Find a Financial Advisor in Hennepin County

The Twin Cities economy and your paycheck

Hennepin County holds Minneapolis and a ring of suburbs that stretch west to Lake Minnetonka and south to the airport. Many of the state’s most recognized employers have their headquarters or large campuses here. Target is based in downtown Minneapolis, U.S. Bank is a Minneapolis institution, General Mills is in Golden Valley and UnitedHealth Group has its main campus in Minnetonka. Health systems, the University of Minnesota’s Minneapolis campus, the airport and a large medical device industry round out the picture.

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, median household income in the county is about $97,653 and per capita income is about $59,401. The median home value is $392,900, median gross rent is $1,487 and the typical owner with a mortgage pays about $2,255 a month. About 62.7 percent of homes are owner occupied, the median age is 37.6, 15.6 percent of residents are 65 or older and 54.1 percent of adults hold a bachelor’s degree or higher. Unemployment in the period was 4.5 percent. The Census Bureau’s 2025 estimate for population is about 1.28 million.

In a county this educated and this well-paid, the typical household question is rarely whether to save. It is how to pay less tax, which accounts to use and how to keep a corporate benefit package working toward a goal.

Minnesota tax rules that shape the plan

Minnesota is a state where tax planning earns its keep. Confirm current rules with the Minnesota Department of Revenue or a tax professional, as rates and thresholds change from year to year.

Graduated income tax. Minnesota taxes income in brackets, and the top bracket is among the higher ones in the country. Planning that moves income between years, such as Roth conversions or timing stock sales, can matter more here than in a flat tax state.

Social Security. Minnesota has treated Social Security differently from the federal government, and recent law changes broadened the amount many retirees can subtract. Whether your benefit is taxed depends on your total income.

Estate tax. Minnesota has its own estate tax, and its threshold sits below the federal one. A couple with a house in Edina, retirement accounts and life insurance can cross it. Planning may involve trusts, gifting or ownership changes, and the rules are specific enough that an estate attorney should be involved. Our estate planning guide explains the basic documents.

Property tax. Homeowners should watch for the homestead classification on their property and for changes after a sale, because the taxable value follows the market. Cities and school districts differ in rates.

No inheritance tax. Minnesota does not have one, but the estate tax applies instead.

Financial advisors in Hennepin County

Advisors fill every corner of the Twin Cities market: bank offices in Minneapolis and Edina, independent practices in Wayzata and Plymouth, and national firms with Minnesota clients. Because the county is home to several large companies, many advisors specialize in executive pay and stock plans.

Ask how each candidate is paid, whether they act as a fiduciary all the time and what you will pay in total. Our financial advisor guide lists questions to bring. The first call with an advisor who serves this area is typically free.

Wealth management in Hennepin County

Wealth management combines investment management with planning for taxes, estates, insurance and business matters. It suits households with larger balances or more moving parts.

In Hennepin County, those households often include executives and directors at area companies, physicians and surgeons at the large health systems, owners of businesses in medical devices, food products and professional services, and families with property around the lakes. Wealth managers coordinate with attorneys and accountants so that a trust, a tax return and an investment portfolio work together.

Fees are typically a percentage of assets, with lower rates as the account grows, though flat retainers also exist. A common structure is about one percent a year for a portfolio in the low seven figures, but the right comparison is the full cost including funds, so ask for it.

Retirement planning in Hennepin County

The county is young by retirement standards, with a median age of 37.6, but a large group of people in their fifties and sixties are close to a decision. Planning here is as much about timing as about size.

Questions come up in a certain order:

1. When can I stop working, and what will health coverage cost until Medicare begins?
2. How do Social Security, pensions and account withdrawals combine?
3. Which state will tax me, and will I stay in Minnesota?
4. How do I pay for a long retirement through inflation and market dips?

Many Minnesotans think about spending winters elsewhere, which raises questions about residency, state taxes and a second home. Moving to a state with no income tax can save money, but Minnesota has aggressive rules about who counts as a resident, so keep careful records. Our retirement planning guide covers withdrawal strategy.

Housing and winters

A median home value of $392,900 sits above the national figure. Prices vary across the county, from condos in the North Loop and bungalows in south Minneapolis to large homes in Edina, Minnetonka and Wayzata. Owner costs with a mortgage run about $2,255 a month at the median.

Winter makes ownership more expensive in specific ways:

• Heating. Long cold seasons mean high natural gas or electric bills. A budget plan from the utility spreads the cost.
• Snow and ice. Plowing, roof ice dams and driveway repair are routine costs.
• Basement moisture. Spring thaw and heavy rain can strain sump pumps.
• Older housing. Many Minneapolis neighborhoods have houses built a century ago, with plaster, old wiring and masonry that need steady upkeep.

Our budgeting and saving guide shows how to set aside a monthly repair reserve.

Financial planners in Hennepin County

A financial planner takes your income, spending, debts, goals and risks and puts them into a written plan. For a Hennepin County household, a plan usually covers cash flow, retirement contributions, college funding, insurance and an estate checklist.

Planners may be paid a flat fee, hourly rate, monthly retainer or a share of assets. Some hold the CFP credential. Ask for a sample plan, and ask how often the plan is updated.

Life insurance in Hennepin County

In a county with expensive housing and two-income households, life insurance should be tied to the amount the surviving partner would need. Take a couple in Plymouth with a mortgage and two children. If one income vanished, how long would the other cover housing, child care and college? That number sets the term coverage.

High earners may also use permanent insurance to cover estate taxes, since Minnesota’s threshold is lower than the federal one. An irrevocable trust can hold a policy outside the estate, but the rules need an attorney. Read our life insurance guide before you shop. Many large employers offer group coverage, which usually ends when you leave, so consider a policy you own.

Investment advisors in Hennepin County

Investment advisors manage portfolios, usually for a percentage of assets. Registered advisers owe a fiduciary duty to clients, and firms register with the SEC or with Minnesota regulators. You can check the Form ADV and any disciplinary history before hiring.

In this county, many portfolios start with a concentration in an employer’s stock, so ask any advisor how they handle a large single position and how they manage capital gains.

How to choose a financial advisor in Hennepin County

Shortlist two or three advisors and compare them on the same terms:

Bring recent statements and a list of employer benefits. A short call will tell you whether the advisor listens.

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Answer a few questions and we will match you with an advisor who serves Hennepin County. It is free and carries no obligation.

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The University of Minnesota, hospitals and lakes

The University of Minnesota’s Minneapolis campus is a major employer and draws students from across the country, so college planning is a regular topic. Families can compare 529 options in our college savings guide, including the state’s own plan. Hospital systems and clinics across the county employ doctors, nurses and technicians. The Chain of Lakes in Minneapolis and Lake Minnetonka shape neighborhoods and property values.

Floods, storms and cold snaps

Hennepin County lies along the Mississippi and Minnesota rivers, and spring snowmelt and heavy rain can cause flooding on low ground. Thunderstorms bring hail and straight-line winds, and tornadoes have struck parts of the metro area. Winter cold snaps can freeze pipes and strain the grid. Review your homeowners policy for hail deductibles and water backup coverage, and ask whether you need a separate flood policy.

Suburbs, commutes and where families settle

Where a family lives in Hennepin County changes its budget in ways a county average hides. Minneapolis neighborhoods such as Linden Hills, Uptown and Northeast offer short commutes, older housing and a lot of renters. The inner ring, including Richfield, St. Louis Park and Brooklyn Center, has smaller homes and generally lower prices. Edina and Minnetonka are known for strong schools and larger lots, and they carry higher purchase prices and property tax bills. Maple Grove, Plymouth and Eden Prairie, farther out, attract families who want newer houses and parks, and who accept longer drives on Interstate 494 and Interstate 94.

A few planning habits fit this pattern:

• Count the commute. Light rail and bus lines serve downtown, but many suburban workers drive, so fuel, maintenance and parking belong in the monthly budget.
• Price the school and tax trade-off. A higher property tax bill in a sought-after district is a real cost over twenty years. Put it next to the mortgage payment when you compare homes.
• Plan for remote or hybrid work. Some households now trade a smaller home near the core for a larger one farther out. Test that choice against your savings rate as well as the sticker price.
• Keep a second look at renting. Younger households in Minneapolis may build more wealth by investing a down payment than by buying quickly, if rent is reasonable for the neighborhood.

Family businesses, gifting and giving

The Twin Cities has a deep tradition of family-owned companies and of charitable giving, and both raise planning questions. Owners of closely held businesses need a written succession plan that names who will run the company, who will own it and how family members who are not involved will be treated fairly. A buy-sell agreement funded with life insurance is one common tool.

Many households here also give regularly to schools, congregations, arts groups and community foundations. A donor-advised fund lets you bunch several years of gifts into one tax year, take the deduction and then recommend grants over time. Gifts of appreciated stock can avoid capital gains tax on the growth, which matters if you hold shares from an employer. Minnesota also has rules on gifts that can affect the estate tax, so share any plan for large gifts with an attorney first.

Areas we serve in Hennepin County

Advisors who serve the county work with residents in Bloomington, Brooklyn Center, Brooklyn Park, Eden Prairie, Edina, Maple Grove, Minneapolis, Minnetonka, Plymouth, Richfield and St. Louis Park, along with Wayzata, Golden Valley and the rest of the county. Meetings take place by phone or video.

Frequently asked questions