Twin Cities East Metro and Northern Suburbs
Financial Advisor Serving the Twin Cities East Metro, MN
New Horizons Boutique Financial Services is a boutique, fiduciary financial advisor based in Lake Elmo, Minnesota, serving professionals, executives, and business owners across the Twin Cities east metro and northern suburbs. The firm operates from a single office at 8647 Eagle Point Blvd, Suite #1, Lake Elmo, MN, and works with clients from Lake Elmo, Afton, Bayport, Woodbury, Stillwater, Arden Hills, Anoka, Andover, Albertville, Belle Plaine, Apple Valley, Austin, and Alexandria.
The Decision Landscape
The Decisions That Define Your Next Chapter
Many successful professionals across the east metro corridor share the same situation. They have accumulated significant wealth through career success at major Minnesota employers. They have 401(k) balances, stock options, restricted stock units, deferred compensation plans, and pension benefits. What they often lack is a coordinated strategy for turning those accumulated assets into a structured plan for financial independence.
This is not a wealth accumulation problem. It is a wealth transition problem. The decisions that matter most are not about which investments to own. They are about coordination, timing, structure, and flexibility.
Coordination
Company stock, deferred compensation, pension options, and 401(k) balances interact in complex ways. These components do not coordinate themselves. Without an integrated strategy, professionals risk paying more in taxes than necessary and missing timing windows.
Timing
When to exercise stock options, begin deferred compensation distributions, claim Social Security, and enroll in Medicare are interrelated decisions. Each one affects the others. The sequence matters.
Structure
Minnesota maintains its own estate tax with a $3 million exemption threshold, significantly lower than the federal exemption. This creates planning considerations for high-net-worth families that do not exist in states without an estate tax.
The Minnesota Tax Landscape
A State Tax Structure That Makes Planning Essential
Minnesota operates a four-bracket graduated income tax system with rates of 5.35%, 6.80%, 7.85%, and 9.85% as of 2026, according to the Minnesota Department of Revenue. The highest marginal rate of 9.85% applies to taxable income above $203,150 for single filers and $337,930 for married filing jointly.1 For high-earning professionals in the east metro, this makes tax-aware planning a structural necessity, not an optional addition.
Minnesota also maintains its own estate tax with a $3 million exemption threshold, which is significantly lower than the federal estate tax exemption. This creates planning considerations for high-net-worth families that do not exist in states without an estate tax. Estate planning coordination in Minnesota requires understanding how state and federal thresholds interact, and how ownership structures, beneficiary designations, and trust arrangements may affect exposure.
Additionally, Minnesota taxes Social Security benefits for higher-earning retirees, though partial exclusions may apply for qualifying taxpayers below certain income thresholds. This makes understanding Minnesota's tax treatment of retirement income a foundational element of any east metro retirement strategy.
9.85%
Minnesota's highest marginal income tax rate (2026)
Source: Minnesota Department of Revenue, as of 2026
$3M
Minnesota estate tax exemption threshold
12+
Communities served across the east metro and northern suburbs
The Timing Window
A Narrow and Valuable Planning Gap
For many professionals, the years between retiring from a primary career and reaching age 73 (when required minimum distributions begin) represent a narrow and valuable planning window. During these years, taxable income may be lower than at any other point in retirement. This window may present opportunities for strategic Roth conversions, Social Security claiming decisions, and withdrawal sequencing designed to reduce lifetime tax burden.
However, the window closes. Once RMDs begin, the flexibility to manage taxable income through conversions narrows significantly. The timing of when to exercise stock options, when to begin deferred compensation distributions, when to claim Social Security, and when to begin Medicare enrollment are all interrelated decisions. Each one affects the others. A boutique advisor who has time to think through these decisions with each client can help coordinate the sequence rather than addressing each decision in isolation.
Our Service Area
One Corridor, Two Clusters
New Horizons Boutique Financial Services serves clients across a corridor that spans from the St. Croix Valley communities of the east metro to the northern suburbs of the Twin Cities. We operate from a single office in Lake Elmo, Minnesota, and work with clients throughout the region. We do not operate branch offices in each community. Our boutique model means one office, one team, and direct relationships with every client regardless of where they live in the corridor.
East Metro Communities
Our east metro clients include professionals living in Lake Elmo, Stillwater, Woodbury, Woodbury wealth management, Afton, Bayport, and surrounding Washington County communities. Many commute along the I-94 corridor to employers in Maplewood, St. Paul, and Minneapolis. The east metro has a concentration of corporate professionals whose benefits packages require specialized knowledge to coordinate.
For professionals in these communities, we also offer a dedicated fiduciary financial advisor resource for the east Twin Cities.
Northern Suburb Communities
Our northern suburb clients include professionals in Arden Hills, Anoka, Andover, Albertville, Belle Plaine, Apple Valley, Austin, and Alexandria. These communities span Ramsey County, Anoka County, and greater Minnesota. While geographically dispersed, the planning decisions these professionals face are fundamentally the same: how to transition from career success to financial independence with coordination and confidence.
Regional Expertise
Employer Benefit Knowledge That Informs Strategy
One of the ways our knowledge of this region informs strategy is through familiarity with the benefit structures of major Minnesota employers. We have published detailed planning guides for professionals at several of the largest employers in the region.
3M Professionals
Pension lump sum vs. annuity elections, company stock concentration, and Net Unrealized Appreciation strategy.
Medtronic Executives
Nonqualified deferred compensation, restricted stock units, and performance shares requiring coordinated exercise and distribution timing.
Ecolab Professionals
Stock options, deferred compensation, and retirement transition planning for St. Paul-based professionals.
Polaris Professionals
RSU vesting schedules, 401(k) optimization, and Roth conversion timing decisions.
Graco Professionals
Pension options, the employee investment plan, and NUA opportunities.
HealthPartners Professionals
403(b) accounts, pension benefits, and healthcare coverage decisions for physicians, clinical leaders, and executives.
Each employer has a distinct benefit structure. A strategy built for a Medtronic executive may look different from one built for a 3M professional or a HealthPartners physician, even if all three live in the same east metro community.
Our Approach
How We Work: Strategy First
Boutique by Design
We intentionally limit our client count so every relationship receives the full time and attention it deserves. This is a structural choice that shapes how we operate. When an advisor has time to think through complex decisions with each client, the quality of the strategy may improve. When an advisor is managing hundreds of households, the time available for deep analysis on any single situation is limited.
Strategy Before Products
Every recommendation begins with a comprehensive strategy covering investments, taxes, income, cash flow, debt, insurance, and estate planning. Only after establishing clear goals and priorities do we consider specific products or solutions. This approach is designed to ensure that products serve the strategy, not the other way around.
Built for the Long Term
Our work does not end with a plan. We partner with clients over time, with quarterly reviews and regular strategy adjustments as life and goals evolve. Markets change. Tax laws may change. Personal circumstances change. A strategy that is not reviewed and updated regularly may become less aligned with your goals over time.
Education and Transparency
We keep clients fully informed about the strategies and decisions shaping their financial future. Every recommendation comes with clear explanations of the reasoning behind it and how it fits into the overall plan. If you want to learn more about how fiduciary advisors differ from brokers, see our comparison guide or our resource on red flags when choosing a financial advisor.
Meet the Team
Experience You Can Trust
Our team brings professional credentials and local market knowledge to every relationship. We work directly with every client, building strategies around each person's unique goals and situation.
Lars Engman, MBA
Lars holds an MBA and carries FINRA Series 7, 63, 65, and 66 registrations, along with Life and Health Insurance licensing. His practice focuses on retirement strategy development, tax optimization planning, and financial independence planning for executives and business owners in the east metro and northern suburbs.
Alec Engman, B.S. Economics
Alec holds a B.S. in Economics from the University of Minnesota. He works alongside Lars in building comprehensive financial strategies for professionals transitioning from career success toward financial independence. Their combined credentials cover investment advisory, securities, and insurance planning, allowing for integrated strategy across multiple domains.
Our Services
Comprehensive Financial Planning Services
Retirement Strategy Development
Comprehensive retirement planning that coordinates 401(k) strategies, IRA management, Social Security optimization, and tax-aware withdrawal sequencing. Results vary by individual circumstances and depend on factors including market conditions, tax law changes, and personal goals. Learn more about retirement planning in Minnesota.
Tax Optimization Planning
Strategic tax planning designed to work within Minnesota's tax structure to help reduce unnecessary tax exposure through coordinated investment, retirement, and income strategies. Results vary by individual tax situation and may involve trade-offs. Tax rules may change, which is why ongoing planning matters. Explore tax planning strategies for high-income individuals.
Wealth Management
Personalized investment strategies and portfolio management designed to build and preserve wealth while managing risk according to your timeline and goals. All investing involves risk of loss, including the potential loss of principal. Learn about our wealth management approach.
Financial Independence Planning
Clear analysis of your current financial position and a roadmap designed to achieve the flexibility and security of financial independence. This process examines assets, income streams, and expenses to help answer whether you are ready to stop working. Explore financial independence planning.
Business Owner Exit Planning
Strategic planning for business owners preparing for liquidity events, succession, and the transition from business ownership to personal wealth management. Learn about exit planning in Minnesota.
Executive Financial Planning
Coordinated planning for executives navigating complex compensation, including stock options, RSUs, deferred compensation, and pension decisions. Explore executive financial planning in the Twin Cities.
Frequently Asked Questions
Questions About Financial Planning in the Twin Cities East Metro
What Is a Normal Fee for a Financial Advisor?
Advisor fees vary depending on the scope of services, the complexity of the situation, and the firm's business model. Some advisors charge a percentage of assets under management, others charge flat fees or hourly rates, and some earn commissions on products. A fiduciary advisor is required to disclose how they are compensated in writing, typically through Form ADV. For professionals with complex compensation packages, the value of coordinated planning may extend beyond the fee, though results depend on individual circumstances. Learn more about fiduciary advisor fees.
What Is a Red Flag for a Financial Advisor?
Several signals may indicate that an advisor is not the right fit. If an advisor recommends products before understanding your full financial picture, that may suggest a product-first rather than strategy-first approach. If an advisor cannot clearly explain how they are compensated, or if their compensation structure creates incentives that may not align with your interests, that warrants further questions. An advisor who is not willing to discuss potential conflicts of interest, or who cannot explain their fiduciary status, may not provide the level of transparency that complex financial decisions require. See our full guide to advisor red flags.
Is $200,000 Enough to Work With a Financial Advisor?
The answer depends on the complexity of the situation and the type of planning needed. Some advisors work with clients at various asset levels, while others have minimum thresholds. For professionals with complex compensation packages, stock options, or deferred compensation, the planning need may exist regardless of the specific account balance. The question is less about the dollar amount and more about whether the decisions faced require professional coordination. Read our detailed answer for Minnesota professionals.
What Makes Financial Planning in Minnesota Different?
Minnesota's progressive state income tax structure, with rates up to 9.85% as of 2026 according to the Minnesota Department of Revenue, requires tax planning strategies that may not apply in lower-tax states. Minnesota also maintains its own estate tax with a $3 million exemption threshold, which is lower than the federal exemption and creates additional estate planning considerations for high-net-worth families in the Twin Cities area. Additionally, Minnesota taxes Social Security benefits for higher-earning retirees, though partial exclusions may apply for qualifying taxpayers below certain income thresholds. Explore retirement planning in Minnesota.
How Does a Boutique Advisor Differ From a Larger Firm?
Unlike larger firms that may assign different representatives for different services or rotate advisors as personnel change, we intentionally limit our client base so you work directly with your advisor throughout the relationship. This allows us to develop deep understanding of your unique situation and provide continuity in service. The trade-off is that we cannot serve an unlimited number of clients, which is by design. Learn about our approach for professionals seeking clarity.
Do You Work With Clients Throughout the East Metro and Northern Suburbs?
Yes. We serve clients from Lake Elmo and Woodbury in the east metro to Arden Hills, Anoka, and Andover in the northern suburbs, and as far as Apple Valley, Austin, and Alexandria in greater Minnesota. Our boutique approach allows us to provide personalized service regardless of your specific location within the region, though all clients are served from our Lake Elmo office.
Your Next Step
How Close Are You to Financial Independence?
Before making any decisions, understand where you stand today. Our Financial Independence Assessment is designed for successful professionals who want to see how prepared they are and what decisions may matter most before retirement. It takes a few minutes, with no cost and no obligation.
Prefer to call? (763) 401-1035 | info@newhorizonsbfs.com | 8647 Eagle Point Blvd, Suite #1, Lake Elmo, MN