Northrock Partners, LLC (Minneapolis)

Name: Northrock Partners, LLC
Address: 650 Third Avenue South, Minneapolis, MN, 55402
Telephone: (612) 367-8800

Northrock Partners, LLC is a large advisory firm based in Minneapolis. It manages $1.29 billion of regulatory assets for 4,113 client accounts. It has been registered with the SEC as an adviser since 2013 and has operated in the jurisdictions of Arizona, California, Colorado, and 23 other states.

Northrock Partners provides portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, selection of other advisers, and consulting. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Northrock Partners: assets under management

The assets under management (AUM) of Northrock Partners, LLC is $1.29 billion. The firm's AUM has grown by 54% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $1.21 billion in discretionary accounts and $77.55 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $316.2 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $272.09 thousand.

Northrock Partners has custody of $701.63 million in cash and securities for 524 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 57% of the total AUM. The second-largest asset type is exchange traded securities, which make up 25% of the firm’s portfolio. Investments in other assets form 5% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Northrock Partners, LLC for their services and products based on a percentage of assets under management and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Northrock Partners serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, and corporations or other businesses. The largest group of clients of Northrock Partners is high net worth individuals with 250 clients and $1.1 billion of assets under management. Among the 11 most similar advisory firms, Northrock Partners has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $1.29 billion for 851 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Northrock Partners doesn't advise any private funds.

Careers at Northrock Partners, LLC

The company employs 42 people that are either part- or full-time employees. 33 percent of the employees work as investment advisers or researchers. 11 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Ward Douglas Armstrong	Managing member & chief compliance officer	1 Oct 2013	Other	1149409
James Bernard Lund	Member & vice president	1 Oct 2013	25% - 50%	1576436
Robert Dean Nelson	Managing member	1 Oct 2013	50% - 75%	2363984
Todd David Witcraft	Chief operations officer, chief compliance officer	1 Jun 2015	Other	2067534
Brian Jon Kruse	Member	1 Jan 2016	Other	5889039
Matthew Barr Olson	Managing member	1 Jan 2016	Other	3029259
Dawn Deborah Jurkovich	Member	1 Jan 2016	Other	4366566

Based in Minneapolis

The principal office where Northrock Partners, LLC performs its advisory services is located at 650 Third Avenue South, Minneapolis, MN 55402, which is also the mailing address of the firm. An additional office of the firm is in Renton, WA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number (612) 367-8800 or by fax (612) 367-8886. The normal business hours are 8:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at northrockpartners.com.