Heartland Trust Company

What Heartland Trust Company does

Heartland Trust Company is a privately held, family-owned trust and wealth management firm founded in 1990 and headquartered in Fargo, North Dakota. The company is regulated and routinely examined by the North Dakota Department of Financial Institutions, and serves individuals/families, business owners/employers, and foundations/non-profits/endowments across three primary service franchises: investment management and financial planning; trust, estate, and charitable administration; and 401(k) plan administration including plan design, corporate trustee, third-party administration, compliance testing, and employee education. The firm operates on a fee-based model with no commissions, no hidden fees, and local decision-making authority, distinguishing it from wirehouses and broker-dealers. Services are delivered through direct in-person consultations at two physical offices (Fargo and Grand Forks, opened September 2025), supported by a professional referral network of CPAs, attorneys, and bankers.

The underlying technology architecture is built on third-party platforms rather than proprietary systems: Fidelity for investment custody and client portal access, AccuNet for trust accounting, Go-Retire for 401(k) participant and plan sponsor portals, and eMoneyPlan for financial planning. The firm has no public API, developer portal, or proprietary technology disclosed. Distribution is conducted via a content-driven marketing approach (educational articles, LinkedIn, Instagram, community events) combined with a referral channel anchored in local professional advisors, with no outbound sales motion beyond a recently formed business development function.

The firm employs between 11 and 50 staff across both offices, with approximately 25 named personnel including a President & CEO (Brian Halverson), Chairman of the Board (Steve Halverson), EVP/COO (Maureen Jelinek, hired December 2022 from Gate City Bank), and multiple VPs and Trust Officers. Staff collectively hold advanced designations (CTFA, CFP, QKA, CRSP, CISP) and represent more than 400 years of combined finance, trust, and investment experience. The company is privately held with no parent organization, no external institutional investors, and no disclosed funding rounds.

Name

Heartland Trust Company

Legal name

Heartland Trust Company

Website

https://heartlandtrust.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

Heartland Trust Company is a family-owned, North Dakota-chartered trust and wealth management firm offering fee-based investment management, trust and estate administration, 401(k) plan services, and financial planning to individuals, businesses, and foundations across Fargo and Grand Forks.

Ownership category

akta.pro rank

Product category

Trust and Wealth Management Services

NAICS

Trust, Fiduciary, and Custody Activities (523991), Trusts, Estates, and Agency Accounts (52592), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Trust Administration & Fiduciary Accounting Services (FSAAANAF)

akta.pro secondary industries

Directed Trust & Trust Advisory Services (FSAAANAK), Personal & Family Trust Services (FSAAANAA), Philanthropic & Charitable Trust Services (FSAAANAI), Estate Planning, Trust Structuring & Governance (FSAAADAF)

Keywords

• Trust services
• Investment management
• Retirement planning
• 401k administration
• Estate planning

Headquarters

HQ city

Fargo

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management: Fee-based investment management services for personal and business clients. Independent officers select from hundreds of investment options to create personalized strategies. Transparent approach with no commissions or hidden fees.
2. Trust Administration: Professional oversight and management of trusts for individuals and families. Includes revocable and irrevocable trusts, estate administration, and trust settlement services.
3. 401(K) Plan Administration: Comprehensive 401(k) services including plan design, corporate trustee services, third-party administration (TPA), employee education, compliance testing, reporting, and investment reviews. Serves as Directed Trustee.
4. Retirement Planning: Individual retirement planning including IRA rollovers, Roth vs pre-tax contribution analysis, and required minimum distribution planning.
5. Estate and Endowment Administration: Estate planning, estate administration, foundation and nonprofit endowment management, charitable gift planning including charitable remainder trusts and donor advised funds.
6. Financial Planning: Personalized financial planning services including asset allocation, goal-based planning, and comprehensive financial plans covering assets, liabilities, and protection.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Heartland Trust Company provides fee-based trust, investment, and retirement services. Personal services include investment management, IRA rollovers, retirement planning, financial planning, trust administration, charitable gift planning, estate administration, and unique asset management. Business services include 401(k) plan design and administration (as Corporate Trustee and Third-Party Administrator) and foundation, non-profit, and endowment management. The firm serves both individuals/families and organizations/businesses with a fiduciary, transparent, commission-free advisory model.

Product overview

Heartland Trust Company is a family-owned trust and wealth management firm founded in 1990, offering a comprehensive suite of financial services. The company operates as a unified platform combining investment management, trust administration, retirement planning, and charitable gift planning for individual and institutional clients. Personal services include Investment Management, IRA Rollovers, Retirement Planning, Financial Planning, Trust Administration, Charitable Gift Planning, Estate Administration, and Unique Asset Management. Business services include 401(K) Services (Plan Design, Corporate Trustee, TPA, Employee Education, Compliance Testing) and Foundation/Non-Profit & Endowment Management. Client portal access is provided through third-party platforms including Fidelity (investments), AccuNet (trust accounts), go-retire.com (401k plans), and wealth.emaplan.com (financial planning).

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Management Builds personalized investment strategies to maximize returns and minimize risk for personal financial goals, including asset allocation and ongoing portfolio management for individuals and families.
• IRA Rollovers Facilitates the rollover of existing retirement accounts into IRAs with guidance on tax implications and optimal account structures for individuals.
• Retirement Planning Crafts personalized strategies to achieve individual retirement objectives, including income projections, Roth vs. pre-tax contribution analysis, and required minimum distribution planning.
• Financial Planning Provides detailed financial plans covering assets, liabilities, cash flow, protections, and goal tracking to improve financial wellness for individuals.
• Trust Administration Provides professional oversight and management of trusts, including revocable trusts, irrevocable trusts, ILITs, and estate/trust settlement services under a fiduciary standard.
• Charitable Gift Planning Manages charitable remainder trusts, charitable lead trusts, donor advised funds, and other philanthropic vehicles to optimize tax benefits while supporting charitable causes for individuals and families.
• Estate Administration Guides families through estate planning including wills, trusts, asset distribution, beneficiary designation, and coordination with attorneys and tax advisors.
• Unique Asset Management Specialized management for non-traditional assets such as farmland, real estate, and other unique holdings held by individuals and families.
• 401(k) Services Comprehensive 401(k) plan administration for employers including plan design, corporate trustee services, third-party administration (TPA), employee education, compliance testing and reporting, and plan investment reviews. The firm serves as Directed Trustee for plan sponsors.
• Foundation, Non-Profit & Endowment Management Investment management and portfolio consulting for foundations, non-profits, and endowments, including investment policy development and withdrawal/distribution policy guidance aligned with fiduciary standards.

Quantifiable outcome

• No specific quantified outcomes provided

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Partnerships

Five partnerships are on record, tiered core.

• FidelitycoreTechnology or IntegrationThird-party investment platform provider for wealth management client accounts. Clients access Fidelity platform for investment management services.
• AccuNet (Trust)coreTechnology or IntegrationTrust accounting service provider for trust administration clients.
• Go-RetirecoreTechnology or Integration401(k) participant and plan sponsor portal provider for retirement services clients.
• eMoneyPlancoreTechnology or IntegrationFinancial planning platform for client wealth management and planning services.
• Professional Advisor Network (CPAs, Attorneys, Bankers)coreChannel Partner/ Reseller/ DistributorReferral network of professional advisors including CPAs, attorneys, and bankers who refer clients needing trust, estate, and investment management services. Listed as referral source on contact form.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Alerus Financial: Grand Forks-based financial services firm offering wealth management, retirement plan administration, and trust services. Directly comparable regional peer operating across the same ND footprint as Heartland's two offices.
• Bell Bank Wealth Management: Fargo-headquartered bank-affiliated wealth and trust management group also serving ND/MN clients. Comparable because it offers trust administration, investment management, and retirement plan services in the same regional market as Heartland.
• First Western Financial: Bank holding company with wealth management and trust services focused on personal and business clients in the upper Midwest. Comparable as a regional full-service wealth and trust provider with similar client mix.

Regional players

• Cornerstone Bank Wealth Management: North Dakota community bank offering trust and investment services to local clients. Comparable as a regional, community-based trust and wealth provider competing in overlapping ND markets.
• Plante Moran Wealth Management: Midwest-based advisory firm offering wealth management, retirement plan services, and trust-adjacent planning for individuals and businesses. Comparable as a fiduciary-style advisor in nearby markets serving similar client profiles.

Broad incumbents

• Edward Jones: National brokerage with extensive local advisor presence serving individual investors with retirement, investment, and estate planning services. Comparable as a high-touch, relationship-driven wealth advisor competing for the same client households.
• Ameriprise Financial: Large national wealth manager with local advisors providing financial planning, investment management, and retirement plan services. Comparable as a fiduciary-style advisory firm serving mass-affluent and business retirement clients.
• RBC Wealth Management (US): Major wealth and trust manager with strong Upper Midwest presence offering investment management, trust services, and retirement plan administration. Comparable as a full-service incumbent in the same wealth management category.
• Charles Schwab Wealth Management: National custodian and wealth manager offering investment advisory, retirement, and estate services to individuals and businesses. Comparable as a large incumbent serving similar personal and 401(k) client needs.
• Fidelity Wealth Management: National investment and wealth management platform that already serves as Heartland's underlying custodian. Comparable because Fidelity competes directly with trust/wealth advisory firms for individual investors and retirement plans.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/heartland-trust-company
• Instagraminstagram.com/heartlandtrust

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heartland Trust Company