State market data

Wealth management firms in Minnesota

As of October 2, 2026, 410 wealth management firms, including broker-dealer firms, based in Minnesota reported $974.5 billion in regulatory assets under management; the largest by assets was Ameriprise Financial Services, LLC, with $660.5 billion.

Showing all wealth firms, including wirehouses and broker-dealer firms. Independent RIAs only

Wealth management firms: 410
SEC-registered: 196
State-registered: 214
Regulatory assets under management: $974.5 billion
Client accounts: 3,128,791
Median firm size: $100.2 million
Of which broker-dealer affiliated: 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 wealth firms by assets under management, including broker-dealer firms

Largest wealth firms by assets under management, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	RAUM
1	Ameriprise Financial Services, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	$660.5 billion
2	Wealth Enhancement Advisory Services, LLC	Plymouth	$122.2 billion
3	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	$20.8 billion
4	Cliftonlarsonallen Wealth Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	$14.4 billion
5	Northrock Partners, LLC	Minneapolis	$12.2 billion
6	Fiduciary Counselling Inc	St. Paul	$10.1 billion
7	Thrivent Advisor Network, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	$6.8 billion
8	Focus Financial	Minneapolis	$6.8 billion
9	Riverbridge	Minneapolis	$5.0 billion
10	Accredited Investors Wealth Management	Edina	$4.4 billion

Top 100 in Minnesota

Fastest-growing wealth firms over one year, including broker-dealer firms

Fastest-growing wealth firms over one year, including broker-dealer firms in Minnesota, top 10
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	Strategic Wealth Group Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Eden Prairie	49.4%	$1.0 billion
8	Elevation Wealth Management	Eden Prairie	47.8%	$175.4 million
9	The Oak Ridge Financial Services Group, Inc Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Golden Valley	46.5%	$456.4 million
10	Van Clemens Wealth Management, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	43.7%	$327.2 million

Top 100 in Minnesota

Fastest-growing wealth firms over three years, including broker-dealer firms

Fastest-growing wealth firms over three years, including broker-dealer firms in Minnesota, top 10
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 wealth firms over five years, including broker-dealer firms

Fastest-growing wealth firms over five years, including broker-dealer firms in Minnesota, top 10
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	Northland Asset Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	22.3%	$148.0 million

Top 100 in Minnesota

Wealth firms with the biggest asset gains over one year, including broker-dealer firms

Wealth firms with the biggest asset gains over one year, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	Increase
1	Ameriprise Financial Services, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	$95.9 billion
2	Wealth Enhancement Advisory Services, LLC	Plymouth	$27.6 billion
3	Northrock Partners, LLC	Minneapolis	$5.6 billion
4	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	$3.3 billion
5	Cliftonlarsonallen Wealth Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	$2.1 billion
6	Boulay Wealth	Eden Prairie	$882.4 million
7	Advisornet Wealth Partners	Minnetonka	$809.9 million
8	Accredited Investors Wealth Management	Edina	$697.7 million
9	Tradition Wealth Management LLC	Edina	$653.1 million
10	Focus Financial	Minneapolis	$561.1 million

Top 100 in Minnesota

Wealth firms with the most clients, including broker-dealer firms

Wealth firms with the most clients, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	Most clients
1	Ameriprise Financial Services, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	1,510,678
2	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	209,854
3	Wealth Enhancement Advisory Services, LLC	Plymouth	85,328
4	Efs Advisors Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Cambridge	21,701
5	Thrivent Advisor Network, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	15,532
6	Focus Financial	Minneapolis	13,789
7	Cliftonlarsonallen Wealth Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	7,929
8	Northrock Partners, LLC	Minneapolis	4,811
9	Gradient Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Arden Hills	4,804
10	Berger Financial Group	Plymouth	3,800

Top 100 in Minnesota

Wealth firms with the fastest client growth over one year, including broker-dealer firms

Wealth firms with the fastest client growth over one year, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	Growth	Starting value
1	Boyum Wealth Architects LLC	Bloomington	140.6%	192
2	Colliers Securities LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	121.4%	739
3	Northrock Partners, LLC	Minneapolis	78.3%	2,698
4	E-Wealth Partners	Minnetonka	59.5%	291
5	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	47.0%	142,759
6	360 Financial	Wayzata	44.6%	836
7	Parr McKnight Wealth Management Group	Minneapolis	41.1%	435
8	Kingdom Legacy Advisors	Minnetonka	32.7%	168
9	Guardian Wealth Strategies, LLC	Minneapols	29.6%	1,233
10	Wacker & Associates, Inc.	Jackson	29.6%	142

Top 100 in Minnesota

Wealth firms with the most accounts, including broker-dealer firms

Wealth firms with the most accounts, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	Most accounts
1	Ameriprise Financial Services, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	2,424,045
2	Wealth Enhancement Advisory Services, LLC	Plymouth	221,892
3	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	54,503
4	Efs Advisors Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Cambridge	29,438
5	Focus Financial	Minneapolis	27,510
6	Thrivent Advisor Network, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	25,415
7	Northrock Partners, LLC	Minneapolis	24,014
8	Cliftonlarsonallen Wealth Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	23,169
9	Berger Financial Group	Plymouth	11,139
10	Advisornet Wealth Partners	Minnetonka	9,293

Top 100 in Minnesota

Wealth firms with the most advisory staff, including broker-dealer firms

Wealth firms with the most advisory staff, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	Most advisory staff
1	Ameriprise Financial Services, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	12,681
2	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	2,963
3	Wealth Enhancement Advisory Services, LLC	Plymouth	850
4	Gradient Advisors, LLC	Arden Hills	166
5	U.S. Bancorp Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	St. Paul	141
6	Thrivent Advisor Network, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	119
7	Focus Financial	Minneapolis	114
8	Northrock Partners, LLC	Minneapolis	91
9	Cliftonlarsonallen Wealth Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	81
10	Advisornet Wealth Partners	Minnetonka	68

Top 100 in Minnesota

Wealth firms with the most high net worth clients, including broker-dealer firms

Wealth firms with the most high net worth clients, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	Most high net worth clients
1	Ameriprise Financial Services, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	183,925
2	Wealth Enhancement Advisory Services, LLC	Plymouth	27,424
3	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	17,692
4	Riverbridge	Minneapolis	3,482
5	Cliftonlarsonallen Wealth Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	2,348
6	Northrock Partners, LLC	Minneapolis	2,255
7	Focus Financial	Minneapolis	1,697
8	Thrivent Advisor Network, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	1,481
9	Strategic Wealth Group Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Eden Prairie	1,177
10	Advisornet Wealth Partners	Minnetonka	923

Top 100 in Minnesota

Wealth firms with the most CFP professionals, including broker-dealer firms

Wealth firms with the most CFP professionals, including broker-dealer firms in Minnesota, top 10
Rank	Firm	City	Most CFP professionals
1	Ameriprise Financial Services, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	1,764
2	Wealth Enhancement Advisory Services, LLC	Plymouth	426
3	Thrivent Investment Management Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	55
4	Cliftonlarsonallen Wealth Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	44
5	Northrock Partners, LLC	Minneapolis	34
6	Focus Financial	Minneapolis	30
7	Advisornet Wealth Partners	Minnetonka	21
8	Thrivent Advisor Network, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Minneapolis	20
9	Boulay Wealth	Eden Prairie	18
10	U.S. Bancorp Advisors, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	St. Paul	16

Top 100 in Minnesota

Newest wealth firms, including broker-dealer firms

Newest wealth firms, including broker-dealer firms in Minnesota, top 10
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 wealth firms based in Minnesota, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Firms
As of	Firms
October 1, 2018	135
October 1, 2019	139
October 1, 2020	143
October 4, 2021	162
October 3, 2022	169
October 5, 2023	172
October 1, 2024	176
September 2, 2025	180
October 2, 2026	196

Regulatory assets under managementSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Regulatory assets under management
As of	Regulatory assets under management
October 1, 2018	$357.7 billion
October 1, 2019	$371.5 billion
October 1, 2020	$489.2 billion
October 4, 2021	$594.1 billion
October 3, 2022	$726.8 billion
October 5, 2023	$651.1 billion
October 1, 2024	$709.9 billion
September 2, 2025	$848.1 billion
October 2, 2026	$968.1 billion

Client accountsSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Client accounts
As of	Client accounts
October 1, 2018	1,675,055
October 1, 2019	1,900,109
October 1, 2020	2,140,484
October 4, 2021	2,389,248
October 3, 2022	2,734,383
October 5, 2023	2,836,837
October 1, 2024	2,962,062
September 2, 2025	3,027,897
October 2, 2026	3,101,992

Median firm size (RAUM)SEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Median firm size (RAUM)
As of	Median firm size (RAUM)
October 1, 2018	$287.8 million
October 1, 2019	$260.3 million
October 1, 2020	$317.0 million
October 4, 2021	$370.0 million
October 3, 2022	$398.3 million
October 5, 2023	$328.0 million
October 1, 2024	$347.2 million
September 2, 2025	$377.8 million
October 2, 2026	$377.9 million

The market in Minnesota now

Headline figures

Headline figures, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms	410	196	214
Regulatory assets under management	$974.5 billion	$968.1 billion	$6.4 billion
Accounts	3,128,791	3,101,992	26,799
Clients	1,996,406	1,982,627	13,779
Employees	23,753	23,408	345
Advisory employees	19,011	18,718	293
Investment adviser representatives	20,794	20,502	292
Median RAUM	$100.2 million	$377.9 million	$27.7 million
Average RAUM	$2.6 billion	$5.0 billion	$34.0 million

Firms by size

Advisers grouped by regulatory assets under management.

Firms by size, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms under $100 million	190	4	186
RAUM of firms under $100 million	$6.3 billion	$122.5 million	$6.2 billion
Firms $100 million to $250 million	64	62	2
RAUM of firms $100 million to $250 million	$10.6 billion	$10.4 billion	$209.7 million
Firms $250 million to $500 million	53	53	0
RAUM of firms $250 million to $500 million	$19.4 billion	$19.4 billion	$0
Firms $500 million to $1 billion	35	35	0
RAUM of firms $500 million to $1 billion	$23.2 billion	$23.2 billion	$0
Firms $1 billion to $5 billion	30	30	0
RAUM of firms $1 billion to $5 billion	$56.2 billion	$56.2 billion	$0
Firms $5 billion to $10 billion	3	3	0
RAUM of firms $5 billion to $10 billion	$18.7 billion	$18.7 billion	$0
Firms $10 billion and up	6	6	0
RAUM of firms $10 billion and up	$840.1 billion	$840.1 billion	$0

Concentration

How much of the market the largest advisers hold.

Concentration: all wealth firmsAs of October 2, 2026.
Measure	Bar	Value
Top 10 share of RAUM		88.6%
Top 100 share of RAUM		97.4%

Concentration, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Top 10 share of RAUM	88.6%	89.2%	15.2%
Top 100 share of RAUM	97.4%	98.0%	86.9%

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: all wealth firmsAs of October 2, 2026.
Measure	Bar	Value
Charge a percentage of assets		95.1%
Charge hourly fees		49.5%
Charge subscription fees		1.5%
Charge fixed fees		67.3%
Receive commissions		2.4%
Charge performance-based fees		4.4%
Other compensation		11.0%

How advisers are paid, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Charge a percentage of assets	95.1%	99.5%	91.1%
Charge hourly fees	49.5%	49.0%	50.0%
Charge subscription fees	1.5%	0.5%	2.3%
Charge fixed fees	67.3%	76.0%	59.3%
Receive commissions	2.4%	4.1%	0.9%
Charge performance-based fees	4.4%	2.0%	6.5%
Other compensation	11.0%	13.8%	8.4%

Custody

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

Custody, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Have custody	33.2%	56.6%	11.7%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

Broker-dealer and other affiliations, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Broker-dealer affiliated	7.3%	12.2%	2.8%

New firms and successions

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

New firms and successions, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
New registrations	32	18	14
Successions	No data	0	No data

Other measures

Other measures, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms reporting RAUM	381	193	188
Discretionary RAUM	$608.7 billion	$603.2 billion	$5.5 billion
CFP professionals	2,960	2,863	97
25th percentile RAUM	$26.5 million	$194.7 million	$8.6 million
75th percentile RAUM	$379.2 million	$712.0 million	$49.5 million
90th percentile RAUM	$1.0 billion	$2.0 billion	$81.5 million
Average account size	$311,464	$312,096	$238,224
Offer financial planning	84.9%	90.8%	79.4%
RAUM growth, one year	No data	14.2%	No data

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

Cities

Plymouth 19 independent RIAs, $127.9 billion
Minneapolis 47 independent RIAs, $41.2 billion
Edina 34 independent RIAs, $18.1 billion
St. Paul 16 independent RIAs, $15.0 billion
Minnetonka 23 independent RIAs, $10.9 billion
Bloomington 32 independent RIAs, $8.4 billion
Eden Prairie 16 independent RIAs, $5.9 billion
Woodbury 7 independent RIAs, $3.1 billion
St. Louis Park 9 independent RIAs, $2.9 billion
Wayzata 11 independent RIAs, $2.1 billion
Maple Grove 12 independent RIAs, $1.6 billion
Arden Hills 5 independent RIAs, $1.5 billion
Shoreview 5 independent RIAs, $1.4 billion
Rochester 7 independent RIAs, $919.3 million
Excelsior 5 independent RIAs, $915.2 million
Prior Lake 5 independent RIAs, $843.4 million

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.