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Best Financial Advisors in Rochester

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SmartAdvisor by SmartAsset logo
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SmartAdvisor by SmartAsset

Rochester, MN
  • Estate Planning
  • Financial Planning
  • Investment Management
  • Retirement Planning

Business Description

SmartAsset's free, five-minute tool makes it easy to find qualified financial advisors in your area. The exclusive tool uses a quick survey to help SmartAsset's exclusive algorithm match you with up to three advisors based on your specific financial needs. Each advisor is a fiduciary, legally bound to work in your best interest, and rigorously vetted by SmartAsset. You can speak with each for free, sometimes within a matter of minutes, and choose whom you want to work with. Hundreds of thousands of smart investors and retirees have already used SmartAsset's simple, no-cost service to find the right financial advisors for them.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Yelp
4.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Price: Free consultation

Advanced Financial logo
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Advanced Financial

2770 Commerce Drive Northwest, Rochester, MN 55901
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  • Finance Planning
  • Financial Planning

Business Description

Advanced Financial is an advisory and consulting firm in Rochester. It offers asset planning, investment management and acquisition, retirement planning, and insurance products and services. It aims to provide an optimized experience to clients through platforms like Albridge, NetX Investor, Financial Profiles, MoneyGuide Pro, and OneView. Jeffrey Bigler, a managing partner, has been a Million Dollar Round Table member since 1995, an international affiliation achieved by less than 1% of the financial advisors community.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)
Bob Helland logo
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Bob Helland

2007 5th Ave Sw, Rochester, MN Rochester
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  • Financial Planning

Business Description

Bob Helland is a financial advisor serving Rochester and the surrounding areas. He offers financial guidance to help individuals and families navigate various transitions in life. He helps clients with health and life insurance plans, mutual funds, retirement savings accounts, annuities, and investments. He also offers disability income insurance plans, charitable giving solutions, and assistance with traditional and Roth IRAs. Bob works for Thrivent, a financial services organization that has been operating since 1902.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.8 / 5 (29)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Discovery Financial logo
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Discovery Financial

307 Dakota Street, Red Wing, MN 55066
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Insurance Products
  • Retirement Planning
  • Financial Planning

Business Description

Discovery Financial is a firm that helps clients in Rochester create solutions for their finance and wealth management. Its professionals work collaboratively in formulating various strategies, such as plans for retirement, income, cash flow, education, and estates. They also devise a portfolio that produces a variety of investment options tailored to the needs and risk tolerance of their clients. Douglas L. Ritter, the firm's president and CEO, has been in the financial industry for four decades. He also holds CFP and PFS designations.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Falcon Financial Group logo
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Falcon Financial Group

421 1st Ave SW, Suite 303, Rochester, MN 55902
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  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Investment Management
  • Financial Planning

Business Description

Falcon Financial Group provides financial advice to individuals, families, and small businesses in Rochester and the surrounding areas. When creating a financial plan, the firm's team of financial advisors models out a client's situation and suggests improvements and investment strategies to help them achieve their financial goals. The team holds several professional designations. Tom Starkey and Amy Burg, the firm's co-founders and partners, have the Certified Financial Planner, Chartered Financial Consultant, and Chartered Life Underwriter designations.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Full Circle Financial logo
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Full Circle Financial

1741 2nd St SW, Rochester, MN 55902
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  • Certified Financial Planner (CFP)

Business Description

Full Circle Financial is a full-service financial advisory company that serves clients in Rochester and nearby areas. The firm offers a wide range of financial management services for both individuals and businesses. These include wealth and investment management, life-responsive budgeting, debt management, tax planning, and insurance management. Its financial advisors also guide clients in retirement planning, estate planning, long-term care strategy, and charitable donations. Szablis Klee, the firm's founder, has been in the financial services industry for over 19 years.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (2)
Fyooz Financial Planning logo
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Fyooz Financial Planning

221 1st Avenue SW Suite 202, Rochester, MN 55902
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Business Description

Fyooz Financial Planning serves the couples of Rochester, providing them with a platform for conversations that design a financial plan for their future. Married couple and founding partners, Natalie and Dan, help their clients determine what to do with surplus savings and cash flow, create future allocations for individual and combined investments, review insurance policies for adequate coverage, and implement tax strategies. The firm was established in 2019 and its work has been featured in Huffpost and The New York Times.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (5)
Inspired Retirement Planning logo
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Inspired Retirement Planning

3428 Lakeridge Place NW, Suite 120, Rochester, MN 55901
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  • Retirement Planning

Business Description

Inspired Retirement Planning is an independent financial firm that has been serving pre-retirees, individuals, and retirees throughout Rochester for more than 60 years. It provides a wide range of services, such as Social Security strategies, retirement income planning, personal budgeting, long-term care considerations, estate planning, and tax reduction ideas. One of its financial advisors, Dana P. Basballe, is a Certified Financial Planner who has been working in the field since 1995. He is a former combat medic sergeant in the Minnesota Army National Guard.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
North Star Financial Partners logo
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North Star Financial Partners

959 34th Ave NW, Rochester, MN 55901
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  • Finance Planning
  • Investment Management

Business Description

NorthStar Financial Partners is an independent advisory office that offers financial planning for residents of Rochester. It helps first-time clients and incoming retirees in developing financial goals, such as emergency savings and retirement funds. The office then organizes their income and expenses to prioritize payoffs for existing debts, like student loans and mortgages. It also creates plans for estate savings and legacy donations for a client's passing. The office's financial planner, Andy Lucking, has been featured in Mpls/StPaul Magazine seven times in his wealth management career.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (3)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Olmsted Financial Group logo
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Olmsted Financial Group

3428 Lakeridge Place NW, Ste. 120, Rochester, MN 55901
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  • Certified Financial Planner (CFP)
  • Financial Planning

Business Description

The Olmsted Financial Group helps clients in Rochester with their financial planning and investment decisions. Its advisors assist in establishing successful retirement and lifetime income plans. They also help clients assess risks in investment strategies and track their plan's progress. Founder Terry D. Nelson is a Certified Financial Planner who has been in the financial industry since 1978. He is also a Chartered Financial Consultant and Certified Advisor for Senior Living and an active member of the Rochester Area Chamber of Commerce.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Pulse Financial Planning logo
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Pulse Financial Planning

3265 19th Street NW Suite 700, Rochester, MN 55901
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  • Certified Financial Planner (CFP)

Business Description

Pulse Financial Planning offers retirement and debt payoff strategies for clients around Rochester. It examines customers' financial records and tax expenses to determine how much money they can save. Afterward, the company helps them establish an emergency fund or allocate savings to pay off student loans and other outstanding debts. It also helps seniors invest in stocks to secure income for stable retirement or family support. The company is operated by Matt Elliott, who previously worked at a brokerage where he managed over $500 million in assets.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (4)
Security Financial Management logo
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Security Financial Management

4057 28th Street NW, Ste 300, Rochester, MN 55901
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  • Certified Financial Planner (CFP)

Business Description

Since 1986, Security Financial Management has been helping people across Rochester. It offers financial planning solutions for a wide range of clients, from business owners and corporate executives to young families and retirees. The company designs a custom plan that incorporates goals involving areas like tax and insurance. It uses Riskalyze, a financial technology software, to calculate its client's true risk tolerance. One of the company's founding partners, David Allen, serves as a member of the Financial Services Institute.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Superior Financial logo
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Superior Financial

3428 Lakeridge Place NW, Ste. 115, Rochester, MN 55901
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  • Estate Planning

Business Description

Based in Rochester, Superior Financial is an independent firm that assists clients with their investment matters and other financial planning needs. Since 2008, it has been guiding clients through each aspect of the financial planning process, from wealth management to financial review. It also assists clients in identifying their financial goals and providing sound advice that can help them manage their finances. Superior Financial was established by Peter Melsness, a Certified Financial Planner affiliated with the National Association of Personal Financial Advisors.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (2)
UAK Diversified & Runestone Wealth Advisors logo
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UAK Diversified & Runestone Wealth Advisors

221 1st Ave SW STE 202-29, Rochester, MN 55902
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Business Description

UAK Diversified & Runestone Wealth Advisors is a firm serving Rochester and surrounding communities. It helps individuals in achieving their financial goals through retirement planning, investment management, and insurance planning. Its team works with professionals from different industries to establish or execute a wealth management strategy, like lawyers, accountants, or insurance brokers. One of the firm's advisors, Sarah Kang, is a Certified Financial Planner and a member of the Financial Planning Association of Minnesota.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Frequently Asked Questions

Introduction

There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.

Are financial advisors worth it?

Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.

What does a financial advisor do?

Financial advisors can have many types of specialties. Generally, a financial advisor advises on or helps to execute a financial plan. Some examples include assisting people with getting out of debt, building out an investment portfolio, and handling taxes.

How much money do I need to work with a financial advisor?

There’s no specific income level you need in order to work with a financial advisor, but there may be a minimum investment amount for certain types of services. Some financial advisors won’t manage your money unless you have $100,000 or more to invest, but this isn’t the case with financial coaches or robo-advisors.

What does a financial coach do?

Financial coaches focus on improving your financial literacy and money management skills. For example, they can help you figure out how to pay down your student loans or decide how much money to put away for retirement. They usually charge by the hour and don’t offer asset management services or investment advice.

When should I use a financial advisor vs. doing it myself?

Smart money management can give you freedom and comfort. Being responsible with your money makes it possible to meet goals and pay for major expenses. A financial advisor is trained and can offer you expertise that would otherwise take years to learn. They know how to save you money and make it go further.

How do I know if my financial advisor is trustworthy?

Because financial advisors aren’t licensed or regulated, it’s up to the client to make that determination for themselves. However, if your advisor is a fiduciary, that means they’re legally bound to act in your best interest. Some types of advisors, including Certified Financial Professionals (CFPs), are held to fiduciary standards.

What\'s the difference between a financial advisor and a financial planner?

The term financial advisor is a broad phrase that encapsulates many specialties, including financial planner. It's similar to how doctor applies to different physicians, while a cardiologist is a specialty doctor. A financial planner helps their client plan to achieve long-term financial goals, such as saving for a house or retirement.

Are financial advisor fees tax deductible?

Until 2018, financial advisor fees were tax deductible as a miscellaneous expense. However, the Tax Cuts and Jobs Act elimited that deduction until at least 2025.

What is a financial consultant?

A financial consultant and a financial advisor are essentially the same. In recent years, financial consultant has become a less popular term, with financial advisor being much more common. Sometimes, the financial professional may opt for the term consultant when offering services to a business rather than an individual.

What is a robo-advisor?

A robo-advisor is essentially an algorithm that manages your investment portfolio for you. Because their services are automated, you’ll pay less than you would for a human advisor — often between 0.25% and 0.50%. They don’t require large initial investments either, making them a popular choice for entry-level investors. However, you won’t get the same level of advice that you would get from a personal financial advisor.

What makes someone a fiduciary?

Fiduciary is a legal term for a person who has a legal or ethical responsibility to act in your best interests. For example, a trustee and a beneficiary. A financial advisor may have a fiduciary obligation to make financial choices that are best for you, even if it means they earn less in commissions or fees.

How often should I meet with my financial advisor?

After your initial meeting, you may only need to check in with your financial advisor on a quarterly or annual basis. Ask them in advance how often you can expect to hear from them, and whether they offer in-person, phone, or virtual meetings.

Should your financial advisor be a fiduciary?

It’s important to understand that only some — not all — financial advisors have a fiduciary obligation to their clients. Always ask your financial advisor if they’re bound by fiduciary duty. If not, it’s possible that they’ll push products or services that earn them the highest commission, not necessarily what’s best for you. Opt for a financial advisor bound by fiduciary duty whenever possible.

Can my financial planner help with taxes?

Financial advisors aren’t necessarily accountants or tax preparers, so don’t expect them to prepare your taxes for you. However, they may be able to provide tax-related advice to help you optimize your returns and deductions. If you need an advisor who can file your taxes, look for one who is also a CPA (Certified Public Accountant).

Do I need a financial advisor?

Ask yourself if a financial advisor can fill a need or solve a problem you can’t easily handle on your own. They can be helpful in a wide variety of ways, such as building budgets or financial plans, finding ways to save money on taxes, creating an investment portfolio, or offering investment advice.

How do financial advisors get paid?

Clients pay to work with a financial advisor whether it’s through fees, commissions, or salaries. If they’re paid by client fees or commissions, their salary is tied to how much business they bring in. The harder they work, the more they make. In comparison, a salaried employee is guaranteed their wage no matter how many clients they have.

What experience should I look for in a financial advisor?

 If you have specific goals or a unique financial situation, look for a financial advisor with expertise in that area. For example, some financial advisors specialize in working with millennials or focus on socially responsible investing.

How much does a financial advisor cost?

A financial advisor’s costs depend on their fee structure. Some advisors charge a fee — either hourly or a percentage of the client assets under management. Another common option is to charge a commission on the products sold or investments made.

Should I hire a financial advisor before buying a house?

While not always necessary, a financial advisor could help you decide how large of a mortgage to apply for, how much money to put down, and how to balance the purchase with other savings and investment goals.

How many financial advisors are there in the U.S.?

According to the U.S. Bureau of Labor Statistics, it’s estimated that there are 218,050 financial advisors. California is the state with the highest employment of financial advisors across the nation.

Do banks offer financial advisors?

Yes, many banks have financial advisors on staff. Your bank may also offer incentives to work with their financial advisors, such as lower fees or free accounts. However, it's important to note that many of the bank's financial advisors don't have a fiduciary obligation and might prioritize the bank's products above all else. There is a cost when working with your bank's financial advisor.

Should I hire a wealth manager?

A wealth manager can help offer complex financial planning services, including tax guidance, estate planning, and legal assistance. While you don't have to be a high-income earner to benefit from a financial advisor, a wealth manager is typically for those that have a high net worth. However, many people build wealth and need a wealth manager later on in life.

Is wealth management worth it?

Wealth management is typically worth it for those who need help with multiple endeavors or comprehensive financial situations, such as charitable contributions or investment portfolio management, or want to protect their assets. A wealth manager can also offer you guidance if you’ve been neglecting your finances or making poor judgements.

How can you tell if a financial advisor is bad?

Your relationship with your financial advisor is a very personal one, as you’re trusting them with your wealth and future. Some general signs that your financial advisor is bad include:

  • They can’t answer your financial questions
  • You have worked with them for a while but haven’t seen a financial improvement
  • They don’t provide you with progress reports
  • They don’t check in with you

What do you need to be a financial advisor?

As mentioned, there are over 100 types of certifications for financial advisors. The training or experience you need will depend on which specialty you want to pursue. Generally, financial advisors need to have:

  • A Bachelor’s degree
  • A General Securities Representative license (Series 7 license)
  • A Certified Financial Planner (CFP) certification isn’t mandatory but is often preferred

Where do financial advisors work?

Where a financial advisor works will depend on what type of financial advisor they are. Financial advisors can work at a variety of places, including:

  • Securities and commodity brokers
  • A bank
  • A credit union
  • Independently
  • Insurance companies
  • Financial investment firms
  • Small investment advisory firms

How much do financial advisors make?

In 2019, the national average salary for a financial advisor was $87,850. However, it’s important to note the average salary varies from state to state and the different focus areas — an investment advisor may make a lot more than a financial planner. Lastly, salary can depend on how the individual is getting paid. Financial advisors can be paid by client fees, commissions, or salaries.

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