Wealth management firms in Minneapolis, MN provide financial advice and investment services to individuals, families, and institutions. Comprehensive financial planning and discretionary investment management frequently are included.
Comprehensive financial planning may include retirement planning, estate planning, asset and income protection planning, education planning, cash flow planning, and philanthropic planning. Discretionary investment management is designed to support a comprehensive financial plan. These services may include investment policy formulation, investment manager search and selection, asset allocation strategy, risk management, and periodic rebalancing. Responsible investing options are also available. Coordination of the financial plan with other professional advisors such as lawyers, accountants, and insurance agents is also included.
Comprehensive assessment of financial position, monitoring of accounts, investment performance reports, and recommendations are discussed at scheduled review meetings. The amount of detailed information shared is based on interest level.
How It Works
Comprehensive wealth management works best for clients with over $1 million in investable assets. Larger portfolios tend to have greater complexity and would benefit more fully from personalized management.
Wealth management firms in Minneapolis MN that operate with a fiduciary standard of care typically operate under the Prudent Practices outlined by Fi360, a Broadridge Company. The Prudent Practices are comprised of four steps with several practices within each step. The Prudent Practices is a procedure that is consistent with ISO 9000 and encourages continual improvement and due diligence in the decision-making and execution process.
Many investors may find that their financial life is simplified and improved when they hire fiduciary wealth management firms in Minneapolis, MN. Advisors from this type of wealth management firm strive to offer objective advice that is in the client’s best interest.
