Carlson Capital Management

Integrated Wealth Management

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  • Our Firm
    • Who We AreFirmly grounded in foundational values, and intensely focused on each client’s well-being, Carlson Capital Management has been redefining partnership for more than thirty years.
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    • Client ProfileOur clients are individuals, families, businesses and foundations with many varying goals and situations, but one thing in common – the need and desire for integrated solutions.
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    • Foundational ValuesOur deep commitment to each client we serve is built upon foundational values like honesty, hard work, and a strong sense of personal dedication.
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    • Integrated Wealth ManagementOur Integrated Wealth Management approach surrounds clients with a team who apply their expertise to integrate all of the financial disciplines.
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    • Recommended ReadingArticles and resources to give you access to our top picks in investment education, timely industry perspectives, interesting data and financial planning insights.
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Articles and Publications

A library of topical publications and articles written by CCM team members specifically for our clients.

2020 Learnings and Highlights

Justin Stets
Justin Stets, AIF®

President
507.645.8887
507.645.6408 (Fax)
Email Justin

  Placing the client in the center of all our actions is not just a nice business slogan to have, it is rooted in the fabric of who we are as individuals, and what we believe as a firm.  

Professional Biography
Justin D. Stets is President of Carlson Capital Management. Justin oversees the day-to-day operations of the firm, providing direction to CCM’s functional areas, as well as leadership on the direction and vision of the firm. In addition, Justin is actively engaged as an Integrated Wealth Advisor. Before joining CCM in 1998, Justin spent eleven years with Wells Fargo Corporation. Principal experiences at Wells included lending to high-net-worth clients and brokering commercial banks. Justin graduated from St. Olaf College cum laude in 1985 with a Bachelor of Arts degree in Latin, Greek and Religion. He is a Phi Beta Kappa alumnus. In 1987, he received his Master’s degree in Theological Studies from Harvard University.

Justin is also Chief Compliance Officer for the firm and holds an Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies. The AIF designation affirms the highest in fiduciary standards of care for CCM clients. Combining expertise with a Zero Alpha Group colleague, Justin is co-author of "Fiduciary Matters, Relationships of Trust,” an informative paper outlining the role of a fiduciary within a wealth advisory relationship.

Community involvement and professional leadership engagement is a priority for Justin. He recently completed a two-year term as president of  Zero Alpha Group, and continues to be active on the organization's leadership team. Justin is co-founder of 5th Bridge, which is now a part of Northfield Shares, an organization founded to advance philanthropy, inspire volunteerism, and promote collective leadership, where he participates as a board member. Justin and his wife, Kristin, are also philanthropically committed to the success of projects located in Iringa, Tanzania and El Rosario, Guatemala.

Previous roles for Justin include serving as Vice President of the Board of Friends of Africa Education and with the Catholic community of St. Dominic in Northfield where he held various leadership positions. He is former Board President of the Northfield Community Action Center, as well as former President and Board member of the Ronald McDonald House of the Twin Cities. He also recently completed a term on the Schwab Advisor Services Advisory Board. Justin and Kristin live in Northfield, Minnesota, where they raised their four children.

Personal Thoughts
I strongly believe that knowing someone’s personal history creates a window of insight for a client. Three pieces of information may help describe who I am. First, I am the last child of ten college educated siblings raised in northeast Ohio during the 1960′s-1970′s. Second, our family of twelve lived in a three bedroom, one bathroom apartment above a store which was owned and run by my mother. Third, I was raised and educated until high school as a Catholic, graduated from a Lutheran college, and attended a non-denominational theological graduate school.

With these three data points, you and I can have a great deal of conversation. We can discuss the value of money, as represented by a household of twelve that rarely ate meat (because it was so expensive), drank powdered milk, and gave recycled birthday cards out as gifts. We can discuss hard work – a mother who simultaneously raised 10 children and ran a successful business. We can converse about the value of an education and the persistence and sticktuitiveness required to accomplish such goals. We can talk about the political stress of the 1960′s, and the economic hardships of the 1970′s in comparison to today’s environment. Our dialogue could cover sibling relationships, how to pay for college, how to care for elderly parents and issues of ethical and moral responsibility. Because no one is immune, in my opinion, from the wanderings of the human spirit, we could enjoy conversation about the role of religion in one’s life, our community and our global environment.

All of these conversations are part of who Carlson Capital Management is, but perhaps not identified in a traditional format. Along with the years of experience and hundreds of stories of my colleagues, all the influences and experiences that we have collectively received dramatically shape our current philosophy and relationship with our clients. Placing the client in the center of all our actions is not just a nice business slogan to have, it is rooted in the fabric of who we are as individuals, and what we believe as a firm. Advocating for a transparent, clear and academically proven investment philosophy is not a marketing gimmick, it is the foundational equivalent of a “Bible” for us as investment advisors. Establishing delivery channels for our trust, tax and philanthropic work so that our clients are truly experiencing an integrative wealth management platform points to our philosophy of broad-based thinking and intelligent, holistic planning and action.

I am hopeful that when you come to Carlson Capital Management and meet our team, you experience not only competency, but quality and care. That is why we are here. This is what makes us tick.

Justin Stets
Justin Stets, AIF®
President

As we all anticipate what turning the page on a new calendar year will bring, there are learnings and highlights from 2020 that have deepened our well of experience for clients. Here are a few that are top-of-mind for me. Our clients have communicated that they highly value connectivity with our colleagues. Connectivity ensures that questions can be answered, information can be transferred, and timely advice can be received. By investing heavily in hardware, software, and systems in previous ... [Continue Reading]

Published January 15, 2021

Highlights of the Most Recent COVID-19 Relief Bill

Kevin Koski
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
651.438.9818 (Fax)
Email Kevin

Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

There are myriad ways to describe 2020. One word that I suspect resonates for everyone is pivot. With all of the new and changing legislation last year, the CCM Tax Team analyzed and strategized and reanalyzed and restrategized on behalf of clients more times than I can count. And we suspect with the most recent election results in Georgia, we’ll continue to pivot throughout 2021. But for now, let’s start with what we know. On December 27, 2020, President Trump signed the Consolidated ... [Continue Reading]

Published January 15, 2021 Topics: Integrated Wealth, Tax Planning

A Family Meeting: One of the Best Things You Can Do for Your Family in 2021

Matt Morehead
Matt Morehead, J.D., CEBS

Senior Integrated Wealth Advisor
507.206.2801
507.206.2811 (Fax)
Email Matt

  Helping our clients do great things with their wealth over time, as defined by them, and witnessing their resulting fulfillment, is extremely gratifying to me.  

Professional Biography
Matt Morehead is a Senior Integrated Wealth Advisor at Carlson Capital Management. In this role, Matt partners with clients and their families, providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate and educational planning and all other aspects of general financial planning and client care. In this role, Matt also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

Matt joined CCM with more than ten years of experience serving the wealth management needs of affluent individuals and families in various leadership roles at firms in both Denver, Colorado and Baltimore, Maryland. Matt received his Bachelor of Science degree, with honors, from the United States Coast Guard Academy, and began his career as a Coast Guard Officer in Duluth, Minnesota, driving an ice-breaking and search-and-rescue ship on Lake Superior. After his shipboard tour in Duluth, he then went back to the Coast Guard Academy as an admissions officer and leadership instructor, and simultaneously earned his Juris Doctorate from the University of Connecticut School of Law and his Certified Employee Benefit Specialist (CEBS) designation from the Wharton School of Business at the University of Pennsylvania and the International Foundation of Employee Benefit Plans. Matt’s tenure as a wealth advisor followed law school, when he turned in his Coast Guard uniform for a coat and tie to serve people in a different way, helping a small group of individuals and families navigate the often difficult waters of properly managing their wealth.

Matt has been recognized with numerous Coast Guard awards, as a Forty Under Forty rising business leader in Denver, Colorado, and as a Denver area Five Star Wealth Manager for his work with affluent families. Community engagement is a priority for Matt. Through the years he has been an active member with Rotary International, and currently serves on the board of directors for the Rochester Area Chamber of Commerce as well as for the pediatric transplant house, Cy's Place. Matt enjoys playing golf, cooking, and being a dedicated hockey dad and chauffeur. Matt, his wife Heather, and their son and daughter reside on the beautiful campus of Shattuck-St. Mary’s in Faribault, Minnesota. Matt is based in CCM's downtown location in Rochester, Minnesota.

Personal Thoughts
When I was a football player at the U.S. Coast Guard Academy, there was a saying above our locker room door that read, “Obstacles are what you see when you take your eyes off the goal.” That quote has stuck with me through the years, having more relevance to me now as an Integrated Wealth Advisor at CCM than as a young cadet at the Academy. I enjoy getting to know each of our clients on a deep level, understanding their goals, and in many cases, helping them to determine and prioritize their goals for the future. I then enjoy partnering with my CCM colleagues in their specific areas of wealth management expertise to make these goals actually happen, continually trying our absolute collective best to jump over, crawl under, or go around the obstacles that can inevitably pop up along the way. Helping our clients do great things with their wealth over time, as defined by them, and witnessing their resulting fulfillment, is extremely gratifying to me. I can’t think of a more worthwhile and satisfying pursuit.

Matt and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Matt Morehead
Matt Morehead, J.D., CEBS
Senior Integrated Wealth Advisor

In my 20 years of working as a wealth advisor for hundreds of high net worth families, I have found facilitating family meetings to be one of the most meaningful and impactful things I do. An effective family meeting opens up the lines of communication regarding a family’s shared values around money and wealth and can become an unforgettable family bonding experience paying dividends for many years into the future. Taboo Topics Handled With Care We live in a society where conversations ... [Continue Reading]

Published January 15, 2021 Topics: Estate Planning, Family Meetings, Financial Advisors, Financial Planning, Integrated Wealth

Lessons (Re)Learned

Adam Hoffmann
Adam Hoffmann, CFP®, AIF®

Chief Investment Officer
507.321.4004
507.645.6408 (Fax)
Email Adam

  Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.  

Professional Biography
Adam Hoffmann serves as Chief Investment Officer at Carlson Capital Management. In this role, he leads the firm’s investment team in the areas of trading, investment research, portfolio design and technology support for investment applications. Adam oversees analysis and execution of investment strategies for new and existing client portfolios. He consistently communicates the firm’s investment philosophy and approach by writing for firm publications, presenting to new clients, and by participating in client meetings. Adam chairs the CCM investment committee, represents the firm with strategic partnerships in the investment community, and serves as the firm’s liaison to the Zero Alpha Group investment committee. Adam holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards and has served as a subject matter expert for the CFP Board, contributing to the development of examination questions for the CFP Certification Examination. He has also served as a presenter at industry events, providing other financial services professionals with continuing education credits in investment topics. In addition, Adam holds the Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies. The AIF designation affirms the highest in fiduciary standards of care for CCM clients.

Adam graduated cum laude with Honors Program distinction from Augsburg College, where he earned a Bachelors of Arts degree in Finance with a minor in Business Administration. While at Augsburg, Adam participated in four years of varsity football and was honored by his teammates by being elected captain for both his junior and senior seasons. He also earned all-MIAC and pre-season All-American honors.

Adam is a Trustee for the First United Church of Christ Northfield, and a former member of the board of directors for the Just Food Community Co-op. He and his wife Rachel grew up in Hastings, Minnesota and now live in Northfield with their two young daughters and dog, Lottie.

Personal Thoughts
A strong sense of curiosity is a cornerstone to who I am and how I live my life. As a kid I used to be fascinated by how things work or why things happen the way they do. I often would take things apart to see what was happening ‘inside,’ frequently with limited success at being able to put them back together. Little has changed since then with regard to my curiosity, but fortunately my success rate of being able to put the pieces back together has greatly improved. I have always been driven by this desire to solve problems and learn more about the world around me.

There is a natural connection between this curiosity and managing portfolios. The investment world today is one of relentless change and evolution. With advances in technology, there is an endless stream of news available at our fingertips that constantly impacts asset prices, shapes investor behavior, and provides an unlimited supply of data and information to digest.

It is our job at CCM to absorb this information and provide guidance and knowledge back to our clients about what it all means and how it may it impact the world we know. The most important role we play in our clients’ financial lives is not only to understand the big picture – that is the Market and the global economic system – but to be able to translate how events and changes around the globe impact each individual client and their personal financial plan.

Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.

Adam and other members of the CCM Investment Team regularly post articles of interest including investment insights, recommended reading on timely topics, and articles on portfolio management which you can find here.

Adam Hoffmann
Adam Hoffmann, CFP®, AIF®
Chief Investment Officer

Reflecting on a year gone by is often, at least to some extent, an exercise in revisionist history. This isn’t necessarily a bad thing; many of the differences between our memories and experiences are minor and inconsequential. In some cases, the variations in these realities can help us persevere and move out of the past and into future endeavors. But as investors, revising the memories of the past can be problematic and potentially hinder future success. Behavioral finance is the study of ... [Continue Reading]

Published January 15, 2021 Topics: Discipline, Diversification, Economy, Investment Insight, Market Conditions, Market Volatility

Don’t Call it a Comeback

James Yaworski
James Michael Yaworski, CFA

Senior Investment Strategist
507.206.2804
507.206.2811 (Fax)
Email James

Professional Biography
James Michael Yaworski serves as Senior Investment Strategist at Carlson Capital Management. In this role, James is responsible for investment research, portfolio management, and client investment education. James monitors and reviews client portfolios to maintain balance across asset classes, makes recommendations for portfolios when out of alignment with models, reviews daily cash positions, and places trades through the custodial trading platform. He also provides new client portfolio analysis, asset class/portfolio research and analysis, prepares and presents client education materials, and manages other activities in support of overall client portfolio management.

James is a graduate of Northern Illinois University where he earned his degree in Finance. While studying at NIU, he gained insights into his future career as part of a student-managed portfolio team. Prior to joining CCM, James’ experience included working in the roles of investment manager, project manager in investment research, and financial analyst in both large and small financial organizations. James holds the Chartered Financial Analyst (CFA Charter) designation, granted by the CFA Institute, which entails a rigorous exam requirement. He also represents CCM as chair of the investment research committee of Zero Alpha Group, a national network of eight independent wealth management firms.

In addition to the research James conducts related to building strong client portfolios, he is engaged in research on approaches that enhance institutional experiences as well. His most recent work sets out to provide institutional investors with a more robust way of constructing spending policies. In a paper published in the Financial Analysts Journal, James shows how current practices create poor long-term outcomes, resulting in declining support for beneficiaries over time. He also demonstrates how current methods expose trustees to significant fiduciary risk, and how small errors in implementation can have significant long-term ramifications on portfolio growth. His in-depth and thoughtful research stems from his genuine interest in providing university, public and private foundations, and endowment trustees with an approach that not only optimizes the outcomes of their portfolio’s performance, but also addresses their fiduciary responsibility with regard to spending policies. [You can read the accepted manuscript of James' paper here.]

James enjoys being engaged in the community with Habitat for Humanity and Paws & Claws. In his free time he also enjoys golfing and playing softball. James grew up in Crystal Lake, Illinois and now resides in Rochester, Minnesota with his wife, Brittany, their two young children, and two dogs, Frankie and Jordy.

Personal Thoughts
“I can do things you cannot, you can do things I cannot; together we can do great things.”  -Mother Teresa

I have grown to appreciate the importance of collaboration and teamwork in this industry. A group of individuals, each dedicated toward expertise in their respective fields, can help to piece together the puzzle of a family’s financial lives in an incredible manner. The end result is one which truly connects the math of an individual’s personal finances with the why that makes up who they are and what they want to achieve in life.

As a member of our investment team, I enjoy every aspect of this process; from our discovery meetings where we learn about financial goals, to the analysis and construction of a financial plan, to the educational meetings where we help put all the pieces into place. Ultimately, building a relationship with clients that centers on creating financial security and establishing confidence in their financial plan is extremely gratifying.

James and other members of the CCM Investment Team regularly post articles of interest including investment insights, recommended reading on timely topics, and articles on portfolio management which you can find here.

James Michael Yaworski
James Michael Yaworski, CFA
Senior Investment Strategist

Many market commentators are clamoring over the recent performance of markets as they respond to positive vaccine news and clarity around the outcome of our presidential election. These events have driven stock markets higher, notably small value stocks. Using Russell index data, we’ve seen small value companies rise 23.6% from October 1 through November 30, while large growth stocks have risen by 6.5%. 1  This outperformance of small value by 17.1% over such a short period has commentators ... [Continue Reading]

Published December 2, 2020 Topics: Investor Returns, Market Conditions, Small Value Stocks

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