Cherry Tree Wealth Management, LLC

CRD#151406
Investment Advisor Firm

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Overview

Cherry Tree Wealth Management, LLC is a financial advisor firm headquartered in Hopkins, Minnesota. Cherry Tree Wealth Management, LLC has $484.9 million in assets over 953 customer accounts, making it one of the larger financial advisory firms in the country by assets under management (AUM). It has a small group, including 8 financial advisors. Cherry Tree Wealth Management, LLC is not a registered broker-dealer, signifying that the firm is not able to buy and sell securities for its own accounts as well as its clients' and instead has to go through a broker-dealer company to do so. Securities are tradable fiscal investments like options, bonds and equities.

Cherry Tree Wealth Management, LLC oversees most of its client assets on a discretionary basis. Discretionary management means that an investment advisor makes transaction choices for the client's account without requiring the client's authorization. Cherry Tree Wealth Management, LLC also manages eight non-discretionary accounts with a total of $28.6 million in assets. The investment advisory firm manages an average of $508,788 for every customer account. The typical financial advisor at Cherry Tree Wealth Management, LLC administers around 119 client accounts.

The firm's main office is at 301 Carlson Parkway, Hopkins, Minnesota 55305. The firm is allowed to provide services to clients throughout a few states, including Arizona, California, Florida, Minnesota, New York and Texas.

Assets Under Management

$484.9 million

Number of Advisors

8

Disclosures

No

Office Location

301 Carlson Parkway
Hopkins, MN 55305

Cherry Tree Wealth Management, LLC by the Numbers

Total Assets Under Management

$484.9 million

National Average: $8.6 billion
Total Number of Employees

11

National Average: 64
Total Number of Accounts

953

National Average: 375,227
Average Account Size

$508.8 thousand

National Average: $23.0 thousand
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Products and Services

Cherry Tree Wealth Management, LLC offers multiple financial services, including financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services and selection of other advisers. However, the firm did not provide financial planning services to any of its customers in the prior financial year. Cherry Tree Wealth Management, LLC is engaged in selling products or offering services aside from investment advice to its customers. The firm is also affiliated with a number of other service providers in the financial services industry, including with a broker-dealer or securities dealer.

Core Advisor Services

  • Offered by 31% of firms

    Financial Planning Services

    This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

  • Offered by 46% of firms

    Portfolio Management

    This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

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    Market Timing Services

    This is the practice of attempting to make short-term profits on investments by buying low and selling high.

Other Services

  • Offered by 20% of firms

    Selection of Other Advisors

    This is the firm's assistance with choosing other advisors to work with who may have different specialties.

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    Publication of Periodicals

    This is the publication of various financial education materials.

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    Educational Seminars/Workshops

    This is the hosting of seminars or workshops to educate investors on financial concepts.

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Fee Structure

A financial advisor's fees typically are based on which services the firm provides the client. Fees billed by the firm most likely are comprised of any combination of the following fee types: asset-based or hourly. Wrap fee programs, or the practice of bundling services for a single fee, are not offered by the firm.

Available

  • Offered by 69% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 21% of firms

    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

Unavailable

  • Find one of the 1% of firms that offer this fee type

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Find one of the 26% of firms that offer this fee type

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

  • Find one of the 0% of firms that offer this fee type

    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 32% of firms that offer this fee type

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

  • Find one of the 10% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

The company does business with a broad range of customers. The firm works with retail investors, high net worth investors, pension plans, charitable organizations and state or municipal government entities. Out of its 953 customers, Cherry Tree Wealth Management, LLC's largest client type is retail investors, although it also manages money for 136 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an investor who has at least $750,000 in AUM or a net worth of at least $1.50 million or who counts as a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the company's customers are from outside of the U.S.

  • High-Net-Worth Individuals* - 42.9%
  • Other Individuals - 44.79%
  • Corporations - 2.84%
  • Charitable Organizations - 9.46%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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Disclosures

Cherry Tree Wealth Management, LLC does not have any disclosures.

Please visit its Form ADV for more details.

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Financial Advisors at Cherry Tree Wealth Management, LLC

Conner Kolodge
Hopkins, MN
Erin Buchen
Hopkins, MN
Jared Konen
Hopkins, MN
Chelsea Tufte
Hopkins, MN
Kevin O'Connor
Hopkins, MN
John O'Connor
Hopkins, MN
Janet Pollish
Hopkins, MN
Justin Frys
Hopkins, MN
Thomas Paske
Hopkins, MN

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The content in this profile was updated by SmartAsset on 4/16/2023. All advisor details come from publicly available data, and we cannot guarantee the accuracy of the content. We are unable to make individual profile updates. If you want your profile removed temporarily or permanently, please contact profile-compliance@smartasset.com.

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