• Home: Leading Financial Advisor Recruiting Firm
  • About Us
    • Meet the Team
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
  • FAQs
  • Articles
  • Podcast
    • Industry Update
    • Independence 101 Series
  • In the News
    • Moves in the News
  • Tools for Advisors
    • Advisor Transition Report 2022 – NEW!
    • Merrill Information Hub
    • UBS Information Hub
  • Contact Us
  • Subscribe for Updates

Questions? Call us: 908-879-1002

Contact us...
Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
  • Home
  • About
    • Meet the Team
      • Mindy Diamond
      • Louis Diamond
      • Howard Diamond
      • Jason Diamond
      • Barbara Herman
      • Deborah Aronson
      • Wendy Leung
      • Cathy Nichols
      • Debbie Wallen
      • Allison Brunwasser
      • Joshua Tomolak
      • Shelley Muzio
      • Caryl Felicetta
      • Donna Riopel
      • Kelly Griffiths
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
      • Sell-Side M&A Advisory
      • Consulting
  • FAQs
  • Articles
    • Subscribe for Updates
  • Podcast
    • Industry Update
    • Independence 101 Series
    • Subscribe for Updates
  • In the News
    • Moves in the News
    • Transition Announcements
  • Tools For Advisors
    • NEW – Diamond Consultants Advisor Transition Report 2022
    • Merrill Information Hub
    • UBS Information Hub
    • Other Tools
    • Subscribe to e-Newsletter

Podcast

Independence for Financial Advisors

3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk

Posted by Mindy Diamond

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.

Rob Nelson NorthRock PartnersAnd 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.

Podcast: Play in new window | Download (38.3MB) | Embed

Subscribe: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | Pandora | iHeartRadio | Stitcher | Podchaser | TuneIn | Deezer | Anghami | RSS


Related Resources

What it Takes to Build an Independent Firm Today for Maximum Value Tomorrow
While 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 an advisor’s assessment of a firm? The simple truth is, it depends on who you ask. Read->

Charting your Course to Independence
5 key elements to consider before you start your journey. Read->

 

About Rob Nelson: 

Rob Nelson is Chief Executive Officer and Founding Partner of NorthRock Partners. Bringing more than 25 years of industry leadership and executive management experience to his role with the company, Rob manages corporate direction and strategy at NorthRock Partners. Throughout his career, Rob has built a reputation for integrating non-industry client services within traditional financial and lifestyle advice to create a front-leading business model.

With a focus on driving a Personal Office™ experience for every client, Rob continues to build a growing company that serves an exceptional client list of hedge fund managers, entrepreneurs, athletes, Fortune 500 corporate executives and multi-generational families from coast to coast. With a commitment to developing meaningful client relationships that transition into lifetime counsel and delivering a deep comprehensive service model, Rob continues to earn the distinct mark of a Top US Financial Advisor by Barron’s year after year.

Rob graduated from Bemidji State University in 1993, earning his bachelor’s degree in business administration. He proudly serves as Chairman of the Board for Ashby Legacy Fund, where his passion for igniting a belief that secondary education is attainable for every student is reinforced by a community-wide commitment to provide financial counseling and tuition support to high school graduates. Rob also serves as President of Arrow Giving Foundation, which aims to provide immediate financial support to those driving impact and influence in the world.

Rob and his wife, Lucinda, live in the North Loop neighborhood of Minneapolis, Minnesota, and enjoy all that the city has to offer. Rob and Lucinda enjoy traveling with their son, Brady, and daughter-in-law, Tracy, who currently reside in Portland, Oregon.


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YoutUbe

 

Browse other episodes in this podcast series…

You may also be interested in...

Share
0

About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

    Subscribe to the Series

    Get updated by email when a new episode is added.


     

    WHAT OUR LISTENERS ARE SAYING…

    • Your podcast helped me a ton during my due diligence. There is no replacement for hearing from others who were successful leaving the wires. You are doing great things for the industry.

      Rory O’Hara
      Founder, Senior Managing Partner – Ausperity Private Wealth
    • A fantastic bundle of wisdom from one of the very best Curators of all things Wealth Management.

      Jim Dickson
      Founder - Sanctuary Wealth
    • I love the fact that you are talking a diverse group of people in our industry and educating us all. We are all doing our own thing, so it’s helpful listening to other interviews and hearing about different approaches to the business.

      Brock Moseley
      Founder, Miracle Mile Advisors
    • I didn’t realize what I could do until I heard what other advisors were doing. Then week after week, it was like the gaps were filled in. Without it, I wouldn’t have had the confidence to go independent. Even after transitioning, I still can’t wait for Thursday mornings to hear the latest interview.

      Jerry Davidse
      CEO, Presilium Private Wealth
    • Best new resource I have come across in a long while.

      Daniel Gude
      Senior VP at LPL Financial
    • I would say one of the best things I ever did was listen to your podcast. I listened to it a thousand times. There are so many aspects to explore. You’re driving blind until you actually engage a professional.

      Michael Henley
      Founder & CEO, Brandywine Oak Private Wealth
    • Fantastic Podcast and a must-listen for anyone considering Independence!

      Robert Walter
      President, Sanctuary Wealth
    • This is outstanding. Every team considering independence should listen.

      Chris Cooke
      Managing Partner, Cooke Financial Group
    • Every advisor at a brokerage firm should listen to this podcast. I’m convinced that most advisors don’t realize their real value. Do your research. You deserve your true value and going out on your terms. It’s your life’s work. Even if you don’t transition to independence, know your value and options in order to make an educated decision.

      Robert Harris
      Senior Wealth Advisor, Avidian Wealth Solutions

     

    Other Recent Episodes

    • Financing Independence: A Lender’s Perspective on Breakaway Transitions, M&A and Succession
    • Two $10mm Teams Leave the Wirehouse World in One Week: An Industry Update on Advisor Transitions
    • Advisor Transition Report: An Update on Advisor Movement Over the Course of 2022
    Independence 101 The Basics for Advisors
    Feedspot Top 35 Podcasts for Financial Advisors
    We're available to answer your questions. Contact us

    Connect with us

    Search

    © 2023 · Diamond Financial Consultants, LLC t/a Diamond Consultants. All rights reserved.*

    • Leading Financial Advisor Recruiting Firm:
    • About
    • Services
    • FAQs
    • Articles
    • Podcast
    • News/Media
    • Tools/Resources
    • Contact
    • Our Locations
    • Privacy Policy
    • Site Map