# Northland Asset Management

> Northland Asset Management is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2015, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 22, 2026.

- CRD: 40258
- Filed as: NORTHLAND ASSET MANAGEMENT
- Legal name: Northland Securities, Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: September 22, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/40258
- AdvisorCensus page: https://advisorcensus.com/firm/northland-asset-management-minneapolis-mn-40258

## Quick answers

**How is Northland Asset Management compensated?**
On its Form ADV (Item 5.E, October 2026), Northland Asset Management reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Northland Asset Management located?**
Northland Asset Management's principal office is in Minneapolis, MN, according to its Form ADV; the October 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Northland Asset Management registered with the SEC or a state?**
Northland Asset Management is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 40258.

**How much does Northland Asset Management manage?**
Northland Asset Management reports $405,485,183 in regulatory assets under management in its Form ADV filing dated September 22, 2026 (96% discretionary).

**How have Northland Asset Management's assets and staff changed since 2021?**
In the Form ADV data for Northland Asset Management: Regulatory assets under management: $148,004,955 in the October 2021 data and $405,485,183 in the October 2026 data, up 174%. Total employees: 18 in October 2021 and 22 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Northland Asset Management serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (484); individuals (other than high net worth individuals) (391).

**Which custodians does Northland Asset Management use?**
Northland Asset Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Pershing LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Northland Asset Management report any disciplinary disclosures?**
Reports 7 disclosure items on Form ADV Item 11: yes answers to 7 questions about regulatory matters (11.C(2), 11.C(4), 11.C(5), 11.D(1), 11.D(2), 11.D(4), 11.E(2)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/40258

**What changed in Northland Asset Management's recent Form ADV filings?**
In the October 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Other

### Custodians (Schedule D, Section 5.K(3))
- Pershing LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $405,485,183
- Discretionary: $387,310,427
- Non-discretionary: $18,174,756

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 391 | $79,211,672 |
| High net worth individuals | 484 | $319,328,551 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $3,201,936 |
| Charitable organizations | Fewer than 5 | $3,743,024 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2015 (11 years)
- Employees: 22 total, 22 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AZ, CA, CO, FL, GA, IA, IL, KS, MN, MO, NC, NM, NY, OH, SD, TN, TX, VA, VT, WA, WI
- Disclosures (Item 11): Reports 7 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/40258

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Leawood, KS
- Milwaukee, WI

### Websites listed on Form ADV (Item 1.I)
- northlandsecurities.com
- LinkedIn @COMPANY-BETA

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $148,004,955 | 18 | July 15, 2021 |
| October 2022 | $193,049,479 | 19 | April 14, 2022 |
| October 2023 | $203,155,261 | 19 | July 14, 2023 |
| October 2024 | $236,673,858 | 19 | July 19, 2024 |
| October 2025 | $359,889,042 | 24 | July 2, 2025 |
| October 2026 | $405,485,183 | 22 | September 22, 2026 |

Regulatory assets under management: $148,004,955 in the October 2021 data and $405,485,183 in the October 2026 data, up 174%.
Total employees: 18 in October 2021 and 22 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Updated its list of owners and control persons (Schedule A).

### July 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 24 to 22.
- Regulatory assets under management went from $359,889,042 to $405,485,183 (+13%).
- Changed its office addresses in Milwaukee, WI.
- Added an office in Leawood, KS.
- Registered or notice-filed in VA.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Registered or notice-filed in KS.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Northland Asset Management (CRD 40258): Form ADV filing data as of October 2026.