Old National Bank premiered its new wealth management division on Wednesday, following a 2022 merger with First Midwest that essentially doubled the bank’s managed assets. The launch is central to the Evansville, Ind.-based bank’s mission to shift to a more client-centric service model. 1834, a division of Old National Bank, provides boutique family office services to high-net-worth individuals and institutions in tandem with its SEC-registered entity, 1834 Investment Advisors. A separate brand launched simultaneously, called Private Wealth Management, offers advisory services to individuals with less than $2 million in investable funds. Led by CEO Chady AlAhmar and former Abbot Downing executives Jim Steiner and Joe Colianni, the new division offers a range of integrated services, including financial planning; investment management; trust and fiduciary services; estate planning and administration, private banking; institutional services; and a range of specialized services, such as succession and executive compensation planning. “We’re not really creating something new, we’re repositioning,” said AlAhmar, explaining that high-net-worth assets have traditionally been managed on the Old National trust platform, while brokerage and private banking operated as separate units. Under that model, he said, the trust officer generally functioned as the primary client relationship manager. “The idea here was to […]
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