Waukesha State Bank rebrands wealth management business as Prairie Financial Group
The wealth management business of Waukesha State Bank is being rebranded as Prairie Financial Group as part of a growth plan for the division, the bank said Wednesday.
Kristin Z. Reilly, who has been promoted to president of the wealth management unit, said it already has many clients from outside Wisconsin and didn't want the word "Waukesha" in the name to imply its market is geographically limited. The division had been called Waukesha State Bank Wealth Management Services.
"Our presence is well beyond Waukesha," Reilly said.
At the same time, the name "Prairie" still is a Waukesha reference because the community at one time was known as Prairieville, she said.
Reilly said the wealth management group, which has more than $300 million in assets under management, has relationships with investment advisers, attorneys and accountants — in Wisconsin and elsewhere — whose customers need trust services, custodial accounts and other services that require a trustee. The wealth management division isn't a broker, but does offer fee-based investment management under its trust powers.
Prairie Financial works with individuals, businesses, nonprofits and academic institutions, also offering services such as financial planning, retirement services and estate services.
One area of growth potential for Prairie Financial is to act as trustee for customers whose assets are deemed too small by some large banks — even if the customer had requested the large bank act as trustee.
"We truly believe it's an underserved area of the market," Reilly said. "A lot of our competitors have decided to incorporate certain thresholds as they try to quantify their relationships. We are definitely staying away from that, and we value every client."
Reilly, who was vice president for the wealth management unit, is replacing J. Bernard Fiedler. He has headed the bank's wealth management unit for 24 years. Fiedler will stay on as executive vice president of Prairie Financial Group.
Prairie Financial Group has about 20 employees and expects to add more, Reilly said.
"Our rebranding is in direct response to the growing needs of our clients," said Ty R. Taylor, president and chief executive of Waukesha State Bank. "The introduction of Prairie Financial Group shows our commitment to being a strategic and financial partner to our clients by expanding our products and services, as well as our team of experts."
Waukesha State Bank is among the top 20 largest banks based in Wisconsin, with assets of about $815 million.
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