RIAs by state · SEC data as of October 1, 2026

RIAs in Minnesota

The SEC-registered investment advisers based in Minnesota, what they manage, and the largest independent wealth managers.

Minnesota is home to 189 wealth-focused RIAs managing $979B, 16th of 51 states and DC. The largest is Wealth Enhancement Advisory Services, LLC in Plymouth, with $122B.

Wealth-focused RIAs: 189
Their assets: $979B
$1B+ firms: 42
All SEC RIAs: 273

Largest independent wealth managers in Minnesota

Largest independent wealth managers headquartered in Minnesota
#	Firm	Headquarters	Regulatory AUM	Individual clients	Employees
1	Wealth Enhancement Advisory Services, LLC SEC record	Plymouth	$122B	80,986	1,700
2	Fiduciary Counselling Inc SEC record	St Paul	$10B	1,645	87
3	Thrivent Advisor Network, LLC SEC record	Minneapolis	$6.8B	14,611	119
4	Focus Financial SEC record	Minneapolis	$6.8B	13,560	189
5	Riverbridge SEC record	Minneapolis	$5.0B	3,482	46
6	Accredited Investors Wealth Management SEC record	Edina	$4.4B	942	53
7	Advisornet Wealth Partners SEC record	Minnetonka	$3.1B	3,499	131
8	Boulay Wealth SEC record	Eden Prairie	$3.0B	1,096	45
9	Berger Financial Group SEC record	Plymouth	$2.9B	3,755	89
10	Tradition Wealth Management LLC SEC record	Edina	$2.6B	2,155	32
11	Compass Capital Management Inc SEC record	Minneapolis	$2.6B	379	20
12	Stonebridge Capital Advisors LLC SEC record	St. Paul	$2.5B	1,609	31
13	EFS Advisors SEC record	Cambridge	$2.4B	21,660	59
14	Punch & Associates Investment Management, Inc.SEC record	Edina	$2.0B	541	34
15	Jnba Financial Advisors, LLC SEC record	Bloomington	$2.0B	1,105	36

Ranked by regulatory assets under management on each firm’s latest Form ADV. Excludes broker-dealers’ advisory arms and managed-account platforms. Nationally: the 100 largest RIAs.

Questions

How many RIAs are there in Minnesota?

273 SEC-registered investment advisers have their main office in Minnesota, and 189 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks Minnesota 16th of 51 states and DC, according to Financial ADVSR’s count of SEC data as of October 1, 2026.

What is the largest RIA in Minnesota?

Wealth Enhancement Advisory Services, LLC, based in Plymouth, is the largest independent wealth manager headquartered in Minnesota, with $122B in regulatory assets under management and 80,986 individual clients on its latest Form ADV.

How much do Minnesota RIAs manage?

Wealth-focused RIAs based in Minnesota report $979B in regulatory assets under management, 10th among the states. 42 of them manage $1 billion or more; the median manages $397M.

How we built this

The SEC publishes a list of every registered investment adviser, drawn from each firm’s Form ADV. We used the list current through October 1, 2026, kept the 16,943 advisers the SEC shows as approved, and placed each in the state of its main office; 14,641 are based in the United States. Regulatory assets under management come from Item 5.F, client counts from Item 5.D.

Wealth-focused RIAs manage at least half of their assets for individuals and high-net-worth clients, the same test as our RIA Custody Tracker; there are 8,130 in the US. Rankings and each state’s largest-firms list show independent wealth managers only: wealth-focused firms that offer financial planning, are not themselves broker-dealers, and hold less than half their assets in wrap programs they sponsor or manage. That leaves out wirehouse and broker-dealer advisory arms and managed-account platforms, which still count in each state’s totals.

What it doesn’t show

State-registered advisers, most of which manage less than $100 million, register with their state regulator and aren’t in SEC data.
A firm counts only in its main office state, though many have offices in several.
Figures are as of each adviser’s latest annual Form ADV update, usually its December 31 fiscal year-end, so they lag recent deals.
Firms that file under more than one registration (an RIA and a separate institutional arm, for example) appear as separate advisers.

The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors.