NorthRock Partners announced Tuesday that it acquired WGG Wealth Partners (WGG), an advisory team based in Roseville, California, with 15 advisors and about $2.7 billion in assets under management (AUM).
The transaction strengthens NorthRock’s California presence and expands the reach of its Personal Office model, it said.
The WGG team’s “transition date to NorthRock was July 10” and WGG is now “operating under the NorthRock brand,” Rob Nelson, CEO of NorthRock Partners, told WSR by email.
The relationship between the firms “developed over time through several conversations around client service approach and cultural alignment,” he recalled. “The WGG team was looking for a firm that would allow them to go deeper with clients and collaborate across specialized areas of advice.”
“At NorthRock, we’re partnering with advisors who share our vision of deeper, more holistic advice,” he said in a news release. “WGG saw in us a platform where they could amplify their impact, and we saw in them a team whose values align with ours, who are passionate about serving their clients, and who want to play a bigger role as their clients’ long-term advisors.”
The firm said its Personal Office model provides a customized team for each advisor to cover investments, tax, insurance, estate, legal, business strategies, lifestyle and philanthropy for clients.
“The WGG team’s size, reputation, and client-first culture made them an outstanding partner as we extend NorthRock’s Bay Area presence inland,” Sean Baenen, Managing Partner at NorthRock Partners, said in the news release.
“Their advisors are entrepreneurial, independent-minded, and focused on building deeper client relationships,” said Baenen, who leads his firm’s M&A strategy.
The WGG leadership team, including Colin Grahl, Bret Glover and Stephen Westlake, “remain with NorthRock and continue to serve clients and lead the Roseville team in a senior advisory capacity,” Nelson told WSR. “In total around 40 team members including 15 advisors joined NorthRock.”
“NorthRock’s philosophy and people felt like a natural fit,” Glover, Managing Partner of WGG, said in the news release.
He added, “This isn’t about giving up independence — it’s about gaining a broader platform and community so we can serve our clients even more comprehensively.”
Acquisition Strategy
WGG represents NorthRock’s third acquisition announced this year.
NorthRock said in July that it acquired Berkeley, California-based Parkside Advisors in a deal that boosted NorthRock’s presence in the San Francisco Bay Area.
NorthRock announced in April that it acquired Tony Pondel’s advisory practice in the Chicago area.
“Our pipeline remains strong and our strategy is intentional: add values-aligned teams and firms that deepen and our Personal Office model and expand access in key markets,” Nelson told WSR.
NorthRock manages over $9.4 billion in assets for more than 3,300 clients, it said Tuesday.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
