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Independent RIAs in Minnesota

As of October 2, 2026, 386 independent wealth management RIAs based in Minnesota reported $260.8 billion in regulatory assets under management; the largest by assets was Wealth Enhancement Advisory Services, LLC, with $122.2 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
386
SEC-registered
178
State-registered
208
Regulatory assets under management
$260.8 billion
Client accounts
545,441
Median firm size
$92.7 million
Broker-dealer affiliated firms, not included
24, with $713.7 billion

Minnesota requires IAR continuing education, in effect since 2025. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Minnesota.

Top firms in Minnesota

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 Wealth Enhancement Advisory Services, LLC Plymouth $122.2 billion
2 Northrock Partners, LLC Minneapolis $12.2 billion
3 Fiduciary Counselling Inc St. Paul $10.1 billion
4 Focus Financial Minneapolis $6.8 billion
5 Riverbridge Minneapolis $5.0 billion
6 Accredited Investors Wealth Management Edina $4.4 billion
7 Advisornet Wealth Partners Minnetonka $3.1 billion
8 Boulay Wealth Eden Prairie $3.0 billion
9 Berger Financial Group Plymouth $2.9 billion
10 Tradition Wealth Management LLC Edina $2.6 billion

Top 100 in Minnesota

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 E-Wealth Partners Minnetonka 93.8% $112.9 million
2 Northrock Partners, LLC Minneapolis 84.7% $6.6 billion
3 Boyum Wealth Architects LLC Bloomington 78.3% $316.2 million
4 Strategic Asset Management LLC. Rochester 75.4% $124.4 million
5 Kingdom Legacy Advisors Minnetonka 68.0% $117.0 million
6 Cedrus Wealth Group Andover 60.2% $136.0 million
7 Elevation Wealth Management Eden Prairie 47.8% $175.4 million
8 Boulay Wealth Eden Prairie 41.5% $2.1 billion
9 Fiat Wealth Management Wayzata 39.6% $370.6 million
10 Allodium Investment Consultants, LLC Minneapolis 38.4% $416.6 million

Top 100 in Minnesota

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Fiat Wealth Management Wayzata 57.1% $133.4 million
2 Northrock Partners, LLC Minneapolis 42.7% $4.2 billion
3 Boyum Wealth Architects LLC Bloomington 39.5% $207.9 million
4 Tradition Wealth Management LLC Edina 33.6% $1.1 billion
5 Cordis Financial, LLC Minneapolis 33.3% $152.2 million
6 Petros Family Wealth, LLC Bloomington 31.4% $150.5 million
7 Strong Tower Advisory Services Minneapolis 30.5% $341.4 million
8 Wealth Enhancement Advisory Services, LLC Plymouth 29.4% $56.4 billion
9 Greater Midwest Financial Group, LLC St. Paul 29.3% $272.7 million
10 Berger Financial Group Plymouth 29.3% $1.4 billion

Top 100 in Minnesota

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 Wealth Enhancement Advisory Services, LLC Plymouth 38.2% $24.3 billion
2 Quarry Hill Advisors St. Paul 31.1% $102.0 million
3 Northrock Partners, LLC Minneapolis 30.1% $3.3 billion
4 Tradition Wealth Management LLC Edina 25.1% $848.4 million
5 Guardian Wealth Strategies, LLC Minneapols 25.1% $371.5 million
6 Boyum Wealth Architects LLC Bloomington 24.9% $185.7 million
7 Pack Private Wealth, LLC Wayzata 24.4% $109.5 million
8 Pine Grove Financial Group Woodbury 24.1% $507.2 million
9 Berger Financial Group Plymouth 23.1% $1.0 billion
10 Stiles Financial Services, Inc. Edina 21.6% $206.6 million

Top 100 in Minnesota

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 Wealth Enhancement Advisory Services, LLC Plymouth $27.6 billion
2 Northrock Partners, LLC Minneapolis $5.6 billion
3 Boulay Wealth Eden Prairie $882.4 million
4 Advisornet Wealth Partners Minnetonka $809.9 million
5 Accredited Investors Wealth Management Edina $697.7 million
6 Tradition Wealth Management LLC Edina $653.1 million
7 Focus Financial Minneapolis $561.1 million
8 Fiduciary Counselling Inc St. Paul $551.8 million
9 Cedar Cove Wealth Partners Bloomington $455.0 million
10 Berger Financial Group Plymouth $448.1 million

Top 100 in Minnesota

Independent RIAs with the most clients

Rank Firm City Most clients
1 Wealth Enhancement Advisory Services, LLC Plymouth 85,328
2 Focus Financial Minneapolis 13,789
3 Northrock Partners, LLC Minneapolis 4,811
4 Berger Financial Group Plymouth 3,800
5 Advisornet Wealth Partners Minnetonka 3,736
6 Riverbridge Minneapolis 3,656
7 Redhawk Wealth Advisors, Inc. Minneapolis 3,273
8 Tradition Wealth Management LLC Edina 2,406
9 Gradient Advisors, LLC Arden Hills 2,216
10 Cedar Cove Wealth Partners Bloomington 2,036

Top 100 in Minnesota

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Boyum Wealth Architects LLC Bloomington 140.6% 192
2 Northrock Partners, LLC Minneapolis 78.3% 2,698
3 E-Wealth Partners Minnetonka 59.5% 291
4 360 Financial Wayzata 44.6% 836
5 Parr McKnight Wealth Management Group Minneapolis 41.1% 435
6 Kingdom Legacy Advisors Minnetonka 32.7% 168
7 Guardian Wealth Strategies, LLC Minneapols 29.6% 1,233
8 Wacker & Associates, Inc. Jackson 29.6% 142
9 Petros Family Wealth, LLC Bloomington 28.1% 416
10 Advisornet Wealth Partners Minnetonka 27.4% 2,932

Top 100 in Minnesota

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Wealth Enhancement Advisory Services, LLC Plymouth 221,892
2 Focus Financial Minneapolis 27,510
3 Northrock Partners, LLC Minneapolis 24,014
4 Berger Financial Group Plymouth 11,139
5 Advisornet Wealth Partners Minnetonka 9,293
6 Bluestem Wealth Partners, LLC Minnetonka 8,328
7 Redhawk Wealth Advisors, Inc. Minneapolis 6,639
8 Great Waters Financial Shoreview 6,141
9 Midwest Financial Partners St. Cloud 5,795
10 Tradition Wealth Management LLC Edina 5,771

Top 100 in Minnesota

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Wealth Enhancement Advisory Services, LLC Plymouth 850
2 Gradient Advisors, LLC Arden Hills 166
3 Focus Financial Minneapolis 114
4 Northrock Partners, LLC Minneapolis 91
5 Advisornet Wealth Partners Minnetonka 68
6 Berger Financial Group Plymouth 57
7 Redhawk Wealth Advisors, Inc. Minneapolis 47
8 Advisory Solutions Group Plymouth 33
9 Jnba Financial Advisors, LLC Bloomington 31
9 Boulay Wealth Eden Prairie 31

Top 100 in Minnesota

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Wealth Enhancement Advisory Services, LLC Plymouth 27,424
2 Riverbridge Minneapolis 3,482
3 Northrock Partners, LLC Minneapolis 2,255
4 Focus Financial Minneapolis 1,697
5 Advisornet Wealth Partners Minnetonka 923
6 Cedar Cove Wealth Partners Bloomington 881
7 Berger Financial Group Plymouth 813
8 Accredited Investors Wealth Management Edina 709
9 Fiduciary Counselling Inc St. Paul 643
10 Boulay Wealth Eden Prairie 630

Top 100 in Minnesota

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Wealth Enhancement Advisory Services, LLC Plymouth 426
2 Northrock Partners, LLC Minneapolis 34
3 Focus Financial Minneapolis 30
4 Advisornet Wealth Partners Minnetonka 21
5 Boulay Wealth Eden Prairie 18
6 Berger Financial Group Plymouth 14
7 Jnba Financial Advisors, LLC Bloomington 11
7 Cahill Financial Advisors, Inc. Edina 11
7 Pine Grove Financial Group Woodbury 11
10 Fiduciary Counselling Inc St. Paul 9

Top 100 in Minnesota

Newest independent RIAs

Rank Firm City Amount
1 Advisory Solutions Group Plymouth $408.4 million
2 Vera Lake Capital, LLC Edina $180.4 million
3 North Compass Financial Advisors, LLC Grand Rapids $146.0 million
4 Twin Cities Retirement Group Plymouth $144.9 million
5 Financial Empowerment LLC Burnsville $126.4 million
6 Uak Diversified Wealth Advisors Mahtomedi $122.7 million
7 Future Bright Maple Grove $120.6 million
8 Colleen Weber CPA, LLC Chanhassen $120.6 million
9 Trott Brook Financial Anoka $120.5 million
10 Abens Financial Services Inc Edina $120.1 million

Top 100 in Minnesota

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Minnesota, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
050100150200201820202021202320242026178October 1, 2018: 116October 1, 2019: 119October 1, 2020: 123October 4, 2021: 141October 3, 2022: 151October 5, 2023: 153October 1, 2024: 159September 2, 2025: 162October 2, 2026: 178
Data table
As ofFirms
October 1, 2018116
October 1, 2019119
October 1, 2020123
October 4, 2021141
October 3, 2022151
October 5, 2023153
October 1, 2024159
September 2, 2025162
October 2, 2026178
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100B$200B$300B201820202021202320242026$255BOctober 1, 2018: $61.9 billionOctober 1, 2019: $63.9 billionOctober 1, 2020: $99.0 billionOctober 4, 2021: $121.3 billionOctober 3, 2022: $167.2 billionOctober 5, 2023: $164.3 billionOctober 1, 2024: $179.4 billionSeptember 2, 2025: $220.0 billionOctober 2, 2026: $254.6 billion
Data table
As ofRegulatory assets under management
October 1, 2018$61.9 billion
October 1, 2019$63.9 billion
October 1, 2020$99.0 billion
October 4, 2021$121.3 billion
October 3, 2022$167.2 billion
October 5, 2023$164.3 billion
October 1, 2024$179.4 billion
September 2, 2025$220.0 billion
October 2, 2026$254.6 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
0200K400K600K201820202021202320242026519KOctober 1, 2018: 184,105October 1, 2019: 202,027October 1, 2020: 273,220October 4, 2021: 317,585October 3, 2022: 408,407October 5, 2023: 451,489October 1, 2024: 483,270September 2, 2025: 530,030October 2, 2026: 519,373
Data table
As ofClient accounts
October 1, 2018184,105
October 1, 2019202,027
October 1, 2020273,220
October 4, 2021317,585
October 3, 2022408,407
October 5, 2023451,489
October 1, 2024483,270
September 2, 2025530,030
October 2, 2026519,373
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100M$200M$300M$400M201820202021202320242026$365MOctober 1, 2018: $263.2 millionOctober 1, 2019: $258.2 millionOctober 1, 2020: $311.0 millionOctober 4, 2021: $360.1 millionOctober 3, 2022: $372.5 millionOctober 5, 2023: $324.0 millionOctober 1, 2024: $343.6 millionSeptember 2, 2025: $373.8 millionOctober 2, 2026: $365.4 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$263.2 million
October 1, 2019$258.2 million
October 1, 2020$311.0 million
October 4, 2021$360.1 million
October 3, 2022$372.5 million
October 5, 2023$324.0 million
October 1, 2024$343.6 million
September 2, 2025$373.8 million
October 2, 2026$365.4 million

The market in Minnesota now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms386178208
Regulatory assets under management$260.8 billion$254.6 billion$6.2 billion
Accounts545,441519,37326,068
Clients211,143198,26312,880
Employees4,6774,346331
Advisory employees2,7082,424284
Investment adviser representatives2,8922,609283
Median RAUM$92.7 million$365.4 million$26.8 million
Average RAUM$726.5 million$1.5 billion$33.6 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million1853182
RAUM of firms under $100 million$6.1 billion$111.5 million$6.0 billion
Firms $100 million to $250 million61592
RAUM of firms $100 million to $250 million$10.0 billion$9.8 billion$209.7 million
Firms $250 million to $500 million49490
RAUM of firms $250 million to $500 million$17.9 billion$17.9 billion$0
Firms $500 million to $1 billion33330
RAUM of firms $500 million to $1 billion$21.9 billion$21.9 billion$0
Firms $1 billion to $5 billion26260
RAUM of firms $1 billion to $5 billion$48.6 billion$48.6 billion$0
Firms $5 billion to $10 billion220
RAUM of firms $5 billion to $10 billion$11.9 billion$11.9 billion$0
Firms $10 billion and up330
RAUM of firms $10 billion and up$144.4 billion$144.4 billion$0

Concentration

How much of the market the largest advisers hold.

Concentration: independent RIAsAs of October 2, 2026.
Top 10 share of RAUM 66.1%
Top 100 share of RAUM 92.4%
MeasureIndependent RIAsSEC-registeredState-registered
Top 10 share of RAUM66.1%67.7%15.6%
Top 100 share of RAUM92.4%94.6%87.7%

How advisers are paid

Share of advisers reporting each form of compensation on Form ADV Item 5.E. A firm can report several.

How advisers are paid: independent RIAsAs of October 2, 2026.
Charge a percentage of assets 95.1%
Charge hourly fees 48.2%
Charge subscription fees 1.6%
Charge fixed fees 67.1%
Receive commissions 2.6%
Charge performance-based fees 4.7%
Other compensation 9.6%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets95.1%99.4%91.3%
Charge hourly fees48.2%46.6%49.5%
Charge subscription fees1.6%0.6%2.4%
Charge fixed fees67.1%76.4%59.1%
Receive commissions2.6%4.5%1.0%
Charge performance-based fees4.7%2.2%6.7%
Other compensation9.6%11.8%7.7%

Custody

Advisers reporting custody of client cash or securities on Form ADV Item 9.

MeasureIndependent RIAsSEC-registeredState-registered
Have custody34.7%61.2%12.0%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated1.8%3.4%0.5%

New firms and successions

New registrations and firms reporting that they succeeded to another adviser's business (Form ADV Item 4).

MeasureIndependent RIAsSEC-registeredState-registered
New registrations321814
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM359175184
Discretionary RAUM$219.5 billion$214.2 billion$5.4 billion
CFP professionals1,00591095
25th percentile RAUM$25.5 million$192.7 million$8.6 million
75th percentile RAUM$356.9 million$707.6 million$49.3 million
90th percentile RAUM$753.6 million$1.5 billion$80.8 million
Average account size$478,175$490,268$237,238
Offer financial planning85.0%91.0%79.8%
RAUM growth, one yearNo data15.7%No data

As of October 2, 2026. Definitions of every measure are on the methodology page.

Cities

Cities with at least five independent RIAs.

Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.