Fiduciary Financial Planning | East Twin Cities, MN
Fiduciary Financial Advisor in the East Twin Cities: Lake Elmo, Stillwater and Woodbury, MN
Yes, there is a fiduciary financial advisor near Lake Elmo and Stillwater. New Horizons Boutique Financial Services is located at 8647 Eagle Point Blvd Suite #1, Lake Elmo, MN 55042, and serves professionals and business owners across the east Twin Cities metro. Our team is legally and ethically bound to act in your best interest at every step.
Serving: Lake Elmo, Stillwater, Woodbury, Afton, Bayport, Cottage Grove, Hastings, St. Paul and surrounding east metro communities
What Is a Fiduciary
Your Financial Interests Come First, Always
A fiduciary financial advisor is legally and ethically required to act in your best interest at all times, not just when it is convenient. According to the CFP Board and NAPFA (National Association of Personal Financial Advisors), the fiduciary standard means an advisor must prioritize your financial wellbeing over their own compensation or the interests of any third party.
This matters in practice because it shapes every recommendation. A fiduciary must disclose any potential conflicts of interest, select strategies based on your goals rather than product incentives, and provide advice that is designed to serve your long-term financial picture. The alternative, a broker operating under a "suitability" standard, is only required to recommend products that are suitable, not necessarily optimal, for your situation.
At New Horizons Boutique Financial Services, the fiduciary commitment guides every engagement. Before any recommendation is made, we build a comprehensive strategy around your goals, assets, income, taxes, and long-term plan. Products, if any, follow the strategy, not the other way around.
Fiduciary vs. Suitability Standard
| Standard | Requirement |
|---|---|
| Fiduciary | Must act in the client's best interest at all times |
| Suitability | Must recommend products that are "suitable" for the client |
| Best Interest (Reg BI) | Broker-dealer standard; enhanced but not equivalent to fiduciary |
Source: CFP Board; NAPFA Fiduciary Oath. Standards as of 2026.
How to Verify Fiduciary Status
- 1 Ask directly: "Are you a fiduciary at all times?"
- 2 Check NAPFA's advisor directory at napfa.org
- 3 Review the advisor's Form ADV on the SEC's IAPD database
- 4 Request a written acknowledgment of fiduciary duty
Serving East Twin Cities Professionals
From our Lake Elmo office, we serve professionals, executives, and business owners across Washington County and the broader east metro corridor.
100%
Fiduciary Standard, Always
5
FINRA Registrations
8
East Metro Communities Served
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Boutique Firm, Fully Dedicated
Why Local Expertise Matters
The East Twin Cities Financial Landscape Is Unique
Professionals in the east metro face a specific set of financial planning considerations that a generic advisor may not fully understand. From Minnesota's state tax structure to Washington County cost of living and the prevalence of public-sector pension plans, local context shapes every financial decision.
Minnesota State Tax Planning
Minnesota's state income tax rates reach up to 9.85% for higher earners, according to the Minnesota Department of Revenue as of 2026. For professionals with executive compensation, deferred income, or business sale proceeds, coordinated tax planning across federal and state obligations may help reduce unnecessary tax exposure. Results vary by individual situation.
PERA and TRA Pension Planning
Many east metro professionals work in public education, county government, or other public-sector roles covered by PERA (Public Employees Retirement Association) or TRA (Teachers Retirement Association) of Minnesota. Understanding how these defined-benefit pensions interact with Social Security, IRAs, and supplemental savings is essential for a sound retirement income strategy.
East Metro Cost of Living
Washington County communities, including Lake Elmo, Stillwater, and Woodbury, consistently rank among the higher cost-of-living areas in Minnesota. Financial independence planning for east metro professionals must account for local property values, housing costs, and the lifestyle expectations of a community that demands sophisticated, personalized strategy, not a one-size-fits-all template.
Minnesota Estate Tax Threshold
Minnesota is one of approximately a dozen states with its own estate tax, with an exemption threshold of approximately $3 million as of 2026, well below the federal exemption. For professionals and business owners in the east metro who have accumulated significant assets, estate planning coordination is a meaningful component of a comprehensive fiduciary financial plan.
Business Owners and Exit Planning
The east metro corridor is home to a substantial population of small and mid-size business owners. Planning a business exit, whether through a sale, transition to family, or structured wind-down, involves tax strategy, wealth preservation, and a clear plan for what comes next. A fiduciary approach ensures those decisions are made in your interest, not a product-seller's.
Social Security and Retirement Timing
For professionals nearing retirement in Lake Elmo, Cottage Grove, or Hastings, the timing of Social Security claiming can meaningfully affect lifetime income, depending on individual health, income sources, and spending needs. A fiduciary advisor models these scenarios with your full financial picture in view, not with a product to sell.
Our Service Area
East Metro Communities We Serve
Our office at 8647 Eagle Point Blvd Suite #1, Lake Elmo, MN 55042 is centrally positioned in the east Twin Cities corridor, placing us within a short drive of most of Washington County and the surrounding communities. We serve clients in person and remotely across the region.
Whether you live on the St. Croix riverfront in Stillwater, in a Woodbury development near the I-494 corridor, or in the rural lake communities of Lake Elmo and Afton, our team brings the same boutique, strategy-first approach to every client relationship.
Lake Elmo
Our home office. A lake community in Washington County where many professionals seek to balance growing wealth with preserving the lifestyle they have built.
Stillwater
Minnesota's birthplace city along the St. Croix River. Professionals here often hold executive roles in St. Paul or the east metro corridor with complex compensation structures.
Woodbury
One of Minnesota's fastest-growing cities, Woodbury is home to a significant concentration of dual-income professional households planning for long-term financial independence.
Afton and Bayport
Quiet St. Croix Valley communities attracting professionals who value a private, personalized advisory relationship over a large-firm experience.
Cottage Grove
A growing south-Washington County community with a strong base of working professionals and business owners preparing for the next chapter of their financial lives.
Hastings
The Dakota County seat, located at the confluence of the St. Croix and Mississippi rivers. Professionals here often benefit from coordinated retirement, tax, and estate strategies.
Find Our Office
8647 Eagle Point Blvd Suite #1, Lake Elmo, MN 55042
Your Advisors
Licensed, Credentialed, and Committed to Your Interests
When you work with New Horizons Boutique Financial Services, you work directly with your advisor, not a rotating roster of associates. Every plan is built by the people you trust, and every conversation happens with someone who knows your situation deeply.
Lars Engman, MBA
Financial Advisor, New Horizons BFS
Lars brings graduate-level business education to complex financial planning engagements. His MBA background informs a strategic, analytical approach to wealth management, retirement planning, and business owner exit planning. Lars holds FINRA Series 7, 63, 65, and 66 registrations along with Life and Health Insurance licensing.
Alec Engman, B.S. Economics
Financial Advisor, New Horizons BFS
Alec holds a Bachelor of Science in Economics from the University of Minnesota, grounding his practice in rigorous financial analysis and evidence-based planning. He works closely with professionals seeking financial independence and with clients navigating major transitions such as career changes, business exits, and retirement preparation.
Get to Know Our Team Before You Call
Lars, Alec, and the New Horizons BFS team share financial education videos covering retirement planning, tax strategy, and wealth management topics relevant to east metro professionals. Watch on YouTube to get a sense of our approach before scheduling a conversation.
Strategy Before Products
How We Work with East Metro Clients
Many advisors lead with a product pitch. We start with a strategy. Before any recommendation is made, our team builds a complete understanding of where you stand today and where you want to go. That process covers investments, taxes, income, cash flow, debt, insurance, and estate planning, each viewed as an interconnected part of your overall financial picture.
This approach is especially important for east metro professionals whose financial lives often include a combination of employer benefits, public-sector pensions, investment accounts, real estate, and business interests. Getting those pieces to work together requires a coordinated strategy, not a collection of independent products.
Once a strategy is in place, we meet quarterly to review progress, adapt to changes in tax law or your personal circumstances, and ensure the plan continues to reflect your goals. Learn more about our approach to retirement planning in Minnesota and financial planning for executives nearing retirement.
No-Cost Initial Consultation
We begin with a conversation. No obligation, no sales pressure. We want to understand your situation and answer your questions honestly, so you can decide whether this relationship is the right fit.
Comprehensive Financial Discovery
We conduct a detailed review of your full financial picture, including income, assets, liabilities, tax situation, insurance, benefits, and long-term goals. This discovery phase ensures the plan we build is grounded in your actual circumstances.
Strategy Development
We develop a written financial strategy that addresses every dimension of your plan. Only after the strategy is agreed upon do we discuss specific investment or product recommendations. Every strategy is custom-built; no templates are used.
Ongoing Partnership with Quarterly Reviews
Financial plans require ongoing attention. We meet with clients quarterly to review performance, revisit strategy, and adapt to changes in tax law, family circumstances, market conditions, or personal goals. You always have direct access to your advisor.
What We Do
Fiduciary Financial Services for East Metro Professionals
Every service we provide is delivered under our fiduciary commitment. See our full overview of fiduciary financial planning in Minnesota for additional context.
Retirement Strategy Development
Income planning, Social Security timing, 401(k) and IRA strategy, pension integration (including PERA and TRA), and tax-efficient withdrawal sequencing designed around your specific retirement vision.
Wealth Management
Investment portfolio design and management aligned with your long-term goals, risk capacity, and time horizon, with ongoing monitoring and adjustment as circumstances evolve.
Tax Optimization Planning
Coordinated strategies designed to manage Minnesota state and federal tax exposure across income, investments, retirement accounts, and business activity. Individual results vary based on tax situation and goals.
Financial Independence Planning
Cash flow analysis, goal-based modeling, and strategy development designed to answer the most important question for many professionals: "Am I financially ready to stop working if I want to?"
Business Owner Exit Planning
Strategic preparation for liquidity events, including business sale, ownership transfer, and wealth preservation planning, so that the exit creates lasting financial security rather than unexpected tax consequences.
Estate Planning Coordination
Integrated estate planning within the broader financial strategy, with awareness of Minnesota's estate tax threshold (approximately $3 million as of 2026) and coordination with estate planning legal counsel where needed.
Frequently Asked Questions
Questions About Fiduciary Advisors in the East Twin Cities
Is There a Fiduciary Financial Advisor Near Lake Elmo or Stillwater, MN?
Yes. New Horizons Boutique Financial Services is a fiduciary financial advisory firm located at 8647 Eagle Point Blvd Suite #1, Lake Elmo, MN 55042, in the heart of the east Twin Cities metro. We serve professionals and business owners in Lake Elmo, Stillwater, Woodbury, Afton, Bayport, Cottage Grove, Hastings, and surrounding communities. You can schedule a no-cost initial consultation by calling (763) 401-1035 or using the booking link on this page.
How Do I Find a Fiduciary Financial Advisor Near Me?
The two most widely used tools for finding a verified fiduciary financial advisor are the NAPFA advisor search at napfa.org and the CFP Board's "Let's Make a Plan" directory at cfp.net, both of which allow searches by zip code. For east Twin Cities residents in Lake Elmo, Stillwater, Woodbury, or surrounding communities, New Horizons BFS is a locally based fiduciary option with deep familiarity with the Minnesota financial planning landscape, including state tax structure and public-sector pension plans like PERA and TRA.
What Is the Difference Between a Fiduciary and a Broker?
A fiduciary financial advisor, as defined by the CFP Board and NAPFA, is legally required to act in the client's best interest at all times and must disclose potential conflicts of interest. A broker (or registered representative) traditionally operated under a "suitability" standard, meaning recommendations only needed to be suitable for the client, not necessarily optimal. Under the SEC's Regulation Best Interest (Reg BI), brokers now must act in clients' best interest when making recommendations, but this standard is generally considered less stringent than the full fiduciary duty applied to registered investment advisors. When evaluating any advisor, it is worth asking directly whether they act as a fiduciary at all times, not just during certain types of transactions.
Is New Horizons BFS a Fee-Only Financial Advisor?
New Horizons Boutique Financial Services operates under a fiduciary standard of care. For detailed information about fee structure, compensation, and any applicable disclosures, we encourage prospective clients to schedule a no-cost initial consultation. Our team is committed to transparency in all aspects of the advisory relationship, including how fees are structured and how we are compensated. You can also review our Form ADV disclosure document for a complete description of our services, fees, and business practices.
What Is a Typical Fee for a Fiduciary Financial Advisor?
Fiduciary financial advisors typically charge using one or more of several fee structures: a percentage of assets under management (AUM), commonly ranging from approximately 0.5% to 1.5% annually depending on account size and services; flat retainer or subscription fees for ongoing planning; or hourly fees for project-based work. According to industry surveys, comprehensive financial planning retainers often range from several thousand to tens of thousands of dollars annually, depending on complexity. The right fee structure depends on your situation and the scope of services. Any reputable fiduciary advisor should be willing to explain their fees in plain language before you commit.
What Is the Downside of Working with a Fiduciary Financial Advisor?
The fiduciary standard itself has no meaningful downside for clients, it simply means the advisor is required to prioritize your interests. That said, fiduciary advisors who charge transparent fee-only or AUM-based fees may appear more expensive upfront compared to commission-based brokers, whose compensation is embedded in product costs and not always visible. Additionally, comprehensive planning relationships require time and active participation from clients. For professionals who want a deeply personalized, strategy-first advisory relationship, that investment in the process is typically worthwhile, but it is worth setting clear expectations from the start.