Top 14 Private Wealth Management Firms in Minneapolis

There are over a hundred private wealth management firms in Minneapolis, ranging from solo advisors to publicly traded institutions. Choosing the right firm can be difficult because no two firms operate the same way. Some charge hourly fees for planning meetings, while others charge a percentage of your total investable assets. Some act as fiduciaries at all times, while others may operate under different standards depending on the service being provided. Some focus primarily on financial planning, while others offer broader services such as investment management, estate planning, tax planning, and more.

The purpose of this guide is to provide an unbiased framework for evaluating wealth management firms in Minneapolis, so you can find a team that fits your needs, earns your trust, and has the potential to become a long-term partner.

What To Look For In A Private Wealth Management Team

Fiduciary vs. Suitability Standard

A fiduciary is legally required to act in your best interest. Always. On the other hand, a broker operating under a suitability standard only needs to recommend something that’s appropriate for your situation, even if a better or cheaper option exists and even if the broker earns a commission by steering you elsewhere.

When to partner with a fiduciary

A fiduciary is almost always the right call if your financial life has real complexity to it — multiple accounts, a business interest, estate planning needs, retirement income strategy, or a tax situation that doesn’t fit neatly into a spreadsheet. The more interconnected your finances are, the more you need someone whose advice isn’t quietly shaped by what they earn from selling you something. For high-net-worth families in particular, the stakes are simply too high for anything less.

When to partner with a broker operating with a suitability standard

A broker can be a good fit if you’re a more transactional investor. If you already have a solid financial plan and just need help executing specific trades or accessing certain products, annuities, insurance vehicles, structured products, a commission-based relationship can make sense and may actually cost you less than paying an ongoing AUM fee for advice you don’t really need. The suitability standard isn’t inherently bad. It just means the incentives are structured differently, and you need to go in with eyes open.

Fee Structures: Fee-Only vs. Fee-Based vs. Commission

Fee-only advisors are compensated exclusively by you; no third-party commissions, no product incentives, no hidden revenue streams. Fee-based advisors charge a direct fee but may also earn commissions on certain products they sell. Commission-based advisors earn primarily from the products they recommend. None of these structures is automatically disqualifying. But the differences matter more than most people realize.

Fee-Only Advisors

Fee-only advisors typically charge in one of three ways: a percentage of assets under management (AUM), a flat retainer, or an hourly rate. The critical distinction is that every dollar they earn comes directly from you, not from a fund company, insurance carrier, or brokerage for selling you a product. There are no third-party commissions. No hidden revenue. What you see is what they make. This is an important distinction as it lends itself to guidance that is more unbiased and fiduciary in nature.

AUM fees: 0.5% – 1.5% based on assets under management
Flat retainers: $5,000 – $20,000 per year based on portfolio size and services required
Hourly: $200 – $400 per hour based on services required

Commission-Based Advisors

Commission-based advisors earn a percentage of the product they sell you: typically 1% to 8%, depending on the product type, with insurance and annuity products often carrying the highest commissions. Mutual fund loads, trading commissions, and referral fees are other common sources of income. Because their income is tied to transactions, the concern isn’t always a single bad recommendation — it’s the cumulative effect of a relationship in which every interaction carries a financial incentive. That said, for clients who need specific products and aren’t looking for ongoing comprehensive planning, a commission-based relationship can be straightforward and cost-effective.

Fee-Based Advisors

Fee-based advisors operate in the middle ground. They charge a direct advisory fee, similar to a fee-only advisor, but they’re also licensed to earn commissions when they sell certain products, such as insurance policies, annuities, or specific mutual funds. The question everyone should ask is: can a fee-based advisor still be a fiduciary? The answer is yes… but with an important caveat. They must disclose any conflicts of interest created by those commissions and demonstrate that the recommendation is still in your best interest despite the additional compensation.

Credentials to Know

Depth of expertise is one of the most important factors to evaluate when interviewing wealth management partners. Strong firms typically offer access to a multidisciplinary team with relevant credentials across financial planning, investment management, tax strategy, estate planning, and other areas that may impact your financial life.

Here are a few of the top credentials to be on the lookout for and what they mean:

CFP®: Certified Financial Planner

The CFP is the most widely recognized credential in personal financial planning. Advisors who hold it have completed a rigorous education program, passed a comprehensive exam, accumulated thousands of hours of professional experience, and are required to adhere to a fiduciary standard when providing financial planning advice. If you’re looking for someone to help you build and manage a holistic financial plan, retirement, taxes, insurance, estate, and cash flow, a CFP is typically your starting point.

CFA®: Chartered Financial Analyst

The CFA is widely considered the gold standard in investment management. It’s one of the most difficult designations to earn in the financial industry, requiring candidates to pass three levels of exams over several years with average pass rates well below 50%. CFAs are specialists. Their depth of knowledge in portfolio construction, securities analysis, and investment strategy is exceptional. If sophisticated investment management is a priority for you, look for a CFA on the team.

CPWA®: Certified Private Wealth Advisor

The CPWA is specifically designed for advisors who work with high-net-worth clients. It focuses on the advanced planning challenges that come with significant wealth: tax minimization strategies, estate and transfer planning, business succession, concentrated positions, and behavioral finance as it relates to affluent families.

CIMA®: Certified Investment Management Analyst

The CIMA focuses on asset allocation, investment consulting, and portfolio risk management at a high level. Advisors with this designation are trained to evaluate and implement sophisticated investment strategies across asset classes, making it especially relevant for clients who want rigorous oversight of how their portfolios are actually being constructed and managed.

Minimum Asset Thresholds

Most private wealth management firms serve clients with investable assets of $500K to $5M+. Some boutique firms are flexible. Some national private wealth divisions won’t consider you unless you have $5M or more in assets.

Services Beyond Investment Management

The best wealth advisors weave together tax strategy, estate planning, insurance, and philanthropy into one coordinated plan. Consider it a red flag if a wealth management firm focuses only on your investments and doesn’t address other aspects of your wealth, including its preservation and growth.

Top Locally Owned Minneapolis Wealth Management Firms

Guardian Resources

Year Founded: 2008
Team Size: 27 team members covering wealth management, tax strategies, and estate planning.
Fee Structure: Fee for service, with average fees around 1% of AUM.
Fiduciary: All advisors are fiduciaries that includes tax efficiencies and tax-forward planning.
Credentials: Multiple members with a CFP and CFA. Designated team of lawyers for estate planning.
Minimum Asset Threshold: Typically $500k+ with most clients exceeding $1.5M in assets.

RBC Wealth Management

Year Founded: 1909 (predecessor firm founded in St. Paul) ¹
Team Size: 2,200+ financial advisors across the U.S.; $640B in total client assets (as of April 30, 2025) ²
Fee Structure: Fee-based; AUM-based wrap fees up to 3.0%; fee schedule confirmed at account opening ³
Fiduciary: Dual-registered as both broker-dealer and investment adviser; acts as fiduciary when providing investment advice and managing portfolios ⁴
Credentials: CFP®, CFA®, ChFC® available among advisors ⁵
Minimum Asset Threshold: $2,500 for some programs; varies significantly by service and advisor⁶

Bernstein Private Wealth Management

Year Founded: 1967 (Sanford C. Bernstein & Co.); merged with Alliance Capital in 2000 to form AllianceBernstein ⁷
Team Size: 3,500+ employees across AllianceBernstein; Bernstein Private Wealth manages approximately $38B for private wealth clients globally ⁸
Fee Structure: Fee-based; AUM-based tiered structure; wrap programs range from approximately 0.25%–0.90%; performance-based components possible for certain strategies ⁹
Fiduciary: Yes — AllianceBernstein is a registered investment adviser and operates as a fiduciary; discloses potential conflicts arising from commission-eligible products ¹⁰
Credentials: CFP®, CFA® among advisors ¹¹
Minimum Asset Threshold: Typically $1M+; accounts falling below $1M are subject to higher rates — 1.85% on the first $500,000, 1.50% on the next $499,999 ¹²

SilverOak Wealth Management

Year Founded: Est. late 1990s; headquartered in Edina (Minneapolis metro)
Team Size: ~19 advisory professionals; approximately $1.35B in assets under management ¹³
Fee Structure: Fee-only; AUM-based percentage; never accepts third-party commissions on any investment or insurance recommendation ¹⁴
Fiduciary: Yes — explicitly fee-only fiduciary; NAPFA member ¹⁵
Credentials: CFP®, CPA, CFA®, MBT (Master of Business Taxation) ¹⁶
Minimum Asset Threshold: Not publicly stated; serves high-net-worth individuals and families

Vector Wealth Management

Year Founded: 1993 ¹⁷
Team Size: ~20 professionals ¹⁸
Fee Structure: Fee-based; AUM-based annual percentage; some advisors are licensed to sell securities and insurance, which may generate commissions — a potential conflict of interest the firm discloses ¹⁹
Fiduciary: Yes — registered as a fiduciary RIA; adopts the fiduciary standard across client relationships ²⁰
Credentials: CFP®, CFA®, ChFC®, AIF®, AAMS®, CPA, CDFA® ²¹
Minimum Asset Threshold: $500,000 in investable assets ²²

Boulay Group

Year Founded: Boulay PLLP founded 1934; Boulay Financial Advisors (wealth management arm) established 2001 ²³
Team Size: 300+ total at Boulay PLLP, including 45 partners and 100+ CPAs ²⁴
Fee Structure: Fee-based; AUM-based starting at 1.00%, decreasing as portfolio size increases; minimum annual fee of $6,000; no performance-based fees ²⁵
Fiduciary: Yes — SEC-registered investment adviser; legally bound by fiduciary duty at all times ²⁶
Credentials: CFP®, AIF®, CMA, CLU among advisors ²⁷
Minimum Asset Threshold: $250,000 preferred per Form CRS; no rigid minimum but $6,000 minimum annual fee applies ²⁸

Laurel Wealth Management

Year Founded: 1999 ²⁹
Team Size: Boutique team; 140+ client groups served; 1:20 professional-to-client ratio ³⁰
Fee Structure: Fee-only; AUM-based; all-inclusive annual minimum fee of $7,500 ³¹
Fiduciary: Yes — fee-only fiduciary; never accepts commissions ³²
Credentials: CPA, PFS (Personal Financial Specialist), Masters in Taxation ³³
Minimum Asset Threshold: No account minimum; $7,500 annual fee minimum; best suited for clients with $1M+ in invested assets ³⁴

Top National Firms with a Strong Minneapolis Presence

U.S. Bank Private Wealth Management

Year Founded: 1863
Team Size: Enterprise-scale national firm; multiple dedicated Private Wealth Advisors across Minneapolis
Fee Structure: Fee-based; AUM-based wrap fee beginning at 2.0%, decreasing for larger balances; tiered service levels ³⁵
Fiduciary: Dual-registered; acts as fiduciary in investment advisory capacity; operates as broker-dealer in other capacities
Credentials: CFP®, CWS® (Certified Wealth Strategist) among advisors ³⁶
Minimum Asset Threshold: $250,000–$3M net worth for Wealth Management tier; $3M+ net worth for Private Wealth Management ³⁷

UBS Wealth Management

Year Founded: 1862 (Switzerland)
Team Size: Global firm; one of the largest wealth managers in the world by AUM
Fee Structure: Fee-based; maximum annual fee of 1.25%–2.5% depending on program; fees charged quarterly ³⁸
Fiduciary: Dual-registered; fiduciary when acting as investment adviser; suitability standard applies in brokerage capacity
Credentials: CFP®, CFA®, CIMA® available among advisors
Minimum Asset Threshold: $15M+ for UBS Private Wealth Management division ³⁹

Ameriprise Financial

Year Founded: 1894; headquartered in Minneapolis, MN ⁴⁰
Team Size: 10,427 financial advisors (Q4 2024); $1.5 trillion in assets under management, administration, and advisement ⁴¹
Fee Structure: Fee-based; AUM-based fees up to 1.25% annually for advisory programs; minimum annual advisory fee of $500; also earns commissions on certain products through brokerage services ⁴²
Fiduciary: Yes for advisory relationships — employs SEC-registered fiduciary advisors; also operates brokerage services under suitability standard ⁴³
Credentials: CFP®, AAMS® (Accredited Asset Management Specialist) among advisors
Minimum Asset Threshold: Varies by program; $500,000 for trust and fiduciary services ⁴⁴

Morgan Stanley Wealth Management

Year Founded: 1935
Team Size: 13,000+ advisory representatives nationally ⁴⁵
Fee Structure: Fee-based; AUM-based advisory fees typically 0.50%–1%+ for managed account programs; also earns commissions in brokerage capacity ⁴⁶
Fiduciary: Not a universal fiduciary. Advisors act as fiduciaries in advisory capacity; operate under suitability standard in brokerage capacity ⁴⁷
Credentials: CFP®, CFA® among advisors; searchable by certification on the firm’s website ⁴⁸
Minimum Asset Threshold: $500 for Core Portfolios; $10,000 for Portfolio Management; Private Wealth Management for clients with $30M+ ⁴⁹

Merrill Lynch Wealth Management

Year Founded: 1914
Team Size: Large national network; advisors across Minneapolis metro
Fee Structure: Fee-based; AUM-based up to 2.2% annually for accounts below $5M; Style Manager Strategy fee up to an additional 0.65%; also earns commissions through brokerage services ⁵⁰
Fiduciary: Dual-registered; fiduciary in advisory capacity; suitability standard in brokerage capacity ⁵¹
Credentials: CFP®, CFA®, CIMA® among advisors
Minimum Asset Threshold: No formal firm-wide minimum; individual advisors typically serve clients with $1M+ ⁵²

Wells Fargo Advisors

Year Founded: 1852
Team Size: National firm; large advisor network across Minneapolis metro
Fee Structure: Fee-based; AUM-based fees ranging from 1.5%–2.5% for advisory programs, charged quarterly; also earns commissions in brokerage capacity ⁵³
Fiduciary: Dual-registered; acts as fiduciary in advisory capacity; suitability standard in brokerage capacity
Credentials: CFP®, CFA®, CIMA® among advisors
Minimum Asset Threshold: No rigid account minimum; Private Bank serves clients with $1M+ ⁵⁴

Edward Jones

Year Founded: 1922
Team Size: 19,000+ financial advisors nationally; broad Minneapolis presence
Fee Structure: Commission-based in brokerage capacity; AUM-based fees available for Advisory Solutions managed accounts; the firm’s own compensation disclosure document is 54 pages long and explicitly states that financial incentives may create conflicts of interest ⁵⁵
Fiduciary: Not a universal fiduciary. Operates primarily as a broker-dealer under the suitability standard; Advisory Solutions accounts carry a fiduciary obligation; brokerage relationships do not ⁵⁶
Credentials: CFP® among some advisors; varies by individual
Minimum Asset Threshold: No official account minimum; varies by product and program

Conclusion

Minneapolis has no shortage of sophisticated resources for high-net-worth families. The challenge is finding the private wealth management firm that fits your specific situation. Whether you need the integrated tax, estate, and wealth model of a firm like Guardian Resources or the global reach of a Morgan Staley or UBS, what matters most is that your wealth advisors are legally and ethically obligated to put your interests first and that they do it, consistently, over time. Take the time to find that firm. It will be worth it.

Disclosure

Rankings are provided in no particular order. All information was gathered from 3rd-parties and should be verified before moving forward with a wealth management partner.

Sources

¹ RBC Wealth Management — About Us:https://www.rbcwealthmanagement.com/en-us/about

² RBC Wealth Management — Newsroom (as of April 30, 2025):https://www.rbcwealthmanagement.com/en-us/newsroom/2025-08-06/rbc-wealth-management-financial-advisors-recognized-by-forbes-as-top-next-gen-wealth-advisors-best-in-state

³ Unbiased — RBC Wealth Management Review:https://www.unbiased.com/discover/financial-advice/rbc-wealth-management-review

⁴ ComparisonAdviser — RBC Wealth Management Review:https://comparisonadviser.com/financial-advisors/rbc-wealth-management-review/

⁵ ComparisonAdviser — RBC Wealth Management Review:https://comparisonadviser.com/financial-advisors/rbc-wealth-management-review/

⁶ MagnifyMoney — RBC Wealth Management Review:https://www.magnifymoney.com/investing/ria/rbc-wealth-management/

⁷ InvestmentNews — AllianceBernstein Company Profile:https://www.investmentnews.com/companies/alliancebernstein/263483

⁸ InvestmentNews — AllianceBernstein Company Profile:https://www.investmentnews.com/companies/alliancebernstein/263483

⁹ SmartAsset — AllianceBernstein Review:https://smartasset.com/financial-advisor/alliancebernstein-review

¹⁰ SmartAsset — AllianceBernstein Review:https://smartasset.com/financial-advisor/alliancebernstein-review

¹¹ SmartAsset — AllianceBernstein Review:https://smartasset.com/financial-advisor/alliancebernstein-review

¹² MagnifyMoney — Bernstein Private Wealth Management Review:https://www.magnifymoney.com/investing/ria/bernstein-private-wealth-management/

¹³ Mployer — SilverOak Wealth Management LLC:https://mployeradvisor.com/financial-advisors/minnesota/edina/silveroak-wealth-management-llc

¹⁴ SilverOak Wealth Management — Philosophy & Values:https://www.silveroakwealth.com/philosophy-values

¹⁵ NAPFA — SilverOak Wealth Management LLC:https://www.napfa.org/firm/2986/5047

¹⁶ SilverOak Wealth Management — Our Services:https://www.silveroakwealth.com/our-services-1

¹⁷ SmartAsset — Vector Wealth Management Review:https://smartasset.com/financial-advisor/vector-wealth-management-review

¹⁸ PitchBook — Vector Wealth Management Company Profile:https://pitchbook.com/profiles/company/244198-18

¹⁹ SmartAsset — Vector Wealth Management Review:https://smartasset.com/financial-advisor/vector-wealth-management-review

²⁰ Vector Wealth Management — FAQ:https://www.vectorwealth.com/faq

²¹ Vector Wealth Management — Our Team:https://www.vectorwealth.com/team

²² SmartAsset — Vector Wealth Management Review:https://smartasset.com/financial-advisor/vector-wealth-management-review

²³ Boulay Group — About Us:https://boulaygroup.com/about-us/ | SmartAsset — Boulay Financial Advisors Review:https://smartasset.com/financial-advisor/boulay-financial-advisors-review

²⁴ Boulay Group — About Us:https://boulaygroup.com/about-us/

²⁵ Boulay Group — Wealth Management FAQs:https://boulaygroup.com/wealth-management-faqs/

²⁶ Boulay Group — Investment Management:https://boulaygroup.com/services/wealth-management/investment-management/

²⁷ SmartAsset — Boulay Financial Advisors Review:https://smartasset.com/financial-advisor/boulay-financial-advisors-review

²⁸ Boulay Financial Advisors — Form CRS (SEC):https://reports.adviserinfo.sec.gov/crs/crs_111334.pdf

²⁹ Laurel Wealth Planning — Meet the Team:https://laurelwealthplanning.com/meet-the-team/

³⁰ Laurel Wealth Planning — Meet the Team: https://laurelwealthplanning.com/meet-the-team/

³¹ Laurel Wealth Planning — Wealth Management Services:https://laurelwealthplanning.com/wealth-management-services/

³² Laurel Wealth Planning — Our Services:https://laurelwealthplanning.com/our-services/

³³ Laurel Wealth Planning — Investment Management:https://laurelwealthplanning.com/investment-management/

³⁴ Laurel Wealth Planning — Wealth Management Services:

https://laurelwealthplanning.com/wp-content/uploads/2025/04/LWP-fee-schedule.pdf

³⁵ Unbiased — U.S. Bank Wealth Management Review:https://www.unbiased.com/discover/financial-advice/us-bank-wealth-management-review

³⁶ U.S. Bank — Financial Advisors in Minneapolis, MN: https://www.usbank.com/wealth-management/find-an-advisor/mn/minneapolis/

³⁷ U.S. Bank — Financial Advisors in Minneapolis, MN:https://www.usbank.com/wealth-management/find-an-advisor/mn/minneapolis/

³⁸ Research document: Overview of Wealth Management — UBS Wealth Management fee schedule

³⁹ Research document: Overview of Wealth Management — UBS minimum investment thresholds (citing NerdWallet)

⁴⁰ Ameriprise Financial — Company Information:https://www.ameriprise.com/about/our-company

⁴¹ Ameriprise Financial — Q4 2024 Earnings Release: https://ir.ameriprise.com/news/news-details/2025/Ameriprise-Financial-Reports-Fourth-Quarter-and-Full-Year-2024-Results/default.aspx

⁴² SmartAsset — Ameriprise Financial Services Review:https://smartasset.com/financial-advisor/ameriprise-financial-services-review

⁴³ Unbiased — Ameriprise Financial Services Review:https://www.unbiased.com/discover/financial-advice/ameriprise-financial-services-review

⁴⁴ Unbiased — Ameriprise Financial Services Review:https://www.unbiased.com/discover/financial-advice/ameriprise-financial-services-review

⁴⁵ SmartAsset — Morgan Stanley Wealth Management Review:https://smartasset.com/financial-advisor/morgan-stanley-financial-advisors-review

⁴⁶ Unbiased — Fidelity vs. Morgan Stanley:https://www.unbiased.com/discover/financial-advice/morgan-stanley-vs-fidelity

⁴⁷ PillarWM — Morgan Stanley Wealth Management: https://www.pillarwm.com/wealth-management/morgan-stanley/

⁴⁸ SmartAsset — Morgan Stanley Wealth Management Review:https://smartasset.com/financial-advisor/morgan-stanley-financial-advisors-review

⁴⁹ SmartAsset — Morgan Stanley Wealth Management Review:https://smartasset.com/financial-advisor/morgan-stanley-financial-advisors-review

⁵⁰ Research document: Overview of Wealth Management — Merrill Lynch Wealth Management fee schedule (Merrill Lynch Fee Rate and Style Manager Strategy)

⁵¹ Research document: Overview of Wealth Management — Merrill Lynch Wealth Management

⁵² Research document: Overview of Wealth Management — Merrill Lynch Wealth Management

⁵³ Research document: Overview of Wealth Management — Wells Fargo Wealth Management fee schedule

⁵⁴ Research document: Overview of Wealth Management — Wells Fargo Private Bank

⁵⁵ Anchor Investment Management — How to Choose the Right Financial Advisor:https://www.anchorinvestmentmanagement.com/how-to-choose-the-right-financial-advisor-for-you/

⁵⁶ Anchor Investment Management — How to Choose the Right Financial Advisor:https://www.anchorinvestmentmanagement.com/how-to-choose-the-right-financial-advisor-for-you/