Richard Fromstein, CFP®
Vice President,
Financial Advisor,
Senior Portfolio Manager
Direct:
(952) 921-1909(952) 921-1909
My Mission Statement
Experience, intellectual capital and dedicated personal service to help you meet your life goals
My Story and Services
• Experience
1981 - 1988: Self-employed entrepreneur
Founder and operator of two startup ventures, an early-stage computer company and a sportswear concern.
1988 - 1996: Sports marketing executive
1988, Milwaukee Bucks. 1988-94, Season and group sales director, Milwaukee Brewers Baseball Club. 1994-96, Director of Ticket Sales, Houston Astros Baseball Club.
1996 - present: Morgan Stanley*
Associate Vice President in Bloomington, MN office
• Education
University of Wisconsin-Madison B.A. in Journalism 1982
• Awards
Five Star Financial Advisor, Minneapolis St. Paul magazine 2012, 2013, 2014, 2015, 2016, 2017, 2018.
2012, 2013, 2014, 2015, 2015, 2016, 2017, 2018 Five Star Wealth Manager Award
Source: fivestarprofessional.com (Awarded 2012, 2013, 2014, 2015, 2016, 2017, 2018) The award was determined based on an evaluation process conducted by Five-Star Professional based on objective criteria. The award was not based on a specific time period.
1981 - 1988: Self-employed entrepreneur
Founder and operator of two startup ventures, an early-stage computer company and a sportswear concern.
1988 - 1996: Sports marketing executive
1988, Milwaukee Bucks. 1988-94, Season and group sales director, Milwaukee Brewers Baseball Club. 1994-96, Director of Ticket Sales, Houston Astros Baseball Club.
1996 - present: Morgan Stanley*
Associate Vice President in Bloomington, MN office
• Education
University of Wisconsin-Madison B.A. in Journalism 1982
• Awards
Five Star Financial Advisor, Minneapolis St. Paul magazine 2012, 2013, 2014, 2015, 2016, 2017, 2018.
2012, 2013, 2014, 2015, 2015, 2016, 2017, 2018 Five Star Wealth Manager Award
Source: fivestarprofessional.com (Awarded 2012, 2013, 2014, 2015, 2016, 2017, 2018) The award was determined based on an evaluation process conducted by Five-Star Professional based on objective criteria. The award was not based on a specific time period.
Securities Agent: OR, RI, IL, CA, CO, IA, MD, NC, NJ, PA, MS, WI, IN, MN, SC, TX, AZ, ME, FL, DC, WA, VA, NY, MA; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1279420
NMLS#: 1279420
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Digital Tools
Our goal is simple: “To be the firm where the most talented advisors in the industry leverage cutting-edge technology and deliver customized wealth management solutions to their clients and their families to enable them to achieve their life goals.” The Firm strives to ensure it serves clients on market-leading technology platforms that are resilient, safe, efficient, smart, fast and flexible.
Morgan Stanley Online
Morgan Stanley Online digital capabilities and the Morgan Stanley Mobile App provide clients with access to their account information, enriched reporting tools, several cash management solutions and robust market research. The Morgan Stanley Mobile App provides clients with access to their accounts in just a few taps.
Asset Aggregation
The ability to view all of your assets together provides the opportunity to advise on your Morgan Stanley accounts with your entire financial picture in mind. Log into Morgan Stanley Online or download the Morgan Stanley Mobile App to link and add external accounts.
E-Delivery
E-Delivery provides you with the ability to view statements and other Firm documents electronically in lieu of paper. Clients who are registered in Morgan Stanley Online may enroll in E-Delivery. Currently, documents available through E-Delivery include statements, trade confirmations and prospectuses, general correspondence, selected Internal Revenue Service (IRS) approved tax documents, syndicate offerings, shareholder communications, and portfolio reports.
Digital Vault
Keeping important documents and financial records organized and readily available is one of the best gifts you can give those you love. In the event of catastrophe or serious illness, disability or death, your Family Records Organizer can immediately provide vital, timely information to both your family and professional advisors. The Digital Vault on Morgan Stanley Online and the Mobile App allows you and your clients to build a central, shared document library where all documents are stored using encryption.
Professional Portfolio Management
PERSONALIZED PORTFOLIOS
Your Portfolio Manager will use his/her discretion to identify an investment strategy tailored to meet your needs.
CLIENT FOCUS
Each account can be individually customized to meet your requirements for growth, income or preservation of capital within your risk constraints.
COMPREHENSIVE COMMUNICATIONS
Throughout your relationship, you’ll have direct access to the investment professional managing your portfolio.
ASSET-BASED FEE
Fees for the program are based on your account’s asset level, not on the number of transactions performed in a given time period.
4 Step Process
ESTABLISH FINANCIAL OBJECTIVES
Work with you to establish a realistic set of objectives based on:
Your financial goals
Time horizon
Liquidity needs
Tolerance to volatility and risk
DEFINE INVESTMENT STRATEGY
Develop an investment strategy designed to help produce optimal portfolio performance
Seek to generate the highest return potential consistent with the strategy’s level of risk
EVALUATE AND SELECT INVESTMENTS
Leverage the global resources of Morgan Stanley to select investments to implement your personal strategy
ONGOING REVIEW PROCESS
Monitor your portfolio to track its performance relative to your stated objectives
Modify the portfolio on a discretionary basis as your needs and circumstances change over time
Work with you to establish a realistic set of objectives based on:
Your financial goals
Time horizon
Liquidity needs
Tolerance to volatility and risk
DEFINE INVESTMENT STRATEGY
Develop an investment strategy designed to help produce optimal portfolio performance
Seek to generate the highest return potential consistent with the strategy’s level of risk
EVALUATE AND SELECT INVESTMENTS
Leverage the global resources of Morgan Stanley to select investments to implement your personal strategy
ONGOING REVIEW PROCESS
Monitor your portfolio to track its performance relative to your stated objectives
Modify the portfolio on a discretionary basis as your needs and circumstances change over time
Are You Prepared for All Aspects of Retirement?
I have been helping clients to not only achieve the retirement of their dreams but also maintain their desired lifestyle and purpose, throughout their retirement. There is no better feeling than watching clients maintain or even improve their lifestyle after retiring, many people have the notion that all their work is done once they reach the destination of retirement. My goal is to help plan, prepare, and execute your financial plan for retirement and all of the wonderful years that follow. Below are important questions and concerns that everyone should be aware of when planning for retirement. Please reach out with any questions.
Retirement Mistakes to Avoid
How you plan your finances in retirement may be just as important as the process of saving for retirement. Here are some key considerations.
Five Retirement Mistakes to Avoid
How Your Home Can Be A Retirement Asset
If you’re willing to consider drawing down home equity—either by selling your home or borrowing against its value—it can dramatically change your retirement outlook.
Post-Retirement Success
Retirement and Your Portfolio
Retirement is an exciting part of your life. This article explains why having a strategy for retirement is essential. I am focused on helping you be financially equipped for retirement and guiding you throughout this stage of life
Is Your Portfolio Ready for Retirement?
Planning For The Rising Costs of Healthcare
Health care costs are rising—especially for retirees, and many will need long-term care. Learn the moves you can make to help prepare yourself.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Preparing For Higher CostsLife insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Location
8300 Norman Center Dr
Ste 1150
Bloomington, MN 55437
US
Direct:
(952) 921-1909(952) 921-1909
Wealth Management
From My Desk
Executive Financial Services
Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Donor Advised Funds: A Smart Way to Manage Your Giving
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Ready to start a conversation? Contact Richard Fromstein today.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
3Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
4Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
6Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures
1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
3Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
4Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
6Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures
CRC 6491812 (04/2024)
