Phillip Richards announced as a 2026 inductee into the Minnesota Insurance Hall of Fame in recognition of his contributions to the financial services profession
ST. PAUL, Minn.—August 6, 2026—North Star Resource Group Executive Chairman and Founder Phillip C. Richards was announced today as a 2026 inductee into the Minnesota Insurance Hall of Fame, hosted by the Center for Risk Management & Insurance at the University of St. Thomas.
Founded in 2024, the Minnesota Insurance Hall of Fame recognizes individuals whose leadership, innovation and service have made a lasting impact on Minnesota’s risk management and insurance industries.
“Being named a 2026 inductee into the Minnesota Insurance Hall of Fame is a huge honor,” stated Richards. “Throughout my career, I’ve had the pleasure of working alongside some of the brightest and best in the profession, many of whom are at North Star. This recognition is more theirs than mine, and I appreciate everyone who continues to support our firm’s purpose of ‘Changing Lives, Forever®,’ every day.”
Richards began his career in financial services in 1962 with Penn Mutual Life Insurance Company in Philadelphia. He acquired North Star in 1969, and throughout his 46-year tenure as CEO, he grew the firm from a five-agent office to a firm that included nearly 300 financial advisors and team members spread across 22 states.* In January 2016, he transitioned to his current role and passed the position of CEO to then-CEO-elect Ed Deutschlander, CLU®, CLF®, who also serves as Macalester College’s board chairman.
Thanks to his exemplary professional service, Richards is the recipient of numerous awards. He was inducted into the GAMA International Hall of Fame in 2005, and he was named the recipient of the 66th annual John Newton Russell Memorial Award in 2007 by the National Association of Insurance and Financial Advisors (NAIFA). Additionally, he was inducted into The American College of Financial Services Hall of Fame in 2016 and named a recipient of its Solomon S. Huebner Gold Medal Award in 2023.
Richards serves as an adjunct professor emeritus for the Carlson School of Management at the University of Minnesota and is a former adjunct professor at Central University of Finance and Economics in Beijing, China. He was inducted as the 19th member into Securian Financial’s Hall of Fame in 2012, previously served on the Executive Board of Directors for the Minnesota Council for Quality and served as president of GAMA International in 2003.
Additionally, Richards is a 47-year arbitrator for the Better Business Bureau, is a two-time 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. He currently chairs the Scott Richards North Star Foundation, which donates 10% of North Star’s annual profits to charity. Since its founding in 2004, the Foundation has donated over $7.67 million to worthy causes.†
Richards is also a prolific author, with his first book, “25 Secrets for Sustainable Success,” being published in 2007. He is also the co-author of “The Sky Is Not the Limit” (2014), “Practice on Purpose” (2015), “Promises Kept” (2016), and an updated version of “Practice on Purpose” (2022).
Finally, Richards has been a featured speaker in over 18 countries, speaking on subjects such as strategic planning, leadership and alternative financial services distribution systems. Countries in which he has spoken include Canada, Singapore, Thailand, Greece, Argentina, China, Vietnam, Indonesia, Malaysia and Ireland.
“Seeing someone who has not only been instrumental in my path through the financial services profession but also a second father to me receive this Hall of Fame recognition speaks volumes about his character and his many contributions to our profession,” added Deutschlander. “I consider it a gift to have known Phil as long as I have, and I appreciate all the knowledge and wisdom he’s imparted to me in that time. The profession wouldn’t be the same without him, and it shines a bit brighter every day thanks to his legacy.”
Richards and the other honorees will be inducted into the Hall of Fame at the Minnesota Insurance Hall of Fame Induction Ceremony on October 22, 2026, in St. Paul, Minn.
To learn more about the Minnesota Insurance Hall of Fame, visit www.stthomas.edu/mn-insurance-hall-of-fame.
About the Center for Risk Management and Insurance
The Center for Risk Management and Insurance at the University of St. Thomas was founded in 2020 through industry collaboration and funding from the local insurance and risk management community. Aligning the University of St. Thomas mission to advance the common good with the insurance industry’s core purpose, the Center’s RM&I program provides a career pathway through its undergraduate certificate, industry connections and programming, along with focused internships and entry-level opportunities. To learn more about the Center for Risk Management and Insurance, visit www.stthomas.edu/center-for-risk-management-insurance.
About North Star Resource Group
North Star Resource Group is a Minneapolis-based financial services firm that provides both individuals and businesses with the resources to help create, preserve and protect their wealth. North Star has more than 200 full-time advisors and over 218 employees. In a network of 43 offices in over 17 states, they have contributed to the financial security and well-being of over 150,000 individuals and small businesses.† To learn more about North Star Resource Group, visit www.northstarfinancial.com.
*Data as of 12/2015
†Data as of 12/2025
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If you would like more information about this topic, please call Ian Rich at 612.617.6076 or email him at ian.rich@northstarfinancial.com.
The Minnesota Insurance Hall of Fame, administered by the University of St. Thomas Center for Risk Management & Insurance, recognizes individuals who have made significant contributions to the insurance, risk management, and actuarial science professions. Inductees are selected by an independent committee based on factors such as leadership, professional achievement, industry impact, innovation, mentorship, community involvement, and ethical conduct. The award is not based on investment performance or the quality of investment advice provided to clients. Listing in this publication and/or award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the financial professional by any client. No compensation was provided directly or indirectly by the recipient for participation or in connection with obtaining or using the third-party rating or award.
GAMA International Hall of Fame 2005 issued by GAMA International (Now Finseca). This award was decided upon by a collective group of industry organizations. Nominees were evaluated by the Hall of Fame Selection Committee, which assessed each nominee’s history and accomplishments in four categories: 1. Advancing the art and science of agency/firm building. 2. Advancing the mission and work of the financial services industry. 3. Enhancing the quality of public and private life. 4. Promoting professional education in the financial services industry. Listing in this publication and/or award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the financial professional by any client. No compensation was provided directly or indirectly by the recipient for participation or in connection with obtaining or using the third-party rating or award.
American College of Financial Services Hall of Fame (2016) issued by The American College of Financial Services. Recognizes graduates of The College who have made extraordinary contributions to the financial services industry. Listing in this publication and/or award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the financial professional by any client. No compensation was provided directly or indirectly by the recipient for participation or in connection with obtaining or using the third-party rating or award.
Awards 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.
The Securian Financial Services, Inc. Hall of Fame award was granted in 2012 with an evaluation period of 2011 criteria. The Hall of Fame award was granted to commemorate the careers of those financial professionals, Managing Partners, and home office executives who have made significant contributions to the values, practices, culture, and success of Minnesota Life and Securian. This award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the representative by any client. No compensation was provided directly or indirectly by the recipient for participation or in connection with obtaining or using the third-party rating or award.
2023 Solomon S. Huebner Gold Medal Award issued by The American College of Financial Services. Awarded to those honored for support and dedication—the award recognizes people who have moved The College forward in its mission. Listing in this publication and/or award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the financial professional by any client. No compensation was provided directly or indirectly by the recipient for participation or in connection with obtaining or using the third-party rating or award.