North Star Asset Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions. Financial planning was provided to 1,000 clients last fiscal year.
North Star Asset Management reports 3,554 clients. They include 2,603 individual clients, 839 high-net-worth individuals, and 71 pension and profit-sharing plans. Of its assets, 98.9% ($3.32B across 3,514 accounts) are managed with discretion; $36.5M across 40 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 73% | 14% |
| High-net-worth individuals | 24% | 78% |
| Pension and profit-sharing plans | 2% | 4% |
| Charitable organizations | 1% | 4% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 2,603 | $469M | 14.0% | $180K |
| High-net-worth individuals | 839 | $2.62B | 78.2% | $3.13M |
| Pension and profit-sharing plans | 71 | $130M | 3.9% | $1.83M |
| Charitable organizations | 41 | $131M | 3.9% | $3.19M |
| Total | 3,554 | $3.35B | 100% | $943K |
- Clients
- 2,603
- Regulatory AUM
- $469M
- AUM share
- 14.0%
- Avg. per client
- $180K
- Clients
- 839
- Regulatory AUM
- $2.62B
- AUM share
- 78.2%
- Avg. per client
- $3.13M
- Clients
- 71
- Regulatory AUM
- $130M
- AUM share
- 3.9%
- Avg. per client
- $1.83M
- Clients
- 41
- Regulatory AUM
- $131M
- AUM share
- 3.9%
- Avg. per client
- $3.19M
Total
- Clients
- 3,554
- Regulatory AUM
- $3.35B
- AUM share
- 100%
- Avg. per client
- $943K
- 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
- 1000
North Star Asset Management charges 0.60% a year for its Management fees. The whole portfolio is charged at the rate of its band. The fee is negotiable and has a $6,000 annual minimum.
| Asset band | Annual rate |
|---|---|
| $0 and above | 0.60% |
Fee details and sources
The leadership team of North Star Asset Management includes President Alex Brusda and Chief Compliance Officer Karen Jochman. It has 19 employees.
Leadership
- Alex BrusdaVice President and Portfolio Manager
- David HackfortPresident/Managing Director
- Emil HaqueVice President and Portfolio Manager
- Benjamin Van HandelVice President and Portfolio Manager
- Karen JochmanChief Compliance Officer
- Bradley BuchananManaging Director
- Michael FleschBoard of Director
- Robert HuntleyBoard of Director
- Jacob JohnsonPortfolio Manager
- Drew KreplinePortfolio Manager
- Geoffry PennManaging Director
- Nathaniel PennPortfolio Manager
- Mark ReillyManaging Director
- David RisgaardManaging Director
- Kitti RichterShareholder
- Jan BrusdaShareholder
Investment adviser representatives
13 representatives listed in the SEC register as of 9 October 2026.
- Alex Jay Brusda
- Bradley Craig Buchanan
- David Leo Hackfort
- Emil Anil Johannes Haque
- Jacob W Johnson
- Drew Joseph Krepline
- Geoffry Alan Penn
- Nathaniel Roland Penn
- Mark Patrick Reilly
- David William Risgaard
- Cole Seigworth
- Benjamin Douglas Van Handel
- Jonathan E Wilburn
Staff
- 19 employees
- 19 in advisory functions
- Owns 10% to 25% of North Star Asset Management Inc
Michael Flesch
Control person · since May 1996
- Owns 10% to 25% of North Star Asset Management Inc
David Risgaard
Control person · since May 1996
- Owns 10% to 25% of North Star Asset Management Inc
Geoffry Penn
Control person · since May 1996
- Owns 10% to 25% of North Star Asset Management Inc
Kitti Richter
since March 2019
- Owns 5% to 10% of North Star Asset Management Inc
Bradley Buchanan
Control person · since November 1997
- Owns 5% to 10% of North Star Asset Management Inc
Mark Reilly
Control person · since December 2006
- Owns 5% to 10% of North Star Asset Management Inc
David Hackfort
Control person · since January 2023
- Owns 5% to 10% of North Star Asset Management Inc
Jan Brusda
since July 2026
North Star Asset Management’s regulatory assets grew 1.5× from $2.18B (February 2021) to $3.35B (August 2026); clients rose from 2,384 to 3,554 and employees were 19 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $3.35B | 3,554 | 19 | 1 |
| March 2025 | $3.08B | 3,290 | 19 | 1 |
| May 2024 | $2.73B | 3,090 | 21 | 1 |
| March 2023 | $2.32B | 3,098 | 18 | 1 |
| April 2022 | $2.7B | 2,761 | 19 | 1 |
| February 2021 | $2.18B | 2,384 | 19 | 1 |
Besides its headquarters, North Star Asset Management has 0 offices, with 1 listed address in Wisconsin.
Wisconsin · 1 listed address
- One Neenah Center, Suite 300, NeenahHQ
Contact and registration details
- Legal name
- North Star Asset Management Inc
- Headquarters
- One Neenah Center, Suite 300, Neenah, WI 54956
- Website
- northstarinvestments.com
- Phone
- 920-729-7900
- SEC file
- 801-52034
- Founded
- 1996
- Structure
- Wisconsin corporation
- Fiscal year end
- December
North Star Asset Management uses Charles Schwab ($3.05B) as custodian for its separately managed accounts. North Star Asset Management has custody of $364M in client assets for 90 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $3.05B100%
At year end, North Star Asset Management’s separately managed accounts were mostly in stocks (75%) and bonds (20%). Its reported 13F holdings for the quarter ended 30 June 2026 total $2.54B across 372 positions; the largest are Apple (3.9%), Schwab US Broad Mkt ETF (3.2%) and Alphabet CL C (2.7%).
What the accounts hold
- Stocks75%
- Bonds20%
- Investment grade corporate bonds15%
- State and local bonds3%
- U.S. government and agency bonds2%
- Cash5%
Reported 13F holdings
- $2.54B
- Reported 13F value
- 372
- Positions
- 24.7%
- In the 10 largest
- +10.3%
- Value vs. prior quarter
- Apple3.9%
- Schwab US Broad Mkt ETF · Mfd3.2%
- Alphabet CL C2.7%
- Vanguard Ttl Stk Mkt ETF · Mfd2.7%
- Microsoft2.3%
- Amazon.com2.1%
- SPDR S&P Large Cap 500 · Mfd2.1%
- ASML Holdings2.0%
- Visa1.9%
- Advanced Micro Devices1.8%
Together, the ten largest are 24.7% of reported value.
How many clients does North Star Asset Management have?
North Star Asset Management has 3,554 clients and manages $3.35 billion for them, as of August 2026. They include 2,603 individual clients, 839 high-net-worth individuals, and 71 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 28 August 2026
What services does North Star Asset Management offer?
North Star 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
How much does North Star Asset Management charge?
North Star Asset Management charges 0.60% a year for its Management fees. The whole portfolio is charged at the rate of its band. The fee is negotiable and has a $6,000 annual minimum.
Source: ADV2026 UPDATE, filed 7 May 2026
Which custodians does North Star Asset Management use?
North Star Asset Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $3.05B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 28 August 2026
How many financial advisors does North Star Asset Management have?
North Star Asset Management has 0 investment adviser representatives registered with state securities authorities, out of 19 employees, and 19 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does North Star Asset Management invest in?
At the end of its last fiscal year, North Star Asset Management’s separately managed accounts held 75% exchange-traded equities, 15% investment grade corporate bonds, 5% cash and equivalents, 3% state and local bonds and 2% U.S. government and agency bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns North Star Asset Management?
North Star Asset Management’s direct owners are Michael Flesch, David Risgaard, Geoffry Penn, Bradley Buchanan, Mark Reilly, David Hackfort, Kitti Richter and Jan Brusda, each holding 25% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 28 August 2026
How does North Star Asset Management get paid?
North Star Asset Management is paid through a percentage of assets under management. 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 Star Asset Management registered with the SEC?
Yes, North Star Asset Management has been registered with the SEC as an investment adviser since 7 June 1996. Its CRD number is 106489 and its SEC file number is 801-52034.
Source: Form ADV Part 1A, Item 1, filed 28 August 2026; IAPD firm record
How do I contact North Star Asset Management?
North Star Asset Management’s main office is at One Neenah Center, Suite 300, Neenah, WI 54956. Its phone number is 920-729-7900. Its website is northstarinvestments.com.