Business owners face challenges at every turn. Growth, leadership changes, wealth transfer, and legacy planning all demand firm support. Northern Trust business advisory services were created for this purpose.
They help owners think ahead, plan for transitions, and manage both business and family wealth in a clear and organized way. This article explores what they offer and why these services can make a big difference when it comes to building a lasting legacy.
Overview of Northern Trust Business Advisory Services
To understand what makes these services valuable, it helps to look at how Northern Trust structures its business advisory program and the key areas it covers:
About Northern Trust
Founded in 1889, Northern Trust has built a reputation for stability, expertise, and client-first service. Today, the firm manages over $1.6 trillion in assets and serves individuals, families, institutions, and business owners. What sets Northern Trust apart is its ability to serve not only wealthy clients, but also those with complex financial needs.
For business owners, this is especially important. Running a business involves more than just generating profit. It’s about protecting your wealth, planning for the future, and making sure your personal goals line up with your business strategies. That’s where Northern Trust business advisory services come in. These services are designed to help business owners make smart, informed decisions that support both their company and their personal legacy.
This blog will give you a clear picture of what those services include and how they can benefit you. If you’re a business owner looking for expert guidance, this may help you decide whether Northern Trust business advisory services are the right partner.
What Are Business Advisory Services?
Northern Trust business advisory services are a key part of the firm’s larger Wealth Management division, built to help people and families with complex financial needs. These services cover both strategy and execution, helping you plan for tomorrow while managing today.
Unlike general financial services, Northern Trust doesn’t use a “one-size-fits-all” approach. Instead, they take time to understand your business goals first. Their team of seasoned professionals uses a mix of financial planning, tax expertise, estate knowledge, and business insight to create personalized strategies that work for you now and in the future.
Core Northern Trust Business Advisory Services
Northern Trust business advisory services are built around the unique needs of private business owners. Below are the five key areas where the firm provides support, each designed to help you protect your company, grow its value, and prepare for the future.
Succession and Liquidity Planning
Planning for the future of your business is something many owners put off. But waiting too long can lead to problems. Without a plan, you risk losing control over how your company is passed on, how your retirement is funded, or how your family benefits from your hard work.
Northern Trust business advisory services encourage business owners to start succession planning early. Their team works with you to:
- Understand your company’s real market value, so you know what it’s worth today and how to grow it.
- Explore different ways to transfer ownership, whether to family members, partners, or outside buyers.
- Evaluate tax implications and control issues, helping you avoid surprises that could affect your finances or your family’s future.
- Make a plan that links your legacy and personal plans with your business objectives.
Whether you plan to step away in five years or fifteen, having a strategy in place protects both your wealth and your peace of mind.
Deal Quarterbacking (M&A Support)
Selling a business is a big decision. It’s also a complex process. Actually, about one out of three firms that are put up for sale never sell. Poor planning, misunderstandings, or a lack of the proper team are frequently to blame for this.
Northern Trust business advisory services help change that. Their advisors support you every step of the way during a sale or merger. Think of them as your “deal quarterback”, coordinating all the players involved and keeping things on track. They help you:
- Build a strong deal team by introducing or evaluating investment bankers, legal advisors, and tax experts.
- Protect your privacy during the deal process, especially when sensitive information is being shared.
- Stay focused on your goals by providing strategic advice during negotiations, making sure the deal fits your long-term plans.
Whether you’re selling to a private equity firm, a competitor, or a family successor, Northern Trust brings experience, structure, and calm to a process that can be stressful and emotional.
Trustee and Governance Services
If you’ve placed your business in a trust or are thinking about doing so, governance becomes even more important. A trust can help with taxes and estate planning, but it also needs to be managed properly.
Northern Trust business advisory services include trustee services designed specifically for complex businesses. They can:
- Act as a professional trustee, managing business assets according to your instructions and in the best interest of the beneficiaries.
- Oversee the performance of the company to ensure it remains healthy and competitive.
- Make leadership changes when needed, including board adjustments or executive support.
- Guide the business during transitions or crises, helping maintain stability through uncertain times.
They also align the trust’s operations with your estate plan, so everything, from cash flow to control, works together to support your family’s future.
Northern Trust Business Banking and Liquidity
Every business needs capital. But not all businesses fit into a one-size-fits-all banking solution. That’s especially true for companies owned by individuals with complex financial lives.
Northern Trust offers custom lending solutions that consider the full picture: your business, personal wealth, and investment holdings. For example, one client secured over $34 million in credit using multiple types of collateral across different accounts. The financing was flexible and matched the company’s seasonal cash flow needs.
In addition to lending, Northern Trust provides powerful treasury management tools. Their Treasury Passport platform allows you to:
- View real-time financial reports
- Deposit checks remotely via mobile
- Set access permissions for team members
- Link Northern Trust accounts across your business and personal finances
- These tools give you more control over your money and save you time.
Integrated Wealth Planning
What makes Northern Trust business advisory services different is how they bring your business planning and personal wealth strategy together. They don’t just look at your company; they look at your full financial life. That’s where their Integrated Wealth Planning services come in.
With this approach, you get help with:
- Personal financial planning, including retirement goals and income strategies
- Transferring wealth to the next generation, using tax-smart tools and trusts
- Educating your family about wealth, responsibility, and long-term stewardship
- Creating charitable giving plans that reflect your values and make a lasting impact
- Managing unique or complex assets, such as commercial property, farmland, or mineral rights
Northern Trust’s holistic model ensures that your business success also supports your family, your future, and your legacy.
Specialty Asset Management
Northern Trust offers a dedicated service for owners who hold assets that are not simple cash or securities. These can include commercial and residential real estate, large parcels of land, oil and gas rights, mineral properties, or even timber and agricultural assets. These types of assets often require special expertise because their value can change with market cycles, regulations, and environmental factors.
The specialty asset team at Northern Trust works with clients to review, manage, and protect these holdings. They help with property valuations, lease negotiations, contract management, and compliance with local laws.
For assets like oil, gas, and mineral rights, they oversee royalty income, track production records, and ensure tax reporting is correct. If the assets are part of an estate plan, the team coordinates with estate planners and tax advisors so that these properties fit smoothly into the overall wealth and legacy strategy.
By providing this oversight, Northern Trust helps owners reduce risks, make informed decisions, and ensure that complex or illiquid assets continue to contribute to the family’s wealth across generations.
Why Northern Trust Stands Out
For many business owners and wealthy families, choosing the right advisory partner is a long-term decision. Northern Trust business advisory services stand out because of their depth of history, expert teams, and customized approach:
Deep History & Strong Reputation
Founded in 1889, Northern Trust has guided clients through every major financial era, from the Great Depression to the 2008 recession. With more than 135 years of experience, it has earned a reputation for stability, strength, and long-term thinking.
The firm has also earned recognition across the industry. It has been named “Best Private Bank for Succession Planning” and praised by major outlets like Fortune and CNBC.
Expert Teams with Real Experience
Northern Trust business advisory services are led by seasoned professionals. The team is headed by Rob Ashcroft, an experienced deal advisor with over 16 years in mergers, acquisitions, and business planning. His background helps business owners navigate complex transitions with clarity and strategy.
The firm also brings in specialists from across its network, covering Northern Trust investments, trust services, private banking, and estate planning, so your business is supported from every angle.
Services That Fit You
Northern Trust doesn’t force a one-size-fits-all model. They can act as a personal advisor, a fiduciary like a trustee, or both, depending on your needs. Whether you want deep involvement or light guidance, they adjust their services to meet you where you are.
Northern Trust Business Advisory Services Pricing
Northern Trust doesn’t list its advisory service fees on its website. That’s because fees for Northern Trust business advisory services are customized. Pricing depends on whether they act as trustee, advisor, or both, the complexity of your assets, and the scope of work.
The following variables will mainly affect how much Northern Trust business advisory services cost:
| Factor | What It Means |
|---|---|
| Fiduciary Role vs. Advisor Only | Acting as a trustee involves deeper responsibility and typically costs more than advisory-only roles. |
| Type of Assets Involved | Complex assets (e.g., real estate, oil & gas, multiple entities) require more planning and oversight. |
| Scope of Work | A short-term consultation (like helping with a deal) costs less than ongoing strategic engagement. |
| Business Size & Liquidity Needs | Larger companies or those with complex cash flows may need more customized solutions, affecting cost. |
The best way to get accurate pricing is to schedule a consultation. Northern Trust will review your financial situation, goals, and business setup. Then, they’ll build a custom proposal that outlines how they can help, and what it would cost. There’s no guesswork. You’ll know exactly what services are offered and what they’ll charge before moving forward.
How to Start with Northern Trust Business Advisory Services
Getting started with Northern Trust business advisory services is simple. The process begins with a conversation and ends with a tailored plan for your business and personal goals.
- Schedule a Consultation: Visit the Northern Trust website and request a meeting. You’ll provide basic info about your business and financial needs.
- Share Your Goals: In the first meeting, you’ll discuss things like business growth, succession plans, legacy goals, and any complex assets you hold (like real estate or trusts).
- Choose the Right Service Level: Northern Trust will explain your options, whether you want them as an advisor or in a more active fiduciary role. You pick the level of involvement that fits you.
- Get a Custom Proposal: Based on your situation, they’ll create a proposal that outlines the services, scope of work, and pricing.
- Define Roles and Timelines: Once you agree to move forward, they’ll assign your advisory team and set clear timelines for the work.
- Begin the Partnership: With everything in place, Northern Trust begins delivering advisory support, helping with transitions, planning, and strategy, backed by a full team of specialists.
Pros and Cons of Northern Trust Business Advisory Services
Like any major financial partner, Northern Trust business advisory services have strengths and a few things to consider:
What Northern Trust Does Well
- Wide-ranging expertise: You get support from specialists in banking, investments, trusts, and philanthropy, all working together.
- Tailored, flexible solutions: Every plan is built around your unique needs, whether it’s credit, liquidity, succession, or business governance.
- Client-first mindset: Northern Trust prioritizes their clients’ needs and wants. They focus on helping you reach your business goals, not selling products.
- Strong fiduciary values: Whether serving as an advisor or trustee, they operate with transparency and responsibility.
- Long-standing reputation: Their long history and financial strength offer peace of mind, especially during uncertain times.
Things to Consider
- Best suited for ultra-wealthy clients: Northern Trust business advisory services are typically designed for businesses or families with $75 million or more in assets. Smaller clients may find limited access.
- Long-term focus: If you’re looking for fast, one-time help, like a quick deal review, their in-depth, relationship-based model may not be a fit.
- Large institution feel: Some clients may prefer smaller firms with a more personal touch and fewer layers of structure.
How to Evaluate If It’s the Right Fit for You
Northern Trust Business Banking works best with business owners who are planning for long-term success, not just looking for quick financial advice. If you’re considering working with them, ask yourself these questions to see if the partnership makes sense:
- Where are you in your business journey?
Are you still growing your company? Thinking about retiring or transferring the business to your offspring? Knowing your current stage helps shape the kind of advice you need. - What are your personal goals?
Do you want to keep control of your company? Are you thinking about leaving a legacy for your family? Do you want to give back through philanthropy? Your answers help Northern Trust tailor their services to match your vision. - Are you open to outside help in key roles?
Would you feel comfortable letting a professional trustee oversee your business if needed? Would you trust a financial team to help guide big decisions? If the answer is yes, Northern Trust may be a great fit. - Do you need a full plan or just one service?
If you’re looking for a full wealth strategy that connects your business, personal finances, and estate plan, Northern Trust’s holistic approach makes sense. But if you just want help with one small transaction, a local advisor might be more appropriate. - Have you seen what they’ve done for others?
Ask for case studies that match your situation, like other family-owned businesses, clients in your industry, or companies going through generational transitions. These examples can help you decide if their services line up with your needs.
FAQs about Northern Trust Business Advisory Services
What is the minimum asset requirement to work with Northern Trust business advisors?
- Northern Trust typically serves ultra-high-net-worth clients. While there is no public minimum, business owners with $75 million+ in assets are best aligned with their services.
Does Northern Trust help with selling a family business?
- Yes. Northern Trust provides end-to-end M&A support, helping with preparation, advisor selection, deal structure, and negotiating terms.
Can Northern Trust act as both trustee and business advisor?
- Yes. They can serve in multiple roles, including advisor, trustee, or both, depending on your needs and comfort level.
Are Northern Trust’s business advisory services available nationwide?
- Yes. Northern Trust serves clients across the U.S. through its network of offices and virtual advisory support.
How long does it take to build a business succession plan with Northern Trust?
- Timelines vary, but most plans take several months. Northern Trust prioritizes careful coordination with legal, tax, and family stakeholders.
Northern Trust business advisory services provide a broad, integrated, expert‑driven offering. They bring long experience, leadership in fiduciary services, and a truly multidisciplinary team. That makes them ideal for those building a long‑term legacy beyond the bottom line. If you are a business owner seeking guidance that spans your company and your family, Northern Trust is worth evaluating.
