Outlook December 31, 2016

DAWN OF A NEW ERA? MARKET OPTIMISM TRUMPS UNCERTAINTY.

Market volatility continued in the fourth quarter of 2016 amidst uncertainty about the U.S. Presidential election as well as overseas economic and geopolitical tensions. For the better part of 2016 the U.S. faced an election that was too close to call allowing mood swings to underpin economic news as time wore on. The S&P500 Index declined 4% between September 30 and the Friday before Election Day. In the early morning after the election, futures markets traded down sharply as the results became clear. Yet, by the time markets opened, in an abrupt about-face, the markets had reestablished pre-election levels and the S&P500 Index rallied over 7% through year-end.

Markets
In the fourth quarter the S&P500 Index earned a 3.8% total return rounding up the strong year-to-date return to 12% for the year ended December 31, 2016. Inspired by the results of the Presidential election in November Small Cap Stocks surged 8.8% in the fourth quarter, chalking up a 21.3% total return for the year, as represented by the Russell 2000 Index. Foreign equity returns were lackluster during the quarter as indicated by the declines MSCI EAFE Index and the MSCI EM Index, 0.7% and 4.1%, respectively. Emerging Market equities had a strong year with an 11.6% total return.

Market Indicies (Total Return as of 12/31/2016)
4thQ% YTD% 3-Year%* 5-Year%*
S&P 500 3.8 11.9 8.9 14.6
NASDAQ Composite 1.7 9.0 10.2 17.2
Russell 2000 8.8 21.3 6.7 14.5
MSCI EAFE** (0.6) 1.6 (1.0) 7.1
MSCI Emerging Markets** (4.3) 11.2 (2.3) 1.6
Source: Bloomberg Finance L.P; *Annualized; **USD

Economy and Interest Rates
In December the Federal Open Market Committee voted to increase the Federal Funds rate by 0.25%, to a range of 0.50% – 0.75% range. In anticipation of this rate increase, bond yields reached 2016 highs. Chair Janet Yellen proclaimed that the Committee will enact a “measured pace” of increasing the Federal Funds rate which, in our opinion, remains supportive of future economic growth. Concerns about the potential impact of rising rates on the dollar and global financial markets are the reasons for slower rate of increases.

The U.S. economy has grown at a 2.1% annual pace over the past five years. The slow growth rate has allowed the economy to heal from the 2007-09 financial crisis. Businesses and consumers have benefitted from the low interest rate environment. Companies have refinanced debt, repurchased shares and have decent cash levels on their books. Consumers also paid down debt as evidenced by an increased savings rate. Mortgage rates remained low which encourages consumers to buy homes and consumer durables.

Other indications of the improvement in the economy are that business and consumer confidence have been rising. In December, the NFIB’s Small Business Confidence survey rose dramatically to 115.8 from 107.8 in November. Small Business owners surveyed by the NFIB reported that they intend to make capital investments, hire more people and increase wages. President Trump’s pro-growth policies such as reduced government regulation and a revamped tax code support business owners’ optimistic stance.

Yields
Strong demand for U.S. Government bonds is evidenced by the Treasury’s new issues being overbought. The Ten-year Treasury Note yields 2.36% which is above the low of 1.37% reached in the past twelve months. In fact, over the past five years the 10-year Treasury yield has traded in a 1.4% to 3.0% range. The market hints that this range may be the “new normal” implying that investment income expectations remain modest.

Stocks
Stock prices reached new highs several times in 2016 and the Dow Jones Industrial Average is flirting with 20,000. Prices are relevant in determining an investment’s value. As equity investors, we consider additional measures when weighing the outlook for the market: earnings, valuation and sentiment.

2016 earnings for S&P 500 companies are expected to be $118.01, 10% above 2015. For 2017, the consensus earnings outlook is $128.23, per Zack’s Investment Survey, an 8.7% increase. The price-to-earnings ratio base upon expected earnings, known as P/E, is a useful barometer of value. Presently the future P/E of the S&P 500 Index is at 17.7 times 2017 expected earnings, slightly above the 15.9x long-term average. We believe that on a P/E basis the market is neither expensive nor cheap. Investor sentiment has risen supported by an improved outlook for the economy. Expected earnings and sentiment measures are positive, and the P/E ratio is neutral. The 8.7% expected increase in earnings for the S&P500 Index plus the 2% dividend yield signal a good year ahead in the equity market.

When Is the Right Time to Invest?
When you are an investor and take a long-term view, any time can be the right time depending in what you are investing. Therefore, it’s advisable to have access to wealth managers who actively monitor securities and markets daily. It’s also our job to keep emotions like loss avoidance from endangering your overall goals. Investing in a portfolio diversified over different types of assets and actively managing the assets are the keys to long-term success. The secret to successful investing is to remain focused on why you invest: to build wealth over time. The Wealth Management Officers at Old Second work with clients to develop and implement investment strategies that fit their objectives of growth and income. Particularly in volatile markets, ensuring clients’ exposure to risk is appropriate for their situation remains most important. Challenges in the markets will be met with diligence and care. Our team of experienced professionals is available to help guide you along the path toward achieving your financial goals.

Rich Gartelmann CFP® – (630) 844-5730 rgartelmann@oldsecond.com
Steve Meves, CFA® – (630) 801-2217 – smeves@oldsecond.com
Jean Van Keppel CFA® – (630) 906-5489 jvankeppel@oldsecond.com
Brad Johnson CFA®, CFP® – (630) 906-5545 bjohnson@oldsecond.com
Joel Binder, SVP – (630) 844-6767 jbinder@oldsecond.com
Jacqueline Runnberg CFP® – (630) 966-2462 jrunnberg@oldsecond.com
Ed Gorenz, VP – (630) 906-5467 ejgorenz@oldsecond.com

Visit Old Second Wealth Management

Non-deposit investment products are not insured by the FDIC; not a deposit of, or guaranteed by, the bank; may lose value.

 

Russia-Election, Turkey: Wealth Economic Update Dec. 30, 2016

U.S. and World News

  • In response to its alleged hacking and interference in the 2016 presidential election, the Obama administration announced new sanctions against Russia this week, including expelling 35 Russian diplomats and closing two Russian compounds in the U.S. The White House stated, “Russia’s cyber activities were intended to influence the election, erode faith in U.S. democratic institutions, sow doubt about the integrity of our electoral process, and undermine confidence in the institutions of the U.S. government.” Russian President Vladimir Putin has announced that Moscow will not retaliate in-kind and will refrain from expelling U.S. diplomats from the country, a decision that was praised by President-Elect Donald Trump in a Friday afternoon tweet.
  • Expanding on the truce that was established in Aleppo earlier this month, Russia and Turkey have brokered a nationwide ceasefire in Syria. The agreement would come into force in all regions where fighting between pro-government forces and opposition groups is taking place. The accord is already off to a shaky start as just after the ceasefire was set to take effect, it was reported that clashes between insurgents and government forces took place in several locations.

Markets

  • This week the S&P 500 fell by 1.07% and closed at 2,239. The Dow Jones Industrial Average decreased by 0.46% and closed the year at 19,763 and was unable to reach the 20,000 milestone in 2016. For the year, the S&P rose 11.77% and the Dow climbed 16.16%.
  • Interest rates continued to retreat from their recent highs this week. The 5 year and 10 year U.S. Treasury Notes now yield 1.93% and 2.45%, respectively.
  • The spot price of WTI Crude Oil rose by 1.49% this week and closed 2016 at $53.83 per barrel. WTI Crude was up 34.40% in 2016.
  • The spot price of Gold increased by 1.59% this week, ending the year at $1,151.35 per ounce. In 2016, gold prices rose 8.50%.

Economic Data

  • Weekly initial jobless claims came in at 265,000, a decrease from last week’s reading of 275,000. The Labor Department noted not major distortions to the data this week. The four week moving average for jobless claims now stands at 263,000.
  • The Case-Shiller home price index rose by 0.6% in October, beating expectations of 0.5%. Prices rose in all 20 cities measured by the index and have now risen 5.1% over the last 12 months.
  • Pending home sales fell 2.5% in November to a 10-month low. Pending sales fell in the West (-6.7%), Midwest (-2.5%) and South (-1.2%) but rose in the Northeast (+0.6%). The weak report may be an indication that higher mortgage rates are beginning to affect demand.

Fact of the Week

  • The number of electronic devices that are connected to the internet (ie. laptops, phones, care, appliances etc.) surpassed the world’s population in 2010. By 2020, the number of connected devices will reach 50 billion, or almost 7 times the world’s population of 7.3 billion. (Source: Federal Trade Commission)

Please contact a member of the Wealth Management Department if you have any questions about this information.

Rich Gartelmann CFP® – (630) 844-5730 rgartelmann@oldsecond.com
Steve Meves, CFA® – (630) 801-2217 – smeves@oldsecond.com
Jean Van Keppel CFA® – (630) 906-5489 jvankeppel@oldsecond.com
Brad Johnson CFA®, CFP® – (630) 906-5545 bjohnson@oldsecond.com
Joel Binder, SVP – (630) 844-6767 jbinder@oldsecond.com
Jacqueline Runnberg CFP® – (630) 966-2462 jrunnberg@oldsecond.com
Ed Gorenz, VP – (630) 906-5467 ejgorenz@oldsecond.com

Visit Old Second Wealth Management

Non-deposit investment products are not insured by the FDIC; not a deposit of, or guaranteed by, the bank; may lose value.

 

The One Thing You Need to Know About Investing

Steve Meves, Senior Vice President/Chief Investment Officer, Wealth Managementmevess_bus009xqc

Investing is about using the money you’ve saved to purchase an asset that will hopefully appreciate over time. The key word in that last sentence is “time.” Giving your investments sufficient time to grow, regardless of what you are investing in, is the hard part. It’s also a key ingredient to building wealth.

Market Movements Are Noise

The financial markets go up and down, sometimes within the same day. But throughout history, they’ve kept climbing. The indexes we use to measure investment results—the Dow Jones Industrial Index and the S&P 500 Index—reflect this jagged climb. It’s this historical proof of resilience through wars, political mayhem and underperformance that allows professional wealth managers to remain calm in the face of sell-offs. They’ve seen the charts and looked at the data on market closes. And, they know that sell-offs end with recoveries. These recoveries may take time, but eventually they occur and have led to a resumption in the historical upward trend.

Go Long

The mistake many investors make is in assuming they need to do something when markets sell off. That’s only natural. It hurts to see your account balances decline, even if it’s a short-term occurrence. Our brains are hard wired to feel the pain of a loss—in this case money—more intensely than we feel the joy of a gain. It’s why we are intuitively risk averse. No one likes the way they feel when they lose.

When markets do sell off—whether during a day, over several weeks or even months—we all impulsively want to avoid further pain by selling. Some even want to anticipate the loss by selling before markets ever start selling off.

Taking evasive action may feel good in the short run, but it can destroy investment results in the long run, because you need to be right about the market continuing to go down when you are out of the market. More importantly, you also need to be in the market during its recoveries in order to benefit. It’s hard to know on any given day the kind of day it will be.

When Is the Right Time to Invest?

When you are an investor and take a long-term view, any time can be the right time depending on what you are investing in. Therefore, it’s advisable to have access to wealth managers who actively monitor markets daily to determine when it makes sense to pull back on investing in securities, or types of securities, and when to add more. It’s also our job to keep emotions like loss avoidance from endangering your overall goals so that your portfolio is diversified over different types of assets. That way, it’s better positioned to withstand volatility in any one type of asset.

In the end, the secret to successful investing is to remain focused on why you invest: to build wealth over time.

For more information on how our goal-driven wealth management services keep you on task over the long term, visit us here or call 630-801-2217. We can’t wait to talk to you about what we can do for you today.

 

Non-deposit investment products are not insured by the FDIC; not a deposit of, or guaranteed by, the bank; may lose value.

Yellen, ISIS-Germany: Wealth Economic Update Dec. 27, 2016

U.S. and World News

  • baltimore-184943883_360After the Federal Reserve raised interest rates for the first time in a year, Fed Chairwoman Janet Yellen spoke in Baltimore about the economy, specifically regarding the job market and wages. In her speech, she told 2016 University of Baltimore graduates that they are “entering the strongest U.S. jobs market in nearly a decade” as the U.S. unemployment rate sits at 4.6%, its lowest level since 2007. Janet Yellen did not speak to anything relating to monetary policy, but did mention that wages continue to increase despite low economic growth.
  • ISIS has claimed responsibility for a man by the name of Anis Amri, who intentionally drove a truck through a crowded Christmas market in Berlin killing 12 and injuring 50 people. Chancellor Angela Merkel is being criticized for her security policies after it was discovered that in the past, Anis Amri was secretly under surveillance and considered a threat by German officials but the operation was later called off. Anis Amri was killed during a shoot-out with police in Milan early this morning.

Markets

  • This week the S&P 500 rose by 0.29% and closed at 2,264. The Dow Jones increased by 0.46% and closed at 19,934. So far in 2016, the S&P is up 12.96% and the Dow is up 17.14%.
  • Interest rates retreated from their highs this week. The 5 year and 10 year U.S. Treasury Notes now yield 2.02% and 2.54%, respectively.
  • The spot price of WTI Crude Oil rose by 0.21% this week and closed at $53.06 per barrel. WTI Crude is up 43.25% in 2016.
  • The spot price of Gold declined 0.26% this week, closing at $1,131.88 per ounce. Year to date, gold prices are up 6.67%.

Economic Data

  • Existing home sales rose by 0.7% (mom) in November versus expectations of a 1.8% decline. Single-family home sales fell by 0.4% and sales of condos rose 10%.
  • Sales of new single-family homes increased 5.2% (mom) in November. New home sales were the highest in the Midwest and West, and lower in the South.
  • Personal income remained unchanged in November versus expectations of a slight increase. Nominal wage, salary incomes, and real disposable personal income were down 0.1% (mom). Consumer spending increased 0.2% and the personal saving rate dropped to 5.5% from 5.7%.

Fact of the Week

  • Healthcare spending in the United States reached $3.2 trillion in 2015 (18% of the nation’s economy), equal to per person spending of $9,990. 20 years earlier (1995), per person healthcare spending in America was $3,788 (source: Health Affairs).

Please contact a member of the Wealth Management Department if you have any questions about this information.

Rich Gartelmann CFP® – (630) 844-5730 rgartelmann@oldsecond.com
Steve Meves, CFA® – (630) 801-2217 – smeves@oldsecond.com
Jean Van Keppel CFA® – (630) 906-5489 jvankeppel@oldsecond.com
Brad Johnson CFA®, CFP® – (630) 906-5545 bjohnson@oldsecond.com
Joel Binder, SVP – (630) 844-6767 jbinder@oldsecond.com
Jacqueline Runnberg CFP® – (630) 966-2462 jrunnberg@oldsecond.com
Ed Gorenz, VP – (630) 906-5467 ejgorenz@oldsecond.com

Visit Old Second Wealth Management

Non-deposit investment products are not insured by the FDIC; not a deposit of, or guaranteed by, the bank; may lose value.

 

Rate increase, OPEC: Wealth Economic Update Dec. 19, 2016

U.S. and World News

  • fed360In Wednesday’s Federal Open Market Committee meeting, the decision was made to increase the fed funds rate by 0.25% to a 0.50-0.75% range, as expected. What came as a surprise, however, was that the committee now sees three interest rate increases in 2017 as opposed to two. This news sent the trade-weighted Dollar and treasury yields higher for the week as expectations for quicker monetary policy tightening has arisen.
  • For the first time since 2001, OPEC and non-OPEC oil producers have signed a deal to cut oil production. Unlike OPEC deals in the recent past, the current deal led by Russia to limit oil production to 558,000 barrels per day is widely expected to be enforced and abided by. The goal by OPEC countries is to keep the price of oil within the $60 range and full compliance with the deal will likely push the price to that level. On the other hand, as a result of interest rate increases, the Dollar has strengthened which is expected to lower the demand for oil, putting pressure on oil prices.

Markets

  • This week the S&P 500 was down slightly by 0.03% and closed at 2,258. The Dow Jones increased by 0.45% and closed at 19,843. So far in 2016, the S&P is up 12.64% and the Dow is up 16.61%.
  • Interest rates continued to climb higher this week following the FOMC meeting. The 5 year and 10 year U.S. Treasury Notes now yield 2.07% and 2.59%, respectively.
  • The spot price of WTI Crude Oil increased by 0.91% this week and closed at $51.97 per barrel. WTI Crude is up 40.47% in 2016.
  • The spot price of Gold fell 2.25% this week, closing at $1,133.82 per ounce. Year to date, gold prices are up 6.85%.

Economic Data

  • Initial jobless claims came in at 254,000, a decrease from last week’s reading of 258,000. The labor department noted no major distortions to the data this week. The four week moving average for claims moved up to 258,000.
  • Retail sales rose by 0.1% (mom) in November versus consensus estimates of a 0.3% gain. Core retail sales (excluding autos, gasoline, and building materials) increased by 0.1% versus consensus estimates of a 0.3% gain.
  • The consumer price index (CPI) increased by 0.2% (mom) in November and 1.7% from one year earlier which was in line with expectations. Core CPI (excluding food and energy) increased by 0.15% (mom) and 2.1% from a year earlier which was also in line with expectations.
  • Housing starts declined by 18.7% (mom) in November after a large gain in October. The decline in housing starts for the month was largely led by multi-family starts which were down 45.1% while single-family starts fell by 4.1%. Multi-family and single-family starts were up 76% and 10.5% in October respectively.
  • The Philadelphia Fed’s manufacturing index rose to +21.5 in December from +7.6 in November which was much higher than expectations. 

Fact of the Week

  • Outstanding student loan debt is $1.279 trillion as of 9/30/16. 11.0% of student debt (by dollar) is at least 90 days delinquent or is in default as of 9/30/16. The delinquency calculation understates the actual delinquency rate since student loans that are now in deferment are treated as if they are “current” with regard to their payment status (source: Federal Reserve Bank of New York).

Please contact a member of the Wealth Management Department if you have any questions about this information.

Rich Gartelmann CFP® – (630) 844-5730 rgartelmann@oldsecond.com
Steve Meves, CFA® – (630) 801-2217 – smeves@oldsecond.com
Jean Van Keppel CFA® – (630) 906-5489 jvankeppel@oldsecond.com
Brad Johnson CFA®, CFP® – (630) 906-5545 bjohnson@oldsecond.com
Joel Binder, SVP – (630) 844-6767 jbinder@oldsecond.com
Jacqueline Runnberg CFP® – (630) 966-2462 jrunnberg@oldsecond.com
Ed Gorenz, VP – (630) 906-5467 ejgorenz@oldsecond.com

Visit Old Second Wealth Management

Non-deposit investment products are not insured by the FDIC; not a deposit of, or guaranteed by, the bank; may lose value.

 

A Different Way of Investing

Rich Gartelmann CFP® Senior Vice President/Head of Wealth ManagementRich Gartlemann Bio Picture

More often than not, when people talk about their investments, they talk about how well they did versus “the market” or about how much they gained in a single stock. The problem with measuring performance this way is that investing really isn’t like a sporting event where you keep score against an opponent. The only way you “win” is if you have enough money to achieve your financial goals. If you don’t, it won’t matter that your portfolio beat the S&P 500 Index for 10 years straight.

Focus on Results, Not Numbers  

When asked about their goals, often people will say, “I just want to have a million dollars by the time I retire.” That is a big round number, but is it enough? Too much? It depends on the type of retirement you want and the sources of income you’ll have available to support you.

Similarly, there are many investors who start selling stocks and buying bonds when they turn 65, because they believe that when they hit this age they need to invest conservatively. It may be the right action and, depending upon the current market condition, it may not even be a conservative move. Interest rate risks and rising inflation rates can devastate bond investments at certain points in an economic cycle.

If a person turning 65 today is in good health and still enjoys working, they are probably not ready to retire. Even if they are looking forward to retiring, they need to think about how to manage their assets in a way that will support them for another 30 years.

Match the Investments to the Timeframe

The trick to financial planning really isn’t the math as much as determining the journey. Think about where you are in your life and what you want to achieve next. Then, decide what you hope to achieve after that and, from a financial standpoint, what you wish to achieve in the long term.

The list will change over time, and it’ll be different for everyone. However, it may include things like:

  • Buy a home
  • Earn a graduate degree
  • Start a business
  • Pay for my children’s education
  • Pay off my home
  • Buy a family vacation home
  • Eat out whenever I want
  • Travel more
  • See every professional sports team play a game at home
  • Afford health care expenses
  • Avoid estate taxes for my family
  • Support charitable causes
  • Retire early
  • Just keep doing what I love and not retire

To know what you need to afford what you want requires adding some details to your goals and a timeframe. From there, your advisor can work with you to set a dollar goal and calculate how much you need to save to achieve it, if it is an expense. Your advisor can also help you decide how much you need to invest and how to invest your savings to create enough income to achieve ongoing goals, like retirement.

When it comes to investing, we focus less on the big numbers and more on helping you achieve big results.

For more information on how we approach and deliver goal-driven wealth management services, visit us here or call 630-844-5730. We can’t wait to talk to you about what we can do for you today.

 

Non-deposit investment products are not insured by the FDIC; not a deposit of, or guaranteed by, the bank; may lose value.

OPEC, Castro: Wealth Economic Update Dec. 5, 2016

U.S. and World News

  • castro-172756369_320Oil prices rallied this week as OPEC has appeared to come to an agreement to cut production for the first time in eight years following a meeting of its member nations in Vienna this week. Prospects for a harmonious meeting were shaky early on as Saudi Arabia and Iran were initially opposed to cuts and tensions between Russia and OPEC flared up. Even with an agreement in place, questions still remain regarding the implementation and monitoring of production cuts given the cartel’s history of not always honoring these types of agreements.
  • Former President of Cuba, Fidel Castro, died at the age of 90 last week. His brother, Raul, who has been in the President of the still Communist nation since 2008, is tasked with the continuation of U.S.-Cuba relations which have softened in the last year as the U.S. embargo on the country was lifted by President Obama. President-Elect Trump has been critical of re-establishing diplomatic ties with Cuba and may be willing to reverse those policies.
  • Protests in South Korea have intensified as more than 1 million people gathered to rally against President Park Guen-hye and call for her impeachment. This was the 5th consecutive week of mass protests in Seoul. Park is embroiled in a corruption scandal that has paralyzed her government for weeks, leading her to request a shorter term from parliament and relinquishing some of her powers. Her opposition, however, believes this is a tactic to avoid impeachment and is attempting to put an impeachment motion up for vote in the coming weeks.

Markets

  • This week the S&P 500 decreased 0.91% and closed at 2,192. The Dow Jones rose 0.22% and closed at 19,170. So far in 2016, the S&P is up 9.31% and the Dow is up 12.65%.
  • Interest rates paused from the dramatic increase they have seen in recent weeks. The 5 year and 10 year U.S. Treasury Notes now yield 1.82% and 2.38%, respectively.
  • The spot price of WTI Crude Oil spiked 12.20% this week on reports of an agreement by OPEC to cut production. Oil closed at $51.68 per barrel. WTI Crude is up 29.04% in 2016.
  • The spot price of Gold fell 0.52% this week, closing at $1,177.43 per ounce. Year to date, gold prices are up 10.96%.

Economic Data

  • Initial jobless claims came in at 268,000, an increase from last week’s reading of 251,000. The claims figure may have been higher this reading due to the Thanksgiving holiday last week. The four week moving average for claims moved up to 252,000.
  • The monthly employment report for November showed job gains of 178,000, slightly lower than consensus estimates of 180,000. The prior two months’ employment numbers were revised down a combined 2,000 jobs, bringing the three month average for job gains to 176,000.
    • The headline unemployment rate fell 0.3% to a new cyclical low of 4.6%, lower than estimates of 4.9%. Part of this decline in the unemployment rate can be explained by a 0.1% decline in the labor force participation rate to 62.7%.
    • The wage component of the report was disappointing as average hourly earnings declined 0.1%, compared to expectations of a 0.2% increase. Year-over-year wage growth is now down to 2.5%.
  • The Case-Shiller home price index rose 0.4% for September, in line with expectations. Prices rose in all 20 cities that are part of the index. Home prices have now risen 5.1% over the last 12 months.
  • The PCE price index (measure of inflation) rose by 0.2% in October, in line with expectations. Headline prices as measured by the PCE index have now risen 1.4% over the last 12 months.
    • Core PCE (excludes food and energy, Fed’s preferred inflation measure) rose by 0.1% in October, also in line with consensus. Core PCE prices have now risen 1.7% over the last 12 months, still a bit below the Fed’s 2% target.

Fact of the Week

  • The national homeownership rate in the U.S. as of September 30th was 63.5%. This is down from the peak level of 69.2% seen on 12/31/2004. Every 1% reduction in the homeownership rate represents 1.2 million households that have changed from homeownership to renter status. (Source: Census Bureau)

Please contact a member of the Wealth Management Department if you have any questions about this information.

Rich Gartelmann CFP® – (630) 844-5730 rgartelmann@oldsecond.com
Steve Meves, CFA® – (630) 801-2217 – smeves@oldsecond.com
Jean Van Keppel CFA® – (630) 906-5489 jvankeppel@oldsecond.com
Brad Johnson CFA®, CFP® – (630) 906-5545 bjohnson@oldsecond.com
Joel Binder, SVP – (630) 844-6767 jbinder@oldsecond.com
Jacqueline Runnberg CFP® – (630) 966-2462 jrunnberg@oldsecond.com
Ed Gorenz, VP – (630) 906-5467 ejgorenz@oldsecond.com

Visit Old Second Wealth Management

Non-deposit investment products are not insured by the FDIC; not a deposit of, or guaranteed by, the bank; may lose value.