As many of you are already aware, we recently announced that the Investment Management Group is taking steps to become an independent trust and investment company. We are very excited about this change as it brings with it new opportunity for us to continue to grow and serve more clients in the Quad Cities region. While we will largely look and feel the same to our current customers, this change will help us reach more families that will find value in the investment management and estate planning services we have provided to the Quad Cities since 1969.
You are going to find for most circumstances, there are more things staying the same than changing. We will still have the same ownership, we will just have a new name, Tower Trust & Investment Company, and will no longer be a department of Northwest Bank. We will have the same expert staff, the same fee structure, the same investment philosophies and the same products and services we have now. We will have a new office in Illinois, but we intend to keep the same offices we currently have at the NorthPark Tower as well. So why make the change?
We have experienced a tremendous amount of growth over the last several years. In fact, we are now one of the largest local trust departments in the area. But we’ve found that people in the community continue to be confused about what a trust department does, and the advantages of working with a fiduciary. Many people don’t realize that as a trust department we can serve their retirement planning and investment needs. Or they think they have to be a customer of the bank to use our services.
This move allows us to reposition ourselves in the community – to allow those who are not currently our clients to think about us differently. Being an independent trust and investment company puts us in that perfect spot to highlight our investment and retirement planning abilities as well as the traditional trust department services, in which we manage the process of transitioning one’s wealth to the next generation. These are both very important pieces of your financial life – and we want the community to understand that we can do it all! Whether you have $150,000 nest egg to invest for your retirement, or a $150,000,000 that needs to be managed appropriately for your next generation, we have the expertise for both. We are here to meet all the phases of your financial life.
In addition, being independent of Northwest Bank will give us greater opportunity to pursue partnerships with other financial institutions and investment advisors that can be mutually beneficial. Becoming independent is a strategic move we have been considering for a few years, but the forward-looking changes happening within the bank made this an opportune time to make the move now.
Keep in mind, this process is still subject to regulatory approval. We have had very positive feedback to date and believe that we will officially become Tower Trust & Investment Company on January 1. This change will involve some very minor documentation with our current clients, which is currently in process. In general, it will be a very seamless experience. We will keep you posted on additional information as it happens. We look forward to celebrating the new business with you early next year.
By Cody Allen, Senior Vice President