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, Stillwater, and Woodbury. New Horizons Boutique Financial Services is located at 8647 Eagle Point Blvd Suite #1, Lake Elmo, MN, and serves professionals, executives, 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 at the moment of a transaction. 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 shapes every recommendation in practice. A fiduciary must disclose any potential conflicts of interest in writing, typically through Form ADV filed with the SEC. Strategies are selected based on your goals, not product incentives. The alternative — a broker operating under a "suitability" standard — is only required to recommend products that are suitable for your situation, not necessarily the best available option for your long-term interests.
At New Horizons Boutique Financial Services, the fiduciary commitment shapes every engagement from the first conversation. Before any recommendation is made, we build a comprehensive financial strategy around your goals, assets, income, taxes, and long-term plan. Products, if any, follow the strategy — never the other way around.
Fiduciary vs. Suitability Standard
| Standard | What It Requires |
|---|---|
| Fiduciary (RIA) | Must act in the client's best interest at all times; ongoing duty |
| Reg BI (Broker) | Best interest standard at point of recommendation; not ongoing |
| Suitability (older) | Recommendation must be suitable — not necessarily optimal |
Source: CFP Board; NAPFA Fiduciary Oath; SEC Regulation Best Interest. Standards as of 2026.
Four Ways to Verify Fiduciary Status
- 1 Ask directly: "Are you a fiduciary at all times, not just at the point of a transaction?"
- 2 Search NAPFA's advisor directory at napfa.org — members sign a fiduciary oath
- 3 Review the advisor's Form ADV on the SEC's IAPD database at adviserinfo.sec.gov
- 4 Request a written acknowledgment of fiduciary duty before engaging
A Boutique Fiduciary Firm, Headquartered in the East Metro
Most fiduciary advisory firms serving Minnesota are based in Minneapolis or the western suburbs. New Horizons BFS is the boutique fiduciary firm that actually lives and works in the east Twin Cities corridor.
100%
Fiduciary Standard, Every Client
8+
East Metro Communities Served
5
FINRA Registrations Held
$0
Cost for Initial Consultation
Why Local Expertise Matters
The East Twin Cities Has a Distinct Financial Landscape
A Minneapolis-based advisor can understand broad Minnesota tax rules. A fiduciary advisor based in Lake Elmo understands what those rules mean for the specific situations — pensions, business interests, lake property, executive compensation — that define financial life in the east metro corridor.
Minnesota State Income Tax
Minnesota's top state income tax rate reaches 9.85% for higher earners, according to the Minnesota Department of Revenue as of 2026. For east metro professionals with executive compensation, deferred income, or proceeds from a business sale, coordinated state and federal tax planning may help reduce unnecessary exposure. Results vary by individual situation.
PERA and TRA Pension Coordination
A significant share of east metro professionals work in Washington County government, public education, or other 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 to building a complete retirement income strategy.
Minnesota Estate Tax Threshold
Minnesota is one of approximately a dozen states with its own estate tax. As of 2026, the Minnesota exemption threshold is approximately $3 million — well below the federal exemption. For professionals and business owners in Lake Elmo, Stillwater, and Woodbury who have accumulated significant assets, estate planning coordination is a meaningful part of a comprehensive fiduciary financial plan.
Washington County Cost of Living
Communities in Washington County — 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 a personalized strategy, not a one-size-fits-all template.
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 — through a sale, family transfer, or structured wind-down — involves tax strategy, wealth preservation, and a clear plan for what comes next. A fiduciary approach ensures those decisions serve your interests, not a product-seller's agenda.
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 health, other income sources, and spending needs. Minnesota also taxes Social Security benefits for higher earners — making the claiming decision part of a broader tax strategy, not just an age decision.
Our Service Area
East Metro Communities We Serve
Our office at 8647 Eagle Point Blvd Suite #1, Lake Elmo, MN 55042 sits at the center of the east Twin Cities corridor — within a short drive of most Washington County communities and the broader St. Croix Valley region. We serve clients in person and remotely throughout the area.
Whether you live on the St. Croix riverfront in Stillwater, in a Woodbury development near the I-494 corridor, or in the quiet lake communities of Lake Elmo and Afton, our team brings the same boutique, strategy-first approach to every client relationship. If you are looking for a financial advisor in Woodbury or anywhere across the east metro, we are close by and ready to help.
Lake Elmo
Our home office community. A lake community in Washington County where many professionals seek to balance growing wealth with preserving the lifestyle they have worked to build. Learn more about working with a financial advisor in Lake Elmo.
Stillwater
Minnesota's birthplace city along the St. Croix River. Professionals here often hold executive roles in St. Paul or the east metro with complex compensation structures that benefit from coordinated planning.
Woodbury
One of Minnesota's fastest-growing cities and home to a significant concentration of dual-income professional households. We offer both wealth management and fee-only financial advisory services for Woodbury residents.
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 at the confluence of the St. Croix and Mississippi rivers. Professionals here often benefit from coordinated retirement, tax, and estate planning 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 in depth.
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 — providing the full credential set for comprehensive financial planning in Minnesota.
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 — including career changes, business exits, and retirement preparation across the east metro region.
Get to Know Our Team Before You Call
Lars, Alec, and the New Horizons BFS team share financial education videos on retirement strategy, tax planning, and wealth management topics relevant to east metro professionals. Watch on YouTube before scheduling a conversation.
Strategy Before Products
How We Work with East Metro Clients
Many advisors lead with a product recommendation. We start with a strategy. Before any recommendation is made, our team builds a complete picture 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 combine 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.
Executives in the east metro also face a distinct set of planning complexities. If that describes your situation, see our guide to executive financial planning in the Twin Cities, which covers deferred compensation, stock options, and retirement timing in depth.
For a broader view of our retirement planning approach for Minnesota professionals, visit our retirement planning in Minnesota guide. For context on the fiduciary standard statewide, see our overview of fiduciary financial planning in Minnesota.
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 — 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, not assumptions.
Custom Strategy Development
We develop a written financial strategy addressing every dimension of your plan. Only after the strategy is agreed upon do we discuss specific investment or product recommendations. No templates are used — every plan is built from scratch around your goals.
Ongoing Partnership with Quarterly Reviews
We meet with clients quarterly to review progress, revisit strategy, and adapt to changes in tax law, family circumstances, market conditions, or personal goals. You always have direct access to your advisor — not a call center or junior associate.
What We Do
Fiduciary Financial Services for East Metro Professionals
Every service we provide is delivered under our fiduciary commitment — meaning every recommendation is shaped by your goals, not a product menu. Individual results vary based on each client's situation, goals, and the complexity of their financial picture.
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. See our dedicated wealth management in Woodbury page for more.
Tax Optimization Planning
Coordinated strategies designed to manage Minnesota state and federal tax exposure across income, investments, retirement accounts, and business activity. Results vary based on individual tax situation and goals.
Financial Independence Planning
Cash flow analysis, goal-based modeling, and strategy development aimed at answering 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 — business sale, ownership transfer, or structured wind-down — so 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 approximately $3 million estate tax threshold (as of 2026) and coordination with estate planning legal counsel where appropriate.
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 booking online using the link on this page.
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 in writing. A broker traditionally operated under a "suitability" standard, where recommendations only needed to be suitable, not necessarily optimal. Under the SEC's Regulation Best Interest (Reg BI), brokers must now act in a client's best interest at the time of a recommendation — but this standard is generally considered narrower than the ongoing fiduciary duty applied to registered investment advisors. When evaluating any advisor, ask directly whether they act as a fiduciary at all times, not just at certain transaction points. For a full comparison, see our independent fiduciary advisor vs. broker guide.
How Do I Find a Fiduciary Financial Advisor Near Me?
The two most widely used tools for finding a verified fiduciary advisor are the NAPFA advisor search at napfa.org and the CFP Board's "Let's Make a Plan" directory at cfp.net — both allow searches by zip code. For east Twin Cities residents, New Horizons BFS is a locally based fiduciary option with familiarity of the Minnesota financial planning landscape, including the state's tax structure and public-sector pension plans like PERA and TRA. You can also verify our registration status through the SEC's IAPD database at adviserinfo.sec.gov and review our Form ADV disclosure document.
What Is a Typical Fee for a Fiduciary Financial Advisor?
Fiduciary financial advisors typically charge using one or more 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 for professional clients often range from several thousand to tens of thousands of dollars annually, depending on complexity. Any reputable fiduciary advisor should be willing to explain their fee structure in plain language before you commit. To discuss how our fees are structured, schedule a no-cost initial consultation.
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 full 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. If you are specifically comparing fee-only and subscription-based financial advisors near Woodbury, we address that in detail on a dedicated page.
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, a comprehensive planning relationship requires time and active participation from the client. For professionals who want a deeply personalized, strategy-first advisory relationship, that investment in the process is typically worthwhile — but setting clear expectations from the start is important.
Ready to Get Started
A Local Fiduciary Advisor, Right Here in the East Twin Cities
Most of the fiduciary advisors you will find online are based in Minneapolis or the western suburbs. New Horizons BFS is different — we are headquartered in Lake Elmo, we know this community, and we serve east metro professionals through a boutique, strategy-first relationship built around your goals.
The first conversation is no-cost and no-obligation. It is simply a chance to understand where you stand and whether we are the right fit for each other.