# Fee-only financial advisors in Minnesota

> AdvisorCensus lists 192 investment advisory firms with a principal office in Minnesota that meet AdvisorCensus's fee-only test: paid only by client fees on Form ADV Item 5.E, with no employee registered with a broker-dealer or licensed as an insurance agent, no brokerage, insurance, or real estate sales business or related company, and no referral fees from others, drawn from Form ADV filings as of October 2026. Firms are listed alphabetically; sort by years registered or assets band using the controls below, and read the methodology block for how this page is derived.

Source: Form ADV filings as of October 2026. Rebuilt monthly. HTML page: https://advisorcensus.com/advisors/mn/fee-only/page/2

## At a glance

- Investment advisory firms: 192
- Registration: SEC-registered investment adviser: 79, State-registered investment adviser: 113
- How firms are compensated (Form ADV Item 5.E; shares of the firms that file it): Fee-only (AdvisorCensus test) 192 (100%); Percentage of assets 183 (95%); Hourly charges 80 (42%); Subscription fees (newsletter or periodical) 2 (1%); Fixed fees 117 (61%)
- Regulatory assets under management (Item 5.F): Under $25 million 60 (31%); $25 million to $100 million 50 (26%); $100 million to $500 million 44 (23%); $500 million to $1 billion 17 (9%); $1 billion to $5 billion 13 (7%); Over $5 billion 2 (1%); Not reported 6 (3%)
- Years registered: Under 5 years 46 (24%); 5 to 9 years 57 (30%); 10 to 19 years 51 (27%); 20 years or more 38 (20%)

## Firms (page 2 of 4, 51 to 100 of 192, sorted by name)

| Firm | CRD | City | Registration | Assets band | Years registered | Compensation |
| --- | --- | --- | --- | --- | --- | --- |
| [Excelsior Investors](https://advisorcensus.com/firm/excelsior-investors-excelsior-mn-108048) ([md](https://advisorcensus.com/firm/excelsior-investors-excelsior-mn-108048.md)) | 108048 | Excelsior, MN | SEC-registered investment adviser | $100 million to $500 million | 26 | % of assets, Fixed fee |
| [Family Wealth Management](https://advisorcensus.com/firm/family-wealth-management-elko-mn-329463) ([md](https://advisorcensus.com/firm/family-wealth-management-elko-mn-329463.md)) | 329463 | Elko, MN | State-registered investment adviser | $25 million to $100 million | 2 | % of assets |
| [FFP Wealth Management, LLC](https://advisorcensus.com/firm/ffp-wealth-management-llc-coon-rapids-mn-300253) ([md](https://advisorcensus.com/firm/ffp-wealth-management-llc-coon-rapids-mn-300253.md)) | 300253 | Coon Rapids, MN | SEC-registered investment adviser | $100 million to $500 million | 7 | % of assets, Hourly, Fixed fee |
| [Fiduciary Counselling Inc](https://advisorcensus.com/firm/fiduciary-counselling-inc-st-paul-mn-104753) ([md](https://advisorcensus.com/firm/fiduciary-counselling-inc-st-paul-mn-104753.md)) | 104753 | St Paul, MN | SEC-registered investment adviser | Over $5 billion | 59 | % of assets, Fixed fee |
| [Fiduciary Wealth](https://advisorcensus.com/firm/fiduciary-wealth-bloomington-mn-164702) ([md](https://advisorcensus.com/firm/fiduciary-wealth-bloomington-mn-164702.md)) | 164702 | Bloomington, MN | State-registered investment adviser | Under $25 million | 14 | % of assets |
| [First Midwest Investments](https://advisorcensus.com/firm/first-midwest-investments-269979) ([md](https://advisorcensus.com/firm/first-midwest-investments-269979.md)) | 269979 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 11 | % of assets |
| [Flourish Wealth Management Inc.](https://advisorcensus.com/firm/flourish-wealth-management-inc-edina-mn-170591) ([md](https://advisorcensus.com/firm/flourish-wealth-management-inc-edina-mn-170591.md)) | 170591 | Edina, MN | SEC-registered investment adviser | $100 million to $500 million | 8 | % of assets, Hourly, Fixed fee |
| [Fortress Financial Group, LLC](https://advisorcensus.com/firm/fortress-financial-group-llc-rochester-mn-315329) ([md](https://advisorcensus.com/firm/fortress-financial-group-llc-rochester-mn-315329.md)) | 315329 | Rochester, MN | SEC-registered investment adviser | $100 million to $500 million | 5 | % of assets, Fixed fee |
| [Fortress Investment Services, Ltd](https://advisorcensus.com/firm/fortress-investment-services-ltd-116804) ([md](https://advisorcensus.com/firm/fortress-investment-services-ltd-116804.md)) | 116804 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 28 | % of assets |
| [Foundry Wealth Group](https://advisorcensus.com/firm/foundry-wealth-group-minneapolis-mn-340539) ([md](https://advisorcensus.com/firm/foundry-wealth-group-minneapolis-mn-340539.md)) | 340539 | Minneapolis, MN | State-registered investment adviser | Under $25 million | 0 | % of assets, Hourly, Fixed fee |
| [Frontenac Partners, L.L.C.](https://advisorcensus.com/firm/frontenac-partners-l-l-c-125413) ([md](https://advisorcensus.com/firm/frontenac-partners-l-l-c-125413.md)) | 125413 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 18 | % of assets |
| [Gary L. Greenberg](https://advisorcensus.com/firm/gary-l-greenberg-eden-prairie-mn-108423) ([md](https://advisorcensus.com/firm/gary-l-greenberg-eden-prairie-mn-108423.md)) | 108423 | Eden Prairie, MN | SEC-registered investment adviser | $100 million to $500 million | 41 | % of assets, Fixed fee |
| [GB Associates, Inc.](https://advisorcensus.com/firm/gb-associates-inc-112818) ([md](https://advisorcensus.com/firm/gb-associates-inc-112818.md)) | 112818 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 39 | % of assets |
| [GEN Financial Management Inc.](https://advisorcensus.com/firm/gen-financial-management-inc-plymouth-mn-110179) ([md](https://advisorcensus.com/firm/gen-financial-management-inc-plymouth-mn-110179.md)) | 110179 | Plymouth, MN | SEC-registered investment adviser | $100 million to $500 million | 26 | % of assets, Fixed fee |
| [Glacier](https://advisorcensus.com/firm/glacier-minneapolis-mn-336394) ([md](https://advisorcensus.com/firm/glacier-minneapolis-mn-336394.md)) | 336394 | Minneapolis, MN | State-registered investment adviser | Not reported | 1 | Fixed fee |
| [Graff Financial LLC](https://advisorcensus.com/firm/graff-financial-llc-edina-mn-154976) ([md](https://advisorcensus.com/firm/graff-financial-llc-edina-mn-154976.md)) | 154976 | Edina, MN | State-registered investment adviser | $25 million to $100 million | 16 | % of assets, Hourly |
| [Grounded Wealth](https://advisorcensus.com/firm/grounded-wealth-plymouth-mn-314801) ([md](https://advisorcensus.com/firm/grounded-wealth-plymouth-mn-314801.md)) | 314801 | Plymouth, MN | State-registered investment adviser | $25 million to $100 million | 0 | % of assets, Fixed fee |
| [GS Investment Inc](https://advisorcensus.com/firm/gs-investment-inc-eagan-mn-107782) ([md](https://advisorcensus.com/firm/gs-investment-inc-eagan-mn-107782.md)) | 107782 | Eagan, MN | SEC-registered investment adviser | $100 million to $500 million | 27 | % of assets |
| [Guide Financial Planning](https://advisorcensus.com/firm/guide-financial-planning-shoreview-mn-170734) ([md](https://advisorcensus.com/firm/guide-financial-planning-shoreview-mn-170734.md)) | 170734 | Shoreview, MN | State-registered investment adviser | $25 million to $100 million | 12 | % of assets, Fixed fee |
| [Hammer Advisory Services, Inc.](https://advisorcensus.com/firm/hammer-advisory-services-inc-woodbury-mn-152914) ([md](https://advisorcensus.com/firm/hammer-advisory-services-inc-woodbury-mn-152914.md)) | 152914 | Woodbury, MN | State-registered investment adviser | $25 million to $100 million | 16 | % of assets, Hourly, Fixed fee |
| [Harrison Capital Management LLC](https://advisorcensus.com/firm/harrison-capital-management-llc-284127) ([md](https://advisorcensus.com/firm/harrison-capital-management-llc-284127.md)) | 284127 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 10 | % of assets |
| [Hauge Wealth Management, LLC](https://advisorcensus.com/firm/hauge-wealth-management-llc-319248) ([md](https://advisorcensus.com/firm/hauge-wealth-management-llc-319248.md)) | 319248 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 4 | % of assets, Fixed fee |
| [Heartworth Financial LLC](https://advisorcensus.com/firm/heartworth-financial-llc-st-louis-park-mn-332065) ([md](https://advisorcensus.com/firm/heartworth-financial-llc-st-louis-park-mn-332065.md)) | 332065 | St Louis Park, MN | State-registered investment adviser | Under $25 million | 2 | % of assets, Hourly, Fixed fee |
| [Heritage Capital Advisors, LLC](https://advisorcensus.com/firm/heritage-capital-advisors-llc-st-paul-mn-115308) ([md](https://advisorcensus.com/firm/heritage-capital-advisors-llc-st-paul-mn-115308.md)) | 115308 | St Paul, MN | State-registered investment adviser | $25 million to $100 million | 3 | % of assets, Fixed fee |
| [Holleyjo Wealth Advisors](https://advisorcensus.com/firm/holleyjo-wealth-advisors-edina-mn-307642) ([md](https://advisorcensus.com/firm/holleyjo-wealth-advisors-edina-mn-307642.md)) | 307642 | Edina, MN | State-registered investment adviser | Under $25 million | 6 | % of assets, Hourly, Fixed fee |
| [Hyland Lake Partners](https://advisorcensus.com/firm/hyland-lake-partners-edina-mn-332244) ([md](https://advisorcensus.com/firm/hyland-lake-partners-edina-mn-332244.md)) | 332244 | Edina, MN | State-registered investment adviser | $25 million to $100 million | 1 | % of assets, Fixed fee |
| [Indiwealth](https://advisorcensus.com/firm/indiwealth-maple-grove-mn-335563) ([md](https://advisorcensus.com/firm/indiwealth-maple-grove-mn-335563.md)) | 335563 | Maple Grove, MN | State-registered investment adviser | Under $25 million | 1 | % of assets, Fixed fee |
| [Jeffrey A. Drayton Financial Group, Inc.](https://advisorcensus.com/firm/jeffrey-a-drayton-financial-group-inc-maple-grove-mn-290721) ([md](https://advisorcensus.com/firm/jeffrey-a-drayton-financial-group-inc-maple-grove-mn-290721.md)) | 290721 | Maple Grove, MN | State-registered investment adviser | $25 million to $100 million | 8 | % of assets, Hourly, Fixed fee |
| [Jnba Financial Advisors, LLC](https://advisorcensus.com/firm/jnba-financial-advisors-llc-bloomington-mn-106550) ([md](https://advisorcensus.com/firm/jnba-financial-advisors-llc-bloomington-mn-106550.md)) | 106550 | Bloomington, MN | SEC-registered investment adviser | $1 billion to $5 billion | 42 | % of assets, Hourly, Fixed fee |
| [Johnson Capital Management, LLC](https://advisorcensus.com/firm/johnson-capital-management-llc-146779) ([md](https://advisorcensus.com/firm/johnson-capital-management-llc-146779.md)) | 146779 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 18 | % of assets |
| [Jones Kertz & Associates, Inc.](https://advisorcensus.com/firm/jones-kertz-and-associates-inc-blaine-mn-104976) ([md](https://advisorcensus.com/firm/jones-kertz-and-associates-inc-blaine-mn-104976.md)) | 104976 | Blaine, MN | SEC-registered investment adviser | $100 million to $500 million | 8 | % of assets |
| [Josh Arnold Investment Consultant, LLC](https://advisorcensus.com/firm/josh-arnold-investment-consultant-llc-edina-mn-163088) ([md](https://advisorcensus.com/firm/josh-arnold-investment-consultant-llc-edina-mn-163088.md)) | 163088 | Edina, MN | SEC-registered investment adviser | $100 million to $500 million | 5 | % of assets, Hourly |
| [Kerwin Asset Management, LLC](https://advisorcensus.com/firm/kerwin-asset-management-llc-edina-mn-145906) ([md](https://advisorcensus.com/firm/kerwin-asset-management-llc-edina-mn-145906.md)) | 145906 | Edina, MN | State-registered investment adviser | $25 million to $100 million | 18 | % of assets |
| [Keystone Wealth Advisors, Incorporated](https://advisorcensus.com/firm/keystone-wealth-advisors-incorporated-eagan-mn-153418) ([md](https://advisorcensus.com/firm/keystone-wealth-advisors-incorporated-eagan-mn-153418.md)) | 153418 | Eagan, MN | SEC-registered investment adviser | $100 million to $500 million | 16 | % of assets, Hourly |
| [KMB Wealth Management, LLC](https://advisorcensus.com/firm/kmb-wealth-management-llc-309053) ([md](https://advisorcensus.com/firm/kmb-wealth-management-llc-309053.md)) | 309053 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 6 | % of assets |
| [Kodiak Investment Management LLC](https://advisorcensus.com/firm/kodiak-investment-management-llc-aitkin-mn-152925) ([md](https://advisorcensus.com/firm/kodiak-investment-management-llc-aitkin-mn-152925.md)) | 152925 | Aitkin, MN | State-registered investment adviser | Under $25 million | 4 | % of assets, Hourly, Fixed fee |
| [Landcasted Capital Management LLC](https://advisorcensus.com/firm/landcasted-capital-management-llc-waconia-mn-333803) ([md](https://advisorcensus.com/firm/landcasted-capital-management-llc-waconia-mn-333803.md)) | 333803 | Waconia, MN | State-registered investment adviser | Under $25 million | 1 | % of assets, Fixed fee |
| [Laurel Wealth Planning](https://advisorcensus.com/firm/laurel-wealth-planning-edina-mn-122035) ([md](https://advisorcensus.com/firm/laurel-wealth-planning-edina-mn-122035.md)) | 122035 | Edina, MN | SEC-registered investment adviser | $100 million to $500 million | 12 | % of assets, Hourly |
| [Layline Asset Management Inc](https://advisorcensus.com/firm/layline-asset-management-inc-172018) ([md](https://advisorcensus.com/firm/layline-asset-management-inc-172018.md)) | 172018 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 12 | % of assets |
| [Lebens Advisory Group LLC](https://advisorcensus.com/firm/lebens-advisory-group-llc-lakeville-mn-175089) ([md](https://advisorcensus.com/firm/lebens-advisory-group-llc-lakeville-mn-175089.md)) | 175089 | Lakeville, MN | State-registered investment adviser | $25 million to $100 million | 11 | % of assets, Fixed fee |
| [Legacy Retirement Advisors](https://advisorcensus.com/firm/legacy-retirement-advisors-157453) ([md](https://advisorcensus.com/firm/legacy-retirement-advisors-157453.md)) | 157453 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 14 | % of assets, Fixed fee |
| [Lifeplan Financial, LLC](https://advisorcensus.com/firm/lifeplan-financial-llc-mankato-mn-136981) ([md](https://advisorcensus.com/firm/lifeplan-financial-llc-mankato-mn-136981.md)) | 136981 | Mankato, MN | SEC-registered investment adviser | $100 million to $500 million | 1 | % of assets, Hourly |
| [Liniam Capital, LLC](https://advisorcensus.com/firm/liniam-capital-llc-297524) ([md](https://advisorcensus.com/firm/liniam-capital-llc-297524.md)) | 297524 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 7 | % of assets |
| [Linnhavn Wealth Advisors LLC](https://advisorcensus.com/firm/linnhavn-wealth-advisors-llc-344170) ([md](https://advisorcensus.com/firm/linnhavn-wealth-advisors-llc-344170.md)) | 344170 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 0 | % of assets, Fixed fee |
| [Lions Gate Sovereign Capital, LLC](https://advisorcensus.com/firm/lions-gate-sovereign-capital-llc-white-bear-lake-mn-134781) ([md](https://advisorcensus.com/firm/lions-gate-sovereign-capital-llc-white-bear-lake-mn-134781.md)) | 134781 | White Bear Lake, MN | State-registered investment adviser | $25 million to $100 million | 13 | % of assets, Fixed fee |
| [Lodestone Fiduciary LLC](https://advisorcensus.com/firm/lodestone-fiduciary-llc-minnetonka-mn-344016) ([md](https://advisorcensus.com/firm/lodestone-fiduciary-llc-minnetonka-mn-344016.md)) | 344016 | Minnetonka, MN | State-registered investment adviser | Under $25 million | 0 | % of assets |
| [Logan Park Wealth Management](https://advisorcensus.com/firm/logan-park-wealth-management-minneapolis-mn-299007) ([md](https://advisorcensus.com/firm/logan-park-wealth-management-minneapolis-mn-299007.md)) | 299007 | Minneapolis, MN | SEC-registered investment adviser | $100 million to $500 million | 7 | % of assets, Fixed fee |
| [Longview Financial, Inc.](https://advisorcensus.com/firm/longview-financial-inc-116365) ([md](https://advisorcensus.com/firm/longview-financial-inc-116365.md)) | 116365 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 22 | % of assets, Hourly, Fixed fee |
| [Lottsa Financial Services, Inc.](https://advisorcensus.com/firm/lottsa-financial-services-inc-minneapolis-mn-118995) ([md](https://advisorcensus.com/firm/lottsa-financial-services-inc-minneapolis-mn-118995.md)) | 118995 | Minneapolis, MN | State-registered investment adviser | $25 million to $100 million | 25 | % of assets, Hourly |
| [Mako Wealth Group](https://advisorcensus.com/firm/mako-wealth-group-341865) ([md](https://advisorcensus.com/firm/mako-wealth-group-341865.md)) | 341865 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 0 | % of assets, Hourly, Fixed fee |

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## Questions people ask

**How many financial advisory firms are there in Minnesota?**
AdvisorCensus lists 522 investment advisory firms with a principal office in Minnesota, from Form ADV filings as of October 2026: 278 SEC-registered, 207 state-registered, and 37 exempt reporting advisers. Firms may request removal, so the count can differ slightly from the number of firms that file Form ADV.

**How many fee-only financial advisors are in Minnesota?**
192 of the 522 firms meet AdvisorCensus's fee-only test: paid only by a percentage of assets, hourly charges, fixed fees, or subscription fees on Form ADV Item 5.E (no commissions, performance-based fees, or other compensation), with no sales-related compensation ties in the same filing: no employee registered with a broker-dealer or licensed as an insurance agent (Item 5.B), no brokerage, insurance, real estate, or other product sales business (Item 6.A), no related broker-dealer, insurance company, real estate broker, or futures commission merchant (Item 7.A), and no referral fees from others or other sales interest (Item 8). Form ADV has no fee-only box, so this is derived from the filing; it is not a fee-only certification, and a firm's own page lists its compensation arrangements as filed.

**How many financial advisors in Minnesota offer financial planning?**
337 of the 485 firms in Minnesota that answer Form ADV Item 5.G, which asks what advisory services a firm provides, report financial planning services, as of October 2026. Exempt reporting advisers do not answer Item 5.G. Each firm page lists every advisory service the firm reports.

**Are the financial advisors in Minnesota fiduciaries?**
Every firm on this page is an investment adviser that files Form ADV, and an investment adviser owes its clients a fiduciary duty under federal law, made up of a duty of care and a duty of loyalty: it must act in the client's best interest and not put its own interests ahead of the client's, and must eliminate its conflicts of interest or disclose them fully and fairly. Form ADV has no fiduciary box because the duty comes with being an investment adviser. The duty covers the firm's advice; a firm or its people may also sell securities through a broker-dealer or insurance as licensed agents, roles held to other standards. The 192 firms that meet AdvisorCensus's fee-only test report none of those sales ties.

**How do I check whether a financial advisor has disciplinary disclosures?**
Each firm page shows how many Form ADV Item 11 disciplinary questions the firm answered yes and links to the firm's record on the SEC's Investment Adviser Public Disclosure site (adviserinfo.sec.gov), where the detail of each disclosure is public. Individual advisers' records are on the same site and on FINRA BrokerCheck.

**Does AdvisorCensus rate, verify, or recommend these firms?**
No. The directory shows what each firm filed, in alphabetical order unless you choose another sort, and no firm's position depends on payment. Firms that claim their page can add a description and links, marked as provided by the firm; the filed facts are never changed by that content.

**What does regulatory assets under management mean?**
Regulatory assets under management (RAUM) is the figure a firm reports on Form ADV Item 5.F: the securities portfolios it provides continuous and regular supervisory or management services for, at market value, including assets managed without discretion. It measures scale, not performance or quality.

## Related pages

- [Financial advisors in Minnesota](https://advisorcensus.com/advisors/mn) (https://advisorcensus.com/advisors/mn.md)
- [Flat-fee financial advisors in Minnesota](https://advisorcensus.com/advisors/mn/flat-fee) (https://advisorcensus.com/advisors/mn/flat-fee.md)
- [Hourly financial advisors in Minnesota](https://advisorcensus.com/advisors/mn/hourly) (https://advisorcensus.com/advisors/mn/hourly.md)
- [Fee-only financial advisors in Minneapolis, MN](https://advisorcensus.com/advisors/mn/minneapolis/fee-only) (https://advisorcensus.com/advisors/mn/minneapolis/fee-only.md)
- [Fee-only financial advisors in Duluth, MN](https://advisorcensus.com/advisors/mn/duluth/fee-only) (https://advisorcensus.com/advisors/mn/duluth/fee-only.md)
- [Fee-only financial advisors in Rochester, MN](https://advisorcensus.com/advisors/mn/rochester/fee-only) (https://advisorcensus.com/advisors/mn/rochester/fee-only.md)
- [Fee-only financial advisors in Mankato, MN](https://advisorcensus.com/advisors/mn/mankato/fee-only) (https://advisorcensus.com/advisors/mn/mankato/fee-only.md)

Cite as: AdvisorCensus. Fee-only financial advisors in Minnesota: 192 firms from Form ADV filings as of October 2026.