Financial advisor serving Wayzata
Flames Financial Planning is based in Minnetonka, Minnesota and works with Wayzata households through a virtual planning relationship. Fixed quarterly memberships coordinate investments, taxes, retirement, and estate guidance without an AUM fee.
Direct answer
Compare each advisor’s registration, fiduciary role, total annualized cost in dollars, the services included, and who you actually meet with. Flames Financial Planning is based in Minnetonka—not at a Wayzata office—and serves Wayzata households virtually. Memberships cost $150, $900, or $1,650 per quarter, with no AUM fee and no annual commitment.
A truthful local relationship
A location page should tell you who is actually available, where the firm sits, and how the relationship works day to day.
Flames FP is based in Minnetonka, sharing Lake Minnetonka with Wayzata, and works fully virtually. Wayzata households meet by video like every other client; there is no office to stop by. This page describes the Wayzata service area, not a separate Wayzata branch.
Meetings, document sharing, dashboard access, and ongoing planning all happen remotely, so where you live does not limit the advice you get.
Check any advisor’s registration, services, disciplinary history, and fee disclosures before you sign. That applies to this firm as much as any other.
Minnesota planning context
Tax rules are set by the state, not the city, and they change which decisions are worth the most. The full Minnesota picture, with sources, is on the Minnesota page. How those rules bear on withdrawal order, Roth-conversion timing and Medicare premiums is set out in the retirement tax planning overview.
Minnesota's estate tax applies above a $3 million exclusion with no portability between spouses, which puts trust planning on the table for many Wayzata households long before federal estate tax would ever apply. Illiquid private-company compensation is a frequent companion issue, since it cannot simply be sold to pay a tax bill.
Pension, IRA and 401(k) withdrawals are taxed as ordinary income. Social Security is fully subtractable only below $110,780 of joint adjusted gross income in 2026 and phases out above that, so the order you draw from accounts changes what you keep.
The exclusion is far below the federal one and is not indexed, and Minnesota does not allow a surviving spouse to use the first spouse's unused exclusion. A couple that leaves everything outright to each other can waste one $3 million exclusion entirely.
Cargill is headquartered here and is one of the largest privately held companies in the country, so senior people hold deferred and phantom compensation rather than tradeable shares. Those plans have their own election deadlines and distribution rules, and they are not diversifiable the way public stock is.
Brackets, thresholds, and retirement-income rules are revised regularly. The figures above are for tax year 2026. Treat them as a starting point and confirm the current year before making a decision on them.
Federal and state, together
Minnesota income tax alone can exceed the federal deduction for state and local taxes for a higher-earning household, and above $500,000 of modified adjusted gross income that cap shrinks toward $10,000. In practice much of what a Minnesota household pays the state is not deductible federally, which is one more reason to manage the state layer directly.
For tax year 2026 the federal deduction for state and local taxes is capped at $40,400, shrinking above $500,000 of modified adjusted gross income to a floor of $10,000. IRS, Instructions for Schedule A (2025), line 5e.
Worth doing here
Things that are worth doing in Minnesota that would not be worth doing, or would work differently, somewhere else.
Minnesota offers either a credit of 50% of contributions up to $500, which phases out above $96,220 of Minnesota adjusted gross income, or a subtraction of up to $1,500 ($3,000 filing jointly). You choose one each year, and which one is better depends on your income.
Because the $3 million exclusion does not carry over to a surviving spouse, couples with more than that between them generally need trust language in their documents to use both exclusions. This is a planning problem at asset levels that would owe nothing federally.
With most retirement income taxed at up to 9.85%, the window when taxable income is briefly under your control is the time to map Roth conversions and which account to spend first.
The first meeting
A discovery meeting is a conversation, not a pitch. For households here it tends to get to these three things.
The distribution schedule and election deadlines on private-company deferred compensation, and how they interact with the year of retirement.
Liquidity: how an estate that is heavy in illiquid compensation would actually pay a Minnesota estate tax bill.
Whether the household's documents preserve both spouses' $3 million exclusions.
Who this fits
The common thread is a household with enough complexity that the decisions interact, and enough assets that a percentage fee gets expensive.
See how the planning relationship works for this situation, what is included, and what it costs.
See how the planning relationship works for this situation, what is included, and what it costs.
Run your own numbers before talking to anyone, including this firm. The calculator converts a percentage into the dollars it actually costs over time.
Watch and learn
Start with three videos selected for this page, then use the controls to explore every published Flames FP video guide.
Videos 1–3 of 14
Common questions
No. Flames Financial Planning is based in Minnetonka, Minnesota, and works fully virtually, so there is no office in Wayzata or anywhere else to visit. Wayzata households meet by video, share documents securely and use the financial dashboard, like every other client.
Yes. Wayzata households can meet by video, share documents securely, use the financial dashboard, and receive ongoing planning without travelling. Flames FP serves clients nationwide where permitted.
Flames Access is $150 per quarter ($600 annualized), Planning is $900 per quarter ($3600 annualized), and Premier is $1650 per quarter ($6600 annualized). Memberships are billed quarterly in advance with no annual commitment.
No. The advisory fee is a flat quarterly amount tied to the planning work, not a percentage of the portfolio, so it does not increase as investments grow.
Compare the total annual cost in dollars rather than percentages, exactly what is included at that price, whether the advisor is a fiduciary and fee-only, and who you actually meet with. Then verify the firm's registration and disciplinary history on the SEC's adviser search.
Yes. State tax treatment shapes withdrawal order, Roth-conversion timing, and where investments are best held. Planning includes tax guidance and review of a completed return; Premier adds tax projections and preparation and filing through an independent tax partner. The Minnesota rules themselves are set out on the Minnesota page.
Next step
A discovery meeting covers your situation, your current advisor arrangement if you have one, and whether a fixed quarterly membership is a better fit than what you are paying now.
