Transparent Financial Planning Near Woodbury, MN
Finding a Fee-Only or Subscription-Based Financial Advisor Near Woodbury, MN
A practical guide for Woodbury-area executives comparing advisor compensation models. New Horizons Boutique Financial Services operates on a transparent, subscription-based planning model and serves the Woodbury community from our office in nearby Lake Elmo.
Understanding Advisor Compensation
Fee-Only, Fee-Based, and Commission-Based: What the Spectrum Means for Woodbury Executives
A fee-only financial advisor is compensated exclusively by fees paid directly by clients. The advisor receives no commissions, referral payments, or revenue from product sales of any kind. This is the most restrictive compensation model and is associated with organizations such as NAPFA (National Association of Personal Financial Advisors).
A fee-based advisor charges client fees but may also earn commissions on certain products. The degree to which commissions influence recommendations varies significantly by firm and advisor. A well-structured fee-based or subscription-based practice leads with planning and introduces products only when a genuine, planning-identified need arises.
A commission-based advisor earns income primarily or exclusively from the products they sell. This model carries the highest potential for compensation-driven conflicts, as revenue is tied directly to product transactions rather than planning outcomes.
Any advisor you consider should clearly disclose their compensation in their Form ADV. Review it before engaging. See also: What Is a Fiduciary Financial Advisor? and Independent Fiduciary Advisor vs. Broker.
Our Model
How New Horizons BFS Is Structured
New Horizons operates primarily on a subscription-based and flat-fee planning model. Most clients pay a predictable, recurring planning fee that is not tied to the size of their portfolio or to any product transaction. This creates a clear, stable foundation for an ongoing planning relationship.
Where a client need is identified through the planning process — such as a life insurance requirement uncovered during a retirement income or estate planning review — New Horizons can handle product implementation in-house. The firm may earn commissions on such products, which are disclosed in full as required by regulatory obligations.
For clients who want their investment assets directly managed, an optional AUM-based fee is available and disclosed separately. Asset management is never a prerequisite for comprehensive financial planning.
The Distinction That Matters
At New Horizons, the financial plan always comes first. Products are introduced only when a genuine need is identified through the planning process. The strategy drives the recommendation — not the other way around. Any product commissions are disclosed and arise from planning-identified needs, not from sales quotas or product incentives.
Clients should review the firm's full fee and compensation disclosures. New Horizons discloses all compensation sources as required by its regulatory obligations.
Side-by-Side Comparison
Fee-Only vs. Fee-Based vs. Commission-Based: A Practical Comparison
Use this table to evaluate any financial advisor you meet with near Woodbury. Ask each firm to confirm where their model falls and to provide their Form ADV for independent review.
| Attribute | Fee-Only | Subscription / Flat-Fee | Fee-Based | Commission-Based |
|---|---|---|---|---|
| Primary Revenue Source | Client fees only | Recurring client fee; possible disclosed product commissions | Client fees + commissions | Product commissions |
| Product Commissions Possible? | No | Yes, when planning-identified; fully disclosed | Yes | Yes — primary revenue |
| Planning-First Approach Possible? | Yes | Yes — by design at New Horizons | Varies by firm | Less common |
| Fiduciary Standard? | Typically yes (RIA) | Yes (RIA) | Varies — depends on registration | Reg BI standard (broker) |
| AUM Required to Engage? | Often yes | No — planning-only clients welcome | Often yes | Not always |
| Compensation Transparency | High | High — disclosed in full | Moderate — verify via ADV | Lower — commissions vary |
Always request and review a firm's Form ADV Part 2 before engaging. This table reflects general industry patterns as of 2026 and does not constitute legal or regulatory advice.
Why It Matters Here
What Transparent Planning Means for Woodbury Executives
Woodbury and the surrounding Washington County corridor attract a significant concentration of senior professionals, executives, and business owners. Many arrive at their mid-50s with considerable accumulated wealth, complex benefit packages, and growing awareness that the decisions ahead — retirement timing, tax strategy, and income transition — carry more consequence than earlier financial decisions.
In that context, how your advisor's planning fee is structured matters. When the primary engagement is a transparent subscription or flat planning fee, the planning process stays focused on your goals and your strategy. Any products introduced along the way arise from genuine planning-identified needs, are disclosed clearly, and can be handled in-house rather than requiring referrals to outside parties.
That clarity is especially valuable when navigating consequential decisions — whether to roll over a 401(k), how to sequence retirement distributions for tax efficiency, or when to begin Social Security benefits. These decisions are best answered by an advisor whose guidance is shaped by your strategy, not by product incentives.
Related: Fiduciary Financial Advisor in the East Twin Cities
Decisions That Benefit from Aligned Advice
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1Equity compensation and stock option timing decisions
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2Retirement income sequencing and Roth conversion analysis
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3Nonqualified deferred compensation distribution planning
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4Minnesota state income tax coordination on retirement distributions
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5Business exit and liquidity event planning
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6Estate planning integration across investment and insurance decisions
Serving Woodbury from Lake Elmo
A Boutique Practice Built for the Woodbury Executive
New Horizons Boutique Financial Services is based in Lake Elmo, minutes from Woodbury, and serves executives and professionals throughout Washington County and the Twin Cities metro. If you are looking for a financial advisor in Woodbury, our office in Lake Elmo offers easy access from the Woodbury corridor with the depth of a dedicated boutique practice.
The practice is intentionally limited in size — we do not take on clients at scale. That constraint is deliberate. Every client relationship receives genuine depth of attention, direct advisor access, and a fully custom financial strategy built around their specific situation. No templates, no handoffs to junior staff.
Lars Engman, MBA, founded the firm on a strategy-first philosophy: no product is ever recommended before a comprehensive financial strategy is built. Your plan covers investments, taxes, retirement income, insurance, cash flow, and estate coordination as an integrated whole — not as disconnected product conversations.
Learn more: Financial Advisor in Lake Elmo, MN
Credentials and Background
Team Qualifications
Lars Engman, MBA, leads the firm's financial planning and advisory work, bringing graduate-level business education and extensive FINRA-licensed experience to each client relationship. Alec Engman's economics background from the University of Minnesota adds analytical depth to the team's planning process.
Office: 8647 Eagle Point Blvd. Suite #1, Lake Elmo, MN
Serving Woodbury, Stillwater, Cottage Grove, Hastings, and the broader Washington County area.
How We Work
The New Horizons Planning Process
Strategy before products. Clarity before recommendations. Every engagement follows the same disciplined sequence regardless of how a client's assets are structured or managed.
Discovery Conversation
A no-pressure first conversation to understand your current financial position, goals, and questions. No obligation, no pitch.
Comprehensive Strategy Build
A full financial strategy covering investments, taxes, retirement income, insurance, cash flow, and estate planning — built before any product is discussed.
Implementation
Disciplined execution of your strategy, coordinated across accounts and aligned with your tax situation and timeline. Products are introduced only when the plan calls for them.
Ongoing Partnership
Quarterly reviews and proactive communication ensure your strategy evolves with life changes, market shifts, and new planning opportunities.
Services
Financial Planning Services for Woodbury Executives
Planning services are delivered on a subscription or flat-fee basis. Asset management is optional, separately priced, and never required. Clients who prefer to manage their own accounts receive ongoing investment guidance and strategy as part of their planning relationship. Results may vary based on individual circumstances.
Retirement Strategy Development
Coordinating 401(k)s, IRAs, pension income, and Social Security timing into a coherent retirement income plan. Minnesota's income tax treatment of retirement distributions is factored in throughout.
Tax Optimization Planning
Developing tax-aware strategies designed to help manage your overall tax burden across investment accounts, retirement distributions, and income transitions. Individual tax situations and trade-offs always apply.
Financial Independence Planning
Analyzing assets, income streams, and anticipated expenses to help answer the question many Woodbury executives are quietly asking: could you stop working on your own terms?
Business Owner Exit Planning
Supporting business owners in Washington County through strategic planning for liquidity events, wealth transition, and life after ownership. Outcomes depend on deal structure, market conditions, and tax strategy.
Wealth Management
Ongoing investment strategy, asset coordination, and portfolio monitoring aligned with your broader financial plan. Direct asset management is available as an optional, separately priced service. Investment strategies involve risk and do not guarantee specific outcomes.
Fiduciary Advisory Across All Services
Every service area is delivered under a fiduciary standard, meaning we are legally and ethically obligated to act in your best interest. See our fiduciary planning guide for Minnesota for more detail.
What Sets Us Apart
Why Woodbury Executives Choose New Horizons BFS
Most advisory firms require you to hand over your assets before they will plan with you. New Horizons is intentionally different. Comprehensive financial planning is available on a subscription or flat-fee basis. Asset management is an optional add-on, never a prerequisite. You work directly with your advisor — not a support team or a rotating cast of associates.
Where a planning-identified need requires a product — life insurance being a common example — New Horizons can handle that in-house. Clients benefit from continuity and do not need to be sent to outside parties. That combination of transparent planning fees, full-service capability, and a strategy-first discipline creates the conditions for genuinely personalized advice.
Questions about how fiduciary advisors compare to brokers? Read: Independent Fiduciary Advisor vs. Broker. For a deeper look at what fiduciary means, see What Is a Fiduciary Financial Advisor?
Frequently Asked Questions
Common Questions from Woodbury Executives
Answers to the questions most often asked when Woodbury-area professionals are researching financial advisor compensation models and fiduciary planning.
What does fee-only mean, and how is it different from fee-based?
A fee-only advisor is compensated solely by fees paid directly by clients — no commissions, no referral payments, and no revenue from product sales of any kind. A fee-based advisor charges client fees but may also earn commissions on certain products. Fee-only is the more restrictive designation and is associated with organizations such as NAPFA. New Horizons operates on a subscription-based and flat-fee planning model with full disclosure of any product compensation that arises from planning-identified needs. Always review a firm's Form ADV to fully understand how any advisor is compensated.
What is the average cost of a fee-only financial advisor?
Costs vary significantly by model and service scope. AUM-based fees typically range from approximately 0.50% to 1.25% of assets annually as of 2026, according to general industry data. Subscription or retainer-based models commonly range from a few hundred to several thousand dollars per year depending on the complexity of the planning relationship. Flat-fee or project-based engagements vary by scope. New Horizons discusses its specific fee structure transparently during an initial complimentary conversation — there is no obligation to that first meeting.
Is it better to have a fee-only financial advisor?
For many executives, a transparent planning-focused model — whether strictly fee-only or subscription-based with disclosed commissions — offers meaningful advantages: compensation that is not tied to product sales, a planning process built around your goals, and clearer alignment of incentives. That said, the most important factors are the quality of the advice, the depth of the planning process, and whether the advisor's approach matches your situation. A subscription or flat-fee model can deliver the same aligned-incentive benefits as a strict fee-only structure, provided all compensation is disclosed and the strategy comes first.
What is one potential drawback of using a fee-only financial advisor?
Strictly fee-only advisors may not be able to implement certain product-based solutions — such as life insurance or annuities — in-house. That can mean referrals to outside parties when a planning-identified need arises, adding friction and a potential break in continuity. A subscription-based practice like New Horizons, which operates with full planning-fee transparency and handles product implementation in-house when needed, can address this limitation while maintaining clear compensation disclosure and a strategy-first discipline.
Are fee-only financial advisors worth it for executives nearing retirement?
For executives navigating complex decisions around retirement timing, tax strategy, equity compensation, and income transition, a transparent, planning-focused advisor can provide value that exceeds the cost of the engagement. Whether that value materializes depends heavily on the quality of the advice, the depth of the planning process, and whether the advisor specializes in situations like yours. Individual results vary based on circumstances, and no planning engagement can guarantee specific financial outcomes.
What is a red flag when evaluating a financial advisor near Woodbury?
Several patterns warrant scrutiny. Vague or evasive answers about compensation, reluctance to provide their Form ADV, recommending products before asking detailed questions about your situation, and framing every financial need as something requiring a product solution are all worth noting. A reputable advisor should clearly explain how they are paid, what their fiduciary obligations are, and how they handle potential conflicts. Fee disclosures should be provided clearly and in writing as part of the engagement process.
Is a fiduciary advisor the same as a fee-only advisor?
No. These terms describe different attributes. Fiduciary refers to the legal standard of care: a fiduciary is legally obligated to act in the client's best interest. Fee-only refers strictly to the compensation model: no commissions or product payments of any kind. Many fee-only advisors are fiduciaries, but the designations are independent of each other. An advisor can be a fiduciary while also operating on a subscription or fee-based model. The key question is whether the advisor discloses all compensation clearly and acts in your interest at all times. See: What Is a Fiduciary Financial Advisor?
Does New Horizons BFS serve clients in Woodbury, MN?
Yes. New Horizons Boutique Financial Services is located in Lake Elmo, MN, which borders Woodbury along the eastern Twin Cities metro corridor. We serve executives, professionals, and business owners throughout Woodbury, Stillwater, Cottage Grove, Hastings, and the broader Washington County area. Many of our clients are professionals who have spent their careers in the Twin Cities metro and are now planning the transition to financial independence.
Get Started
Ready to Talk with a Transparent, Subscription-Based Financial Advisor Near Woodbury?
The first conversation is complimentary and comes with no obligation. It is an opportunity to ask questions, understand our approach and fee structure, and determine whether our planning process is the right fit for your situation.
New Horizons Boutique Financial Services
8647 Eagle Point Blvd. Suite #1, Lake Elmo, MN