NorthRock Acquires $2.7B Northern California Team From Ameriprise

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NorthRock Partners, a Minneapolis-headquartered registered investment advisor with more than $9.4 billion in assets, has acquired WGG Wealth Partners, a Roseville, Calif.-based firm with about $2.7 billion in client assets and 15 advisors.

WGG is led by Stephen Westlake, Colin Grahl and Bret Glover, who were previously affiliated with Ameriprise Financial for nearly 40 years.

NorthRock CEO and founder Rob Nelson said this latest deal is the firm’s third acquisition this year, and the RIA is on track to double its assets from $6.5 billion at the beginning of 2025 to about $13 billion by the end of the year.

NorthRock’s organic growth rate will be about 15% this year, but Nelson said the firm is working to raise awareness of its desire to do more M&A. 

NorthRock was initially backed by Emigrant Partners, but was bought out when insurance holding company Sammons Financial Group purchased a majority stake in 2023. Sammons has been aggressively investing in the RIA. NorthRock expanded in Chicago earlier this year by adding advisor Tony Pondel from his LPL affiliate. In July, the firm acquired Parskside Advisors, a Berkeley, Calif.-based advisory firm overseeing $800 million in client assets. 

“Our goal is, within the next three to five years, to become $100 billion organization and continue to build our footprint across the country,” Nelson said.

NorthRock currently receives one to two inbound calls a week from advisors interested in a conversation. When the firm acquires, the advisors join as W-2 employees under a “total integration” model.

“What I mean by that is, it’s an advisor-led firm, but we have a common approach to how we work with clients,” Nelson said. “In addition to that, you have to be in alignment with our culture and community. That’s a dealbreaker. You have to be OK working in a team approach.

“If I’m an advisor working at NorthRock, behind me, we break out all our advice by teams," he said. "So I have an investment team, insurance team, tax, banking, bill payment, legal and estate and charitable. You’re going to be collaborating across a lot of different partners, and then ultimately you have a responsibility to master your craft.”

In a statement, Glover said his firm was attracted to NorthRock’s broader platform and community.

NorthRock has its own charitable platform, Foundation X, in which the firm will build and manage the foundation for a client. It also has a sports and entertainment division, NorthRock X, which is run by retired NBA All-Star Tony Parker. Parker, was one of the most recognizable faces in the league, having won four NBA titles and a 2007 NBA Finals MVP during his 18-year career.

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