds. 

The firm manages assets on either a discretionary or non-discretionary basis, meaning some clients grant Light Financial Services full authority to make trades without their consent, while others choose to sign off on individual transactions.