Obamacare, Cuba: Wealth Economic Update Jan. 13, 2017

U.S. and World News

  • medical-522306108_360Following a seven hour debate, the Senate narrowly passed a budget resolution this week, clearing the first major hurdle in the Republican effort to repeal Obamacare. House leaders have now taken on the resolution amid pressure from President-elect Donald Trump who has said that a repeal and replacement of Obamacare should happen essentially simultaneously.
  • A week before leaving office, President Obama announced an end to the “wet foot, dry foot” policy that allowed Cubans who arrived in the United States without visas to pursue residency after one year. This will likely mark his last major change that his administration will make to U.S.-Cuba relations after he previously lifted the long standing embargo with the country and cleared the way for travel to the island nation.

Markets

  • This week the S&P 500 dipped modestly by 0.10%, closing at 2,275. The Dow Jones Industrial Average decreased by 0.39% and closed at 19,886.
  • Interest rates continued to retreat a bit from their recent highs. The 5 year and 10 year U.S. Treasury Notes now yield 1.90% and 2.40%, respectively.
  • The spot price of WTI Crude Oil declined by 2.72% this week and closed at $52.52 per barrel.
  • The spot price of Gold increased by 2.11% this week, closing at $1,197.34 per ounce.

Economic Data

  • Weekly initial jobless claims came in at 247,000, an increase from last week’s reading of 235,000. The Labor Department noted no major distortions to the data this week. The four week moving average for jobless claims now stands at 257,000.
  • Headline retail sales for the month of December grew 0.6%, slightly below expectations of 0.7%. The headline number was aided by gains in gas prices and vehicle sales. Core retail sales (excludes autos, gas stations, building materials) was up only 0.2%, below expectations of 0.4%. The report showed non-store retail (includes online shopping) improving by 1.3% during the month but sales for department stores, electronics stores and restaurants declining.
  • The University of Michigan consumer sentiment index was approximately unchanged at 98.1 in the preliminary January report, following a sizable increase in December. The measure of current conditions increased, while the survey’s expectations of the future decreased a bit.

Fact of the Week

  • According to the American Society of Civil Engineers, the United States will need to spend $3.32 trillion over the next decade to fix our nation’s infrastructure, including $2.04 trillion on roads and bridges.

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

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

 

Rate forecast, OPEC: Wealth Economic Update Jan. 9, 2017

U.S. and World News

  • money_chess-523185447_360Minutes from the December Federal Reserve meeting were released this week, giving insight into the Committee’s discussions leading up to the only Fed Funds rate increase of 2016. The transcripts showed that part of the reasoning behind the 0.25% rate hike was an expectation of coming fiscal stimulus under an upcoming Trump presidency. The Federal Reserve will meet again at the end of January but no further action is expected to be taken until the March meeting at the earliest.
  • The start of the year marked the beginning of the deal agreed upon by OPEC countries to reduce oil production and so far it appears as though all parties are complying with the agreement. OPEC and some non-OPEC member countries agreed last November to decrease crude output by 200,000 barrels per day in an effort to support prices and several countries, including Iraq, have already taken measures to reduce production.

Markets

  • This week the S&P 500 kicked off 2017 by rising 1.76%, closing at 2,277. The Dow Jones Industrial Average increased by 1.07% and closed at 19,763. The Dow was unable to reach the 20,000 milestone again this week, coming within 0.37 points of the elusive mark.
  • Interest rates continued to retreat a bit from their recent highs. The 5 year and 10 year U.S. Treasury Notes now yield 1.92% and 2.42%, respectively.
  • The spot price of WTI Crude Oil declined by 0.24% this week and closed at $53.70 per barrel.
  • The spot price of Gold increased by 2.19% this week, ending the year at $1,172.63 per ounce.

Economic Data

  • Weekly initial jobless claims came in at 235,000, a decrease from last week’s reading of 265,000. The Labor Department noted no major distortions to the data this week. The four week moving average for jobless claims now stands at 257,000.
  • The December payroll report showed a gain of 156,000 jobs in the month, lower than consensus forecasts of 175,000. The prior two months’ figures were revised up by a total of 19,000 which brings the three month average for job gains to 165,000.
    • The headline unemployment rate rose by 0.1% to 4.7%, in line with expectations. The small tick up in the unemployment rate was the result of a 0.1% increase in the labor force participation rate to 62.7%.
    • Average hourly earnings rose 0.4% in December, better than expectations of 0.3%. Over the last 12 months, wages have grown 2.9%, the highest mark during the recovery.
  • The ISM manufacturing index increased to a two-year high of 54.7 in December, rising from 53.2 in November. This was another positive data point indicating further signs of recovery in the U.S. manufacturing sector.

Fact of the Week

  • The total return for the S&P 500 during 2016 was +12.0%. If you missed the 3 best percentage gain days last year, that 12.0% return falls to 4.4%. If you avoided the 3 worst percentage loss days last year, that 12.0% gain rises to a 22.1% gain. (Source: BTN Research)

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.

 

Wealth Management Economic Update June 6, 2016

U.S. and World News

  • vienna_austria_340OPEC ministers met in Vienna, Austria this week to discuss the state of the world’s oil markets. The cartel of the largest oil producers failed to reach an agreement on setting output targets, a result that was widely expected. Saudi Arabia remains a supporter for setting output targets among the member nations; however, Iran is strongly against it as the country recently had restrictions lifted that allowed their re-entry into the oil markets.
  • As expected, the European Central Bank did not announce any new easing measures during its conference this week. The ECB has already increased stimulus twice since December, so the committee opted to hold off on any new measures for now. The previously announced step of the central bank purchasing corporate bonds is slated to begin next week.
  • Japanese Prime Minister Shinzo Abe announced the postponement of increasing the country’s sales tax from 8% to 10% amid continued tepid economic growth. The tax increase will be delayed for a second time until 2019 and marks a big reversal in Abe’s stance on the matter as he had repeatedly said that only an economic shock on the scale of the Lehman Brothers collapse or a major earthquake would cause another delay. Abe also said that he will announce a new stimulus package in the fall, further complicating Japan’s efforts to reign in the largest debt burden in the world and has led some economists to become concerned that Japan’s debt rating may be downgraded.

Markets

  • Equity markets were mostly flat during this holiday shortened week. The S&P 500 was Unchanged for the week and closed at 2099. The Dow Jones dipped 0.30% and closed at 17,807. So far in 2016, the S&P is up 3.65% and the Dow is up 3.42%.
  • Interest rates moved sharply lower on the weaker than expected jobs report, pushing back expectations of the Federal Reserve increasing interest rates. The 5 year and 10 year U.S. Treasury Notes are now yielding 1.23% and 1.70%, respectively.
  • The spot price of WTI Crude Oil lost 1.11% this week to close at $48.78 per barrel. WTI Crude is up 18.03% in 2016.
  • The spot price of Gold gained 2.67% this week, closing at $1,244.69 per ounce. Year to date, gold prices are up 17.30%.

Economic Data

  • Initial jobless claims came in at 267,000 which was a decrease from last week’s reading of 268,000. The Labor Department noted no special factors in the data. The four week moving average for claims moved down to 277,000.
  • The May non-farm employment report showed a weak 38,000 jobs added during the month, well below estimates of 160,000. Some of the miss in the figure can be attributed to the 37,000 job decline in the telecommunications industry due to a major strike at Verizon. However, the weakness spread further than that category. The prior two months’ figures were revised down a total of 59,000, making the three month average for job gains 116,000.
    • The headline unemployment rate declined from 5.0% to 4.7%, a larger decline than the estimated 4.9%. However, most of this improvement in the headline figure was due to a 0.2% decrease in the labor force participation rate to 62.6%.
    • Average hourly earnings increased by 0.2%, bringing the 12-month increase in wages to 2.5%.
  • The Case-Shiller home price index rose 0.9% in March, slightly beating estimates of 0.8%. Only 1 of the 20 cities making up the index saw price declines during the month. Over the last 12 months, home prices as measured by the index have risen 5.4%.
  • The headline PCE (measure of inflation), rose by 0.3% during April, reflecting a rise in energy costs. Meanwhile, Core PCE (excludes food & energy, preferred measure of inflation by the Federal Reserve) was a bit weaker, gaining 0.17%. Over the last 12 months, headline prices measured by PCE have risen 1.1%, while core prices have risen 1.6%.

Fact of the Week

  • Per a poll by Gallup, only 68% of Americans at least age 65 and 44% of all American adults have executed a will or trust.

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
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.

 

Wealth Management Economic Update December 28, 2015

U.S. and World News

  • Greek Prime Minister Alexis Tsipras is pushing for the International Monetary Fund to remove itself from the country’s €86 billion bailout. This would leave the Eurozone to take full responsibility for supervising the economic reforms in Greece that the country’s third bailout depends on. The request by Greece risks alienating the IMF, which has in the past been a strong proponent of debt relief for the beleaguered nation. The IMF will likely decide whether to stay involved in the bailout shortly after the start of the new year.
  • The Obama administration has imposed fresh sanctions against Russian business leaders and other entities with close ties to Vladimir Putin. Targets of the new sanctions included state banks and a defense company. The penalties are an effort to force Russia to stabilize Ukraine, though they come at a time of perceived cooperation between the U.S. and Russia in the effort to end the Syrian civil war and fighting ISIS.
  • OPEC published its highly anticipated annual World Oil Outlook this week with observers hoping to gain insight into the cartel’s future plans. The group anticipates the price of crude oil to rise to $70/barrel by 2020 and $95/barrel by 2040. The forecast also called for demand to reach 30.7 million barrels per day in 2020, a 6% increase in the forecast from a year ago.

Markets

  • Markets rallied in a holiday shortened week. The S&P 500 gained 2.79% and closed at 2,061. Likewise, the Dow Jones rose 2.47% closing at 17,552. Year to date, the S&P is up 2.20% and the Dow is up 0.95%.
  • Interest rates rose a bit this week and the 5 year and 10 year U.S. Treasury Notes are now yielding 1.72% and 2.25%, respectively.
  • The spot price of WTI Crude Oil gained 5.49% this week, closing at $38.04 per barrel. Year to date, Oil prices are down 37.10%.
  • The spot price of Gold increased by 0.98% this week, closing at $1076.72 per ounce. Year to date, Gold prices are down 9.09%.

Economic Data

  • Initial jobless claims came in at 267,000 which was a decrease from last week’s reading of 271,000. The Labor Department noted no special factors in the data. The four week moving average for claims now stands at 273,000.
  • The core PCE inflation index (the Fed’s preferred inflation measure, excludes food and energy) rose by 0.1% in November. Over the last 12 months, Core PCE has risen by 1.3%, moving no closer to the Fed’s 2% inflation target.
  • New home sales increased by a higher than expected 4.3% in November, though the report showed mixed results. New home sales increased in the South and West regions but declined in the Northeast and Midwest regions.
  • Existing home sales fell by a sharp 10.5% in November, more than expected. The headline number reflected weakness across all regions, with the Midwest (-15.4%) and West (-13.9%) experiencing the largest declines.

Fact of the Week

  • 45% of all global financial business is transacted in U.S. dollars, including all oil and natural gas trading worldwide. (Source: Society for Worldwide Interbank Financial Telecommunication)

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
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
Tamara Wiley, CFP® – (630) 844-3222 twiley@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.

Wealth Management Economic Update June 8, 2015

U.S. and World News

  • After another week of back and forth negotiations between Greece and its international creditors, Greece delayed a key debt payment to the IMF that was to be due on Friday. While this does not signal a formal default, the decision to postpone payment of €300 million is an unusual step. Prime Minister Alexis Tsipras claims Greece still intends to repay the debt, saying it will bundle the four payments due this month into a single €1.5 billion lump sum to be paid on June 30. A cash-for-reforms deal between Greece and its creditors still looks like somewhat of longshot, with the two sides at odds over issues like state pensions and a value-added tax.
  • Members of OPEC met this week in Vienna, Austria and again decided to leave its current production ceiling of 30 million barrels per day unchanged therefore keeping the market oversupplied. With oil prices having rebounded roughly 33% from its six-year low of $45/barrel in January, OPEC officials see little reason to deviate from its course that has seemed to resurrect oil consumption and dealt a powerful blow to the U.S. shale boom.
  • water_hands_320The EPA released a report this week based on five years of analysis of U.S. water pollution risks that concluded that there is no evidence that fracking for oil has had a “widespread, systemic impact on drinking water.” While there have been cases of spills and leaking wells, the rise of fracking has not caused extensive damage to groundwater resources according to the agency.

Markets

  • Equity markets continued their trend down this week. The S&P 500 lost 0.69%, closing at 2,093. Similarly, the Dow Jones fell by 0.90% and closed at 17,849. Year to date, the S&P is up 1.65% and the Dow is up 0.15%.
  • Yields in the Treasury markets ticked up this week. The 10 year Treasury bond now yields 2.41% and the 5 year Treasury bond yields 1.74%.
  • The spot price of WTI Crude Oil fell 1.94% this week, closing at $59.13 per barrel. In 2015, WTI Oil prices are now up 5.10%.
  • Once again, the spot price of Gold fell this week by 1.57% and closed at $1,171.94 per ounce. Year to date, gold prices down 1.05%.

Economic Data

  • Initial jobless claims declined a bit from last week and remain quite low, coming in at 276,000, below consensus expectations of 278,000. The Labor Department noted that no special factors affected claims this week. The four week moving average for claims now stands at 274,750.
  • The monthly employment report showed better than expected job gains with 280,000 added during the month vs. expectations of 226,000. With the 32,000 jobs that were added in back revisions, the three month average of job gains rose to 207,000.
    • The headline unemployment rate rose by 0.1% to 5.5%, though this was the result of a 0.1% increase in the labor force participation rate to 62.9%.
    • Average hourly earnings rose 0.3% during the month, beating consensus expectations of 0.2%. Wages have now grown 2.3% over the last 12 months.
  • The PCE price index (Federal Reserve’s preferred measure of inflation) was unchanged in April, vs. expectations of a 0.1% gain. Core PCE (excludes food and energy) rose only 0.1% vs. expectations of 0.2%. Over the last year, core prices are up only 1.2%, representing a very subdued inflation situation.

Fact of the Week

  • 48 years ago, Warren Buffett’s Berkshire Hathaway went public with the A shares that ended 1967 at a price of $20.50. Today, those shares are worth an astonishing $212,000/share. This represents a total return of 1,034,146% which is an annual rate of return of 21.45%.

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
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
Tamara Wiley, CFP® – (630) 844-3222 twiley@oldsecond.com
Ed Gorenz, VP – (630) 906-5467 ejgorenz@oldsecond.com

Visit Old Second Wealth Management

Wealth Management Economic Update December 1, 2014

U.S. and World News

  • The oil cartel OPEC shook the oil markets as the group unexpectedly decided to keep its collective output target at 30 million barrels per day. The decision to maintain output in the face of plentiful global supply and already declining prices caused the price of oil to plunge by more than 10% on Friday. Whereas in the past, OPEC was oil_barrel_000038827142_210relied upon to alter its production levels to maintain prices, the group seems to be rejecting the role of “swing producer”. The 12-member group, which pumps 40% of the world’s oil, will convene again next June in Vienna.
  • The European Central Bank will be gauging whether it needs to start buying sovereign bonds to stimulate the Eurozone economies during the first quarter of next year. The comments made by ECB Vice President Vitor Constancio are the clearest indication yet to the exact timing of future QE in Europe.

Markets

  • Equity markets continued to head higher in this holiday shortened week. The S&P 500 advanced 0.23% and closed at 2,068. Likewise, the Dow Jones moved up 0.14% and closed at 17,828. Year to date, the S&P is up 13.98% and the Dow Jones is up 9.89%.
  • Yields in the Treasury markets traded down this week. The 10 year Treasury bond now yields 2.18% and the 5 year Treasury yields 1.49%.
  • The spot price of WTI Crude Oil plunged this week following the decision by OPEC to continue with production at current levels. Prices fell 13.52%, closing at $66.16 per barrel. Year to date, Oil prices are down 28%.
  • The spot price of Gold decreased this week, declining by 2.70% and closing at $1,169.05 per ounce. Year to date, Gold prices are down 2.70%.

Economic Data

  • Initial jobless claims rose from last week, coming in at 313,000 vs. consensus estimates of 288,000. This is the highest level of claims since early September. The Labor Department noted no special factors affecting the report despite some poor weather conditions in parts of the country. The four week moving average for claims now stands at 294,000.
  • The 3rd quarter GDP growth figure was revised up by 0.4% to 3.9%. This beat expectations that the revision would see a 0.2% decrease in the growth measure. Most of the positive surprise came from consumer spending which was stronger than initially estimated.

Fact of the Week

  • According to the Mortgage Bankers Association, as of 12/31/2009, 1 out of every 7 mortgages was either delinquent or was in the foreclosure process. This rate has significantly improved to 1 out of every 12 mortgages as of 9/30/2014.

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
Jean Van Keppel CFA® – (630) 906-5489 jvankeppel@oldsecond.com
Brad Johnson CFA® – (630) 906-5545 bjohnson@oldsecond.com
Joel Binder, SVP – (630) 844-6767 jbinder@oldsecond.com
Jacqueline Runnberg CFP® – (630) 966-2462 jrunnberg@oldsecond.com
Tamara Wiley, CFP® – (630) 844-3222 twiley@oldsecond.com
Ed Gorenz, VP – (630) 906-5467 ejgorenz@oldsecond.com

Visit Old Second Wealth Management