Rich Gartelmann, CFP®
Senior Vice President and Head of Wealth Management
This year marks a milestone for our wealth management group: 100 years of offering the services and guidance that family legacies are built on. The services we offer, and the sophistication of the advice you receive, have changed dramatically over that time. What started out as an offering of traditional trust services has evolved to cover more than just the needs of the wealthy few. Today, we offer services that help people of all ages and financial circumstances build and sustain their wealth over their lifetimes and often well beyond.
What Are Trust Services, Anyway?
While these days, we—along with most banks and financial companies—use the broader and more accurate term of “wealth management” to describe what we do, providing traditional trust services remains fundamental to that.
Trust services involve more than just managing money and providing investment recommendations. Our role in our clients’ lives, or those of their loved ones, is defined by a legal agreement: a trust document. That role is legally binding and may include holding and accounting for assets as a fiduciary, managing an estate’s assets after a client’s death and providing heirs (including charities) with a steady income stream.
In many cases, we serve as the trustee of an estate, or co-trustee with a family member, and oversee the distribution or sale of assets—from homes, boats and securities to farmland, family businesses and paintings. Depending on an agreement, or sometimes by court order, we may be asked to perform as a legal guardian for those clients who no longer feel confident they can manage their finances alone or those unable to make sound decisions for themselves. In these cases, we make sure bills are being paid on time and service providers are engaged when needed.
The services we provide each client or family are customized to their situation and needs as well as the directions outlined in their trust agreement. Taking on such a big role within a family requires us to be unbiased and focused on the best interests of all involved. It also requires us to function as fiduciaries. That means, legally, we can’t put our company or our individual career interests above those of our clients. Nor, have we. Trust services literally require a high level of trust in your wealth managers. In that respect, nothing much has changed over the past 100 years.
What Has Changed
The biggest change since we added the “& Trust” to our name in 1919 is the degree to which technology has enabled us to do so much more for so many more clients, their families and even their companies.
Today, through River Street Advisors, we offer financial planning and investments services to help you build your wealth, along with our traditional wealth management services. We also help many business owners in our communities offer retirement plans to their employees so they can save and build for their own futures.
Helping people at the most personal level of their lives plan for and live out their futures—and then see future generations do the same–is what wealth management is all about. As a group, we look forward to being part of the continuum of wealth managers that will be doing just that for the next 100 years.
For more information on how we can help you shape your future and family legacy, visit us here or call 630-906-2000. We can’t wait to talk to you about the plans you have.
River Street Advisors, LLC, a wholly owned subsidiary of Old Second National Bank is a registered investment adviser and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s investment portfolio. There are no assurances that an investor’s portfolio will match or exceed any particular benchmark.
Not insured by the FDIC nor any govt agency; Not a deposit or other obligation of, or guaranteed by, the depository financial institution; Subject to investment risks, including possible loss of principal amount invested.