Wealth Management Lake Elmo
Boutique Wealth Management for Lake Elmo Professionals
Build wealth with confidence through personalized financial strategies designed specifically for executives, business owners, and professionals in Lake Elmo, Minnesota.
Schedule a ConsultationWhy Lake Elmo Professionals Choose Us
Strategy-First Wealth Management
Lake Elmo's growing professional community, including high net worth individuals, values personalized service and strategic thinking. As a boutique firm, we intentionally limit our client count to ensure every executive, business owner, and professional receives comprehensive attention. Located in the heart of Washington County, we understand the unique financial landscape facing Minnesota residents, from state tax considerations to retirement planning in one of the nation's most tax-conscious states.
Retirement Strategy Development
Comprehensive retirement planning that addresses Minnesota's tax environment, Social Security optimization, and creating sustainable income streams for life after your career.
Explore Financial Independence PlanningTax Optimization Planning
Strategic tax planning that leverages Minnesota's specific tax landscape, including income tax considerations and retirement account distributions to minimize your lifetime tax burden.
Explore Tax Planning StrategiesBusiness Owner Exit Planning
Specialized planning for business owners preparing for liquidity events, succession planning, and transitioning wealth while considering Minnesota's business and estate tax implications.
Explore Business Owner Exit PlanningLocal Expertise
Understanding Lake Elmo's Financial Landscape
Lake Elmo's proximity to the Twin Cities creates unique opportunities for professionals working in Minneapolis or St. Paul while enjoying the benefits of Washington County's lower property taxes and quality of life. Our wealth management approach considers the commuting professional's needs, from managing stock options at major Minnesota employers like 3M and Target to planning around Minnesota's pension systems.
With Minnesota's top marginal income tax rate of 9.85% in 2026, strategic tax planning becomes essential for high-earning professionals. We help Lake Elmo residents navigate these complexities while building long-term wealth. We also serve neighboring communities across the East Metro — learn more about wealth management in Woodbury.
Talk to a Local Advisor25+
Years Combined Experience
6
FINRA Licenses
100%
Boutique Focus
MN
Licensed & Local
Our Process
How We Build Your Wealth Strategy
Every wealth management plan begins with understanding your unique situation. We take a strategy-first approach, building comprehensive financial plans before recommending any products or investments.
Discovery and Goal Setting
We begin with a comprehensive review of your current financial situation, career trajectory, and long-term objectives. For Lake Elmo professionals, this often includes evaluating employer benefits, stock compensation, and retirement plan options specific to Minnesota employers.
Strategic Financial Planning
We develop a comprehensive strategy covering investments, taxes, insurance, and estate planning. This includes analyzing Minnesota tax implications, optimizing retirement account contributions, and creating tax-efficient investment strategies.
Implementation and Monitoring
Once your strategy is in place, we implement recommendations and provide ongoing monitoring through quarterly reviews. We adapt your plan as your career evolves, Minnesota tax laws change, and life circumstances shift.
Education and Transparency
We believe in keeping clients fully informed about their financial strategies. Regular communication ensures you understand the decisions shaping your financial future and how they align with your goals.
Professional Credentials
Experience You Can Trust
Our team brings extensive credentials and local expertise to serve Lake Elmo's professional community. With FINRA Series 7, 63, 65, and 66 licenses, plus Life and Health Insurance licensing, we provide comprehensive financial guidance backed by rigorous professional standards. As a fiduciary financial advisor, we are legally obligated to act in your best interest.
Lars Engman holds an MBA, while Alec Engman earned his B.S. in Economics from the University of Minnesota, bringing both academic rigor and practical experience to wealth management in Washington County.
Frequently Asked Questions
Wealth Management in Lake Elmo
What Is the Average Fee to Pay a Financial Advisor?
Financial advisor fees vary widely depending on the type of advisor and services provided. Fee-only advisors may charge a flat annual retainer, an hourly rate, or a percentage of assets under management, which commonly ranges from approximately 0.5% to 1.5% annually according to industry research. Fee structures depend on the complexity of a client's financial situation, the scope of services, and the advisor's business model. Always ask any advisor to clearly explain their fee structure in writing before engaging their services. You can also use the SEC's resource on investment advisers to understand how advisors are regulated and compensated.
Is It Worth Paying a Financial Advisor?
For many executives, professionals, and business owners, working with a financial advisor may provide meaningful value by bringing structure, strategy, and accountability to complex financial decisions involving retirement timing, tax planning, investment allocation, and estate coordination. The value depends on the complexity of your situation, the quality of the advice, and whether the advisor's approach aligns with your goals. A strategy-first advisor who covers the full financial picture before recommending products tends to provide a more comprehensive foundation than transactional-only service relationships. Understanding the difference between working with a fiduciary vs. a broker can help you evaluate which type of advisor best fits your needs. Learn how we serve professionals seeking financial clarity.
At What Net Worth Should I Get a Financial Advisor?
There is no universal net worth threshold that triggers the need for a financial advisor. Many professionals benefit from advisory relationships well before accumulating significant assets, particularly when navigating complex compensation structures, retirement planning decisions, or business ownership transitions. The more relevant trigger is complexity: if your financial situation involves multiple income streams, tax optimization questions, employer equity, or retirement readiness analysis, a financial advisor may provide meaningful guidance regardless of a specific asset level. Explore our Financial Independence Planning guide to understand how we approach readiness at any stage.
What Makes Wealth Management Different for Lake Elmo Residents?
Lake Elmo residents often work in the Twin Cities while living in Washington County, creating unique tax and financial planning considerations. We help navigate Minnesota's tax environment, optimize commuting costs, and plan around the area's specific economic landscape. Our local expertise includes understanding regional employers and their benefit structures. Working with a fiduciary advisor in the east Twin Cities ensures your interests remain the priority throughout every recommendation. You can also learn more about working with a financial advisor in Lake Elmo to see how our local expertise supports your complete financial picture.
How Does Minnesota's Tax Environment Affect My Wealth Strategy?
Minnesota's income tax rates can reach 9.85% for high earners in 2026, making tax-efficient planning essential. We develop strategies that may help minimize state tax burden through retirement account optimization, tax-loss harvesting, and strategic asset location. Our planning considers both current and future Minnesota state taxes on retirement income. Read our Tax Planning Strategies guide for more detail.
What Is Your Approach to Retirement Planning for Executives?
Our retirement strategy development focuses on creating multiple income streams and optimizing employer benefits common among Lake Elmo professionals. We analyze 401(k) options, stock compensation, pension benefits, and Social Security optimization. A key component of this work is retirement income distribution planning to ensure assets are drawn down efficiently throughout retirement. Every plan is customized to individual goals rather than using template approaches. We also offer dedicated executive financial planning in the Twin Cities for professionals who need a comprehensive, career-stage strategy. Learn more about working with an advisor for executives nearing retirement.
How Do You Limit Client Relationships as a Boutique Firm?
We intentionally maintain a limited client roster to ensure every relationship receives comprehensive attention and personalized service. This boutique approach means clients work directly with their advisor rather than being handed off to junior staff. We believe quality relationships produce better long-term outcomes than volume-based practices.
What Services Do You Provide for Business Owners in Lake Elmo?
Our business owner exit planning includes succession strategy, liquidity event preparation, and post-sale financial planning. We understand Minnesota's business environment and help owners navigate complex transitions while optimizing tax outcomes. Planning often involves coordinating with legal and tax professionals throughout Washington County and the Twin Cities. Learn more about our Business Owner Exit Planning services.
Ready to Get Started?
Start Building Your Wealth Strategy Today
Take the first step toward financial clarity and independence. Contact our Lake Elmo wealth management team to discuss your goals and learn how our strategy-first approach can help you build lasting wealth.
New Horizons Boutique Financial Services | 8647 Eagle Point Blvd, Lake Elmo, MN 55042 | (763) 401-1035 | info@newhorizonsbfs.com