Woodbury, MN
Financial Advisor in Woodbury, MN
New Horizons Boutique Financial Services is a fiduciary financial planning firm located in Lake Elmo, just minutes from Woodbury. We serve Washington County executives, professionals, and business owners who want a strategy built around their goals, not a product sales pitch.
A Different Kind of Firm
Woodbury Deserves a Financial Advisor Who Works for You
A financial advisor in Woodbury, MN should be more than someone who sells products. At New Horizons Boutique Financial Services, we operate as a fiduciary, which means we are legally and ethically obligated to act in your interest at every step. Our office in Lake Elmo places us just minutes from Woodbury, and we regularly work with executives, professionals, and business owners throughout Washington County.
Many of the largest firms serving Woodbury operate under a broker-dealer model, where advisors are permitted to recommend products that are merely "suitable" for you, even if those products carry higher fees or pay the advisor a commission. We take a fundamentally different approach: every engagement begins with a comprehensive financial strategy, and product recommendations, if any, follow only after that strategy is clearly defined. Learn more about what it means to work with a fiduciary financial advisor.
Who We Serve in Woodbury
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1
Executives Nearing Retirement
Professionals in Washington County planning a confident transition to financial independence who need a clear, comprehensive strategy before they leave the workforce.
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2
Professionals Seeking Clarity
High-income individuals who have accumulated assets but lack a cohesive strategy tying their investments, taxes, income, and estate plans together.
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3
Business Owners Exiting
Woodbury and Washington County business owners preparing for a liquidity event who need tax strategy, wealth preservation planning, and a post-sale income plan.
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4
People Pursuing Financial Freedom
Individuals developing a long-term strategy designed to create flexibility, security, and the option to stop working on their own timeline.
Know the Difference
Fiduciary Advisor vs. Broker: What Woodbury Residents Need to Know
Not all financial advisors in Woodbury, MN operate under the same legal standard. Understanding the difference could significantly affect the advice you receive and the costs you pay. The comparison below outlines the key distinctions. Results and costs vary based on individual circumstances.
| Factor | Fiduciary Advisor (New Horizons BFS) | Broker-Dealer Model |
|---|---|---|
| Legal Standard | Fiduciary duty — must act in your interest | Suitability standard — recommendations must be "suitable," not necessarily optimal |
| Compensation Structure | Fee-based; no product sales commissions that could influence advice | May earn commissions on products sold; potential for compensation-related conflicts |
| Planning Approach | Comprehensive strategy across all financial areas before any product discussion | Recommendations may begin with products rather than a coordinated strategy |
| Advisor Access | Direct access to your advisor; intentionally limited client base | Larger client rosters may limit direct advisor availability |
| Ongoing Review | Quarterly strategy reviews, adapting as life and goals change | Review frequency and depth varies by firm and advisor |
Comparison reflects general industry differences. Individual advisor arrangements vary. See our detailed fiduciary vs. broker comparison for a full analysis.
Our Services
Comprehensive Financial Planning Services for Woodbury Professionals
Every service we offer is grounded in a complete financial strategy. No product is recommended before we have a clear picture of your full financial situation, goals, and priorities. Outcomes depend on individual circumstances; no specific results are guaranteed.
Retirement Strategy Development
A comprehensive analysis of your assets, income streams, projected expenses, and Social Security options to help determine a path toward financial independence. We coordinate this with Minnesota's tax environment, which includes no tax on Social Security benefits and income tax rates up to 9.85%.
Tax Optimization Planning
Strategic tax planning coordinated with your investment and retirement strategy, designed to help reduce your tax exposure over time. Tax outcomes depend on your individual situation and may involve trade-offs that we discuss transparently. See our guide on tax planning for high-income individuals.
Wealth Management
Portfolio strategy designed to align with your long-term goals and risk tolerance, reviewed quarterly and adjusted as market conditions or your life circumstances change. Explore our boutique wealth management approach in depth.
Financial Independence Planning
A structured analysis of your full financial picture designed to answer a single question: could you stop working on your own terms? We map your assets, income sources, and expenses to identify when financial independence may become achievable. Read our financial independence planning guide.
Business Owner Exit Planning
Strategic planning for Washington County business owners preparing for a sale or liquidity event. We address the tax implications of a transaction, post-sale income planning, and the transition from business cash flow to personal wealth strategy.
Ongoing Partnership and Review
Financial planning is not a one-time event. We provide quarterly strategy reviews, keeping your plan current with changes in tax law, your personal circumstances, and market conditions. You work directly with your advisor throughout this process.
The New Horizons Difference
Boutique by Design: What a Smaller Firm Means for You
Large financial firms serving Woodbury typically manage hundreds or thousands of clients per advisor. That scale can mean generic plans, limited access, and advisors who are incentivized to move clients toward proprietary products. New Horizons BFS is built differently. We intentionally limit the number of clients we serve so that every relationship receives the full time and attention it deserves.
As a hub for fiduciary financial planning in the East Twin Cities, we serve Woodbury, Lake Elmo, Stillwater, Cottage Grove, and the broader Washington County area. Learn more on our East Twin Cities fiduciary financial advisor page.
Strategy Before Products
Every engagement begins with a comprehensive strategy covering investments, taxes, income, cash flow, insurance, and estate planning. Product discussions come only after the strategy is established.
No Templates
Every plan is fully customized to your unique goals, timeline, and financial situation. We do not use standardized templates or apply the same framework to every client.
Education and Transparency
You will understand not just what we recommend, but why. We keep clients fully informed about the strategies and decisions shaping their financial future.
Long-Term Partnership
Your financial life evolves. Our work does too. Quarterly reviews and ongoing access to your advisor ensure your strategy adapts as your goals and circumstances change.
Our Process
How We Build a Financial Plan for Woodbury Clients
Our process is designed to provide structure and clarity from the first conversation. We hold the FINRA Series 7, 63, 65, and 66 licenses, along with Life and Health Insurance licensing. Lars Engman holds an MBA and Alec Engman holds a B.S. in Economics from the University of Minnesota. Every recommendation is grounded in deep analysis of your complete financial picture.
The first meeting is complimentary and carries no obligation. It is designed to help both of us determine whether working together makes sense for your situation. We serve clients throughout the East Twin Cities, including Woodbury, from our office at 8647 Eagle Point Blvd., Suite 1, Lake Elmo, MN.
No-Obligation Discovery Conversation
We start with a complimentary conversation to understand your current situation, what questions you have, and what you are hoping to accomplish. There is no pressure and no cost.
Comprehensive Financial Analysis
We review your full financial picture: assets, income, expenses, debts, insurance coverage, tax situation, and estate planning needs. This includes understanding how Minnesota's tax rules affect your specific circumstances.
Strategy Development
We build a coordinated plan covering retirement income, tax positioning, investment strategy, insurance needs, and estate planning. Every element is designed to work together toward your stated goals.
Implementation and Ongoing Partnership
Once the strategy is established, we implement it and schedule quarterly reviews to ensure it evolves with your life. You have direct access to your advisor throughout the relationship.
Frequently Asked Questions
Questions About Finding a Financial Advisor in Woodbury, MN
These are some of the most common questions we hear from Woodbury and Washington County residents who are evaluating their options.
How Do I Find a Fiduciary Financial Advisor in Woodbury, MN?
A fiduciary financial advisor in Woodbury, MN is an advisor who is legally obligated to act in your interest rather than their own. To find one, look for advisors who are registered investment advisors (RIAs) rather than solely broker-dealer representatives. Ask directly: "Are you a fiduciary at all times during our relationship?" New Horizons BFS operates as a fiduciary and serves Woodbury clients from our Lake Elmo office. You can also read our guide on finding a fiduciary financial advisor in Minnesota.
What Questions Should I Ask a Financial Advisor Before Hiring Them?
Before working with any financial advisor in Woodbury, MN, consider asking the following: (1) Are you a fiduciary at all times? (2) How are you compensated, and do you receive commissions? (3) What is your process for building a financial plan? (4) How often will we meet, and will I work directly with you? (5) What credentials and licenses do you hold? (6) How do you approach tax planning in coordination with investment strategy? The answers to these questions will reveal whether the advisor's interests are aligned with yours and whether their approach matches your needs.
Is a Fee-Only Financial Advisor Better Than a Commission-Based Advisor?
Fee-based or fee-only financial advisors are compensated directly by clients rather than through product commissions, which may reduce certain compensation-related conflicts. Commission-based advisors earn income from the products they recommend, which can create incentives that do not always align with a client's goals. That said, the right advisor structure depends on your situation, and it is important to understand exactly how any advisor you consider is compensated. We recommend asking for a clear explanation of all fees and potential conflicts in writing before engaging any advisor. Our fiduciary vs. broker comparison covers this topic in detail.
What Is the Typical Cost of Working with a Financial Advisor in Woodbury?
Financial advisor costs in Woodbury, MN vary by advisor type and service model. Fee structures commonly include a percentage of assets under management (typically ranging from approximately 0.5% to 1.5% annually, though rates vary), flat or retainer fees for ongoing planning, or hourly fees for specific projects. Commission-based advisors may not charge upfront fees but earn income through product sales. We encourage anyone comparing options to ask each advisor to disclose all forms of compensation before making a decision. At New Horizons BFS, we are happy to walk through our fee structure during a complimentary first meeting.
Does New Horizons BFS Work with Clients Who Are Not Yet Ready to Retire?
Yes. Many of our Woodbury and Washington County clients come to us five to fifteen years before they plan to retire. In fact, earlier engagement often creates more planning opportunities, particularly around tax positioning, savings strategies, and estate planning. If you are unsure whether you are "ready" for financial planning, our approach begins with a no-obligation conversation designed to help you understand where you stand today and what a strategy might look like for your situation.
What Is a Red Flag When Evaluating a Financial Advisor?
Common warning signs when evaluating a financial advisor include: an advisor who begins recommending products before fully understanding your situation; vague or evasive answers about how they are compensated; refusal to confirm fiduciary status in writing; pressure to make quick decisions; and promises of specific returns or outcomes. A trustworthy advisor should welcome your questions, explain their reasoning clearly, and provide time for you to make considered decisions. Verifying an advisor's registration and any disciplinary history through FINRA BrokerCheck or the SEC's Investment Adviser Search is always a sound step.
Keep Exploring
Related Resources from New Horizons BFS
Every guide below is written to help Woodbury and Washington County professionals make more informed decisions about their financial future. No signup required.
Retirement
Retirement Planning in Minnesota: What Professionals Need to Know
A strategy guide covering income, taxes, Social Security, and the planning decisions that matter most for Minnesota professionals.
Retirement Income
Retirement Income Distribution Planning in Minnesota
How to structure withdrawals from your retirement accounts in a tax-efficient sequence designed for your specific situation.
Tax Planning
Minnesota State Taxes on Retirement Income: What You Need to Know
A plain-language breakdown of how Minnesota taxes pensions, IRA withdrawals, and investment income in retirement.
Social Security
Social Security Claiming Strategy: A Guide for Pre-Retirees
When to claim, how spousal benefits work, and how your claiming decision interacts with your broader retirement income plan.
Healthcare
Healthcare Planning for Early Retirees in Minnesota (Ages 55-64)
How to bridge the gap between leaving work and Medicare eligibility without overpaying for coverage or disrupting your plan.
Wealth Management
Wealth Management in Woodbury, MN
A deeper look at portfolio strategy, investment management, and the wealth management approach we use for Woodbury clients.
Business Owners
Business Owner Exit Planning in Minnesota
Strategic guidance for business owners navigating a sale, buyout, or succession and planning for what comes after.
Meet the Team
Lars Engman, MBA — Financial Advisor at New Horizons BFS
Learn about Lars Engman's background, credentials, and approach to financial planning for Minnesota professionals.
Make an Informed Choice
Independent Fiduciary Advisor vs. Broker: What Every Investor Should Know
A side-by-side breakdown of the legal standards, compensation structures, and planning approaches that separate fiduciary advisors from broker-dealers.
Serving Woodbury and Washington County
Nearby in Lake Elmo. Built for the East Twin Cities.
Our office at 8647 Eagle Point Blvd., Suite 1, Lake Elmo, MN places us just minutes from Woodbury via I-94. We serve professionals and families throughout Washington County, including Woodbury, Stillwater, Cottage Grove, Hastings, and the surrounding communities. Our work as a fiduciary financial advisor in the East Twin Cities is grounded in the belief that every client deserves a strategy built specifically for them.
Lake Elmo
Our Home Office
8647 Eagle Point Blvd., Suite 1, Lake Elmo, MN 55042
Woodbury
Primary Service Area
Serving executives and professionals throughout the Woodbury and Washington County area.
Twin Cities
Metro-Wide Coverage
Stillwater, Cottage Grove, Hastings, St. Paul, and communities across the East Metro.
Or call us at (763) 401-1035 or email info@newhorizonsbfs.com
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