Best Hennepin County, Minnesota Financial Planners
Introduction
Navigating the world of financial planning can be daunting, especially with so many options available in Hennepin County, Minnesota. This article aims to guide you through some of the best financial planners in the area, providing detailed reviews, contact information, and insights into their services. Whether you’re planning for retirement, managing investments, or seeking advice on tax strategies, finding the right advisor is crucial for your financial well-being.
What to Look for in a Financial Planner
Choosing the right financial planner involves more than just looking at their qualifications. It’s about finding someone who understands your unique financial situation and can provide personalized advice. When searching for a financial planner, consider the following:
-- Credentials: Look for planners with certifications like CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst). These credentials indicate rigorous training and adherence to high ethical standards.
- Fiduciary Status: A fiduciary is legally obligated to act in your best interest, which can provide peace of mind that your advisor is making recommendations solely to benefit you.
- Experience and Specializations: Depending on your needs, you might prefer an advisor who specializes in retirement planning, tax strategies, or investment management.
- Fee Structure: Understand how your advisor charges for their services. Common structures include percentage of assets under management (AUM), hourly rates, fixed fees, or commissions.
- Client Reviews: Look for testimonials and reviews from other clients to gauge the advisor’s reliability and effectiveness.
Voya Financial Advisors
Overview
Voya Financial Advisors, located at 10800 Lyndale Ave South STE 200, Bloomington, MN, is renowned for its comprehensive approach to financial planning. They emphasize a personalized strategy, ensuring that every client’s unique financial and life goals are met.
Services Offered
- Comprehensive financial planning
- Investment management
- Retirement planning
- Insurance products
Contact Information
- Email: lia.jakubiak@voyafa.com
- Phone: 612-887-3828
- Website: Voya Financial Advisors
Client Reviews
Clients of Voya Financial Advisors appreciate the personalized service and holistic approach. Reviews highlight the firm’s ability to create actionable plans that lead to long-term financial security.
Table of Services
| Service Offered | Description |
|---|---|
| Financial Planning | Comprehensive strategies tailored to individual needs |
| Investment Management | Management of investment portfolios to align with financial goals |
| Retirement Planning | Planning for a secure and comfortable retirement |
| Insurance Products | Various insurance products to protect against unforeseen events |
ISC Financial Advisors
Overview
ISC Financial Advisors, located at 7760 France Ave S #270, Minneapolis, MN, is a fee-based firm with a commitment to aligning their interests with those of their clients. Established in 2011, they manage assets totaling $1.1 billion.
Services Offered
- Financial planning
- Portfolio management
- Pension consulting
Contact Information
- Phone: 952-835-1560
- Website: ISC Financial Advisors
Client Reviews
Clients commend ISC Financial Advisors for their transparent fee structure and comprehensive approach. Many reviews mention the firm’s tailored investment strategies that match clients’ risk tolerance and financial goals.
-Table of Services
| Service Offered | Description |
|---|---|
| Financial Planning | Tailored strategies to meet diverse client needs |
| Portfolio Management | Professional management of investment portfolios |
| Pension Consulting | Specialized advice on pension plans and retirement |
Stein Financial Group
Overview
Stein Financial Group specializes in financial planning for government employees, helping them retire confidently. With over 30 years of experience, they provide expert guidance on pensions and deferred compensation.
Services Offered
- Pension plan guidance
- Deferred compensation assessment
- Financial literacy education
Contact Information
- Address: 1600 Utica Ave S – 9th Floor, Saint Louis Park, MN 55416
- Website: Stein Financial Group
Client Reviews
Stein Financial Group is highly praised for its expertise in government employee pensions and its commitment to increasing financial literacy. Clients appreciate the firm’s clear communication and personalized service.
Table of Services
| Service Offered | Description |
|---|---|
| Pension Plan Guidance | Expert advice on navigating government pension plans |
| Deferred Compensation Assessment | Evaluations to optimize deferred compensation accounts |
| Financial Literacy Education | Workshops and resources to enhance understanding of financial topics |
Independent Financial Advisors
Overview
Independent Financial Advisors (IFAs) in Hennepin County offer a broad range of services, often working on a fee-only basis to ensure unbiased advice. They cater to various financial needs including retirement planning and tax strategies.
Services Offered
- Retirement planning
- Tax strategies
- Estate planning
- Investment management
Client Reviews
Clients frequently praise IFAs for their personalized attention and comprehensive knowledge. Reviews often highlight the unbiased advice and the broad range of services offered.
Typical Fee Structures
| Fee Structure | Typical Cost | How Common | Example |
|---|---|---|---|
| Percentage of AUM | 0.50% to 2.00% annually | ~96% of firms | $1 million at 1% = $10,000/year |
| Hourly Rates | $150 to $400 per hour | ~33% of firms | Consulting on estate transfer at $300/hour |
| Fixed Fees | $1,000 to $3,000 one-time | ~49% of firms | Creating a retirement plan |
| Performance-Based | “Two and Twenty” (2% + 20% gains) | ~32% of firms | Hedge fund with 15% return, charges 2% |
| Commissions | 3% to 6% of the security value | ~3% of firms | Selling life insurance policy with commission |
| Subscription Fees | $10 to $800 per month | <1% of firms | Monthly investment education periodical |
What Credentials to Look for in a Financial Advisor
Certified Financial Planner (CFP)
A CFP designation is one of the most respected in the industry, indicating comprehensive training and ethical standards. CFPs must complete coursework, pass a rigorous exam, and adhere to a strict code of ethics.
-Chartered Financial Analyst (CFA)
CFAs are experts in investment management, holding one of the highest distinctions in the field. This credential requires passing three exams and accumulating relevant work experience.
Fiduciary Status
Choosing a fiduciary advisor ensures they are legally bound to act in your best interest, providing transparent and unbiased advice.
Other Valuable Credentials
- Personal Financial Specialist (PFS): CPAs with additional training in financial planning.
- Chartered Financial Consultant (ChFC): Similar to CFPs but with additional coursework.
- Accredited Financial Counselor (AFC): Focuses on financial education and counseling.
Conclusion
Selecting the right financial planner in Hennepin County, Minnesota, involves careful consideration of credentials, fee structures, and client reviews. Whether you choose a well-established firm like Voya Financial Advisors or an independent advisor, ensure they align with your financial goals and offer the personalized service you deserve. Remember, the right financial planner can make a significant difference in achieving your long-term financial security.
-For more detailed information and to schedule a consultation, visit the respective websites of the advisors mentioned in this article. Your financial future deserves the best guidance, so take the time to find an advisor who meets your unique needs and goals.