Lake Elmo, MN Financial Planning
Financial Advisor in Lake Elmo, MN
New Horizons Boutique Financial Services is a fiduciary financial advisory firm located at 8647 Eagle Point Blvd. in Lake Elmo, MN. We serve executives, professionals, and business owners who need a comprehensive strategy for retirement, tax optimization, and long-term financial independence.
We build your complete financial strategy first. Products and investments follow the plan, never the other way around.
What We Do
What Does a Financial Advisor in Lake Elmo, MN Do?
A financial advisor in Lake Elmo, MN provides comprehensive financial planning services designed to coordinate every aspect of a client's financial life. At New Horizons Boutique Financial Services, that means building a complete strategy covering retirement income, tax efficiency, investment allocation, insurance review, and estate coordination before any product recommendation is made.
Our Lake Elmo-based team holds FINRA Series 7, 63, 65, and 66 licenses, along with life and health insurance credentials. Lars Engman brings an MBA, and Alec Engman holds a B.S. in Economics from the University of Minnesota. According to the U.S. Bureau of Labor Statistics, approximately 330,000 personal financial advisors were employed nationwide as of recent surveys — but the quality, scope, and structure of advice varies widely. Our boutique model is intentionally different.
According to FINRA, advisors holding a Series 65 or 66 license are registered as investment adviser representatives and are held to a fiduciary standard when providing investment advice. We encourage every prospective client to verify their advisor's credentials and registration status before making any financial decisions.
Our Core Services
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1
Retirement Strategy Development
401(k) optimization, Social Security timing, and income distribution planning designed to support a confident transition from career to retirement.
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2
Tax Optimization Planning
Minnesota-aware tax strategies, including Roth conversion analysis and tax-efficient withdrawal sequencing. Results vary by individual tax situation and involve trade-offs.
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3
Wealth Management
Portfolio strategy and investment management coordinated with your overall financial plan. See our Lake Elmo wealth management page for a full overview.
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4
Financial Independence Planning
Structured analysis of your assets, income streams, and expenses to help answer: "Am I in a position to stop working if I want to?"
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5
Business Owner Exit Planning
Strategic planning for liquidity events and the financial transition out of business ownership. Tax coordination and post-exit income strategy are central to this process.
Why Planning Matters
The Planning Gap Most Professionals Don't See Coming
Many professionals spend decades building income. Fewer build a coordinated strategy for what comes next. The gap between those two groups is where financial planning makes the biggest difference.
9.85%
Minnesota's top marginal state income tax rate, among the highest in the U.S. Tax-aware planning may help reduce the impact on retirement income. Individual results vary.
~33%
Approximately one in three Americans works with a financial advisor, according to Northwestern Mutual's 2023 Planning and Progress Study. The majority navigate complex decisions without professional guidance.
4
Core financial areas, including investments, taxes, income, and estate planning, that must be coordinated for an effective retirement strategy. Addressing them in isolation may leave significant gaps.
Making an Informed Choice
Boutique Financial Advisor vs. Large Firm: What to Consider
Not all advisory relationships are structured the same way. Understanding the differences may help Lake Elmo professionals determine which type of firm best fits their planning needs. The right choice depends on your individual situation.
| Factor | Boutique Firm (New Horizons BFS) | Typical Large Advisory Firm |
|---|---|---|
| Client Access | Direct access to your named advisor at every interaction | May be routed through junior staff, call centers, or rotating teams |
| Client Count | Intentionally limited so each relationship receives full attention | Individual advisors may manage hundreds of client accounts |
| Planning Approach | Strategy-first; comprehensive plan is built before any products are introduced | May begin with product presentations or asset-gathering conversations |
| Plan Customization | Fully tailored to each client's goals; no templates used | May rely on standardized plans or model portfolios across client segments |
| Review Frequency | Quarterly reviews with proactive outreach on major changes | Review schedules vary; may be annual or client-initiated |
| Local Presence | Based in Lake Elmo, MN; serves Washington County and the east Twin Cities | National or regional offices; may not have deep local context |
| Fiduciary Standard | Fiduciary duty to act in your best interest when providing investment advice | Varies; some large firms hold a suitability standard, not a fiduciary standard |
This table represents general characteristics of different advisory models. Individual firms may vary. Always verify a firm's regulatory status and fee structure before engaging services.
Your Lake Elmo Advisors
Credentials and Expertise, Grounded in Lake Elmo
The New Horizons BFS team holds FINRA Series 7, 63, 65, and 66 licenses along with life and health insurance credentials, and serves Lake Elmo clients from our office at 8647 Eagle Point Blvd. Our team's licensing reflects a broad scope of practice covering securities, investment advisory, and insurance planning.
Lars Engman holds an MBA and brings a depth of experience in retirement strategy and financial independence planning for professionals navigating complex financial decisions. Alec Engman holds a B.S. in Economics from the University of Minnesota and contributes a strong analytical foundation to the firm's wealth management process.
Our firm intentionally limits the number of clients we serve. Every client works directly with their advisor and has ongoing access to the full team, not a call center or an associate.
Lars Engman
Financial Advisor, New Horizons BFS
Alec Engman
Financial Advisor, New Horizons BFS
Office Location: 8647 Eagle Point Blvd. Suite #1, Lake Elmo, MN 55042
Serving Lake Elmo, Woodbury, Stillwater, Afton, Bayport, and the greater Washington County area.
Who We Serve
Financial Planning for Lake Elmo Professionals and Business Owners
Our Lake Elmo firm is structured around four types of clients who share a common need: a clear strategy for what comes next. If you recognize your situation below, we may be a fit.
Executives Nearing Retirement
Professionals within 3-10 years of retirement who need a structured transition plan, including income strategy, deferred compensation, and tax sequencing. See our executive retirement planning page.
Professionals Seeking Clarity
Individuals who feel uncertain about where they stand financially and what steps to take next. Our process begins with an honest assessment of your full financial picture before any recommendations are made.
Business Owners Exiting
Lake Elmo and Washington County business owners planning a business sale or transition. Exit planning involves tax coordination, investment of proceeds, and building a sustainable post-exit income strategy.
People Pursuing Financial Independence
Individuals building toward the point where work becomes optional. Financial independence planning analyzes your assets, income streams, and spending to determine if that threshold may already be within reach.
How We Work
A Strategy-First Process Built for Lake Elmo Professionals
Our process is designed to address the most common concern we hear from new clients: that they have been making financial decisions in isolation, without a cohesive strategy connecting everything together. We change that.
Every engagement begins with discovery, not sales. Our first conversation is designed to understand your full financial picture before we propose anything. No pressure. No obligation.
Discovery Conversation
We begin with a comprehensive review of your current financial situation, goals, concerns, and timeline. This includes retirement accounts, tax situation, insurance, and estate considerations. This meeting is complimentary and carries no obligation.
Strategy Development
Before any product or investment recommendation is made, we build a complete financial strategy tailored to your unique situation. This includes coordinating tax, income, investment, insurance, and estate elements into a single, coherent plan.
Plan Presentation and Education
We present your customized plan in plain language. You will understand the rationale behind every recommendation before anything is implemented. Questions and dialogue are expected and encouraged.
Ongoing Partnership with Quarterly Reviews
Once the plan is in place, we schedule quarterly reviews to monitor progress and adapt your strategy as life and market conditions evolve. We also reach out proactively when tax law changes or major events may affect your plan. This is a long-term relationship, not a one-time transaction.
Frequently Asked Questions
Common Questions About Financial Advisors in Lake Elmo, MN
Questions our Lake Elmo-based team hears most often from professionals considering financial planning for the first time.
What Does a Financial Advisor in Lake Elmo, MN Do?
A financial advisor in Lake Elmo, MN builds comprehensive financial plans covering retirement income, tax efficiency, investment strategy, insurance review, and estate coordination. At New Horizons BFS, our process is strategy-first: we map out a complete financial picture before recommending any specific products or accounts. The goal is a cohesive plan, not a collection of disconnected financial products. We also provide ongoing support through quarterly reviews, adapting the strategy as your life and goals change.
How Much Does a Financial Advisor in Lake Elmo, MN Cost?
Financial advisor fees vary significantly by firm structure and service scope. Common models include a percentage of assets under management (typically ranging from 0.5% to 1.5% annually, though this varies widely), flat annual or quarterly retainer fees, hourly consultation fees, and commission-based compensation on products. Each structure has different trade-offs in terms of incentives and transparency. We encourage prospective clients to contact us directly to discuss our specific service and fee structure to determine whether it aligns with their needs and financial situation.
What Is a Fiduciary Financial Advisor?
A fiduciary financial advisor is legally and ethically required to act in the client's best interest when providing investment advice, as defined by applicable securities regulations. This is a higher standard than the "suitability" standard, which only requires that a recommendation be appropriate for a client, not necessarily optimal. Fiduciary advisors are required to disclose conflicts of interest and prioritize client outcomes. Advisors holding a FINRA Series 65 or 66 license and registered as investment adviser representatives are subject to a fiduciary standard when providing investment advisory services. Learn more on our fiduciary advisor explainer page or our east Twin Cities fiduciary advisor guide.
How Do I Choose a Financial Advisor Near Me in Lake Elmo or Washington County?
When evaluating financial advisors near Lake Elmo or in Washington County, consider these factors: (1) Fiduciary obligation: does the advisor have a legal duty to act in your interest? (2) Licensing: look for FINRA Series 65 or 66, which designates a registered investment adviser representative. (3) Process: does the firm build a strategy before recommending products, or does the conversation start with products? (4) Access: will you work directly with a named advisor, or be passed to junior staff? (5) Specialization: does the advisor have experience with situations similar to yours, such as executive retirement planning or business exit strategy? You can verify an advisor's credentials and registration status through FINRA BrokerCheck at no cost.
Does New Horizons BFS Serve Clients Beyond Lake Elmo?
Yes. While our office is located in Lake Elmo at 8647 Eagle Point Blvd., we serve clients throughout the greater Twin Cities metro area, including Woodbury, Stillwater, Afton, Bayport, Arden Hills, Apple Valley, Anoka, Andover, Albertville, and more. Meetings can be conducted in person at our Lake Elmo office or via video conference for client convenience. Our planning process is designed to be accessible regardless of location within Minnesota.
Explore Further
Related Financial Planning Resources
Each of these pages covers a specific aspect of financial planning relevant to Lake Elmo professionals and business owners.
Wealth Management
Boutique Wealth Management in Lake Elmo, MN
Portfolio strategy and investment management coordinated with your long-term financial plan. Tailored to Lake Elmo professionals.
Fiduciary Advising
Fiduciary Financial Advisor in the East Twin Cities
Understanding the fiduciary standard and why it matters for residents of Lake Elmo, Stillwater, and Woodbury.
Retirement Planning
Retirement Planning in Minnesota: What Professionals Need to Know
A comprehensive guide to retirement strategy for Minnesota professionals, including state tax considerations and income distribution planning.
Executive Planning
Financial Advisor for Executives Nearing Retirement
Specialized planning for executives managing deferred compensation, stock options, and complex retirement transitions.
Fee Structures
Fee-Only Financial Advisor Near Woodbury, MN
Understanding different financial advisor fee structures and what to ask before selecting a firm in the east Twin Cities area.
Meet the Team
Lars Engman, MBA: Financial Advisor in Minnesota
Learn about Lars Engman's background, credentials, and approach to financial planning for Minnesota professionals.
Get Started
Schedule a Conversation with Your Lake Elmo Financial Advisor
Your first meeting with the New Horizons BFS team is a no-pressure discovery conversation. We will listen, ask questions, and get a clear picture of your financial situation before making any recommendations. There is no obligation after the first meeting.
Office
8647 Eagle Point Blvd. Suite #1
Lake Elmo, MN 55042
Contact
(763) 401-1035
info@newhorizonsbfs.com
Service Area
Lake Elmo, Woodbury, Stillwater,
Afton, Bayport, and Greater Twin Cities
Connect With Us