Financial Advisor

Tips for Choosing Financial Advisors in Minneapolis, MN

Financial advisors in Minneapolis, MN help individual investors make financial planning and investment decisions. The goal is to help investors reach their financial goals and increase their net worth.

Investment consulting services are often provided by financial professionals that go by many different titles. Knowing which type of advisor will give you advice that is in your best interest can be very confusing. Some of the titles you might see are financial advisor, wealth manager, financial planner, or investment advisor. Anybody can claim these titles. But only one type of advisor can be called a Registered Investment Advisor (RIA).

Benefits of an RIA

Registered Investment Advisors are registered with the Securities and Exchange Commission (SEC) or a state regulatory agency if they have less than $100 million in assets under management. The rules for RIAs were formulated under the Investment Advisors Act of 1940. They must disclose their assets under management, their fee structure, and potential conflicts of interest. RIAs have a duty to provide investment advice that is always in the best interest of their clients. Financial advisors in Minneapolis MN that are RIAs, must always act with a fiduciary standard of care.

What Is Fee-Only Advice?

Many people assume that all financial advisors in Minneapolis, MN must act in the best interest of their clients, but this is not the case. For instance, broker-dealers are only required to act with a suitability standard. They do not have to disclose any conflicts of interest. They may earn a commission from the sale of financial products. Or they may fail to tell you about a more tax-efficient or less expensive option. RIAs cannot sell any products and get commissions; therefore, they do not have this conflict of interest. They are fee-only, which means they are only compensated by the client. They do not receive any compensation from other sources.

Choosing the right financial advisors in Minneapolis, MN can be a challenging process. Beginning the process with an independent, fee-only RIA is a good place to start.

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4 Defined Benefit Plan Considerations for Your Surprise, AZ Retirement

As a self-employed business owner, you have made diligent plans to provide a service to clients. It does not hurt to apply the same dedication to your retirement. Start by considering how self-employed defined benefit plans in Surprise, AZ can boost your retirement income.

  1. Make Large Tax-Deductible Contributions

Compared to $7,000 for an IRA and $61,000 for a SEP, a defined benefit plan allows you to contribute $100,000 to $250,000 annually for your retirement. Plus, this significantly higher contribution limit is tax-deductible while you save.

  1. Get Tax-Deferred Growth

In addition to deductible contributions, you avoid yearly taxes on investment gains. Any contribution you make earns tax-deferred growth grows until you start receiving distributions from the plan.

  1. Add Your Spouse for More Tax Deductions

Plans that you and your spouse may have for retiring together are enhanced with defined benefit plans in Surprise, AZ. If your spouse works for your company, any contributions you make on their behalf may potentially double. This gives you more tax deductions.

  1. Make Up for Past Years

Perhaps you got a late start to saving for your retirement. The fact that a defined benefit plan allows massive contributions means you could build a generous fund of millions of dollars within 10 years.

Start Planning Your Future Retirement Today!

Retiring in a good financial position requires taking active steps towards having the income you will need. It is never too early to start and with defined benefit plans in Surprise, AZ, it is not too late. Added with other retirement vehicles, you have a good chance of living well.


Securities are offered through Avantax Investment Servicesâ„ , Member FINRA, SIPC. Investment advisory services are offered through Avantax Advisory Servicesâ„ .

Insurance services are offered through an Avantax affiliated insurance agency.

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