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Episode Info: A conversation with Rob Nelson, CEO and Founding Partner of NorthRock Partners While it often seems that the typical road to independence starts in the brokerage world, there are plenty of advisors who’ve taken a different path. Rob Nelson, Founding Partner and CEO of Minneapolis-based NorthRock Partners, joins the show to share his unique journey, which started at an independent broker dealer—a model which he outgrew, leading him to the RIA space. And as an RIA, extraordinary growth followed with the ability to do so much more than he could under an independent broker dealer umbrella. In this episode, Rob shares how his business serving high net worth clients – many of whom are professional athletes – has evolved over the years and continues to do so at an amazing pace. The firm made news back in April of 2019 when they took on a capital partner: New York Private Bank and Trust’s Emigrant Partners. Then they made even bigger headlines in June when they recruited NBA All-Star Tony Parker, who recently retired from the San Antonio Spurs. And shortly after we recorded this interview, NorthRock announced that they expanded their footprint into Chicago in a partnership with a team that shares their passion and commitment to the client experience. All that translates into incredible, fast-paced growth, pushing NorthRock’s assets under management to nearly $4.0 billion. In this show, Rob and Mindy discuss: What propelled him to leave independent broker dealer Ameriprise—and what he can do as an independent firm owner that he could not within the IBD space. His firm’s unique client base and niche—and how his value proposition was designed to resonate with this high net worth and ultra-high net worth group of athletes. The ability to offer true Family Office services—and why that’s such an important component of his business offering. Why he chose to take on a capital partner—and how the infusion of capital will impact the firm’s growth. The role of inorganic growth in his firm’s business plan—and his expectations of a capital partner like New York Private Bank and Trust’s Emigrant Partners in fulfilling their goals. Rob shares that his decision to start an RIA firm came down to choosing between the comfort and familiarity of the status quo or responding to the evolving needs of his clients. And clearly the latter has paid off many times over. Related Resources What it Takes to Build an Independent Firm Today for Maximum Value TomorrowWhile so many advisors are attracted to the freedom and flexibility of independence, it’s the potential of long-term value that they often breakaway for. Read-> The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Read-> What Brand Really Means to an Advisor How significant is a brand name these days to a...
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