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) 539-1500
(651) 539-1547(fax)
Securities Registration
(651) 539-1638
Contact Info: securities.commerce@state.mn.us

Website:

Banking & Finance


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.

Statutes:

Minn. Stats. 80A
82.17

Rules:

MINNESOTA RULE 2876.

Requirements:

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 -Non-resident 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.


See also Financial Planner FAQs.

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) 296-6319.