How to Protect Your Family from Fraud and Identity Theft
One in five people will experience some form of identity theft—it is something to be aware of as your wealth continues to grow. At NorthRock, we take extensive measures to protect you and your family. There are also actions you can take to protect yourself.
How to Mitigate Risks and Protect Your Family
- Learn to identify suspicious messages and activity
- Be cautious of “urgent messages”
- Protect your accounts with strong passwords
- Frequently check financial statements and credit reports
- Properly dispose of documents containing personal information
- Be cautious of what you share on social media
- Keep personal and business accounts separate
- Invest in reputable antivirus/antimalware programs
- Educate your family members
We Take Your Financial Security Seriously
Our comprehensive security precautions help safeguard your information at NorthRock.
- A secure vault to manage passwords and files
- Encrypted channels for sharing confidential information
- Password protected files containing confidential information
- Limitations on who has access to your information
- Unique passwords and two factor authentication across our company
- Secure and trusted sites and domains
What to Do If You Become a Victim of Fraud
- Stop engaging with anyone who has reached out to you
- Freeze your accounts (bank accounts, credit cards, credit reports, etc.)
- Contact the authorities
- Call your NorthRock team. We will help you navigate this and do everything we can to work with you and the authorities to safeguard your family and recover what you’ve lost.
Heather Favre, CPA, MBT, CFP®
Director, NorthRock Tax Services
heather.favre@northrockpartners.com
As a Certified Public Accountant and a Certified Financial Planner® professional with over 18 years of experience in comprehensive tax and financial planning, Heather provides sophisticated solutions to clients. Heather drives a comprehensive partnership between tax services, client and Personal Office® Advisor by working in synchrony to integrate tax expertise with client goals week after week.
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Taylor Moore
Director, Operations
taylor.moore@northrockpartners.com
Taylor is responsible for the management of the Operations team, which involves the integration of technology, platforms and innovation within firm operations. Working in partnership with the advice team and client service team, Taylor drives portfolio reporting and data integrity for client meetings
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Business Succession Planning
Business owners are generally masters of growing and operating their businesses, but often neglect to consider what will happen to those businesses upon retirement or death. This is understandable given that many business owners are so personally intertwined with their business that it is difficult to imagine life apart from it. However, the consequences of failing to plan for the eventual transfer of one’s business may be costly and time-consuming, and can also create unintended consequences for the business’s future.
This guide to business succession planning aims to help business owners understand the importance of putting a succession plan in place and identify options for the eventual transfer of their business.
Even before considering their ultimate succession plan, it is imperative that business owners have an emergency contingency plan in place for business continuity in the event of unforeseen incapacity or death. That emergency plan may consist of several items including: a list of phone numbers for key people, along with how and where to access important information, a financial power of attorney, and a document called a “Short-Term Contingency Plan” setting forth a plan for emergency decision-making in the event of incapacity or death. This allows the business to continue running smoothly in an emergency, regardless of what kind of transition takes place.
TWO COMMON PATHS FOR THE TRANSFER OF BUSINESS OWNERSHIP:
a. Selling the business to a third party.
b. Transitioning the business to family members or key employees.
Selling The Business
- Get Ready for a Sale
If selling the business is in the realm of possibilities for the business owner (whether in the near or distant future), preparation, both for the business owner personally and the business itself, is key.
a. Getting Ready Personally
Getting ready for the potential sale of a business involves a lot of “thought work” from both the business owner and the owner’s advisors. Some of that thought work is personal and some of it is financial.
First, the business owner should consider what “their number” is. What number would cause them to walk away from the business with no questions asked? Sometimes that number is emotionally driven and that is okay.
Second, yet related, the business owner should consider what they might need to net from the sale of the business to fund the owner’s lifestyle or meet other estate planning and charitable goals.
Finally, the business owner should consider whether they want to be finished working after the sale, or whether they want or need to remain employed by the business for a period of years.
b. Getting The Business Ready
Getting the business ready for a potential sale is equally important. The business owner should consider whether there is a gap between the way the business currently operates and the way a prospective buyer is likely to operate the business and consider measures to close that gap in order to make the business more marketable.
For many closely held or family businesses, this often means “professionalizing” the business. Professionalization may include ensuring that the right people are currently working in appropriate roles, upgrading professional advisors, and confirming that there are documented processes and procedures in place for operating the business.
It may also be prudent to work on cleaning up the business balance sheet before offers are solicited. This means working on the business’ account receivables, writing-off uncollectable debts where appropriate, and discontinuing use of the business for personal items such as cars and personal services. - Understand Different Sale Structures
When considering a sale, it is important to understand the different options available to a business owner and what kind of preparation might be appropriate for each.
a. Financial Buyers
A financial buyer (oftentimes a private equity firm) generally views an acquisition as an investment for the purpose of targeting a specific return.
The purchase price from a financial buyer is likely to be based on multiple of earnings for the company and may occur over the course of several years. Payment terms often include earn-outs or milestone payments. Consequently, a business owner can expect a financial buyer to conduct a significant amount of due diligence to protect its potential investment.
Because a financial buyer sees the business as an investment, they often want current management to stay on for a period of time, if not indefinitely.
b. Strategic Buyers
A strategic buyer seeks to acquire a company for its own long-term business plans. This could include vertical expansion (toward the customer or supplier), horizontal expansion (into new geographic markets or product lines), eliminating competition, or enhancing some of its own key weaknesses (technology, marketing, distribution, research, and development, etc.).
Because the purchase price in these situations reflects the strategic value of the business to a specific buyer, it is often higher than the price for a sale to a financial buyer.
While payment terms may still include earn-outs or milestone payments, a strategic buyer is more likely to desire the sale to be an exit for the seller given that the strategic buyer is likely to have a management team already in place. - Other Things to Consider
There are many items to consider when thinking about the sale of a business. While the list below is by no means exhaustive, consideration of the following items can be extremely impactful.
a. Consider Selling In Multiple Stages
If an influx of capital could take the business to the next level, it might be worthwhile to the seller to offer less than 100% of the business in the first transaction to achieve a higher multiple later for a sale of the remaining equity.
b. Consider Transferring Some Ownership to an Irrevocable Trust
Depending on the business owner’s financial and estate planning goals, it may make sense to transfer a portion of their interest in the business to an irrevocable trust.
All growth and appreciation after the transfer, including any windfall and liquidity benefits from a future sale if the transfer is done far enough in advance of the sale, will accrue to the trust and not to the owner’s estate, saving future transfer taxes (estate tax and generation-skipping transfer tax).
It is prudent to consult with a trusts and estates attorney as early as possible when considering the sale of a business.
c. Consider Involving an Investment Bank
Many small business owners think that an investment bank would not be interested in a business of their size. To the contrary, however, investment banks often package together several smaller businesses for a financial buyer who is interested in the acquisition for strategic reasons.
Transitioning the Business
Like the sale of a business, a business owner’s transition of their business to family members or key employees can be much more successful with significant preparation.
- Get Ready for Transition
If transitioning the business to family members or key employees is a potential avenue for the business owner, it is important to prepare both personally and professionally for the transition (regardless of whether it might happen soon, at retirement, or at death).
a. Getting Ready Personally
Getting ready for the potential transition of a business involves perhaps even more “thought work” than with the sale of the business.
A business owner should consider what their objective is in transferring the business. For example, if the goal is for one child to own and operate the business, are there sufficient other assets to equalize the other children who are not involved in the business?
Will the transfer involve any gift or inheritance? Will it happen in stages or all at once? Are there key employees the business owner wants to include in the transition?
An experienced trusts and estates attorney may be able to help the business owner think through some of the personal issues that may affect gift and estate taxes.
b. Getting the Business Ready
When considering transitioning a business to family members or key employees, one of the best ways for the business owner to set themselves and their successors up for success is to review and update the buy-sell agreement, or if there is no buy-sell agreement in place, to have a buy-sell agreement drafted. It is important to note that there are different types of buy-sell agreements, each of which come with advantages and disadvantages.
A Cross-Purchase Agreement: A cross-purchase agreement is a type of agreement where the remaining business owners agree to purchase the departing owner’s share of the business. This is a more complex transition and can be appropriate when there are several other owners and may require the remaining owners to obtain financing for the purchase.
A Redemption Agreement: A redemption agreement is a type of buy-sell agreement where the business itself agrees to purchase the departing owner’s share of the business. This can simplify the sale process and reduce the financial strain on the remaining owners. However, a redemption agreement can have drawbacks, including reducing the business’ equity and cash flow.
A Hybrid Agreement: Finally, a hybrid agreement is a type of buy-sell that combines elements of both cross-purchase and redemption agreements. It will specify who will have the first option to buy the departing owner’s share of the business with other parties/entities having subsequent options. This type of agreement can provide all parties with options and balance their respective interests and objectives.
A business law attorney (or a trusts and estates attorney) can help the business owner think through all the key considerations and make recommendations regarding the most appropriate type of agreement for the scenario. Regardless of which type of buy-sell agreement is used, careful consideration should be given to the tax implications of any purchase to both the business and its owner.
Steps to Take Now
If a business owner is considering the sale of their business, here are three steps to take now to streamline the process and optimize profits.
- Clean Up & Optimize Balance Sheet
Business owners should consider removing certain personal items from the company balance sheet (e.g. the building out of which the business is operated, company car, old/uncollectable promissory notes). - Get Corporate Records in Order: if applicable (buy-sell agreement, stock certificates, written actions, etc.)
- Get Financials in Order
- Good: Keep track of EBITDA (earnings before interest, tax, depreciation, and amortization)
- Better: Have audited (or at least unaudited) financial statements prepared each year
- Best: Increase your credibility with potential sellers by obtaining a Q of E (quality of earnings report)
Conclusion
The sale or transition of a business is often one the most impactful moments in a business owner’s career and should be treated with careful consideration at every step.
The business owner should include their team of financial advisors, tax professionals, and attorneys in the process to maximize results and achieve their objectives.
The information provided herein is general in nature and it should not be construed as legal, tax, or other professional advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Tracy Nelson
Director, Enterprise Project Management
tracy.nelson@northrockpartners.com
As Director of Enterprise Project Management, Tracy is responsible for firm wide initiatives from ‘intake to execution’. Tracy’s focus is on establishing an organizational project management methodology and governance process, leading and coaching cross functional project teams, and defining tools to aid project management, execution, communications, and performance metrics.
As a certified Lean Six Sigma Black Belt, Tracy has extensive experience in executing complex, strategic, organizational wide projects. Prior to joining NorthRock, Tracy spent 10 years at 3M leading teams in Product Stewardship, Environmental, Health and Safety, Customer Data Management, and Human Resources. She has a passion for process excellence, efficiency, and change management.
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Kara Sacchetti
Director, Employee Development & Talent Acquisition
kara.sacchetti@northrockpartners.com
With over 20 years of experience, Kara Sacchetti brings a passion for building and shaping cultures that inspire people to be their best selves. As NorthRock Partners’ Director of Employee Development and Talent Acquisition, she empowers employees to thrive at every stage of the employee lifecycle—from onboarding to career advancement and leadership development—all thoughtfully aligned with NorthRock’s mission and values. Kara’s expertise in talent acquisition ensures that NorthRock attracts and retains top-tier talent through exceptional candidate experiences, strategic sourcing, and effective collaboration with hiring leaders. Her combined focus on talent acquisition and employee development delivers seamless transitions from recruitment to professional growth, supporting engagement, continuous learning, and holistic well-being. These efforts foster a workplace where individuals, teams, and the organization can realize their full potential and thrive.
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Beth Reeves, ChFC®
Director, Client Experience
beth.reeves@northrockpartners.com
Beth is a seasoned financial services professional with many years of experience delivering exceptional service to drive client satisfaction. As a Director of Client Experience, Beth is responsible for overseeing the development and implementation of strategies to enhance relationships between clients, advisor teams and industry partners. She is passionate about strategic leadership, executing on business growth opportunities, and driving results that align with firm priorities.
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Jennifer James
Director, Client Experience
jennifer.james@northrockpartners.com
Jennifer is a key member of the client relationship management team, leading client appreciation and acquisition strategies. She is responsible for overseeing the development and implementation of strategies to enhance relationships between clients, advisor teams, and industry partners.
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Pam Hagen
Director, Banking Services
pam.hagen@northrockpartners.com
Leveraging over 15 years of accounting, banking and client service experience, Pam is responsible for managing full-service banking relationships on behalf of affluent clients and leading personal financial management. She directs department execution of client cash flow analysis, client bill pay and client banking services.
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Sharie Sinson
Director of Marketing & Client Relations
sharie.sinson@northrockpartners.com
Sharie supports advisors and clients through a variety of responsibilities, including client service requests, estate document preparation, scheduling coordination, and overseeing day-to-day office operations. She is passionate about creating a welcoming and professional environment where clients feel valued, heard, and prioritized from the moment they walk through the door. Sharie organizes and promotes meaningful client relationship-building initiatives through personal touch points, appreciation events, and highly personalized service.
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Jeremy Gardner
Director of Financial Planning
jeremy.gardner@northrockpartners.com
Jeremy brings over 20 years of experience in the financial services industry. In his role, Jeremy focuses on creating a consistent experience for both clients and team members by connecting financial planning strategy with operational execution across the firm.
Jeremy takes pride in helping simplify complex financial matters and making the planning process easier for clients. His approach centers on clear communication, follow-through, and helping clients feel supported and informed throughout every stage of their financial journey. Jeremy is committed to helping clients leave every meeting or conversation with greater clarity and confidence about their financial decisions.
Professional Designations & Associations
-Business Administration, Management Emphasis | University of Sioux Falls
Personal Life
Jeremy enjoys traveling and exploring local restaurants with his wife, Connie, whenever he can. He is an avid golfer and sports fan who enjoys attending games in person and following a wide range of sporting events. With their children now grown, Jeremy and Connie especially enjoy spending time together with family over meals and gatherings.
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Joshua Woodbury-Phipps
Director of Client Services
joshua.woodbury@northrockpartners.com
Josh works closely with advisors to support financial plans through efficient execution and proactive service. He manages relationships with key custodial and technology partners and develops scalable processes that allow the firm to grow while maintaining personalized client care.
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Tianna Dubinski
Client Service Specialist
tianna.dubinski@northrockpartners.com
In her role, Tianna manages day-to-day client service needs, coordinates meetings, prepares meeting spaces, oversees the firm’s scholarship program, and assists with bill payment processing. Tianna works closely with advisors and clients, providing a smooth and organized client experience.
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Jessica Allard
Client Service Specialist
jessica.allard@northrockpartners.com
Jessica brings over 25 years of client-facing and leadership experience to her role. She is committed to prioritizing timely communication and delivering a high standard of service in every client interaction. Jessica supports advisors across a wide range of operational and client service needs, including client communication, scheduling coordination, and meeting preparation.
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Jill Duklet
Client Service Specialist
jill.duklet@northrockpartners.com
Jill brings extensive experience in client service and administrative support. She plays an important role in day-to-day operations by answering client calls, coordinating and scheduling meetings, and preparing materials in advance of advisor appointments. She works closely with advisors and team members to help provide a responsive, organized, and high-quality client experience.
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Samantha Burris
Client Service Specialist
samantha.burris@northrockpartners.com
Samantha coordinates client scheduling and supports meeting preparation to ensure appointments and client communications are handled efficiently. Samantha prioritizes prompt responses and maintaining a high level of client satisfaction.
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Jessica Kyaw
Client Service Specialist
jessica.kyaw@northrockpartners.com
Jessica supports advisors and clients through account service and financial planning operations. She assists with servicing existing accounts, opening new accounts, and helping maintain efficient service processes across offices.
Our Team
Jason Morrall
Client Portfolio Director
jason.morrall@northrockpartners.com
Jason is responsible for client investment advice, portfolio management, asset allocation, and is a member of the firm’s Investment Committee. He has over 10 years of experience in investment management for both institutional and individual clients.
Our Team
Ryan Masterson, CFA®
Client Portfolio Director
ryan.masterson@northrockpartners.com
Ryan is responsible for client investment advice, portfolio management, investment research, and is a member of the firm’s Investment Committee. He has over 10 years of experience in investment management for both institutional and individual clients. Ryan is a CFA® Charterholder and earned a Masters degree in Finance from Northeastern University, where he specialized in investment analysis.
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Gina Bathe
Manager, Social Impact
Gina supports the back office and operational functions of the Social Impact team at NorthRock. Working in partnership with internal support teams, helping drive employee impact, and leveraging her experience in development for nonprofits, Gina is dedicated to advancing meaningful initiatives throughout the NorthRock community and beyond.
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Brent Field, CFA®
Chief Investment Officer and Partner
brent.field@northrockpartners.com
With over 25 years of experience in leading investment research and asset allocation, Brent is a holder of the right to use the Chartered Financial Analyst® designation. He leads the firm’s Investment Committee in determining strategic investment direction for NorthRock’s client portfolios. In addition, Brent leads the investment team in researching and implementing asset allocation, researching and selecting investments, directing trading activities and managing client portfolios.
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Kate Shoemaker, CSCP®
Chief Compliance Officer
kate.shoemaker@northrockpartners.com
Kate brings over 20 years of experience in securities compliance and operations for investment advisers and broker-dealers. With extensive experience in compliance assessment and program development, Kate supports Northrock Partners to apply daily business disciplines to meet the applicable laws and securities regulations. Kate also works closely with management and employees to identify and mitigate the Firm’s regulatory risk.
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Carter Bertelsen
Associate, Investment Management
carter.bertelsen@northrockpartners.com
Carter supports client portfolio operations, working closely with advisors and the investment team to implement portfolio plans, considering tax consequences, cash management, legacy positions and allocations changes.
Carter’s prior experience was in operations and trading prior to joining Parkside Advisors as an associate, where he managed the firm’s portfolio management processes, prior to its acquisition by NorthRock.
Professional Designations & Associations
-Bachelor of Arts in Economics | San Jose State University
-Certificate in Personal Financial Planning from the University of California, Berkeley Extension
-Certified Financial Planner™ Professional (CFP®)
Our Team
Mary Simon
Associate, Corporate Development
mary.simon@northrockpartners.com
Mary brings a strong foundation in tax and financial analysis to NorthRock’s Corporate Development team. After nearly three years in public accounting and two years on NorthRock’s Tax team, she focuses on supporting strategic growth initiatives and firm development efforts.
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Sean Netzke
Associate, Client Service, Personal Advisory Services
sean.netzke@northrockpartners.com
With experience driving excellence in operations and client experience, Sean is responsible for prompt client response and client satisfaction. Sean manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Andrew Dunbar, RICP®, APMA®
Financial Advisor
andrew.dunbar@northrockpartners.com
Andrew Dunbar is a dedicated financial advisor focused on delivering personalized financial planning and investment guidance that helps clients navigate complexity and make confident decisions about their financial future. He brings a thoughtful, relationship-driven approach to helping individuals and families clarify goals, manage risk, and build strategies aligned with their long-term priorities.
At NorthRock, Andrew partners with clients to develop financial strategies grounded in comprehensive planning and disciplined investment management. He collaborates across NorthRock’s integrated wealth planning capabilities to provide tailored solutions that evolve alongside clients’ lives, emphasizing clarity, consistency, and proactive communication throughout the planning process.
Professional Designations & Associations
-Bachelor of Arts, Finance | Aurora University
-RICP® Retirement Income Certified Professional®
-APMA® Accredited Portfolio Management Advisor™
Personal Life
Andrew lives in the Chicagoland area with his wife, Christine, and their children, Cameron and Ryleigh. He enjoys spending quality time with family and friends, including frequent family trips to Wisconsin. Outside of work, Andrew enjoys traveling, snowboarding, golfing, cycling, and cars.
Advisors
Hope Quinn
Associate, Client Service
hope.quinn@northrockpartners.com
With several years of experience driving excellence in operations and client experience, Hope is responsible for prompt client response and client satisfaction. Hope manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
René Weiler
Associate, Client Service
rene.weiler@northrockpartners.com
With several years of experience driving excellence in operations and client experience, René is responsible for prompt client response and client satisfaction. René manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience & Strategy
Yasmin Warmuth
Associate, Client Service
yasmin.warmuth@northrockpartners.com
With several years of experience driving excellence in operations and client experience, Yasmin is responsible for prompt client response and client satisfaction. Yasmin manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Danny McCoy
Associate, Client Service
danny.mccoy@northrockpartners.com
Danny McCoy is a wealth management professional at NorthRock Partners who enjoys working closely with clients to provide thoughtful, purpose-driven financial guidance. He previously worked in sales and enterprise account management with Fortune 500 companies in Austin, Texas, where he developed a strong foundation in relationship management and strategic problem-solving.
Client Experience
McKenna Wojick
Associate, Client Service
mckenna.wojick@northrockpartners.com
With experience driving excellence in operations and client experience, McKenna is responsible for prompt client response and client satisfaction. McKenna manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Jessica Hindley
Associate, Client Service
jessica.hindley@northrockpartners.com
With experience driving excellence in operations and client experience, Jessica is responsible for prompt client response and client satisfaction. Jessica manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Jelissa Guluarte
Associate, Client Service
jelissa.guluarte@northrockpartners.com
With experience driving excellence in operations and client experience, Jelissa is responsible for prompt client response and client satisfaction. Jelissa manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Pablo Gentile, MBA
Associate, Client Service
pablo.gentile@northrockpartners.com
With experience driving excellence in operations and client experience, Pablo is responsible for prompt client response and client satisfaction. Pablo manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Ravi Chahal
Associate, Client Service
ravi.chahal@northrockpartners.com
Ravi is responsible for prompt client response and client satisfaction. She manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Jeanine Christensen
Associate, Client Service
jeanine.christensen@northrockpartners.com
With years of experience driving excellence in operations and client experience, Jeanine is responsible for prompt client response and client satisfaction. Jeanine manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Emily Cox
Associate, Client Service
emily.cox@northrockpartners.com
Emily is responsible for prompt client response and client satisfaction. She manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Cole Nasby
Associate, Client Service
cole.nasby@northrockpartners.com
With experience driving excellence in operations and client experience, Cole is responsible for prompt client response and client satisfaction. Cole manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Angie Hibbard
Associate, Client Service
angie.hibbard@northrockpartners.com
With over 15 years of experience in financial services specializing in client experience, Angie is responsible for prompt client response and client satisfaction. Angie manages the synchrony and coordination of client communication, client scheduling and meeting preparation, cash flow management and professional services.
Client Experience
Paul Beckman
Associate, Client Service
paul.beckman@northrockpartners.com
With several years of experience driving excellence in operations and client experience, Paul is responsible for prompt client response and client satisfaction. Paul manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
Client Experience
Paul Beckman
Associate, Client Service
paul.beckman@northrockpartners.com
With several years of experience driving excellence in operations and client experience, Paul is responsible for prompt client response and client satisfaction. Paul manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
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Client Experience
Amy Albinger
Associate, Client Service
amy.albinger@northrockpartners.com
With several years of experience driving excellence in operations and client experience, Amy is responsible for prompt client response and client satisfaction. Amy manages the synchrony and coordination of client communication, client scheduling and meeting preparation, client account management and professional services.
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Client Experience
Will Lew
Associate, Client Operations
will.lew@northrockpartners.com
Will serves as a day-to-day point of contact for clients—managing account administration, responding to inquiries, and ensuring that operational needs are met with efficiency and personalized care.
Will joined Parkside Advisors in 2007, where he focused on client operations, prior to its acquisition by NorthRock.
Client Experience
Brad Stimpson
Associate Advisor
brad.stimpson@northrockpartners.com
As an Associate Advisor, Brad supports the development of customized financial plans and analyses for clients, collaborating with the advisory team to align financial strategies with each client’s unique goals.
Brad joined Parkside Advisors as an associate, where he focused on the financial planning, tax planning and portfolio management needs of clients, prior to its acquisition by NorthRock.
Professional Designations & Associations
-Bachelor of Arts in Economics | California State University, Chico
-Certificate in Personal Finance Planning from the University of California, Berkeley Extension
Advisors
Hannah Reichenbach-Coe
Associate Corporate Counsel
hannah.reichenbachcoe@northrockpartners.com
Hannah supports NorthRock’s strategic growth initiatives, assisting with mergers and acquisitions, regulatory matters, commercial contracting, and corporate governance. Prior to joining NorthRock, Hannah spent five years in private practice advising insurance and financial services clients, focusing on regulatory counseling and transactional work, including mergers and acquisitions.
Advisors
Sean Gillis
Associate Advisor, Personal Advisory Services
sean.gillis@northrockpartners.com
At NorthRock, Sean supports clients by transforming complex financial data into clear, actionable insights. With a keen eye for detail and a passion for planning, he partners closely with advisors to create customized strategies that align with each client’s goals and priorities.
Advisors
Alec Leasure
Associate Advisor
alec.leasure@northrockpartners.com
Alec is a financial advisor focused on delivering personalized financial planning and investment guidance that helps clients make informed, confident decisions about their financial future. He takes a thoughtful, client-centered approach to understanding goals, priorities, and long-term objectives, helping individuals and families navigate each stage of their financial lives.
At NorthRock, Alec partners with clients to build financial strategies grounded in comprehensive planning and disciplined investment management. He collaborates closely with NorthRock’s integrated advice teams to deliver tailored solutions that align with clients’ evolving needs, emphasizing clarity, consistency, and proactive communication.
Professional Designations & Associations
-MBA | Lewis University
-Bachelor’s of Business Administration | Lewis University
-Minor in Finance | Lewis University
Personal Life
Alec lives in the Chicagoland area and spends much of his free time slalom waterskiing, barefoot waterskiing, and wakeboarding. He and his wife are expecting their first child in March.
Advisors
Rhonda Hamil, CFP®, APMA™
Associate Advisor
rhonda.hamil@northrockpartners.com
As a NorthRock Personal Office® Advisor, Rhonda is known for her approachable style and dedication to helping clients build strong financial foundations. She brings a thoughtful perspective to her work and is known for her holistic and relationship-focused approach, partnering with individuals and families to develop strategies that align their financial resources with their goals, values, and legacies.
Rhonda’s areas of focus include retirement planning strategies, charitable giving, and overall family financial planning. She is passionate about educating clients on the steps they can take today to create confidence and opportunities for tomorrow, believing that great advice is rooted in understanding each person’s story and goals.
With a background in communications and years of experience as a Certified Financial Planner (CFP®) and Accredited Portfolio Management Advisor (APMA®), Rhonda combines clear guidance with disciplined strategy to simplify financial complexity for clients.
Professional Designations & Associations
-Bachelor of Arts, Communications | Trinity International University
-Certified Financial Planner (CFP®)
-Accredited Portfolio Management Advisor (APMA™)
Personal Life
Outside of work, Rhonda enjoys hiking, baking, reading, quilting, and traveling. She cherishes time spent with family and friends, including visits with her son, Andrew, in Austin, and her daughter, Kelsey, in the Twin Cities. Rhonda and her husband, Dan, also enjoy training for and running half marathons together.
Advisors
Carolynn Fellman
Associate Advisor
carolynn.fellman@northrockpartners.com
Carolynn serves as an Associate Advisor, bringing over 30 years of experience to her role in guiding clients toward financial clarity and confidence. She partners with individuals and families to help simplify their financial lives and develop strategies designed to protect and grow what matters most.
With expertise as a Certified Fund Specialist (CFS®) and holding FINRA Series 7, 63, and 65 licenses, Carolynn provides clients with guidance on investment strategies, retirement planning, and financial confidence. She is known for her dedication to aligning clients’ goals and values with their broader vision for the future.
Professional Designations & Associations
-Certified Fund Specialist (CFS®)
-FINRA Series 7, Series 63, Series 65
Personal Life
Outside of work, Carolynn enjoys paddleboarding, practicing Pilates, and cheering for the New Orleans Saints. She also loves fantasy football, traveling, and spending time with her three children. At home, she is happiest relaxing with her cats and planning her next adventure.
Advisors
John Wiitala CFP®, BFA™
Associate Advisor
john.wiitala@northrockpartners.com
As an Associate Advisor at NorthRock Partners, John works closely with clients to deliver strategic financial advice and comprehensive planning services. With a background in hockey, John has developed a strong rapport with NHL players and their families, offering a deep understanding of the unique financial challenges faced by professional athletes.
John supports a broad range of clients, including business owners, executives, professional athletes, and affluent families, helping them manage complex financial situations with tailored solutions. John’s ability to connect with clients on both a personal and professional level is key to fostering trust and building long-term relationships.
By working alongside NorthRock advisors and advice teams, John helps provide a Personal Office® experience, where clients feel supported in every aspect of their financial lives. His approach centers on providing clarity and actionable insights that allow clients to make confident, informed decisions about their financial futures.
Advisors
Heather Rosen, J.D.
Associate Advisor
heather.rosen@northrockpartners.com
Heather joined the NorthRock team after 12 years of representing high-net-worth clients in private practice. She has dedicated her career to advising clients during significant life transitions and moments. Having previously served as a partner at a leading law firm, Heather adds tremendous value to the NorthRock team with her unparalleled ability to navigate complex financial situations. Along with providing investment services, Heather’s team offers a wide range of Personal Office services including executive compensation planning, tax preparation & planning, employer benefits, estate planning, and cash flow planning.
Advisors
Ryan Peckskamp, SE-AWMA
Associate Advisor
ryan.peckskamp@northrockpartners.com
Ryan is a trusted advisor dedicated to helping his clients achieve their personal and financial goals. As a Sports and Entertainment Accredited Wealth Management Advisor (SE-AWMA), Ryan has developed specialized expertise in working with professional athletes, entrepreneurs, and affluent families, providing tailored advice for managing their unique financial challenges.
Ryan’s approach is centered on building long-lasting, meaningful relationships with his clients, ensuring that he understands their personal and financial aspirations. He is committed to simplifying complex financial planning processes, offering guidance on investment strategies, retirement planning, tax efficiency, and asset protection.
Whether advising high-net-worth individuals, business owners, or athletes navigating the intricacies of professional sports contracts, endorsements, and investments, Ryan brings clarity and actionable insights to each situation. By providing a comprehensive and personalized strategy, Ryan helps clients confidently make informed financial decisions and work toward continued success in both their personal and professional lives.
Ryan’s deep understanding of the demands and pressures faced by professional athletes and entrepreneurs allows him to deliver highly relevant, specialized advice. Ryan delivers financial strategies that are aligned with his client’s broader life goals, maximizing opportunities and minimizing risk.
Professional Designations & Associations
-Bachelor’s Degree in Marketing, Business | St. Cloud State University
-Sports and Entertainment Accredited Wealth Management Advisor (SE-AWMA)
Advisors
Shauna Bednar, CFP®, CTFA, BFA™
Associate Advisor
shauna.bednar@northrockpartners.com
As an Associate Advisor at NorthRock Partners, Shauna works closely with clients to deliver strategic financial advice and comprehensive planning services. She supports a broad range of individuals and families, including business owners, executives, professional athletes, and affluent families, by helping them navigate complex financial decisions with thoughtful, tailored solutions.
Shauna’s strength lies in her ability to connect with clients on both a personal and professional level, fostering trust and building long-term relationships. By collaborating with NorthRock advisors and advice teams, she helps deliver a Personal Office® experience, where clients feel supported in all aspects of their financial lives. Her approach focuses on providing clarity and actionable insights, empowering clients to make confident, informed decisions about their future.
Professional Designations & Associations
-Certified Financial Planner (CFP®)
-Certified Trust and Fiduciary Advisor (CTFA)
-Behavioral Financial Advisor (BFA™)
Professional and Community Involvement
Shauna currently serves as Treasurer and Board Member of the Minnesota Assistance Council for Veterans (MACV), whose mission is to end veteran homelessness in Minnesota.
Personal Life
Shauna and her husband, Grant, live in Eagan, MN with their two daughters and their dog. She enjoys spending time with family and friends and watching sports, especially the Minnesota Vikings.
Advisors
PJ Hill
Associate Advisor
With over a decade of success in building exceptional businesses, partnerships, and lasting relationships, PJ Hill is a dedicated Associate Advisor at NorthRock Partners. With a robust network of professional athletes, community leaders, and executives across the Twin Cities and nationwide, PJ is committed to providing a highly personalized experience for each client, ensuring that their unique financial goals are met with tailored strategies and insights.
PJ accelerates new client acquisitions through a combination of targeted strategies and a deep commitment to delivering results that go beyond short-term objectives. Whether advising athletes on managing career earnings, executives on optimizing their compensation packages, or community leaders on strategic wealth planning, PJ is passionate about helping clients build a secure and prosperous future.
Advisors
Kriti Tawfik, CFA, CFP®
Associate Advisor
kriti.tawfik@northrockpartners.com
With nearly 15 years of experience spanning tax consulting, investment strategy, and holistic wealth management, Kriti specializes in serving high-net-worth individuals navigating complex financial landscapes. Her career began at Ernst & Young, where she provided tax advisory services to financial institutions with intricate structures, including REITs, private equity funds, MLPs, and hedge funds.
Kriti later transitioned to Parametric (a Morgan Stanley subsidiary), where she advanced from Performance Analyst to Product Manager, leading institutional derivative product development and management totaling over $200 billion at the time.
Now at NorthRock, as a CFP® professional, Kriti works with complex individuals, families, and entities through multi-generational wealth management, integrating tax-optimized investment strategies, cross-disciplinary planning and data-driven decision-making. Her philosophy centers on cultivating lifelong client relationships through transparency, empathy, and rigorously personalized advice that aligns with values and aspirations of her clients.
When not advising clients, Kriti recharges through travel, literature, and outdoor adventures with her husband, young son, and their adopted dog. She draws energy from her tight-knit community of family, friends, and neighbors who keep her grounded in life’s most meaningful priorities.
Advisors
Erika Pedraza-Diaz, CFP®, APMA™
Associate Advisor
erika.pedraza@northrockpartners.com
As an Associate Advisor at NorthRock Partners, Erika plays a key role in helping clients navigate the complexities of their financial lives. By dedicating herself to understanding each client’s unique situation, Erika works alongside NorthRock advisors and advice teams to provide strategic guidance in investment management, estate planning, tax strategies, and financial decision-making. With a focus on client-centered service, Erika helps clients align their finances with their values, empowering them to improve financial decision-making and behavior, capitalize on opportunities, and reduce financial stress.
Erika’s approach is grounded in a commitment to transparency and clarity, working to bring comprehensive financial planning into focus. Whether assisting individuals, families, or business owners, she helps clients develop customized financial strategies that promote long-term success, mitigate risks, and create a strong foundation for future financial independence. By providing holistic advice and leveraging the Personal Office® experience, Erika strives to help clients feel confident and supported in their financial decisions.
Advisors
Andy Czajkowski, APMA™
Associate Advisor
andy.czajkowski@northrockpartners.com
As an Associate Advisor at NorthRock Partners, Andy is responsible for prompt client advice and client satisfaction. Andy plays a key role in helping clients navigate the complexities of their financial lives and collaborates with advice teams to provide strategic guidance for individuals and families. He is dedicated to helping clients make informed, strategic financial decisions that drive long-term success and financial independence.
Advisors
Kristin Bilden
Associate Advisor
kristin.bilden@northrockpartners.com
As an Associate Advisor at NorthRock Partners, Kristin supports several advisors in delivering a Personal Office® experience to clients that integrates financial and lifestyle planning. With more than 25 years of experience in operations and client engagement, she plays a key role in aligning day-to-day service with long-term strategy.
Kristin works closely with affluent individuals and high-performing executives, helping to coordinate advice that spans investment planning, cash flow needs, and lifestyle priorities. Her approach is rooted in a deep understanding of each client’s evolving goals—ensuring every interaction feels personal, proactive, and purposeful.
Advisors
Kat Wigle
Associate, Client Service & Office Experience Coordinator
kat.wigle@northrockpartners.com
Kat is responsible for prompt client response, client scheduling, and managing the client experience.
Client Experience
Caitlin Dvorachek
Associate, Client Service & Office Experience Coordinator
caitlin.dvorachek@northrockpartners.com
Caitlin is responsible for prompt client response, client scheduling, and managing the client experience.
Client Experience
Donna Buchholz
Associate, Client Service & Office Experience Coordinator
donna.buchholz@northrockpartners.com
Donna is responsible for prompt client response, client scheduling, and managing the client experience.
Abram Collaguazo
Advisor, Personal Office® & Planning Strategist
abram.collaguazo@northrockpartners.com
Bio
LinkedIn
Personal Office
Angela Parker, CFP®, APMA™
Advisor, Personal Office® & Client Service Manager
angela.parker@northrockpartners.com
Angela Parker brings nearly two decades of experience to her role as a Personal Office® Advisor, with a deep commitment to helping clients align their wealth with their values. She works closely with individuals and families to simplify complex financial decisions and develop personalized strategies that reflect both financial goals and broader purpose.
Angela’s work is rooted in thoughtful planning and dedication to making a meaningful impact. Her areas of focus include sustainable and responsible investing, charitable giving strategies, and mentorship—both in client relationships and within NorthRock, where she plays an active role in advisor development. She believes that great advice not only protects and grows wealth but also creates opportunities for lasting personal and social impact.
Professional Designations & Associations
-Master of Science, Investments and Securities | Southern New Hampshire University
-Bachelor of Science, Business Administration & Management | New York Empire State College
-Certified Financial Planner (CFP®)
-Accredited Portfolio Management Advisor (APMA™)
-Chartered SRI Counselor (CSRIC®)
-FINRA Series 7, Series 66
Professional & Community Involvement
-Member of the Financial Planning Association
-Involved in Habitat for Humanity
-Involved in Make-A-Wish Foundation
Personal Life
Angela grew up on the west coast and lives for hours spent outside. Running, hiking, and paddle boarding fill those hours, and she is always looking for ways to explore the local trails and rivers. On weekends, Angela enjoys spending time with her two kids and husband, exploring Tahoe, bike riding, and practicing archery. She believes that every day should be an adventure!
LinkedIn
Sharie Sinson
Director of Marketing & Client Services
sharie.sinson@northrockpartners.com
Sharie supports advisors and clients through a variety of responsibilities, including client service requests, estate document preparation, scheduling coordination, and overseeing day-to-day office operations. She is passionate about creating a welcoming and professional environment where clients feel valued, heard, and prioritized from the moment they walk through the door. Sharie organizes and promotes meaningful client relationship-building initiatives through personal touch points, appreciation events, and highly personalized service.
Marketing & Brand
Laura Gilleland, M.A.
Director, Brand & Experience
laura.gilleland@northrockpartners.com
With a decade of experience in marketing, communications, and project management, Laura is responsible for overseeing the development and implementation of comprehensive marketing initiatives for NorthRock. She collaborates closely with cross-functional teams to achieve cohesive and impactful results. Laura is passionate about effectively managing multiple projects simultaneously, ensuring the needs of clients are understood and delivered upon with excellence.
Marketing & Brand
Michael Vedders, MAOL
Senior Vice President, Marketing & Enterprise Resources
michael.vedders@northrockpartners.com
As the Senior Vice President, Marketing & Enterprise Resources, Michael is responsible for extending the reach and reputation of NorthRock. Directly responsible for marketing, branding, communication, PR, and enterprise project management. He works to set strategy, create plans, and deliver exceptional results.
With over a decade of experience in marketing and leading complex organizational projects Michael has helped build teams, launch major branding initiatives, produce compelling creative, develop multi-channel planning, and use insights to inform strategy. He is passionate about delivering deep advice and seamless experiences to the clients he serves.
Marketing & Brand, Enterprise Resources
Angela Parker, CFP®, APMA™
Advisor, Personal Office® & Client Service Manager
angela.parker@northrockpartners.com
Angela Parker brings nearly two decades of experience to her role as a Personal Office® Advisor, with a deep commitment to helping clients align their wealth with their values. She works closely with individuals and families to simplify complex financial decisions and develop personalized strategies that reflect both financial goals and broader purpose.
Angela’s work is rooted in thoughtful planning and dedication to making a meaningful impact. Her areas of focus include sustainable and responsible investing, charitable giving strategies, and mentorship—both in client relationships and within NorthRock, where she plays an active role in advisor development. She believes that great advice not only protects and grows wealth but also creates opportunities for lasting personal and social impact.
Professional Designations & Associations
-Master of Science, Investments and Securities | Southern New Hampshire University
-Bachelor of Science, Business Administration & Management | New York Empire State College
-Certified Financial Planner (CFP®)
-Accredited Portfolio Management Advisor (APMA™)
-Chartered SRI Counselor (CSRIC®)
-FINRA Series 7, Series 66
Professional & Community Involvement
-Member of the Financial Planning Association
-Involved in Habitat for Humanity
-Involved in Make-A-Wish Foundation
Personal Life
Angela grew up on the west coast and lives for hours spent outside. Running, hiking, and paddle boarding fill those hours, and she is always looking for ways to explore the local trails and rivers. On weekends, Angela enjoys spending time with her two kids and husband, exploring Tahoe, bike riding, and practicing archery. She believes that every day should be an adventure!
LinkedIn
Stephanie Kerns, CFP®, APMA™, CDFA®
Advisor, Personal Office®
stephanie.kerns@northrockpartners.com
With over 20 years of experience guiding clients through pivotal financial decisions and life transitions, Stephanie serves as a Personal Office® Advisor at NorthRock. She is passionate about working with families and empowering women—particularly those who are single, divorced, or widowed—by helping them build clarity and confidence in their financial lives.
Stephanie’s expertise includes divorce planning and multi-generational wealth strategies. She partners with clients to create personalized plans that support their goals today while building a strong foundation for the future, believing that great advice should simplify complexity and create opportunities for peace of mind and meaningful impact.
Recognized among Forbes Best-in-State Women Wealth Advisors in 2025 and as a Five Star Wealth Manager from 2023 to 2025, Stephanie is known for her caring approach and disciplined financial guidance. She combines deep technical knowledge with a genuine commitment to understanding each client’s story and values.
Professional Designations & Associations
-Bachelor of Science, Business Administration | University of Phoenix
-Certified Financial Planner (CFP®)
-Certified Divorce Financial Specialist (CDFA®)
-Accredited Portfolio Management Advisor (APMA™)
-FINRA Series 7, Series 66
-Forbes Best-in-State Women Wealth Advisors, 2025
-Five Star Wealth Manager, 2023-2025
Professional & Community Involvement
-Member of the Financial Planning Association
Personal Life
Outside of work, Stephanie enjoys cooking and baking, practicing yoga, and reading. She is also a proud mother to her three children, Annabelle, Molly, and Jesse.
LinkedIn
Trisha Zeller
Chief of Staff
trisha.zeller@northrockpartners.com
Trisha partners with executive leadership to align strategy, goals, and performance across NorthRock, ensuring clarity, accountability, and measurable progress. Trisha is passionate about building scalable frameworks that support disciplined execution and long-term impact.
Office of the CEO
Lori O’Connor, CFA®, MBA
Senior Director, Portfolio Integration
lori.oconnor@northrockpartners.com
Lori is a senior Investment leader at NorthRock that drives alignment, rigor, and scalability across investment operations and portfolio management, serving as a strategic advisor to the Chief Investment Officer on investment strategy, portfolio construction, and execution. With over 25 years of experience, she collaborates across teams to strengthen processes, ensure consistent application of the firm’s investment philosophy, portfolio oversight, and investment technology. Lori is a CFA® Charterholder and earned an MBA from the University of Cincinnati.
Investments
Katie Bjorklund, CFP®
Senior Director, Personal Office Growth & Execution
katie.bjorklund@northrockpartners.com
Client Experience & Strategy
Adam Walter, CFP®
Advisor, Personal Office®
adam.walter@northrockpartners.com
Adam brings more than 5 years of experience in financial planning and wealth management. He focuses on developing comprehensive, client-centric strategies with an emphasis on tax planning, insurance planning, investment strategies, and legacy planning. Adam works closely with young professionals, business owners, and individuals approaching retirement, helping them navigate complex financial decisions with thoughtful, individualized guidance.
Professional Designations & Associations
-Bachelor of Science, Business Economics | South Dakota State University
-Bachelor of Science, Communication Studies | South Dakota State University
-Certified Financial Planner (CFP®)
Personal Life
Adam lives in Huron with his wife, Alison, and their daughter, Essie. Outside of work, he enjoys spending quality time with his family and being outdoors—especially hunting and fishing. Adam is an avid angler and competes in walleye fishing tournaments at both the local and national level.
Personal Office
Rachel Pease
Wealth Advisor
rachel.pease@northrockpartners.com
Rachel brings over 10 years of experience in the financial services industry. She specializes in comprehensive wealth advisory and personalized financial strategy development, helping clients navigate complex financial decisions while aligning their wealth with long-term goals, lifestyle priorities, and legacy planning objectives.
Rachel has extensive experience working with individuals and families across a variety of financial backgrounds and life stages. She is known for her relationship-focused approach centered on trust, transparency, and long-term partnership. By taking the time to understand each client’s goals, values, and financial priorities, Rachel develops thoughtful, customized strategies designed to support them through every stage of life and major financial decisions.
Professional and Community Involvement
-Volunteer, Beaver Local Schools Scholarship Foundation
-Education Opportunities for Students in Local Community
Personal Life
Rachel is a lifelong resident of East Liverpool, Ohio. She is a proud and highly involved aunt to her niece and nephew, Taylor and Cohen, and enjoys supporting Cohen’s college basketball career and Taylor’s volleyball pursuits. Outside of work, she is passionate about cooking and gardening, loves trying new recipes, and enjoys outdoor adventures—especially spending time near the water.
Personal Office
Jason Mahn, CPA
Vice President, Advice Strategy & Advisor, Personal Office®
jason.mahn@northrockpartners.com
Jason Mahn serves as both a Personal Office® Advisor and Vice President of Advice Strategy at NorthRock Partners. He specializes in advising corporate executives, business owners, and founders—particularly those within 10 years of retirement—on how to navigate the complexities of achieving financial independence. Jason works closely with clients to develop integrated strategies across cash flow planning, estate and trust design, tax optimization, and investment management, helping them make informed decisions at the intersection of personal and professional milestones.
In addition to his client advisory role, Jason leads the strategic direction of NorthRock’s specialized advice teams, advancing the firm’s ability to deliver holistic, coordinated, and proactive financial strategies. With a deep understanding of the unique needs of affluent individuals and families, Jason oversees NorthRock’s integrated advice teams, which deliver expertise across estate and trust planning, tax strategy, charitable giving, private markets, investment management, and more. Under his leadership, the firm’s specialized advice teams collaborate to provide clients with comprehensive, customized solutions that address both the technical and personal dimensions of wealth, helping clients navigate complexity and pursue long-term financial success.
Professional Designations & Associations
-Bachelor of Science, Business Administration — Finance University of Wisconsin – Eau Claire
-Bachelor of Science, Business Administration — Accounting University of Wisconsin – Eau Claire
-Certified Public Accountant – Wisconsin
Professional & Community Involvement
-Member of AICPA
Personal Life
Jason and his wife, Missy, live in Neenah, Wisconsin, with their four kids and chocolate lab, Hank. They love the outdoors, being up north at the cabin, and spending time with family and friends.
Personal Office
Pamela Burke
Vice President, Finance
pamela.burke@northrockpartners.com
Pamela is the Vice President of Finance at NorthRock Partners. With a decade of experience balancing high-level dual executive roles, she has developed a deep knowledge and wealth of expertise supporting strategic planning and growth initiatives within the financial services industry.
As a Certified Public Accountant (CPA), Pamela combines strategic insight with disciplined financial management to support NorthRock’s mission of delivering exceptional client service and long-term growth. She is known for her collaborative leadership style and commitment to building strong, efficient systems that empower teams to succeed.
Professional Designations & Associations
-Certified Public Accountant (CPA)
Professional & Community Involvement
-Member of the AICPA
Personal Life
Pam is married with three children and enjoys traveling and attending live music events.
Finance
Meg Randle
Vice President, Integration
meg.randle@northrockpartners.com
As Vice President of Integration, Meg drives the strategic planning and execution of transition, and integration at NorthRock, ensuring alignment and fostering strong, long-term relationships with newly acquired teams. With a decade of leadership experience in financial services, Meg has vast experience in leading complex integration efforts. She works closely with cross-functional leaders to guide planful transitions, leveraging expertise to drive lasting growth.
Integration
Lindsey Ranzau
Senior Director, Practice Growth & Development
lindsey.ranzau@northrockpartners.com
Client Experience
Leah Barr, M.A.
Vice President, Social Impact
leah.barr@northrockpartners.com
Leah is responsible for expanding NorthRock’s legacy commitment to philanthropy. By partnering across the organization and with clients, Leah supports effective and impactful giving solutions, enhancing the communities in which we live.
Advice Teams
Rachel Smith, APMA®
Advice Strategist
rachel.smith@northrockpartners.com
As an Advice Strategist at NorthRock, Rachel supports clients and advisors by helping deliver a seamless and personalized wealth management experience. With over 10 years of experience in the financial services industry, she has held a variety of client-facing and operational roles, developing expertise in client communication, account servicing, operational support, and meeting preparation. Rachel partners closely with advisors to coordinate proactive planning strategies and ensure clients receive responsive, organized, and attentive service. She is passionate about building strong relationships and helping clients feel confident and supported throughout their financial journey.
Advice Strategy
The Crucial Role of an Integrated Tax Team
In today’s complex financial landscape, individuals and families navigate a myriad of tax regulations, incentives, and liabilities that can significantly impact financial decisions. NorthRock’s integration of tax experts into our Personal Office® approach is a pivotal strategy for ensuring comprehensive and effective financial planning. This unique synergy between tax expertise and financial advice offers clients a host of invaluable benefits, ranging from optimized tax efficiency to enhanced wealth preservation and strategic decision-making. A myriad of advantages to this approach, along with a brief summary of each, can be found below.
Tax Efficient Investments
One common scenario looks at whether a client should hold an investment in a taxable account, such as a brokerage account, or a tax-advantaged account like an IRA/Roth IRA.
a. Taxable accounts are ideal for investments clients plan to hold for more than one year, holdings that pay qualified dividends, and certain bonds.
b. Tax-advantaged accounts are ideal for investments held one year or less, and actively managed funds that generate short-term capital gains.
Tax Bracket Management
In short, this approach is used to reduce taxes in high-income years and fill up the lower tax brackets in lower income years, for instance, by utilizing Roth conversions.
Charitable Gifting
Giving assets increasing in value directly to charity allows for a fair market value deduction without paying capital gains tax. A donor advised fund (DAF) allows for contributions of cash or assets—the tax deduction is allowed in the year the contribution is made to the DAF. The funds in the DAF can grow with a variety of investment options with proceeds being distributed at the client’s discretion to charitable organizations on their timeline.
Roth Conversion Strategies
Tax-efficient Roth conversion strategies consider other approaches such as tax bracket management. For example, if a client is 65 years old and wants to implement Roth conversions annually in order to minimize required minimum distributions in future years and to take advantage of tax-free growth in the Roth IRA. Perhaps a client has $25,000 of room in the 22% tax bracket before jumping into the next tax bracket and anticipates a higher tax bracket in the future; that $25,000 of room in the bracket could be filled via Roth conversion income. Proactive planning helps clients consider higher/lower income years going forward and whether a Roth conversion now makes sense. This allows individuals to stay ahead of tax law changes that could impact tax rates.
Tax Loss/Gain Harvesting
Triggering capital losses can help offset capital gains to bring down tax liability. The reverse strategy can also be used, recognizing gains in a year when there have been large losses to minimize the tax impact.
Legacy Planning
Leaving shares to beneficiaries in taxable accounts allows for a step-up in cost basis. Roth IRAs are also a great way to provide tax-free distributions to heirs.
These tax strategies are just a handful of ways that NorthRock’s comprehensive approach to tax planning and management can help individuals achieve long-term investment goals. To explore further, connect with NorthRock at northrockpartners.com or info@northrockpartners.com.
The information provided herein is general in nature and as of a specific point in time, and it should not be construed as legal, tax, or other professional advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Utilizing A Donor Advised Fund For Greater Impact
Opening a Donor Advised Fund (DAF) is often considered the final step in establishing a charitable plan, but in reality, it can be one of the initial steps toward realizing your social impact vision.
Whether you’re just starting with a DAF or have been utilizing one for a while, there are always innovative and impactful ways to maximize your impact and better align charitable gifts with your goals.
Instead of viewing a DAF as merely a vehicle for charitable giving, consider it a tool to achieve your personal philanthropic objectives. Some creative strategies to achieve potential objectives include:
1.MAKE RECURRING GIFTS
As you set up your giving, a donor advised fund can be a great option for engaging children or grandchildren in family philanthropy; they can participate in grantmaking by serving as fund advisors. Family members can also be named as the Fund’s Successors to carry on the legacy of your giving.
2.ENGAGE THE NEXT GENERATION
In short, this approach is used to reduce taxes in high-income years and fill up the lower tax brackets in lower income years, for instance, by utilizing Roth conversions.
3.DONATE YEAR ROUND
While the majority of donor advised fund contributions occur in the last few months of the year, nonprofit organizations need gifts and donations year-round. Providing donations to organizations in early months helps with operations and programs, while opening the door to give in honor of months that are meaningful to you, like birthdays, anniversaries, or celebrations.
4.INSPIRE OTHERS
For donors looking to increase the impact of their giving through collective efforts, finding friends, colleagues or family members who also have donor advised funds can inspire giving efforts while increasing impact. Your donations can be made in tandem, while sharing the missions of your favorite nonprofits with the people in your network, increasing the number of supporters while creating shared experiences that align with your values.
Philanthropy is a journey, and a DAF is a tool that can remain flexible as your journey evolves and priorities adapt and change. Using it to create strategic and impactful gifts can, ultimately, fulfill your vision while making a meaningful difference in the world .
If you’re interested in maximizing your impact through a new or current Donor Advised Fund, contact the Foundation X team today at info@foundation-x.org.
The tax and philanthropic planning information offered is general in nature. It is provided for informational purposes only and should not be construed as tax or legal advice. You are encouraged to consult an attorney or tax professional regarding your specific tax and legal situation.
