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Welcome to Prairie Trust’s quarterly newsletter, Prairie Perspective. Our goal is to keep you updated on our latest happenings and provide you with financial tips and resources.
Enjoy!
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A Message from the President:
While 2020 was an incredibly challenging year, it was a very successful year for our Wealth Management division. We grew our assets under administration to over $900 million, which is a long way from the $300 million that we administered when I joined Waukesha State Bank at the end of 2013. All of our growth has been organic (not from acquisitions) and reflects the very talented team that we have and the expansion of wealth management services that we have undertaken. Let me remind you of the full scope of our services.
Personal trust administration has driven a lot of our growth. I describe us as a flexible service trustee – meaning we will serve as either a directed, delegated or full service trustee. Each of our four personal trust administrators has a dedicated assistant to handle their account administration. We have a dedicated administrator for estate settlement work (Diem Nguyen) and a dedicated administrator for special needs trusts (Nancy Schoenberg). We handle special assets, such as real estate and closely held business interests, and have a dedicated real estate team. In 2020, we added a fiduciary tax specialist (Jo Stahl).
Our investment department has been another engine for growth. When I started, we employed a simplistic mutual fund asset allocation approach to investment management. After we hired Brian Cayon as our chief investment officer in 2016, our investment management strategies have expanded to also include individual stock management, passive investment management and enhanced cash. With three CFPs on staff, we also engage in financial planning for our clients who desire full service wealth management.
Retirement plan services – both qualified plan administration and individual retirement accounts – are another core component of our wealth management services. We are in the process of converting our qualified plans from an in-house recordkeeping service to an outsourced recordkeeping service with Empower. Once completed, Annette Klare will be looking to further grow this service line in partnership with Waukesha State Bank’s Commercial Banking and Payroll Complete departments.
Private Banking is our most recent addition to wealth management services. We hired Ron Jahnke to lead this service line, and 2020 was our first full year of offering Private Banking. Ron’s focus is on providing personalized banking, wealth management coordination and specialized credit services to qualifying wealth management customers. He is a critical link between bank customers and wealth management.
We are well positioned to continue to grow. As part of Waukesha State Bank, we are supported by the Bank’s more than $150 million of capital and surplus. In 2020, we began partnering with The Lowe Group to enhance our exposure in the media. We hope you have seen us and will see more of us in the future – check out the links below in the resources section.
Thank you for your trust and confidence in recommending our services. If you know of someone who would like to learn more about our services, please contact our Director of Fiduciary Sales, Terry Doyle, at (262) 953-2435 or tdoyle@waukeshabank.com.
Very truly yours,
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If you have a trust opportunity you’d like to discuss with us, please email Terry Doyle or call (262) 953-2435.
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| If you have a Private Banking opportunity you’d like to discuss with us, please email Ron Jahnke or call (262) 522-7405. |
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If you would like us to present to your group on a wealth management topic,
please email Lisa Persohn. |
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CE Luncheon Series: Recent Developments in Valuation and Inclusion in the Gross Estate
Tuesday, February 23, 2021, 12:00 - 1:30 PM
Held virtually
Presented by Cannon Financial | CFP, CTFA, CISP, CRSP, CLE, CPE continuing education credits available
Click here to register for 2/23
CE Luncheon Series: The Uniform Trust Code Revisited
Tuesday, March 23, 2021, 12:00 - 1:30 PM
Held virtually
Presented by Cannon Financial | CFP, CTFA, CISP, CRSP, CLE, CPE continuing education credits available
Click here to register for 3/23
CE Luncheon Series: Fiduciary Litigation Annual Review (2021)
Thursday, May 6, 2021, 12:00 - 1:30 PM
Presented by ABA | CLE, CRSP, CTFA, CFP, CPE continuing education credits available
Click here to register for 5/6
CE Luncheon Series: Trust Situs and Governing Law Considerations
Tuesday, May 25, 2021, 12:00 - 1:30 PM
Presented by Cannon Financial | CFP, CTFA, CISP, CRSP, CLE, CPE continuing education credits available
Click here to register for 5/25
CE Luncheon Series: No Good Deed Goes Unpunished (Ethics)
Tuesday, June 22, 2021, 12:00 - 1:30 PM
Presented by Cannon Financial | CFP, CTFA, CISP, CRSP, CLE, CPE continuing education credits available
Click here to register for 6/22
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