US-based Old National Bank has launched 1834, a wealth management division to meet the financial and wealth advisory needs of HNW individuals and institutions.
Led by Chady AlAhmar, Jim Steiner and Joe Collianni, 1834 offers a boutique experience with integrated, customised wealth advisory.
- Wealth planning;
- Investment management;
- Trust & fiduciary services;
- Estate planning and administration;
- Private banking;
- Specialised Services, including Business Succession Planning, Executive Compensation Planning and Philanthropy Services, and
- Institutional services for business and non-profits.
“As we completed our transformative merger last year, senior leaders of the wealth management division focused on integrating the very best of each legacy company’s wealth-related services in order to expand offerings and ensure that we serve clients even more effectively as a combined company,” said Jim Ryan, CEO of Old National.
“The result of that process was the formation of 1834, and with it, comes a broader investment platform and a much deeper focus on wealth planning – all while delivering the same exceptional service our clients have come to expect.”
1834 has offices throughout the Midwest as well as new locations in Nashville and Scottsdale.
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In addition, it holds nearly 100 team members.
“Carving out our wealth business in this manner ensures we maintain a laser focus on these clients and their unique financial needs even as Old National Bank continues its growth trajectory,” added Ryan.
“With 1834, you’ll get a first-class experience with an accessible, niche firm – yet have the strength of a nearly 190-year-old company behind you; one that has earned Ethisphere’s World’s Most Ethical Companies® status every year since 2012.”
PBI speaks to Chady AlAhmar, CEO of Old National Wealth Management
PBI: Why enter the wealth management space now? What is it about the current moment that seemed like an opportunity?
Chady AlAhmar: We are definitely not new to the wealth management space and Old National has been serving clients and their financial needs since 1834, hence the name. Instead, we are enhancing our Wealth offering by shifting the focus to the client perspective and realigning our services and product according to their financial goals. With easier access to financial data and services, clients are now demanding customised services that are holistic and that focus on their unique objectives and aspirations. 1834 delivers a boutique-like service by putting the client at the center and by becoming a primary wealth advisor who can coordinate complex solutions and services for the client
What will differentiate you from other private banks and wealthtechs?
There’s a plethora of financial solutions and a myriad of products and services that tend to be more alike than unique. In this environment, we are seeing a trend where clients are valuing human interaction, coupled with digital capabilities. Clients are seeing more value in service and experience than in product or price. Old National is in a perfect position to deliver best-in-class client experiences at a local level, while providing offerings that compete at a national level. We provide customized, integrated services that compete with ultra-high-net-worth firms yet we don’t have that same lavish entry fee that comes with them.
What is your target market? And do you have any targets for the next year? Next five years?
We see a lot of potential for growth in our existing footprint and that includes markets like Chicago, Minneapolis, Indianapolis and Milwaukee. In addition, we recently expanded into Nashville. Finally, we are looking at serving clients who are snowbirds, wintering in Scottsdale (where we now have an office) and other warm weather states.