A Fee-Only Financial Advisor Serving Minneapolis and the Twin Cities

A boutique wealth management firm built on fiduciary accountability — not commissions, not corporate quotas, and not a revolving door of advisors who don't know your name.

 

Minneapolis families and pre-retirees deserve financial planning that goes beyond a product pitch. At R.M. Shannon Wealth Management, we work with a deliberately small number of clients because real planning takes real attention. Whether you're navigating retirement, managing a growing portfolio, or thinking through what you want to leave behind, we bring CFP-level discipline and a relationship you can count on across every stage of your financial life.

 

We're based in St. Paul and serve households across the Twin Cities — including Minneapolis, the East Metro, and surrounding communities.

What Does Fee-Only Actually Mean — and Why Does It Matter?

Most financial advisors in Minneapolis are compensated through commissions on the products they sell. That creates an incentive structure that doesn't always point in your direction. A fee-only advisor is paid directly by you — and only you. There are no referral arrangements, no product shelves, and no hidden revenue streams shaping the recommendations you receive.

 

We hold fiduciary status, which means we are legally required to act in your best interest at all times — not just when it's convenient. That's a higher standard than the suitability rule that governs most commission-based advisors, and it's a distinction worth understanding before you choose who manages your financial future.

 

According to NAPFA, fee-only advisors represent a small fraction of the overall financial services industry — which means finding one who also holds the CFP credential and works with a limited client base is genuinely uncommon.

Financial Planning Services Available to Minneapolis Clients

We offer a full range of planning disciplines, integrated across your financial life rather than treated as separate products.

 

  • Retirement planning built around your timeline, income needs, and legacy goals
  • Investment management guided by your risk tolerance and long-term objectives
  • Tax planning strategies designed to reduce what you owe across your working and retirement years
  • Estate planning coordination to make sure your assets transfer the way you intend
  • Charitable giving strategies for households who want their wealth to reflect their values
  • Business planning and succession planning for Minneapolis-area business owners
  • Faith-based financial planning for households who want their finances to align with their beliefs

Who We Work With in Minneapolis

Our clients are typically in the years leading up to retirement or already retired — working through decisions that have long-term consequences and want a trusted advisor in their corner, not a call center.

 

We also work with families managing competing financial priorities, business owners planning for what comes next, and households whose faith shapes how they think about money, giving, and stewardship. If you've been looking for a Twin Cities financial advisor who takes the time to understand your full picture, you're likely a good fit for how we work.

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Frequently Asked Questions About Working With a Minneapolis Financial Advisor

  • Do I need to be located in Minneapolis to work with R.M. Shannon Wealth Management?

    No. We're based in St. Paul and work with clients across the Twin Cities, including Minneapolis, the East Metro, and surrounding suburbs. Many client meetings take place virtually, and we're happy to accommodate whatever arrangement works best for you.

  • What's the difference between a fee-only and fee-based financial advisor?

    A fee-only advisor is compensated solely by client fees — no commissions, no third-party payments. A fee-based advisor may charge fees but can also earn commissions on products they sell. The distinction matters because it affects whose interests the advisor is structurally incentivized to serve.

  • What does it mean that you're a fiduciary financial advisor?

    Fiduciary advisors are legally obligated to act in your best interest at all times. Not all financial advisors in Minneapolis are held to this standard. We hold fiduciary status and are committed to full transparency about how we're compensated and how we make recommendations.

  • Do you offer retirement planning for Minneapolis residents who are still working?

    Yes. A significant portion of our clients are pre-retirees — typically in their 50s or early 60s — who are in the planning phase before retirement. We help with income projections, Social Security timing, portfolio positioning, tax strategy, and transition planning well before the retirement date arrives. What is a CFP and why does it matter when choosing a financial planner in Minneapolis? CFP stands for Certified Financial Planner. It's one of the most rigorous credentials in the financial planning profession, requiring extensive coursework, a comprehensive exam, ongoing education, and adherence to a strict code of ethics. Working with a CFP means your advisor has demonstrated competency across all major areas of financial planning — not just one product category.