The right financial planner for you is a fee-only fiduciary who specializes in your area of need, whether that's retirement income planning, a business exit, or multi-generational wealth transfer, and who is legally required to act in your best interest rather than sell you a product. Below, we highlight several Twin Cities advisors we respect, including our own firm, so you can compare and find the right fit.
Retirement, Legacy, and Business Planning in Minneapolis
We specialize in tax, retirement, legacy, and business planning. Our typical client is someone trying to understand how they might retire within the next five years, a business owner building toward an exit and financial independence, or a multi-generational family working to pass their wealth and wisdom to the next generation.
Knowing what we're great at and where we can add the most value to our clients also means we know when we don't have the right expertise for certain client situations. The following post highlights other Twin Cities financial advisors we greatly respect.
Finding the Right Financial Advisor in the Twin Cities
If you're searching for a financial planner in the Twin Cities area and need help figuring out where to start, this guide is for you.
While we would love to help everyone in Minneapolis pay less in taxes, invest wisely, and build sustainable retirement income, we recognize we aren't always the right fit. You may be fresh out of graduate school and need help with student loan planning. Or you may prefer to work with a financial advisor who better relates to your background or identity.
At the end of the day, you won't see a cardiologist if you need knee surgery!
How We Connected with These Twin Cities Financial Advisors
Our team has been working as financial planners in the Twin Cities since 2017.
Throughout our careers, we've had the incredible opportunity to connect with hundreds of financial advisors at conferences, organizations, and study groups. We've had countless conversations with advisors over coffee or on Zoom, sharing best practices to better serve our clients.
Finding the right financial advisor can be challenging, but a growing number of talented financial planners do excellent work for their clients. Below, we share a handful of them, along with a brief summary of who each serves.
Disclaimer: The list below is not exhaustive. It is just our opinion and not a testimonial or endorsement of these advisors.
Twin Cities Fee-Only Financial Advisors to Consider
Trailhead Planners: Morgan Ranstrom, CFA, CFP®, CEPA®, and Bill Mulvahill, CFP®, CPA – Edina, MN
Best fit for: People within about five years of retirement, business owners planning an exit, and multi-generational families navigating wealth transfer or a new inheritance.
With a CPA on our team, tax planning is at the center of the retirement, business exit, and legacy plans we build. [Learn more about how we work below.]
Professionals, Executives, and Retirees
Quarry Hill Advisors: Kyle Moore, CFP®, and Bjorn Amundson, CFP® – St. Paul, MN
Best fit for: Busy professionals, executives, families, and retirees who want objective, holistic advice.
Kyle founded Quarry Hill as an advice-first alternative to the sales-focused culture he saw at large firms. Bjorn, a partner at the firm, brings investment management, tax strategy, and retirement income design together into one clear plan.
Drost Financial: Steve Drost, CFP®, CFA – Twin Cities & Northern Suburbs
Best fit for: Corporate executives and retirees, particularly those with General Mills or Republic Services benefits and compensation plans.
Steve helps clients align what they have, or will have, with their goals and values so they can spend their time and money on the people and causes that matter most.
TruMix Advisors: Tyler J. Engbrecht, CFP® – Bloomington, MN
Best fit for: Clients who want a collaborative, hands-on relationship with their planner as they work through big and small financial decisions.
Tyler focuses on personalized, thoughtful advice that brings clarity and financial peace of mind.
Side-by-Side Financial Planning: Charlie Bolognino, CFP®, ChFC® – Plymouth, MN
Best fit for: Individuals and families looking for practical, straightforward, fee-only guidance.
Charlie founded Side-by-Side in 2008 and also shares financial education through seminars and community programs.
Tech Employees and Equity Compensation
Exhale Wealth: Matthew Pruitt, CFP®, CFA – Minneapolis, MN
Best fit for: Tech employees navigating the complexities of employer stock compensation.
Authentic Life Financial Planning: Trevor Ausen, CFP®, RICP® – Minneapolis, MN
Best fit for: Professionals with equity compensation, in Minneapolis or anywhere in the country.
Trevor helps clients define what their "Authentic Life" looks like and align their finances to make it a reality.
Planning Across All Wealth Levels
Guide Financial Planning: Ben Wacek, CFP® – Arden Hills, MN
Best fit for: Individuals and families of any net worth, including those who want their Christian faith reflected in their financial planning.
Ben started Guide after working at firms whose asset minimums kept him from helping his own family and friends.
Luminous Money: Aashwin Sachdev, CFP® – Minneapolis, MN
Best fit for: People across all income and wealth levels. Luminous Money has no investment minimums.
Aashwin, a first-generation immigrant, founded Luminous Money after more than a decade in traditional wealth management.
How Trailhead Planners Is Different From Other Financial Planners in Minneapolis
There are a few things that separate Trailhead Planners from other firms you might be considering:
Tax planning led by a CPA. Trailhead Planners’ partner and financial advisor, Bill Mulvahill, CFP®, CPA, leads tax planning for our clients, ensuring each client not only understands their current tax bill but also has a long-term strategy in place to minimize lifetime taxes.
Experience with business owners. Morgan Ranstrom and Bill Mulvahill are both Certified Exit Planning Advisors (CEPA®), helping owners connect the sale or succession of their business to everything that comes after it.
Estate, legacy, and charitable giving strategy. We work alongside your estate attorney and tax team so your plan, your documents, and your giving strategy line up.
Personal fit. We intentionally limit the number of new clients we take on so we can deliver exceptional value and personalized service.
Meet the Team
Morgan Ranstrom, CFA, CFP®, CEPA® – Morgan is a partner at Trailhead Planners. He is a CFA charterholder and a CFP® and CEPA® professional, and he focuses on investment strategy, retirement income, wealth transfer, and helping business owners plan for an exit.
Morgan co-founded Trailhead Planners with a firm belief in the power of fiduciary financial planning to positively influence his clients’ financial futures. When not working, Morgan likes to get outside with his family, play guitar loudly with friends, and travel to (mostly) Spanish-speaking countries.
Bill Mulvahill, CFP®, CPA – Bill is a partner at Trailhead Planners and leads the firm's tax planning. As both a CPA and a CFP® professional, he helps clients see how today's decisions affect future tax bills, Medicare premiums, and what they eventually leave behind.
Bill worked in various parts of the financial industry before finding his place as a financial advisor. He is a former college golfer and loves to spend time with his family at the lake or hiking somewhere new.
If there is a potential fit between our expertise and your situation, consider scheduling an exploratory call. And if we're not the right fit, we'll happily point you to someone who is.
What These Fee-Only, Fiduciary Financial Planners Have in Common
While the financial advisors above work with different types of clients, specialize in distinct areas, and have different personalities and strengths, as of our last review, they share three core factors that matter when choosing a financial advisor:
They are fee-only and never sell products on commission.
They adhere to the fiduciary standard 100% of the time.
They are CFP® professionals.
It's imperative that you diligently interview any potential advisor to ensure they are a good fit for your financial needs.
Additional Resources for Finding the Right Financial Planner
If you would like to work with a fee-only fiduciary with expertise for your specific needs, you may wish to continue your search at the following sites:
Before hiring anyone, you can verify an advisor's credentials and background through the CFP Board's verification tool and the SEC's Investment Adviser Public Disclosure site (adviserinfo.sec.gov).
We recommend interviewing at least three financial planners who appear to fit your financial situation well.
Our Top Questions to Ask a Financial Advisor Before Hiring Them
Here are our favorite questions:
Who is your typical client, and what value do your services offer them?
Do you act as a fiduciary to your clients 100% of the time?
How are you compensated?
Where are my accounts held?
Do I implement portfolio decisions, or do you?
How do you coordinate with my tax and estate team?
Do you offer tax planning?
How often do you meet with your clients?
How do you ensure you can offer proactive advice on my financial life?
If the prospective financial advisor can't answer your questions clearly and concisely, you might choose to end the meeting early.
Remember, when hiring a financial planner, you are making a huge life decision. Don't take the process lightly.
Would we fit your unique retirement, business, or legacy planning needs well? Schedule an exploratory call to discuss your financial situation and goals with our team.
Morgan Ranstrom, CFA, CFP®, CEPA®
Morgan Ranstrom is based in Minneapolis, MN, and he is a CFA charterholder as well as a CFP® and CEPA® professional.