NorthRock Grows to $12B With Addition of $950M Vantage Financial

You tin find archetypal nonfiction present WealthManagement. Subscribe to our escaped regular WealthManagement newsletters.

NorthRock Partners, a Minneapolis-based RIA managing implicit $12 cardinal successful assets that is portion of Sammons Financial Group, has acquired Vantage Financial Partners, adding $950 cardinal successful assets nether absorption and 19 squad members, including 7 advisors, the institution said.

The acquisition marks NorthRock’s 2nd of the twelvemonth and expands its beingness crossed the Midwest with Vantage’s six offices successful Elm Grove, Wis., Cincinnati, Ohio, Huron, S.D., Watertown, S.D., Columbus, Ohio and Youngstown, Ohio.

NorthRock, which serves ultra-high-net-worth and high-net-worth clients, sold a bulk involvement to security holding institution Sammons successful precocious 2023, successful the insurer’s archetypal determination to physique retired a wealthiness channel. Northrock has since been adding firms and advisors with an connection to summation entree to what it calls its Personal Office specialists, who connection wealthiness services crossed investments, tax, property planning, insurance, legal, concern services and philanthropy.

“Adding this talented squad not lone strengthens our Personal Office model, but it besides expands our beingness crossed the Midwest,” Northrock Partners CEO Rob Nelson said successful a statement. 

Jeremy Gardner, spouse and manager of fiscal readying astatine Vantage, pointed to the Personal Office exemplary arsenic a mode to springiness the firm’s advisors further resources and expertise to usage with clients.

Vantage was owned by 5 members of its enactment squad earlier the transaction, according to its Form ADV.

Sammons is the bulk proprietor of NorthRock, with immoderate elder leaders holding number stakes.

In February, 3 executives departed the firm: Robert Bradot, CFO, Emily Vennerstrom, COO, and Sean Berrigan, managing manager and caput of firm development. Each of the 3 leaders had held little than 5% ownership successful the firm.