# 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.

As of: 2026-10-02
Address: https://advisoriq.com/ria/states/minnesota/

## Facts

- state: Minnesota
- code: MN
- population: Independent wealth management RIAs: firms whose individual and high net worth clients hold at least half of their regulatory assets and that offer financial planning or portfolio management for individuals, leaving out broker-dealers, banks and their advisory arms. Asset managers, private fund managers and pension consultants are not in the directory.
- latest: independent: accounts: 545441, firms: 386, median_raum: 92700000, raum: 260816410727, advisory_employees: 2708, avg_account: 478175.294352643, band_100m_250m: 61, band_100m_250m_raum: 10020188404, band_10b_plus: 3, band_10b_plus_raum: 144428656404, band_1b_5b: 26, band_1b_5b_raum: 48583455127, band_250m_500m: 49, band_250m_500m_raum: 17910698465, band_500m_1b: 33, band_500m_1b_raum: 21936408777, band_5b_10b: 2, band_5b_10b_raum: 11850795801, band_lt100m: 185, band_lt100m_raum: 6086207749, bd_affiliated_share: 0.0181347150259067, cfp_professionals: 1005, clients: 211143, custody_share: 0.347150259067358, employees: 4677, fee_aum_pct_share: 0.950777202072539, fee_commissions_share: 0.0259067357512953, fee_fixed_share: 0.670984455958549, fee_hourly_share: 0.481865284974093, fee_other_share: 0.0958549222797927, fee_performance_share: 0.0466321243523316, fee_subscription_share: 0.0155440414507772, financial_planning_share: 0.849740932642487, firms_with_raum: 359, iars: 2892, mean_raum: 726508107.874652, new_firms: 32, p25_raum: 25493483, p75_raum: 356872936, p90_raum: 753570373.4, raum_discretionary: 219543484948, top100_share: 0.924050403225071, top10_share: 0.661012772146675, independent_sec: accounts: 519373, firms: 178, median_raum: 365398285, raum: 254632080531, advisory_employees: 2424, avg_account: 490268.228288725, band_100m_250m: 59, band_100m_250m_raum: 9810533221, band_10b_plus: 3, band_10b_plus_raum: 144428656404, band_1b_5b: 26, band_1b_5b_raum: 48583455127, band_250m_500m: 49, band_250m_500m_raum: 17910698465, band_500m_1b: 33, band_500m_1b_raum: 21936408777, band_5b_10b: 2, band_5b_10b_raum: 11850795801, band_lt100m: 3, band_lt100m_raum: 111532736, bd_affiliated_share: 0.0337078651685393, cfp_professionals: 910, clients: 198263, custody_share: 0.612359550561798, employees: 4346, fee_aum_pct_share: 0.99438202247191, fee_commissions_share: 0.0449438202247191, fee_fixed_share: 0.764044943820225, fee_hourly_share: 0.466292134831461, fee_other_share: 0.117977528089888, fee_performance_share: 0.0224719101123595, fee_subscription_share: 0.00561797752808989, financial_planning_share: 0.910112359550562, firms_with_raum: 175, iars: 2609, mean_raum: 1455040460.17714, new_firms: 18, p25_raum: 192689974, p75_raum: 707563284.5, p90_raum: 1537322028.8, raum_discretionary: 214188035535, raum_growth_1y: 0.157327474149962, successions: 0, top100_share: 0.946493108792153, top10_share: 0.677066999242505, state: accounts: 26068, firms: 208, median_raum: 26799818, raum: 6184330196, advisory_employees: 284, avg_account: 237238.384072426, band_100m_250m: 2, band_100m_250m_raum: 209655183, band_10b_plus: 0, band_10b_plus_raum: 0, band_1b_5b: 0, band_1b_5b_raum: 0, band_250m_500m: 0, band_250m_500m_raum: 0, band_500m_1b: 0, band_500m_1b_raum: 0, band_5b_10b: 0, band_5b_10b_raum: 0, band_lt100m: 182, band_lt100m_raum: 5974675013, bd_affiliated_share: 0.00480769230769231, cfp_professionals: 95, clients: 12880, custody_share: 0.120192307692308, employees: 331, fee_aum_pct_share: 0.913461538461538, fee_commissions_share: 0.00961538461538462, fee_fixed_share: 0.591346153846154, fee_hourly_share: 0.495192307692308, fee_other_share: 0.0769230769230769, fee_performance_share: 0.0673076923076923, fee_subscription_share: 0.0240384615384615, financial_planning_share: 0.798076923076923, firms_with_raum: 184, iars: 283, mean_raum: 33610490.1956522, new_firms: 14, p25_raum: 8553652, p75_raum: 49323875.25, p90_raum: 80831785.5, raum_discretionary: 5355449413, top100_share: 0.87676849717809, top10_share: 0.156004500960188
- broker_dealer_affiliated_not_included: firms: 24, raum: 713688334641
- series: firms: segment: independent_sec, unit: count, points: as_of: 2018-10-01, value: 116; as_of: 2019-10-01, value: 119; as_of: 2020-10-01, value: 123; as_of: 2021-10-04, value: 141; as_of: 2022-10-03, value: 151; as_of: 2023-10-05, value: 153; as_of: 2024-10-01, value: 159; as_of: 2025-09-02, value: 162; as_of: 2026-10-02, value: 178, raum: segment: independent_sec, unit: usd, points: as_of: 2018-10-01, value: 61853813673; as_of: 2019-10-01, value: 63932104696; as_of: 2020-10-01, value: 99033074401; as_of: 2021-10-04, value: 121273388483; as_of: 2022-10-03, value: 167155727865; as_of: 2023-10-05, value: 164346403991; as_of: 2024-10-01, value: 179400714060; as_of: 2025-09-02, value: 220017312488; as_of: 2026-10-02, value: 254632080531, accounts: segment: independent_sec, unit: count, points: as_of: 2018-10-01, value: 184105; as_of: 2019-10-01, value: 202027; as_of: 2020-10-01, value: 273220; as_of: 2021-10-04, value: 317585; as_of: 2022-10-03, value: 408407; as_of: 2023-10-05, value: 451489; as_of: 2024-10-01, value: 483270; as_of: 2025-09-02, value: 530030; as_of: 2026-10-02, value: 519373, median_raum: segment: independent_sec, unit: usd, points: as_of: 2018-10-01, value: 263217221; as_of: 2019-10-01, value: 258183838; as_of: 2020-10-01, value: 311024719; as_of: 2021-10-04, value: 360141663.5; as_of: 2022-10-03, value: 372516358; as_of: 2023-10-05, value: 324008408.5; as_of: 2024-10-01, value: 343555420; as_of: 2025-09-02, value: 373764812.5; as_of: 2026-10-02, value: 365398285
- top_10: largest: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 122186725110; rank: 2, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 12185185517; rank: 3, crd: 104753, firm: Fiduciary Counselling Inc, city: St. Paul, value: 10056745777; rank: 4, crd: 116140, firm: Focus Financial, city: Minneapolis, value: 6823756233; rank: 5, crd: 108074, firm: Riverbridge, city: Minneapolis, value: 5027039568; rank: 6, crd: 105439, firm: Accredited Investors Wealth Management, city: Edina, value: 4412886238; rank: 7, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 3149498789; rank: 8, crd: 111334, firm: Boulay Wealth, city: Eden Prairie, value: 3009123644; rank: 9, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 2948862004; rank: 10, crd: 128314, firm: Tradition Wealth Management LLC, city: Edina, value: 2603155796, fastest-growing: rank: 1, crd: 327053, firm: E-Wealth Partners, city: Minnetonka, value: 0.938064355903867; rank: 2, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 0.847291843554012; rank: 3, crd: 161261, firm: Boyum Wealth Architects LLC, city: Bloomington, value: 0.783284338035828; rank: 4, crd: 306384, firm: Strategic Asset Management LLC., city: Rochester, value: 0.75449900830008; rank: 5, crd: 334847, firm: Kingdom Legacy Advisors, city: Minnetonka, value: 0.679846153846154; rank: 6, crd: 334995, firm: Cedrus Wealth Group, city: Andover, value: 0.601573529411765; rank: 7, crd: 314604, firm: Elevation Wealth Management, city: Eden Prairie, value: 0.47764651170697; rank: 8, crd: 111334, firm: Boulay Wealth, city: Eden Prairie, value: 0.414883033501187; rank: 9, crd: 318201, firm: Fiat Wealth Management, city: Wayzata, value: 0.395962372669163; rank: 10, crd: 135812, firm: Allodium Investment Consultants, LLC, city: Minneapolis, value: 0.384410310750186, fastest-growing-3-year: rank: 1, crd: 318201, firm: Fiat Wealth Management, city: Wayzata, value: 0.570978621382266; rank: 2, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 0.427162944349375; rank: 3, crd: 161261, firm: Boyum Wealth Architects LLC, city: Bloomington, value: 0.394751856401944; rank: 4, crd: 128314, firm: Tradition Wealth Management LLC, city: Edina, value: 0.335679961286903; rank: 5, crd: 294766, firm: Cordis Financial, LLC, city: Minneapolis, value: 0.333192662994636; rank: 6, crd: 324059, firm: Petros Family Wealth, LLC, city: Bloomington, value: 0.314173911004029; rank: 7, crd: 315106, firm: Strong Tower Advisory Services, city: Minneapolis, value: 0.305295842441791; rank: 8, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 0.293998208081406; rank: 9, crd: 324387, firm: Greater Midwest Financial Group, LLC, city: St. Paul, value: 0.292762818977867; rank: 10, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 0.292569687173164, fastest-growing-5-year: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 0.381694814521311; rank: 2, crd: 288334, firm: Quarry Hill Advisors, city: St. Paul, value: 0.310888599339066; rank: 3, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 0.301274433429197; rank: 4, crd: 128314, firm: Tradition Wealth Management LLC, city: Edina, value: 0.25133960980138; rank: 5, crd: 167485, firm: Guardian Wealth Strategies, LLC, city: Minneapols, value: 0.250871228730932; rank: 6, crd: 161261, firm: Boyum Wealth Architects LLC, city: Bloomington, value: 0.248767670587992; rank: 7, crd: 310523, firm: Pack Private Wealth, LLC, city: Wayzata, value: 0.244008324807917; rank: 8, crd: 308193, firm: Pine Grove Financial Group, city: Woodbury, value: 0.240750119884792; rank: 9, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 0.230505803960734; rank: 10, crd: 117023, firm: Stiles Financial Services, Inc., city: Edina, value: 0.215763104441058, biggest-asset-gains: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 27554696604; rank: 2, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 5588942720; rank: 3, crd: 111334, firm: Boulay Wealth, city: Eden Prairie, value: 882358694; rank: 4, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 809881494; rank: 5, crd: 105439, firm: Accredited Investors Wealth Management, city: Edina, value: 697696265; rank: 6, crd: 128314, firm: Tradition Wealth Management LLC, city: Edina, value: 653081203; rank: 7, crd: 116140, firm: Focus Financial, city: Minneapolis, value: 561092725; rank: 8, crd: 104753, firm: Fiduciary Counselling Inc, city: St. Paul, value: 551807466; rank: 9, crd: 336245, firm: Cedar Cove Wealth Partners, city: Bloomington, value: 455020729; rank: 10, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 448108821, most-clients: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 85328; rank: 2, crd: 116140, firm: Focus Financial, city: Minneapolis, value: 13789; rank: 3, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 4811; rank: 4, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 3800; rank: 5, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 3736; rank: 6, crd: 108074, firm: Riverbridge, city: Minneapolis, value: 3656; rank: 7, crd: 146616, firm: Redhawk Wealth Advisors, Inc., city: Minneapolis, value: 3273; rank: 8, crd: 128314, firm: Tradition Wealth Management LLC, city: Edina, value: 2406; rank: 9, crd: 152665, firm: Gradient Advisors, LLC, city: Arden Hills, value: 2216; rank: 10, crd: 336245, firm: Cedar Cove Wealth Partners, city: Bloomington, value: 2036, client-growth: rank: 1, crd: 161261, firm: Boyum Wealth Architects LLC, city: Bloomington, value: 1.40625; rank: 2, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 0.783172720533729; rank: 3, crd: 327053, firm: E-Wealth Partners, city: Minnetonka, value: 0.594501718213059; rank: 4, crd: 168600, firm: 360 Financial, city: Wayzata, value: 0.446172248803828; rank: 5, crd: 330050, firm: Parr McKnight Wealth Management Group, city: Minneapolis, value: 0.411494252873563; rank: 6, crd: 334847, firm: Kingdom Legacy Advisors, city: Minnetonka, value: 0.327380952380952; rank: 7, crd: 167485, firm: Guardian Wealth Strategies, LLC, city: Minneapols, value: 0.29602595296026; rank: 8, crd: 159879, firm: Wacker & Associates, Inc., city: Jackson, value: 0.295774647887324; rank: 9, crd: 324059, firm: Petros Family Wealth, LLC, city: Bloomington, value: 0.28125; rank: 10, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 0.274215552523875, most-accounts: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 221892; rank: 2, crd: 116140, firm: Focus Financial, city: Minneapolis, value: 27510; rank: 3, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 24014; rank: 4, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 11139; rank: 5, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 9293; rank: 6, crd: 324489, firm: Bluestem Wealth Partners, LLC, city: Minnetonka, value: 8328; rank: 7, crd: 146616, firm: Redhawk Wealth Advisors, Inc., city: Minneapolis, value: 6639; rank: 8, crd: 308215, firm: Great Waters Financial, city: Shoreview, value: 6141; rank: 9, crd: 173790, firm: Midwest Financial Partners, city: St. Cloud, value: 5795; rank: 10, crd: 128314, firm: Tradition Wealth Management LLC, city: Edina, value: 5771, most-advisory-staff: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 850; rank: 2, crd: 152665, firm: Gradient Advisors, LLC, city: Arden Hills, value: 166; rank: 3, crd: 116140, firm: Focus Financial, city: Minneapolis, value: 114; rank: 4, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 91; rank: 5, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 68; rank: 6, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 57; rank: 7, crd: 146616, firm: Redhawk Wealth Advisors, Inc., city: Minneapolis, value: 47; rank: 8, crd: 339919, firm: Advisory Solutions Group, city: Plymouth, value: 33; rank: 9, crd: 106550, firm: Jnba Financial Advisors, LLC, city: Bloomington, value: 31; rank: 9, crd: 111334, firm: Boulay Wealth, city: Eden Prairie, value: 31, most-hnw-clients: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 27424; rank: 2, crd: 108074, firm: Riverbridge, city: Minneapolis, value: 3482; rank: 3, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 2255; rank: 4, crd: 116140, firm: Focus Financial, city: Minneapolis, value: 1697; rank: 5, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 923; rank: 6, crd: 336245, firm: Cedar Cove Wealth Partners, city: Bloomington, value: 881; rank: 7, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 813; rank: 8, crd: 105439, firm: Accredited Investors Wealth Management, city: Edina, value: 709; rank: 9, crd: 104753, firm: Fiduciary Counselling Inc, city: St. Paul, value: 643; rank: 10, crd: 111334, firm: Boulay Wealth, city: Eden Prairie, value: 630, most-cfp-professionals: rank: 1, crd: 116407, firm: Wealth Enhancement Advisory Services, LLC, city: Plymouth, value: 426; rank: 2, crd: 167908, firm: Northrock Partners, LLC, city: Minneapolis, value: 34; rank: 3, crd: 116140, firm: Focus Financial, city: Minneapolis, value: 30; rank: 4, crd: 113074, firm: Advisornet Wealth Partners, city: Minnetonka, value: 21; rank: 5, crd: 111334, firm: Boulay Wealth, city: Eden Prairie, value: 18; rank: 6, crd: 308174, firm: Berger Financial Group, city: Plymouth, value: 14; rank: 7, crd: 106550, firm: Jnba Financial Advisors, LLC, city: Bloomington, value: 11; rank: 7, crd: 109890, firm: Cahill Financial Advisors, Inc., city: Edina, value: 11; rank: 7, crd: 308193, firm: Pine Grove Financial Group, city: Woodbury, value: 11; rank: 10, crd: 104753, firm: Fiduciary Counselling Inc, city: St. Paul, value: 9, newest: rank: 1, crd: 339919, firm: Advisory Solutions Group, city: Plymouth, value: 408369935; rank: 2, crd: 341142, firm: Vera Lake Capital, LLC, city: Edina, value: 180355372; rank: 3, crd: 146626, firm: North Compass Financial Advisors, LLC, city: Grand Rapids, value: 145961708; rank: 4, crd: 154974, firm: Twin Cities Retirement Group, city: Plymouth, value: 144901181; rank: 5, crd: 131425, firm: Financial Empowerment LLC, city: Burnsville, value: 126374281; rank: 6, crd: 300506, firm: Uak Diversified Wealth Advisors, city: Mahtomedi, value: 122658621; rank: 7, crd: 177521, firm: Future Bright, city: Maple Grove, value: 120620275; rank: 8, crd: 133181, firm: Colleen Weber CPA, LLC, city: Chanhassen, value: 120611435; rank: 9, crd: 290962, firm: Trott Brook Financial, city: Anoka, value: 120465881; rank: 10, crd: 106604, firm: Abens Financial Services Inc, city: Edina, value: 120118491
- cities: name: Plymouth, independent_rias: 19, raum: 127874147660, url: https://advisoriq.com/ria/states/minnesota/plymouth/; name: Minneapolis, independent_rias: 47, raum: 41160707415, url: https://advisoriq.com/ria/states/minnesota/minneapolis/; name: Edina, independent_rias: 34, raum: 18106364942, url: https://advisoriq.com/ria/states/minnesota/edina/; name: St. Paul, independent_rias: 16, raum: 15045272564, url: https://advisoriq.com/ria/states/minnesota/st-paul/; name: Minnetonka, independent_rias: 23, raum: 10872545831, url: https://advisoriq.com/ria/states/minnesota/minnetonka/; name: Bloomington, independent_rias: 32, raum: 8376794275, url: https://advisoriq.com/ria/states/minnesota/bloomington/; name: Eden Prairie, independent_rias: 16, raum: 5916663600, url: https://advisoriq.com/ria/states/minnesota/eden-prairie/; name: Woodbury, independent_rias: 7, raum: 3073454868, url: https://advisoriq.com/ria/states/minnesota/woodbury/; name: St. Louis Park, independent_rias: 9, raum: 2931073934, url: https://advisoriq.com/ria/states/minnesota/st-louis-park/; name: Wayzata, independent_rias: 11, raum: 2129543013, url: https://advisoriq.com/ria/states/minnesota/wayzata/; name: Maple Grove, independent_rias: 12, raum: 1602675462, url: https://advisoriq.com/ria/states/minnesota/maple-grove/; name: Arden Hills, independent_rias: 5, raum: 1507601732, url: https://advisoriq.com/ria/states/minnesota/arden-hills/; name: Shoreview, independent_rias: 5, raum: 1405752861, url: https://advisoriq.com/ria/states/minnesota/shoreview/; name: Rochester, independent_rias: 7, raum: 919266512, url: https://advisoriq.com/ria/states/minnesota/rochester/; name: Excelsior, independent_rias: 5, raum: 915157103, url: https://advisoriq.com/ria/states/minnesota/excelsior/; name: Prior Lake, independent_rias: 5, raum: 843390729, url: https://advisoriq.com/ria/states/minnesota/prior-lake/
- iar_ce_status: in effect

## Notes

- Firms are placed in the state of their main office.
- History covers SEC-registered firms only, from October 2018.

## Sources

- SEC, Information About Registered Investment Advisers (ia100226.zip), checked 2026-10-07: https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip
- IAPD compilation reports (IA_FIRM_STATE_Feed_10_07_2026.xml.gz), checked 2026-10-07: https://adviserinfo.sec.gov/compilation
- NASAA IAR CE map, checked 2026-10-05: https://www.nasaa.org/industry-resources/investment-advisers/investment-adviser-representative-continuing-education/iar-ce-map/

## Related

- [RIA market data by state](https://advisoriq.com/ria/states/)
- [Largest independent RIAs by assets under management in Minnesota](https://advisoriq.com/ria/rankings/largest/minnesota/)
- [Fastest-growing independent RIAs over one year in Minnesota](https://advisoriq.com/ria/rankings/fastest-growing/minnesota/)
- [Fastest-growing independent RIAs over three years in Minnesota](https://advisoriq.com/ria/rankings/fastest-growing-3-year/minnesota/)
- [Fastest-growing independent RIAs over five years in Minnesota](https://advisoriq.com/ria/rankings/fastest-growing-5-year/minnesota/)
- [IAR CE in Minnesota](https://advisoriq.com/ce/iar/minnesota/)

## Cite as

AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/states/minnesota/

License: https://advisoriq.com/license/