Jon Norstog is not your typical banker. Along with his financial background, Norstog grew up on a cow/calf and grain farm in western North Dakota, has a degree in agriculture from North Dakota State University and spent several years as a county extension agent before joining the Specialty Asset Management Group.
He’s one of many Specialty Asset Managers at The Private Client Reserve who has the unique scientific, agricultural and property expertise to help clients manage the tangible assets that might make up a significant portion of their wealth.
“We’re boots-on-the-ground managers,” says Norstog, who currently oversees numerous farms across his region on behalf of clients. “We talk to tenants, negotiate leases and help with transitions as families pass properties to the next generation.”
In the past few months, Norstog assisted a retired farmer in securing new tenants to increase her rent per acre, and he helped a family improve farming practices to increase yields so they could raise rents. He also helps oversee management of farms, including situations in which owners live in other states.
“Clients don’t always think about the bank when they need someone to manage their real estate assets or when they need an oil and gas expert,” says Ed Cowling, Director of the Specialty Asset Management Group at The Private Client Reserve. But that’s exactly what Norstog and the rest of the Specialty Asset Management Group are trained to do. Learn about our Specialty Asset Management Group in this video.
Unlike stocks and bonds, specialty assets are privately held, tangible properties owned by the investor or a small, limited group of owners, and are not tradable on the open market. They can include real estate, farm and ranch land, timber properties, mineral and oil rights, and closely held assets, such as private businesses and limited liability corporations.