Northland Advisor Robert Herje: $300K Investor Complaint

Minneapolis financial advisor Robert Herje (CRD# 1496687) has received investor complaints alleging his investment recommendations resulted in losses. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Northland Securities and Northland Asset Management. 

Mr. Herje’s BrokerCheck report discloses two investor complaints. The most recent was filed in February 2022. It alleges that as a representative of Northland Securities, he recommended unsuitable investments and over-concentrated the claimants’ portfolio in “limited liquidity products” as far back as 2012. The pending complaint alleges damages of $300,000.

For reference, “over-concentration,” also known as lack of diversification, is described by FINRA’s investor resources as akin to putting too many eggs in one basket. To avoid the risks of over-concentration, FINRA recommends investors diversify across and within major asset classes, regularly rebalance their portfolios, closely examine the underlying stocks or bonds in the mutual funds and exchange-traded funds in their portfolios, and keep vigilant track of their investments’ liquidity.

An earlier investor complaint, filed in 2019, alleged that as a Northland Securities representative he failed to make suitable investment recommendations. In March 2022 the complaint reached a settlement of $122,500.

According to the Financial Industry Regulatory Authority, Robert Herje holds 36 years of securities industry experience. Based in Minneapolis, he has been a broker and investment advisor with Northland Securities and Northland Asset Management since 2002 and 2014, respectively. His past registrations include Miller Johnson Steichen Kinnard (Minneapolis, Minnesota; 2001-2002), Miller Johnson & Kuehn (Minneapolis, Minnesota; 1986-2001), and Discount Brokerage Corporation of America (1986). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 31 state licenses. (Information current as of June 16, 2022.)

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