Phillip C. Richards, CLU®, RHU® is the Executive Chairman and Founder of the affiliated companies that comprise North Star Resource Group. North Star represents a fully integrated array of financial services and products for individuals and businesses of all sizes and has over 140,000 clients with offices in 22 states with client assets under administration exceeding $9.5 billion dollars.1
Phil received his Bachelor of Science in 1962 from Temple University where he served as student body president and received the prestigious Sword Award as outstanding senior classman. A recipient of a four-year wrestling scholarship, he served as team captain and was inducted into both the National Wrestling Hall of Fame in 2010 and the National High School Coaches Hall of Fame in 2010. Phil was elected to the Temple University Board of Trustees in 2009 and was the 2016 commencement speaker for Temple University when he was awarded an honorary Doctor of Humane Letters Degree. Additionally, he served as commencement speaker of both the Fox School of business and the Temple Podiatry School. In 2019, Temple University appointed Phil as the vice chair to the board of trustees and the Chairman of the Executive Committee.
Phil began his professional career in 1962 with the Penn Mutual Life Insurance Company in Philadelphia. In 1965, he joined The Hartford leading the company in sales. In 1969, Phil acquired North Star Resource Group, which has received the prestigious Master Firm Award from GAMA International most recently in 2015 and 20135. North Star is celebrating 112 years in business with origins tracing back to 1908 and has been awarded the Charitable Champions award from "Invest in Others" in 20193; the Community Leader award from Investment News in 2010; the Better Business Bureau of Minnesota and North Dakota’s Torch Award for Ethics in 2011, 2015 and 20194 making it the only three-time winner; and the Minnesota Business Ethics Award in 2015.
A winner of numerous industry awards, Phil is the 2005 inductee into the GAMA International Hall of Fame and is the only firm leader in the world to have received the International Management Award from GAMA International every year (46 years)5 since the inception of that award. In 2007, Phil was named the recipient of the 66th annual John Newton Russell Memorial Award,6 the highest honor in the insurance industry by the National Association of Insurance and Financial Advisors (NAIFA). Phil was inducted into The American College of Financial Services Hall of Fame in 2016 and the Insurance Business America Hall of Fame in 2020. Phil’s first book, 25 Secrets for Sustainable Success, was published in March 2007 with the expectation that it will continue to be adopted by many as the gold standard for the industry. He has since co-authored, The Sky Is Not the Limit (2014), Practice on Purpose (2015), and Promises Kept (2016).
Since 1991, North Star has been the leading outlet for its largest supplier, Minnesota Life Insurance Company.
Phil is an adjunct professor emeritus for the Carlson School of Management at the University of Minnesota and former adjunct professor at Central University of Finance and Economics in Beijing, China, and is a four-time chairman of Securian’s National Advisory Board, was inducted as its 19th member into Securian’s Hall of Fame,3 served on the Executive Board of Directors for the Minnesota Council for Quality, and is past president of GAMA International (2003). He is a 45-year arbitrator for the Better Business Bureau, is a past chairman of the Better Business Bureau of Minnesota and North Dakota Board of Directors, served on the Arizona Quality Council Board of Directors, and served on The American College Board of Trustees in Philadelphia for nine years, inducted into the College’s Hall of Fame in 2016 in New York City. In addition, he is a past chairman of the LIFE Foundation and currently serves on the Mayo Clinic of Arizona Leadership Council and on the Board of the National High School Coaches Association, and he is the past treasurer of the Arizona Heart Foundation Board of Trustees. He chairs the Scott Richards North Star Foundation which annually receives 10% of all of North Star’s profits and has given over $5.8 million to charities since 2004.2 Since 2018, the foundation has funded two seven-figure endowed chairs for Alzheimer’s research at the Lewis Katz Temple Medical Center.
Phil has been a featured speaker in 17 countries on topics including strategic planning, leadership, and alternate distribution systems in the financial services industry in the 21st century. He has addressed the annual meetings of over 150 major companies; was a main platform speaker at the National GAMA International LAMP Meeting in 1998 and its Canadian counterpart in Toronto in 1999; was a main platform speaker in Singapore, Taipei, and Manila in August 2000; and was a main platform speaker at the Asian Pacific Conference in Bangkok (where he co-founded GAMA Thailand) in 2001 and 2010; in Singapore in 2011 and 2015; Crete, Greece, in 2002; Athens, Greece, in 2006, 2010, and 2015; Sydney, Australia, in 2005; and Buenos Aires, Argentina; and spoke in Shanghai and Beijing numerous times as a lecturer at Beijing University and Shanghai University for Finance and Economics. He was a main platform speaker for MDRT in Vancouver in 2010 and in Ireland in 2012, as well as GAMA LAMP Asia in 2014 and 2016. He was a 2016 Asia LAMP main platform speaker in Bangkok as well as being featured in Vietnam and Singapore in 2016 and again in Bangkok and Singapore in 2017 and 2019.
1As of September 30, 2020
2As of June 26, 2020
3Awards and club membership are based primarily on commissions, premiums, or fees generated from investment and insurance products and other criteria relative to leadership and achievement. Working with this individual or firm is not a guarantee of future financial results. Investors should conduct their own evaluation.
4Awards are based primarily on criteria relative to leadership, achievement, recruiting, management practices, community service, team unity and education. Sales are not a consideration. There is no fee associated with this award. Companies must be in good standing with the Better Business Bureau for consideration. Working with this advisor or firm is not a guarantee of future financial results. Investors should conduct their own evaluation.
5GAMA International (currently known as Finseca) is a membership organization for which individuals must submit applications and payment. The organization is geared toward those in a recruiting, training, or supervision roles in the financial services industry. Awards are based primarily on commissions, premiums, or fees generated from investment and insurance products and other criteria relative to leadership, achievement, and recruiting selected by the applicant. Individuals must be current with membership dues and submit an application fee for consideration . Working with this individual is not a guarantee of future financial results. Investors should conduct their own evaluation
6NAIFA. John Newton Russell Memorial Award. Retrieved October 15, 2020, from https://tdc.naifa.org/jnraward
Phil is a Registered Representative and Investment Advisor Representative of Securian Financial Services, Inc. and CRI Securities, LLC. 2495828/DOFU 10-2020
Phillip’s Support Team
Title: Executive Assistant
MinneapolisNorth Star Professional Center
2701 University Avenue SE
Minneapolis, MN 55414