Iowa State Bank, an 80-year-old community bank managing $450m in assets, has joined forces with Osaic, a provider of wealth management solutions.
The collaboration will see ISB Investment Services, the bank’s investment division with $70m under management, transition to the Osaic Institutions platform.
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Stephen Amarante, executive leader, Osaic Institutions stated: “We are excited to welcome Iowa State Bank to Osaic Institutions. We are honoured their team chose to partner with us. Our financial institution resources like our recruiting team and our business planning and practice management services will help their programme thrive.”
Karen Serangeli, VP of Iowa State Bank and programme manager ISB Investment Services added: “We looked at several firms out there. Osaic Institution’s technology, which was built from scratch based on the needs of financial institution advisers and programme managers, was the key driver in our decision. Their longstanding relationship with Pershing was another factor in their favour. We are excited to use these tools in helping our clients achieve their goals.”
This move marks a strategic shift for Iowa State Bank, which is enhancing its focus on financial services.
Moreover, the partnership will enable the bank to expand its advisory team and assets under management, while leveraging Osaic’s tools for technology, lead generation, and relationship management.
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By GlobalDataOsaic supports more than 230 institutions nationwide, offering wealth management programmes tailored to the needs of banks and credit unions.
Furthermore, last November Osaic expanded its network with the acquisition of independent wealth manager Nova Wealth, for an undisclosed sum.
Currently, Nova Wealth has $180m in client assets under administration. The company offers retirement income distribution planning services.
Nova Wealth helps in creating specialised retirement income plans for clients to meet their specific goals and risk tolerance. The company’s range of services include investments, financial planning and insurance.
