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Minneapolis, Minnesota

Top 10 RIA Firms in the Minneapolis Metro Area

By: Gui Costin

Originally posted on January 05, 2022
Last updated on April 27, 2022

If you're in investment sales, you already know that one of the biggest problems when selling to the RIA (Registered Investment Adviser) marketplace is the sheer size of the channel.

The RIA market across the United States consists of over 36,000 firms, which means that while there are plenty to choose from when looking for new clients, narrowing down the list to only those that allocate to outside managers is key.

For example, here at Dakota, we’ve raised over $6 billion from over 350 RIAs, and that has been possible because we qualify and curate our list to only RIAs that allocate to outside managers.

In an effort to help narrow down the sheer size of the market, we’ve put together a list of the top 10 RIAs in each major metro area across the country. To determine our list, we looked for three things:

  1. An AUM above $200 million
  2. A dedicated analyst team
  3. An RIA that actively allocates capital to outside investment management firms

We have qualified 36 RIAs with AUMs ranging from $50B to $137M in Minneapolis that meet our criteria.

Below are the top 10 RIAs in Minneapolis from that list. However, this is by no means a “best of” list, as there are so many high quality RIAs in Minneapolis and around the country. We just wanted to give you a place to start.

1. Abbot Downing (Wells Fargo Private Bank)

AUM: $50,000,000,000

In Wells Fargo's words, we offer a team-based approach focused on your unique needs, and will create a dynamic wealth management plan that is designed to grow with you, reflecting your evolving goals and priorities. 

2. Wealth Enhancement Group

AUM: $25,000,000,000

With Wealth Enhancement Group you'll simplify your financial life with their 3-step UniFi process: organize, collaborate, and guide. Gain confidence with a consolidated view of your finances and the specialized guidance to meet your goals.

3. Orgel Wealth Management 

AUM: $4,410,000,000

From Orgel Wealth Management, clients of theirs are served by a dedicated team of wealth management advisors available to assist with each client’s unique goals and needs. In addition, clients can access the full resources and capabilities of the firm.

4. Meristem

AUM: $4,296,301,879

At Meristem, they serve 200 families across 37 states and 4 countries. Our values include putting clients fist, having passion for the craft, being driven to succeed, humbly confident, own it together, and being evolving and innovative. 

5. Clifton Larson Allen Wealth Advisors

AUM: $3,412,447,401

In CLA Wealth Advisors' words, they're a different kind of professional services firm, built to create opportunities for private businesses, public companies, governments, nonprofits, and the people who own and lead them. You’ll find innovative advice that is clear and actionable, driven by industry-specialized teams. 

6. Envoi

AUM: $2,259,319,068

From Envoi, in an industry crowded with old-guard players, Envoi is small by design and mighty by deed. They're more than just a financial firm. They're a protector and a confidant, a negotiator and an agent, an ally and an advocate. They're your envoy.

7. Alerus

AUM: $1,774,840,000

Alerus will tackle your finances for your future life or business.

8. All Star Financial 

AUM: $1,504,935,676

In All Star Financial's words, as a pioneer in fee-only advice their passion is to serve their clients. The All Star Financial proven process is designed to identify clients’ unique goals and objectives and then tailor customized strategies to meet their needs. The quality of their advice is a direct result of the experienced investment and financial professionals that make up the All Star Financial team. After decades of delivering results for their clients, their purpose is to continue to build on the legacy of making a meaningful impact on their financial journey.

9. BerganKDV

AUM: $1,342,921,109

BerganKDV was born when three like-minded companies came together. According to BerganKDV, they're a leading professional services firm with a contagious culture; where growth is fostered and making a difference means something. Their values drive their decisions and their passion is empowering people and creating wow experiences for their clients.

10. Okabena Advisors 

AUM: $1,290,253,143

In Okabena Advisors' words, organizational culture is characterized by their focus on the client, as evidenced by the company's mission: To deliver superior and lasting value to clients through excellent investment performance and creative, integrated financial services, focused on their core principles of integrity, dedication, and respect.

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