License Minnesota

Financial Counselor or Planner Disclosure Document

The business of "financial planning" means providing, or offering to provide, financial planning services or financial counseling or advice, on a group or individual basis. A person who, on advertisements, cards, signs, circulars, letterheads, or in any other manner, indicates that the person is a "financial planner," "financial counselor," "financial adviser," "investment counselor," "estate planner," "investment adviser," "financial consultant," or any other similar designation or title or combination thereof, is considered to be representing himself or herself to be engaged in the business of financial planning.

Agency contact information:

Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1600 | (800) 857-3602
Securities Registration - Investment Adviser: (651) 539-1638
(651) 539-1638
Contact Info:


Minnesota Department of Commerce

Investment Advisers and their Representatives

Securities, Franchises & Subdivided Lands

The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.


Minn. Stats. 80A




The following forms and fees must be completed and filed through the CRD system

Form ADV

Part 2A (Brochure)

Part 2B (Brochure Supplement)


Minnesota currently does not license or regulate Financial Planners. However, if a Financial Planner provides specific investment recommendations for a fee, they may be required to be registered by the Department of Commerce as an Investment Advisers. Financial Planners may also be licensed as Broker Dealer and/or Insurance -Producers Resident or Insurance -Nonresident Producer.

In Minnesota, any Investment Adviser, insurance, real estate, or securities agent offering to provide you with financial planning services is required to provide you with a Financial Planning Disclosure document. It must contain the following:

1. How the adviser will be paid; commissions, fees, or both. "Commission only" advisers should offer as wide a variety of investment choices as "fee only" advisers.
2. The name and address of companies that supply financial services or products offered by the planner.
3. The name of the firms where the securities are held and traded.
4. The professional licenses held by the adviser.
5. The types of financial products (mutual funds, stocks, limited partnerships, etc.) that the adviser is authorized to sell.

Other Pertinent Information:

If Financial Planner is also offering insurance products they must be licensed as an Insurance Agent. To obtain information on insurance licensing requirements contact the Minnesota Department of Commerce, Licensing Division at (651) 539-1599.