Robert Steffen & Associates

CRD#115256
Investment Advisor Firm

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Overview

Robert Steffen & Associates operates as an advisory company headquartered in Minneapolis, Minnesota. The firm has $578.2 million in assets under management throughout 256 customer accounts, making it one of the larger investment advisory firms in the United States by assets under management (AUM). Robert Steffen & Associates has a small group of four employees, two of whom are financial advisors. Robert Steffen & Associates does not act as a registered broker-dealer, signifying that it cannot buy and sell securities for its clients' and own accounts and instead must go through a broker-dealer firm to do so. Securities are defined as tradable financial investments like stocks, bonds and options.

Robert Steffen & Associates manages zero of its accounts in a discretionary manner. Discretionary management means that buy and sell decisions are made by an investment advisor without requiring the client's permission. The firm also oversees 256 non-discretionary accounts totaling $578.2 million in AUM. The firm's average account size is $2.3 million. $577,235,714 of its financial planning investments were in securities, with under $100,000 placed in non-securities. The typical advisor at Robert Steffen & Associates oversees about 128 client accounts.

The firm's central office is located at 9801 Dupont Avenue, South, Minneapolis, Minnesota 55431. It is registered to provide services to clients throughout 4 states, including Arizona, Florida, Minnesota and Wisconsin.

Assets Under Management

$578.2 million

Number of Advisors

2

Fee Structure

Hourly, Fixed

Disclosures

No

Office Location

9801 Dupont Avenue, South
Minneapolis, MN 55431

Robert Steffen & Associates by the Numbers

Total Assets Under Management

$578.2 million

National Average: $3.3 billion
Total Number of Employees

4

National Average: 4,943
Total Number of Accounts

256

National Average: 2,522
Average Account Size

$2.3 million

National Average: $1.3 million

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Products and Services

Financial services provided by Robert Steffen & Associates include financial planning services and portfolio management for individuals and small businesses. In the last financial year, the company provided financial planning services to 251-500 of its accounts. It is involved in selling products or offering services apart from investment advisory services to its customers.

Core Advisor Services

  • Offered by 45% 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 63% of firms

    Portfolio Management

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

  • Find a firm that offers this service

    Market Timing Services

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

Other Services

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Fee Structure

Fees for financial advice usually depend on which service is offered. Fees charged by the firm may include the following fee structures: hourly or fixed. Wrap fee programs, or the practice of bundling services for a single fee, are not offered by the firm. The firm can withdraw the fees directly from customer funds.

Available

  • Offered by 37% 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.

  • Offered by 40% of firms

    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.

Unavailable

  • Find one of the 75% of firms that offer this fee type

    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.

  • Find one of the 3% 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 17% 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 1% 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 12% 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

It works with retail investors and high net worth investors. Out of its 256 customers, Robert Steffen & Associates's largest client by number of accounts is high net worth investors, although it also caters to 178 high-net-worth individuals. The SEC defines a high-net-worth individual as someone who has at least $750,000 under management or a net worth of more than $1.50 million or who is deemed a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the company's customers are represented by people from outside of the U.S.

  • High-Net-Worth Individuals* - 69.53%
  • Other Individuals - 30.47%
  • Corporations - 0%
  • Charitable Organizations - 0%

* 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

Robert Steffen & Associates does not have any disclosures.

Please visit its Form ADV for more details.

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This content was compiled from the SEC and FINRA