Trunorth Wealth Partners, LLC (St. Paul)

Name: Trunorth Wealth Partners, LLC
Address: 3050 Wells Fargo Place, St. Paul, MN, 55101
Telephone: 651-735-5878

Trunorth Wealth Partners, LLC is a large advisory firm based in St. Paul. It manages $402.55 million of regulatory assets for 871 client accounts. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdictions of California, Connecticut, Florida, and 4 other states.

Trunorth Wealth Partners provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, and investment consultations. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Trunorth Wealth Partners: assets under management

The assets under management (AUM) of Trunorth Wealth Partners, LLC is $402.55 million. The firm's AUM has grown by 28% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $388.71 million in discretionary accounts and $13.84 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $478.12 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $238.65 thousand.

Trunorth Wealth Partners has custody of $6.07 million in cash and securities for 45 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 78% of the total AUM. The second-largest asset type is exchange traded securities, which make up 14% of the firm’s portfolio. Investments in cash and cash equivalents form 4% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Trunorth Wealth Partners, LLC for their services and products based on a percentage of assets under management, hourly charges, 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 Trunorth Wealth Partners serves?

The firm provides services to individuals, charitable organizations, and high net worth individuals. The largest group of clients of Trunorth Wealth Partners is high net worth individuals with 87 clients and $297.26 million of assets under management. Among the 12 most similar advisory firms, Trunorth Wealth Partners has the 5th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $401.42 million for 181 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.

Trunorth Wealth Partners doesn't advise any private funds.

Careers at Trunorth Wealth Partners, LLC

The company employs 6 people that are either part- or full-time employees. 67 percent of the employees work as investment advisers or researchers. 4 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Peter Jon Rekstad	Managing member, chief compliance officer	1 Aug 2016	75% - 100%	2016409
Travis Ryan Gleason	Associate wealth partner	1 Jul 2017	Other	5107631

Based in St. Paul

The principal office where Trunorth Wealth Partners, LLC performs its advisory services is located at 3050 Wells Fargo Place, St. Paul, MN 55101, which is also the mailing address of the firm. An additional office of the firm is in Folsom, CA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 651-735-5878 or by fax 651-735-5881. The normal business hours are 9 a.m. to 4 p.m. on Monday - Friday. You can find more information about the New York firm at trunorthwealthpartners.com.