North Shore Private Asset Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions.
North Shore Private Asset Management reports 218 clients. They include 128 high-net-worth individuals, 80 individual clients and 8 state or municipal government entities. Of its assets, 99.8% ($571M across 445 accounts) are managed with discretion; $1.22M across 4 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 37% | 9% |
| High-net-worth individuals | 59% | 51% |
| State or municipal government entities | 4% | 31% |
| Corporations and other businesses | <1% | 6% |
| Other | <1% | 3% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 80 | $50.8M | 8.9% | $635K |
| High-net-worth individuals | 128 | $293M | 51.3% | $2.29M |
| State or municipal government entities | 8 | $179M | 31.2% | $22.4M |
| Corporations and other businesses | Fewer than 5 | $33.4M | 5.8% | $33.4M |
| Other | Fewer than 5 | $16M | 2.8% | $16M |
| Total | 218 | $573M | 100% | — |
- Clients
- 80
- Regulatory AUM
- $50.8M
- AUM share
- 8.9%
- Avg. per client
- $635K
- Clients
- 128
- Regulatory AUM
- $293M
- AUM share
- 51.3%
- Avg. per client
- $2.29M
- Clients
- 8
- Regulatory AUM
- $179M
- AUM share
- 31.2%
- Avg. per client
- $22.4M
- Clients
- Fewer than 5
- Regulatory AUM
- $33.4M
- AUM share
- 5.8%
- Avg. per client
- $33.4M
- Clients
- Fewer than 5
- Regulatory AUM
- $16M
- AUM share
- 2.8%
- Avg. per client
- $16M
Total
- Clients
- 218
- Regulatory AUM
- $573M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
North Shore Private Asset Management is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees). The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Advanced financial plan
- The Advanced Plan is typically negotiated and is charged at $200 per hour, though the adviser may negotiate client fees.
- Basic financial plan
- The Basic Plan, one financial plan per client or family per year, is charged an annual fee of $750 per year, negotiable.
David Melsheimer owns 75% or more of North Shore Private Asset Management. The leadership team of North Shore Private Asset Management includes President David Melsheimer. It has 4 employees.
Leadership
- David MelsheimerPresident and Chief Investment Officer and Chief Compliance Officer
Investment adviser representatives
4 representatives listed in the SEC register as of 9 October 2026.
Staff
- 4 employees
- 4 in advisory functions
- 4 state-registered reps
- 1 broker-dealer rep
- 1 insurance agent
- Owns 75% or more of North Shore Private Asset Management, LLC
David Melsheimer
Control person · since January 2004
North Shore Private Asset Management’s regulatory assets grew 1.7× from $329M (April 2021) to $573M (March 2026); clients rose from 163 to 218 and employees were 4 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $573M | 218 | 4 | 1 |
| March 2025 | $475M | 202 | 4 | 1 |
| March 2024 | $395M | 239 | 5 | 1 |
| March 2023 | $349M | 174 | 4 | 1 |
| March 2022 | $305M | 164 | 4 | 1 |
| April 2021 | $329M | 163 | 4 | 1 |
Besides its headquarters, North Shore Private Asset Management has 0 offices, with 1 listed address in Illinois.
Illinois · 1 listed address
- 222 E. Wisconsin Ave, Suite 102, Lake ForestHQ
Contact and registration details
- Legal name
- North Shore Private Asset Management, LLC
- Headquarters
- 222 E. Wisconsin Ave, Suite 102, Lake Forest, IL 60045
- Website
- Not reported
- Phone
- 888-375-4918
- SEC file
- 801-92175
- Structure
- Illinois LLC
- Fiscal year end
- December
North Shore Private Asset Management uses Charles Schwab ($351M, 61%), Raymond James ($206M, 36%) and Fifth Third Bank ($16M, 3%) as custodians for its separately managed accounts. North Shore Private Asset Management does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Chicago, IL · $351M61%
- Raymond JamesRaymond James Financial Services, Inc. · St. Petersburg, FL · $206M36%
- Fifth Third BankFifth Third Bank · Cincinnati, OH · $16M3%
At year end, North Shore Private Asset Management’s separately managed accounts were largely in funds (36%) and bonds (36%).
What the accounts hold
- Stocks27%
- Funds36%
- Bonds36%
- Investment grade corporate bonds14%
- State and local bonds13%
- U.S. government and agency bonds8%
- High-yield corporate bonds1%
- Cash1%
How many clients does North Shore Private Asset Management have?
North Shore Private Asset Management has 218 clients and manages $573 million for them, as of March 2026. They include 128 high-net-worth individuals, 80 individual clients and 8 state or municipal government entities.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026
What services does North Shore Private Asset Management offer?
North Shore Private Asset Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does North Shore Private Asset Management use?
North Shore Private Asset Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Chicago, IL), with $351M, Raymond James Financial Services, Inc. (St. Petersburg, FL), with $206M and Fifth Third Bank (Cincinnati, OH), with $16M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026
How many financial advisors does North Shore Private Asset Management have?
North Shore Private Asset Management has 4 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. 1 employee is a registered representative of a broker-dealer and 1 employee is a licensed insurance agent.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does North Shore Private Asset Management invest in?
At the end of its last fiscal year, North Shore Private Asset Management’s separately managed accounts held 36% registered funds (mutual funds, ETFs, BDCs), 27% exchange-traded equities, 14% investment grade corporate bonds, 13% state and local bonds, 8% U.S. government and agency bonds, 1% high-yield corporate bonds and 1% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns North Shore Private Asset Management?
North Shore Private Asset Management’s direct owner is David Melsheimer (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026
How does North Shore Private Asset Management get paid?
North Shore Private Asset Management is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is North Shore Private Asset Management registered with the SEC?
Yes, North Shore Private Asset Management has been registered with the SEC as an investment adviser since 17 April 2015. Its CRD number is 130132 and its SEC file number is 801-92175.
Source: Form ADV Part 1A, Item 1, filed 30 March 2026; IAPD firm record
How do I contact North Shore Private Asset Management?
North Shore Private Asset Management’s main office is at 222 E. Wisconsin Ave, Suite 102, Lake Forest, IL 60045. Its phone number is 888-375-4918.