Top RIAs in Minnesota
Every SEC-registered RIA with a main office in Minnesota, by regulatory AUM, from Form ADV
276 RIAs registered with the SEC are headquartered in Minnesota, the 16th most of any state, managing $2.43T in regulatory assets as of Sep 1, 2026. The largest by regulatory AUM is Ameriprise Financial Services, LLC in Minneapolis at $660.5B. 89 firms report $1 billion or more.
276
SEC-registered RIAs
$2.43T
Regulatory AUM
89
Firms at $1B and above
$517.4M
Median firm AUM
Data as of Sep 1, 2026, file ia09012026-registered.zip. Retrieved Sep 10, 2026.
01 · The firms
Every SEC-registered RIA in Minnesota, by regulatory AUM
The default sort is regulatory assets under management as each firm filed it, which puts asset managers and wealth managers on one list. The toggle for firms where individuals and high-net-worth individuals hold the majority of assets is what separates them, using the firm's own Form ADV Item 5.D figures.
All 276 firms, by regulatory AUM as filed.
| # | Firm | City | Regulatory AUM | Advisory staff | Accounts | Individual + HNW clients | Retail share | Filed |
|---|---|---|---|---|---|---|---|---|
| 1 | Ameriprise Financial Services, LLCCRD 6363 | Minneapolis | $660.5B | 12,681 | 2,424,045 | 1,373,063 | 98% | Jun 2026 |
| 2 | U.S. Bancorp Asset Management, Inc.CRD 111912 | Minneapolis | $427.5B | 62 | 2,340 | 0 | 0% | Aug 2026 |
| 3 | Garda Capital PartnersCRD 282439 | Wayzata | $207.1B | 70 | 3 | n.d. | 0% | Mar 2026 |
| 4 | Thrivent Financial for LutheransCRD 115785 | Minneapolis | $128.7B | 155 | 34 | n.d. | 0% | Jun 2026 |
| 5 | Wealth Enhancement Advisory Services, LLCCRD 116407 | Plymouth | $122.2B | 850 | 221,892 | 80,986 | 91% | Aug 2026 |
| 6 | RBC Global Asset Management (U.S.) Inc.CRD 107173 | Minneapolis | $104.5B | 37 | 245 | 72 | 0% | May 2026 |
| 7 | Galliard Capital ManagementCRD 106487 | Minneapolis | $80.3B | 20 | 264 | n.d. | 0% | Mar 2026 |
| 8 | Walleye Capital LLCCRD 161413 | Wayzata | $52.1B | 138 | 10 | n.d. | 0% | Apr 2026 |
| 9 | Thrivent Asset Management, LLCCRD 137751 | Minneapolis | $48.0B | 155 | 31 | n.d. | 0% | Mar 2026 |
| 10 | Pine River Capital Management L.P.CRD 133720 | Minnetonka | $46.9B | 14 | 7 | 0 | 0% | Jun 2026 |
| 11 | Securian Asset Management, Inc.CRD 109905 | St Paul | $41.6B | 34 | 398 | 0 | 0% | Mar 2026 |
| 12 | Castlelake, L.P.CRD 145165 | Minneapolis | $35.3B | 98 | 50 | 0 | 0% | Mar 2026 |
| 13 | Advanced Capital GroupCRD 109673 | Minneapolis | $30.0B | 11 | 366 | 138 | 7% | Mar 2026 |
| 14 | Winslow Capital Management LLCCRD 106940 | Minneapolis | $28.7B | 19 | 1,882 | 1,750 | 3% | Mar 2026 |
| 15 | Thrivent Private InvestmentsCRD 338378 | Minneapolis | $22.8B | 24 | 47 | n.d. | 0% | Mar 2026 |
| 16 | Thrivent Investment Management Inc.CRD 18387 | Minneapolis | $20.8B | 2,963 | 54,503 | 124,646 | 98% | Aug 2026 |
| 17 | Allianz Investment Management LLCCRD 111925 | Minneapolis | $19.1B | 7 | 83 | n.d. | 0% | Jul 2026 |
| 18 | AB Carval Investors, LPCRD 141819 | Minneapolis | $18.4B | 74 | 69 | n.d. | 0% | Mar 2026 |
| 19 | Whitebox Advisors LLCCRD 121995 | Minneapolis | $15.7B | 35 | 16 | n.d. | 0% | Mar 2026 |
| 20 | SIT Fixed Income Advisors II, LLCCRD 108271 | Minneapolis | $15.0B | 35 | 158 | 15 | 2% | Jun 2026 |
| 21 | Cliftonlarsonallen Wealth Advisors, LLCCRD 38357 | Minneapolis | $14.4B | 81 | 23,169 | 6,550 | 79% | Mar 2026 |
| 22 | Devenir Investment Advisors, LLCCRD 132824 | Bloomington | $13.0B | 3 | 44 | n.d. | 0% | Mar 2026 |
| 23 | Northrock Partners, LLCCRD 167908 | Minneapolis | $12.2B | 91 | 24,014 | 4,778 | 99% | Jul 2026 |
| 24 | Mairs & PowerCRD 110351 | St. Paul | $12.1B | 25 | 1,725 | 706 | 37% | Apr 2026 |
| 25 | Fiduciary Counselling IncCRD 104753 | St Paul | $10.1B | 18 | 1,761 | 1,645 | 88% | Mar 2026 |
| 26 | Intellicents Investment Solutions IncCRD 107498 | Albert Lea | $9.9B | 48 | 8,280 | 7,776 | 23% | Jun 2026 |
| 27 | Gradient Investments, LLCCRD 141726 | Arden Hills | $8.8B | 15 | 79,966 | 26,803 | 100% | Aug 2026 |
| 28 | Hays Financial Group, LLCCRD 306877 | Minneapolis | $7.5B | 6 | 687 | 336 | 1% | Mar 2026 |
| 29 | Carval CLO Management LLCCRD 298135 | Minneapolis | $7.3B | 1 | 17 | n.d. | 0% | Mar 2026 |
| 30 | Thrivent Advisor Network, LLCCRD 304569 | Minneapolis | $6.8B | 119 | 25,415 | 14,611 | 98% | Jun 2026 |
| 31 | Focus FinancialCRD 116140 | Minneapolis | $6.8B | 114 | 27,510 | 13,560 | 98% | Aug 2026 |
| 32 | Disciplined Growth Investors IncCRD 106746 | Minneapolis | $5.5B | 10 | 144 | 102 | 26% | Mar 2026 |
| 33 | RiverbridgeCRD 108074 | Minneapolis | $5.0B | 23 | 3,656 | 3,482 | 64% | Mar 2026 |
| 34 | Clearwater Management Co., Inc.CRD 105307 | St Paul | $4.7B | 1 | 13 | n.d. | 0% | Mar 2026 |
| 35 | Accredited Investors Wealth ManagementCRD 105439 | Edina | $4.4B | 4 | 5,077 | 942 | 99% | Aug 2026 |
| 36 | Northcrest Asset ManagementCRD 300366 | Plymouth | $4.3B | 6 | 3,355 | n.d. | 0% | Jul 2026 |
| 37 | Peregrine Capital Management, LLCCRD 110052 | Minneapolis | $4.1B | 11 | 61 | 6 | 1% | Mar 2026 |
| 38 | Norwest Capital Advisors, LLCCRD 323642 | Minneapolis | $3.8B | 28 | 12 | 0 | 0% | Apr 2026 |
| 39 | Proterra Investment Partners LPCRD 282051 | Minneapolis | $3.7B | 40 | 28 | n.d. | 0% | May 2026 |
| 40 | EhlersCRD 146385 | Minneapolis | $3.6B | 6 | 722 | n.d. | 0% | Aug 2026 |
| 41 | SIT Investment Associates, IncCRD 105725 | Minneapolis | $3.5B | 35 | 80 | 17 | 6% | Jun 2026 |
| 42 | Advisornet Wealth PartnersCRD 113074 | Minnetonka | $3.1B | 68 | 9,293 | 3,499 | 99% | Mar 2026 |
| 43 | BPS Capital Management, Inc.CRD 120006 | Bloomington | $3.1B | 3 | 67 | 14 | 3% | Jan 2026 |
| 44 | Boulay WealthCRD 111334 | Eden Prairie | $3.0B | 31 | 4,384 | 1,096 | 97% | Aug 2026 |
| 45 | Berger Financial GroupCRD 308174 | Plymouth | $2.9B | 57 | 11,139 | 3,755 | 99% | Aug 2026 |
| 46 | Tradition Wealth Management LLCCRD 128314 | Edina | $2.6B | 30 | 5,771 | 2,155 | 85% | Jun 2026 |
| 47 | Arthur VenturesCRD 326592 | Minneapolis | $2.6B | 19 | 17 | n.d. | 0% | Apr 2026 |
| 48 | Compass Capital Management IncCRD 107823 | Minneapolis | $2.6B | 10 | 1,676 | 379 | 75% | Mar 2026 |
| 49 | Locorr Fund Management, LLCCRD 156247 | Excelsior | $2.5B | 7 | 7 | 0 | 0% | Feb 2026 |
| 50 | Stonebridge Capital Advisors LLCCRD 111447 | St. Paul | $2.5B | 13 | 3,151 | 1,609 | 71% | Mar 2026 |
02 · By city
Where in Minnesota the firms sit
Main-office city as filed. Up to the twenty-five cities with the most firms.
- Minneapolis79 · $1.78T
- Bloomington23 · $26.7B
- Edina20 · $20.1B
- Minnetonka17 · $59.6B
- Plymouth16 · $135.1B
- Wayzata16 · $266.4B
- Eden Prairie8 · $6.9B
- Arden Hills7 · $11.2B
- Maple Grove6 · $1.5B
- St. Paul6 · $15.8B
- Excelsior5 · $4.9B
- St. Cloud4 · $4.3B
- Woodbury4 · $2.9B
- Duluth3 · $865.2M
- Rochester3 · $682.7M
- Saint Paul3 · $2.8B
- St Paul3 · $56.3B
- St. Louis Park3 · $1.8B
- Albert Lea2 · $11.5B
- Cambridge2 · $2.4B
- Chanhassen2 · $424.9M
- Coon Rapids2 · $680.3M
- Eagan2 · $478.0M
- Mankato2 · $242.0M
- St Louis Park2 · $555.3M
03 · Questions
Questions people ask about RIAs in Minnesota
- How many RIAs are in Minnesota?
- 276 RIAs registered with the SEC list a main office in Minnesota in the SEC's Form ADV data as of Sep 1, 2026. That count excludes state-registered RIAs, which generally manage under $100 million and file with the state rather than the SEC, and firms whose address is suppressed on Form ADV.
- What is the largest RIA in Minnesota?
- By regulatory assets under management as filed on Form ADV, the largest SEC-registered RIA headquartered in Minnesota is Ameriprise Financial Services, LLC in Minneapolis, at $660.5B. Regulatory AUM counts all assets a firm manages, so the largest filer in a state is often an asset manager rather than a wealth manager.
- How many Minnesota RIAs manage more than $1 billion?
- 89 of the 276 SEC-registered RIAs headquartered in Minnesota report regulatory assets under management of $1 billion or more. The median firm in the state reports $517.4M.
- Where does this data come from?
- From the SEC's monthly Form ADV data file for SEC-registered investment advisers (ia09012026-registered.zip, data as of Sep 1, 2026). Each figure is as the firm itself reported it on Form ADV Item 5; the SEC does not verify it. Every row links to the firm's record on the SEC's Investment Adviser Public Disclosure site.
Definitions and source
What each column means, in the SEC's words
- Regulatory assets under management Form ADV Item 5.F(2)(c)
- If yes, what is the amount of your regulatory assets under management and total number of accounts? Total, discretionary plus non-discretionary.
- Total accounts Form ADV Item 5.F(2)(f)
- Total number of accounts, discretionary plus non-discretionary.
- Employees Form ADV Item 5.A
- Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
- Advisory employees Form ADV Item 5.B(1)
- Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
- Broker-dealer registered representatives Form ADV Item 5.B(2)
- Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
- Individual and high-net-worth clients Form ADV Item 5.D(a), 5.D(b)
- Number of clients and amount of regulatory assets under management for individuals (other than high net worth individuals) and for high net worth individuals.
- Commissions Form ADV Item 5.E(5)
- You are compensated for your investment advisory services by (check all that apply): (5) Commissions.
- Private funds Form ADV Item 7.B
- Are you an adviser to any private fund?
Source: U.S. Securities and Exchange Commission, Form ADV data, Information About Registered Investment Advisers and Exempt Reporting Advisers, file ia09012026-registered.zip (data as of Sep 1, 2026), retrieved Sep 10, 2026. Figures are as self-reported by each firm on Form ADV Item 5; the SEC does not verify them. Neither the SEC nor the state securities authorities have approved the information filed on Form ADV, and we can not guarantee its accuracy.
Winthrop & Co. is compensated by firms when an advisor joins through us. The advisor never pays. Firms on this page are listed by arithmetic on the SEC's file, not by any relationship with us, and none is ranked, labelled or recommended.