Old National Bank launches wealth management division

Old National Bank launches wealth management division
<strong> Photo via Facebook.com </strong>

A commercial bank with a West Michigan presence has debuted its new wealth management division.

Old National Bank on Wednesday, Jan. 18, unveiled 1834, an enhanced wealth management business for high-net-worth individuals and institutions named after the year the bank was founded.

Led by wealth management executives Chady AlAhmar, Jim Steiner and Joe Colianni, 1834 aims to offer a boutique-style experience with services such as wealth planning, investment management, trust and fiduciary services, estate planning and administration, private banking, specialized services for businesses, and institutional services for businesses and nonprofits.

According to Old National Bank leadership, the new division is a result of the bank’s merger with First Midwest Bancorp completed in 2022 and a desire to build on the bank’s legacy.

“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 Bank. “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.”

The new business will operate with offices throughout the Midwest, plus newly added locations in Nashville, Tennessee, and Scottsdale, Arizona. The team currently consists of 100 employees, and the business’ service model will include a single point of contact with a tenured wealth adviser paired with direct consultation from a team of in-house wealth professionals.

“This integrated team of experts — collectively devoted to pursuing the client’s goals — ensures no opportunity is missed, and every challenge is faced with the client’s personal interests in mind,” AlAhmar said. “That’s what makes 1834 different. We have tailored, holistic services that readily compete with those of ultra-high-net-worth firms and independent investment and advisory firms, yet we don’t require the lavish ‘entry fee’ that often comes with them.”

To complement the bank’s new wealth management arm, 1834 Investment Advisors Co. will exist as an SEC-registered investment adviser and wholly owned subsidiary of Old National Bancorp.

More information on 1834 is here.