Greenleaf Trust is a comprehensive wealth management firm with specialized disciplines i n goals-based wealth m anagement, trust administration and retirement plan services. As one of Michigan’s first privately held and managed trust-only banks, our i ndependence frees us from conflicts of interest and ensures that our clients’ well-being is at the center of everything we do. Client-aligned and talent-driven, we adhere to the highest standards of fiduciary excellence, while providing personalized service and customized solutions.
CHAIRMAN’S LETTER WILLIAM D. JOHNSTON CHAIRMAN
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t is once again my honor and privilege to greet you on behalf of the Greenleaf Trust Board of Directors. The year 2017 was truly another spectacular year for our entire team. It seems somewhat unreal that this is our nineteenth annual report and that we will celebrate our twentieth
anniversary in 2018. A fact that while extremely gratifying is also very humbling. Our Michigan-chartered bank that was brought to being in the late spring of 1998 with seven employees now employs 112 team members in five office locations in Michigan. This year our Board authorized our leadership team to create a holding company, Greenleaf Financial Corporation, and to apply for a Delaware Bank Charter under the name of Greenleaf Trust Delaware. In January of 2018, the Delaware Banking Commissioner signed the order authorizing Greenleaf Trust Delaware to conduct trust administration, fiduciary services and wealth management activities in the state of Delaware. Greenleaf
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Financial Corporation is now the parent company of both Greenleaf Trust of Michigan and Greenleaf Trust Delaware with the same Board members, shareholders and executive leadership that has existed for the previous nineteen years. We are excited about the advantages that a Delaware Bank Charter provides to clients of Greenleaf Trust and in
1,000
client relationships
the coming months you can expect to receive detailed information on the Delaware Advantage as it relates to fiduciary planning and administration. With 10.6 billion dollars in total assets, nearly 7.9 billion dollars of assets under discretionary management, over 1,000 client relationships, 17,000 participants in our employer sponsored retirement plans, and a growth rate of new assets that nearly triples our industry growth rate, I am often asked what I think is the catalyst for our success. Routinely over the past nineteen years I have consistently responded that our team consists of really great people
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who are totally aligned with our clients’ wants and needs. The pillars of our core business culture are connected to the needs of our clients. Greenleaf Trust has never had, and will never have in the future, conflicts of interest or proprietary products that separate us from our clients’ interests. Our team is always searching for ways to improve our service by engaging in a dedicated continuous improvement process that is resourced through our budgeting process. Lastly, fiduciary excellence is of the highest order; trust is in our name and it is who we are. Clients can depend upon the Greenleaf Trust team to be honest and honorable in all we do. Michael Odar and the executive leadership team again delivered a record year for our company. Annually our executive leadership team establishes very detailed key performance indicators that can be measured and, therefore, provide for us a detailed assessment of how our company is performing. Those measurements are focused on our clients and include client retention, service standards, client satisfaction, new business development and internal operations functions critical to clients’ wants and needs. By every measure, Mike’s team delivered an exceptional year for our clients, our team, our Board of Directors and ownership. Our new holding company structure, substantial excess capital and our newly created Greenleaf Trust Delaware provide a wonderful platform for continued growth. We remain humbled by our company’s legacy of sustained success and honored to work for so many wonderful clients. On behalf of our shareholders and Board of Directors, I wish you the very best and warmest regards.
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PRESIDENT’S LETTER MICHAEL F. ODAR PRESIDENT
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ontinuous improvement is a core value of ours and something that I believe we achieved in 2017. Building on previous success, we continued to bring on new talented teammates, open another new office, win awards in recognition of our culture, increase assets
under advisement to over $10.6 billion, and achieve record client satisfaction results. Our accomplishments were part of our long-term plan to provide top-of-mind holistic wealth management and fiduciary services for our clients in perpetuity through scalability, sustainability and sophistication. In 2017, we focused on culture, structure, sophistication and purposeful growth.
CULTURE In our annual corporate strategic planning questionnaire, team members rank our culture and clients as most important to them. We work hard to develop and strengthen our culture every day for good reason. With a vibrant culture focused on talent development, interoffice connectivity, the client experience, communities and families, we have a high performance work environment that engages and inspires our team to do great work for our clients.
STRUCTURE/SCALING UP Our objective is to ensure that excellence is spread throughout the organization with the recognition that what got us to where we are today may not necessarily get us to where we want to go in the future. In 2017, we formalized our holding company, Greenleaf Financial Corporation, which as part of a restructuring and out-of-state charter will allow us to more comprehensively meet client fiduciary and governing tax needs.
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SOPHISTICATION Additional investments in technology, systems and people enhance our capabilities and help us do more for clients at a higher level. In 2017, we launched our new web-based client interface, mywealthSM, that will help clients view, analyze, organize, and more collaboratively work with their client centric team on planning solutions. We also developed a more extensive and sophisticated investment platform that provides the ability to offer more portfolio management solutions to clients, including access to more and different types of investment opportunities.
PURPOSEFUL GROWTH Finally, our end goal has never been about growth for the sake of growth. Different geographic markets present opportunities to expand our presence, in addition to the breadth and depth of services for our clients. In 2017, we applied for and were granted a charter to open Greenleaf Trust Delaware. The launch of Greenleaf
Increased assets under advisement to
$10.6 BILLION
Trust Delaware is the result of an 18-month investment based on our desire to grow our capabilities to meet and exceed the needs of our client base, regardless of fiduciary complexity. We are excited by the level of talent that we have attracted to lead our Delaware efforts as well as the capabilities our charter enables. We consider it an honor and a privilege to work for our clients and are committed to continuously improve on the work we do on their behalf.
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CLIENT CENTRIC TEAM DANIEL J. RINZEMA EXECUTIVE VICE PRESIDENT AND CHIEF CLIENT OFFICER
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he client centric team’s daily mission is to provide remarkable service through the delivery of holistic wealth management, advanced financial planning and expert trust administration. We pursue this by focusing first and foremost on the needs of our clients.
We then leverage the collective wisdom of the team to provide highly personalized service and conflict-free, customized solutions. The year 2017 was both gratifying and humbling in this regard as the client centric team worked to create a consistently positive impact felt by our clients, community and culture.
ENHANCED CLIENT EXPERIENCE During 2017, we successfully launched mywealthSM by Greenleaf Trust—a new, online client portal that empowers our clients to manage their wealth like never before. This safe, secure, online platform serves as a personal website that brings a client’s entire financial life together in one holistic landscape. The portal is accessible on any device at any time, and it allows clients to connect all of their accounts in one place, including those outside of Greenleaf Trust. Clients can view their net worth, account values, cash flows and transactions at a glance. MywealthSM also contains budgeting tools to help clients stay on-track, and a personal vault that provides safe, online storage for wills, trusts, passports, insurance cards, birth certificates and other important digital documents.
CLIENT SATISFACTION SURVEY Every tangible improvement we have made on behalf of our clients stems from a disciplined review of our practices. As we look for opportunities to serve clients better, we begin by listening to those that matter most—our clients. Simply put: When our clients speak, we listen.
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Our annual client satisfaction survey is designed to gauge Greenleaf Trust’s collective efforts from our clients’ perspective. We want to know if we are delivering on our promises, and we crave candid feedback on our shortcomings. Analyzing the results not only helps us align the voice of our client with our daily impact more closely, it allows us to better understand how our clients feel about Greenleaf Trust’s service and solutions. Listening carefully to client comments and suggestions improves our ability to enhance the services we provide on their behalf. The following is a summary of what we heard our clients say:
2017 CLIENT SATISFACTION SURVEY RESULTS: PERSONAL TRUST & WEALTH MANAGEMENT 98% find their client centric team members to be easily accessible 98% feel their questions and concerns are answered in a prompt and satisfactory manner 98% are satisfied with the frequency of contact 97% feel as though they are treated as a very important client 98% believe we listen to and understand their unique goals and objectives 99% b elieve their accounts are tailored to meet their unique financial goals and objectives 98% believe we are successful in meeting their investment needs Satisfaction scores with our account statements, performance reports, newsletters and seminars uniformly exceeded 99%.
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While we are pleased with the generally high marks received, we recognize there is always room for improvement. So, in order to achieve our standing goal of 100% client satisfaction, we are intently focused on the specific suggestions and comments provided by our clients.
PURPOSEFUL GROWTH For clients of Greenleaf Trust, financial security is measured in generations. It is with this time frame in mind that we strengthened our commitment and presence in each of the communities we served during 2017. We added talent to all five of our offices throughout the state of Michigan and expanded to additional office space in both Traverse City and Grand Rapids to accommodate new team members. Our commitment to the communities we serve was also strengthened with our second annual “Day of Caring.� Teammates were given the day to form groups and volunteer together at a nonprofit of their choosing within their respective communities. Over 700 hours on this day alone were spent giving back to food pantries, youth
Our team has one and only one priority: providing each client with remarkable service
programs, resource centers and other nonprofit institutions within the communities in which we live, work and seek to remain deeply rooted. After a lengthy due diligence process, we also sought to purposefully grow our reach by attaining a Delaware limited purpose trust company charter that will grant our clients access to the robust trust infrastructure commonly known as the Delaware Advantage. Delaware is widely regarded as the premier trust jurisdiction, given its sophisticated trust laws and Chancery Court. Accordingly, our team worked tirelessly during the year to initiate Greenleaf Trust Delaware, which will serve as trustee for a wide array of trusts including dynasty trusts and directed trusts. This will benefit our clients and their families for generations to come.
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TALENT DEVELOPMENT In addition to growing our presence in the communities we serve, many client centric team members participated on panel discussions as industry experts within the financial services community. We remain focused on a culture of fiduciary excellence and professional development, and take great pride in recognizing personal growth, growth in role and impact in role. During the year, several team members graduated from National Trust School through the American Bankers Association, while others earned respected industry designations, including being awarded the Investment Foundations certificate by CFA Institute. The following teammates received promotions in recognition of their growth and impact: Allison L. Birmingham—Senior Wealth Management Advisor Steve J. Christensen—Senior Wealth Management Advisor Lyndsay J. Deery—Team Service Coordinator II Rachel A. Mortensen—Senior Team Service Coordinator Kristen M. Tidd—Trust Relationship Associate Julie A. Weston—Senior Team Service Coordinator As always, we are committed to earning our clients’ trust anew each and every day. Our team has one and only one priority: providing each client with remarkable service through personalized wealth management and trust administration in alignment with our standards of fiduciary excellence. We remain honored and humbled by our clients’ continued trust and confidence.
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98%
of clients believe we are successful in meeting their investment needs
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RETIREMENT PLAN DIVISION CHRIS A. MIDDLETON EXECUTIVE VICE PRESIDENT AND DIRECTOR OF RETIREMENT PLAN DIVISION
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reenleaf trust enjoyed another year of solid growth in 2017, both in the number of retirement plans we service and the number of individuals participating in those plans. This growth contributed to the fulfillment of our previous five-year goal of doubling
our retirement plan assets. In asset terms, we resolved to oversee $1 billion in retirement plan assets by the end of 2017. We now oversee more than $1.1 billion. Growth and success don’t happen without great people executing at every level of the division. To add to our divisional capabilities and help enhance the participant experience, we brought two talented individuals into our participant services team this year. Tom Christy joined us as a participant services coordinator, and Natasha Tamminga stepped into the newly created role of participant services administrator. Natasha and Tom, like our entire participant services team, are passionate about providing guidance and assistance in the areas of retirement planning and investment planning. Audit excellence is a key measure of our capabilities that reflects the quality of services our recordkeeping and relationship management teams provide. Our clients deserve the peace of mind that comes with validation that the financial transactions of their plans are cross-checked and monitored for accuracy. Greenleaf Trust employs independent auditors to test the controls of our retirement plan transactions. Once again, we were very pleased to receive a clean audit of our plan transactions, indicating that clients can trust their plan assets are in good hands. During the first half of the year, new fiduciary requirements for the financial industry, often referred to as The Fiduciary Rule, received a tremendous amount of press and attention.
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Although the final regulations were ultimately postponed to future years, the new stringent requirements had many financial institutions in a frenzy as they wondered how they would meet the new guidelines. Interestingly, the crux of the regulation revolves around maintaining independence and reducing conflicts of interest between financial companies and their clients. Independence and lack of conflicts of interest are two of the building blocks Greenleaf Trust was founded on. So it should come as no surprise that we welcome the new legislation and do not need to make large scale adjustments to our business in order to comply with this regulation. In fact, it is validating to see the rest of the industry forced into the responsibilities that Greenleaf Trust has voluntarily accepted since our inception. Good processes and procedures in all areas of plan administration will be a continued focus for our relationship management, recordkeeping analyst and participant services teams. Combined with strong plan governance measures, we will continue to ensure our clients are meeting their fiduciary responsibilities. We remain honored and thankful for the opportunity to support the retirement plan needs of our clients, and for the opportunity to provide assistance to the 17,000 participants covered by these plans. Last but not least, the following team members received promotions based on their development and impact: Rosalice C. Hall—Relationship Service Specialist Christina E. Sharp—Senior Relationship Specialist We look forward to continuing our growth in 2018 and beyond.
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Over
17,000
participants
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RESEARCH NICHOLAS A. JUHLE VICE PRESIDENT, DIRECTOR OF RESEARCH
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he year 2017 was marked by the continuation of a lengthy economic expansion and the extension of a strong bull market. Against a backdrop of declining unemployment and accelerating GDP growth, most traditional asset classes posted gains well in excess
of our expectations. With the S&P 500 up 22% and developed and emerging international equities up 25% and 37% respectively, even a balanced portfolio of stocks and bonds netted investors nearly 15%—or about double the historical average. Simply stated: it was a very good year. It was also a good year for Greenleaf Trust’s Research Division. Approximately two years ago, we set a plan in motion to strengthen our team and refocus our resources on the investment decisions we believed would add the most value on behalf of our clients. We have worked to reorient focus away from any single strategy or investment decision, in favor of portfolio-level outcomes which highlight the net result of the basket of decisions we make. We began by establishing an investment committee, a three-member subset with accountability for the portfolio-level outcomes experienced by our clients. This group memorialized the key tenets of our overarching investment philosophy, which define our beliefs and serve as a reference point for how we make investment decisions: •P ortfolios should maximize after-tax, after-fee returns for a given level of risk. • I ndependence and an open architecture approach allow for unbiased investment decision-making. • Investment decisions are based on accepted principles and empirical data. • Asset allocation is the primary driver of long-term investment performance. •A long-term perspective and disciplined approach lead to improved investment outcomes over time. 21
In many ways, 2017 represented a turning point as the deliberate steps taken to refocus our efforts began to bear fruit, and investment decisions and portfolio changes consistent with our core beliefs enabled broad capture of the opportunity set afforded by the markets. Internally managed strategies, including the Intrinsic Value Strategy (core domestic equity) led by Ali Fahs and core fixed income led by Chris Burns, each posted strong performance relative to their respective benchmarks. Likewise, under efforts led by Lucas Mansberger, most of our third-party managers, or funds, posted upside as well. We also implemented several portfolio-level recommendations, including the addition of an index-based equity core to complement active strategies, an increased allocation to international equities and alternative strategies, and right-sizing of a strategic overweight to small- and mid-cap stocks. As a research team, our mission is to create comprehensive investment solutions that help our clients reach their financial goals. Supplemented by the resources of an institutional investment consultant, our in-house team includes professionals specializing in portfolio construction, asset allocation, manager selection, equity research, fixed income research, alternative investments, and trading. Our success depends heavily on the continued growth and development of team members. To that end, we announced three promotions in 2017, including Lucas Mansberger to senior manager selection analyst, Chris Burns to senior fixed income analyst, and Seth Kritzman to fixed income analyst. Indeed, 2017 was a good year for the markets and for our team. On behalf of the entire division, we remain both honored and humbled by the opportunity to manage our clients’ wealth.
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Our mission is to create comprehensive investment solutions 23
THE FAMILY OFFICE AT GREENLEAF TRUST THOMAS A. DEMEESTER MANAGING DIRECTOR
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hrough a combination of integrated strategic wealth consulting and relationship-based single-family office services, The Family Office at Greenleaf Trust successfully exceeded identified growth initiatives and attained multiple
extraordinary accomplishments in 2017. Every client family with whom The Family Office engages presents unique and differing needs. We work with families at every level of the wealth continuum, from first generation wealth creators, to second generation family investment and fiduciary offices, to multigenerational single family offices. As a rule, their needs are complex and recurring—2017 was no exception.
Our team was privileged this past year to apply our diverse professional expertise and systematic processes to client families, both known and new to Greenleaf Trust. Our services on behalf of these families included: family wealth blueprint design; execution and management; comprehensive and consolidated wealth reporting; investment advisory services; fiduciary and custodian services; philanthropic services; lifestyle enhancement services; single family, outsourced, third-party platform development; and strategic wealth consulting. While the scale and scope of our opportunity mandates purposeful growth and engagement, our partnerships with industry-leading Rocaton Investment Advisors and Private Client Resources (PCR) strengthen our broad internal capabilities and resources. We continue to evolve our processes and procedures to ensure that we are able to provide the highest levels of client service and fiduciary excellence consistent with Greenleaf Trust’s client-first culture. We look forward to the privilege of continuing to provide client families with the highest levels of service and advice. 25
OPERATIONS THOMAS L. DREWS CHIEF OPERATING OFFICER
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hroughout 2017, the operations team at Greenleaf Trust experienced another year of growth and change. While ensuring accuracy and efficiency in transaction processing is one of our highest priorities, each team member remains firmly focused on
continuous improvement on behalf of our clients. Each year, Greenleaf Trust uses surveys as a valuable tool for evaluating the satisfaction of our customers and our team members. In 2017, we participated in a survey designed to reveal how members really feel about working on their teams. The results were gratifying. Our team members are highly satisfied and engaged, not only with their
Our team members are highly satisfied and engaged
work, but with their teammates and our company as well. Everyone takes great pride in being part of the operations team and our work is a source of inspiration for us all. I am excited to announce a new member of our operations team. Late in 2017, we promoted Kim Van Duine to the position of assistant director of operations. Kim brings several years of experience in the financial services industry, most recently as a senior project manager with our Business Information Services Division. Kim has served as leader for many projects directly related to operations at Greenleaf Trust. Her promotion further strengthens our team and we are confident that she will continue to make a big impact on the division and the organization as a whole.
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Our account transfer processes continue to improve and become more efficient. By proactively working with prior custodians, we are typically able to complete asset transfers within 30 days. As one of our key performance indicators, we are continuously monitoring these processes to ensure smooth transition of assets for our clients. We have placed a tremendous amount of resources into improving our tax reporting processes. In an effort to improve predictability and effectiveness, we have ramped up staffing and are working closely with our vendors to ensure the most timely and accurate reporting. Through proactive data quality checks and effective communication, we are confident that 2017 tax reporting will meet and exceed client expectations. It gives us great pleasure to serve on your behalf. We look forward to continued success and a productive 2018.
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By proactively working with prior custodians, we are typically able to complete asset transfers within
30 DAYS
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HUMAN RESOURCES KAREN A. BALDWIN VICE PRESIDENT AND DIRECTOR OF HUMAN RESOURCES
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s we started 2017, we could have never imagined the year we would have. At Greenleaf Trust, improving our processes, projects and growth continues to be at the forefront. This past year, we embarked on a journey to add an
office in Delaware. Our human resources team has mastered the art of on-boarding new team members in our market, but with a new, out-of-state office and half of our new hires in markets outside of Kalamazoo, we had some interesting dynamics to work
We maintain a
92%
retention rate
through as we hired and on-boarded nine new team members for our offices in Grand Rapids, Delaware and Traverse City. As with every new hire, the Greenleaf Trust family pulled together to create new relationships and make each new team member feel comfortable and welcomed. During 2017, we filled 25 positions. We welcomed 18 new employees to Greenleaf Trust, with nine of them being in offices outside of our Kalamazoo location: Stacy L. Beekman—Trust Relationship Officer Thomas R. Christy—Participant Services Coordinator Jennifer L. Dohm—Team Service Coordinator Brian C. Farrell—Trust Operations Specialist Chelsea Holmes—Team Service Coordinator Hollie M. Kemner—Tax and Client Reporting Specialist Tonia Kennedy—Trust Officer Regina Jaeger—Trust Relationship Officer Lara Jones-Perrin—Trust Administrator
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Kelly M. Jorgensen—Team Service Coordinator Catherine L. Magill—Team Service Coordinator Melissa L. Marriott—Client Service Representative Dirk M. Samson—Trust Relationship Officer Nancy Schmidt—Team Service Coordinator Sharon K. Sleeper—Team Service Coordinator Natasha L. Tamminga—Participant Services Administrator Robert G. Taylor—Senior Business Intelligence Engineer Bruce A. Vandermeulen—Senior Wealth Planner, Family Office The remaining positions were filled by internal team members: Jessica D. Ball—Family Office Coordinator Gabrielle D. Contesti—Business Information Analyst: Projects Charles P. Knoll—Family Office Portfolio Manager Kelly M. Jorgensen—Family Office Coordinator Quinn C. McCormick—Trust Operations Specialist: Securities Mollie A. Felt—Trading Specialist Kimberly L. Van Duine—Assistant Director Operations With all the new additions and change, we are proud to say we enjoyed a 91% on our cultural assessment which measures team members’ satisfaction and engagement/inspiration. Of the positions filled this year, 44% of our new team members were referred to Greenleaf Trust by someone they knew within the organization; 80% of our positions were filled within 90 days; and we enjoyed a 92% team member retention rate.
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We are proud to have four generations of employees at Greenleaf Trust, all working together to learn and grow with each other. Continued education and staying abreast of changes within our industry through designations and certifications continues to raise the knowledge bar each year. We are honored to recognize the following individuals for their dedication this past year: Steve P. Phillips—CERTIFIED FINANCIAL PLANNER™ Charles P. Knoll—Chartered Financial Analyst® Rosalice C. Hall—Earned the CFA Institute Investment Foundations certificate Christina E. Sharp—Earned the CFA Institute Investment Foundations certificate Kristen M. Tidd—Earned the CFA Institute Investment Foundations certificate Julie A. Weston—Earned the CFA Institute Investment Foundations certificate As 2018 begins, we’re excited for continued growth and learning at the Greenleaf Trust family. With the additional locations and team members in 2017, and those to come in 2018, we continue to find ways to support our team members so they’re able to continue to offer each one of you the best possible service. Thank you for your patience as we grow our team, as well as yours.
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MARKETING & NEW BUSINESS DEVELOPMENT SARAH A. JOHANSSON VICE PRESIDENT, DIRECTOR OF MARKETING
DANIEL L. BAKER VICE PRESIDENT, DIRECTOR OF BUSINESS DEVELOPMENT AND TRUST RELATIONSHIP OFFICER
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or the marketing and new business teams at Greenleaf Trust, 2017 was, in a good sense, a whirlwind. We focused on improving our communications, extending our reach, identifying new opportunities, and converting prospects into clients. But even as we led
these efforts, we played a bit of catch up with our company’s remarkable pace of growth. Dan Baker, Annie Henn and I would love to take credit for this but we’re only three of the 110 other Greenleaf Trust team members who drive our company’s momentum. With gratitude to all, here are some of the initiatives and successes we led and
supported in 2017: • Completed a portfolio of marketing materials for The Family Office at Greenleaf Trust • Developed and distributed the annual Year in Review • Produced the annual client calendar featuring Child & Family Services of Northwestern Michigan, Kids’ Food Basket, Variety, the Children’s Charity, and Ministry with Community • Hosted over 30 formal marketing events • Entertained/educated 1,998 clients and friends • Increased our social media exposure through Facebook and Instagram • Penned and distributed numerous press releases • Supported 50+ civic and cultural organizations through sponsorships • Engaged George Bearup to develop content for our blog, Viewpoints, and for seminars • Hosted seven seminars across our five locations • Hosted a next gen event during the annual USTA Championship Tournament in August featuring a guest appearance by Andy Roddick • Engaged John Graham, a specialist in foreign economic and financial markets, and a long-time friend of Greenleaf Trust, to share his global investment perspective as a guest contributor in Perspectives. (John is a founding member of Rogge Global Partners 35
headquartered in Great Britain and former head of JP Morgan’s Multicurrency Asset Management Practice in London.) We look forward to continuing this relationship in 2018. • Improved collaboration between Greenleaf Trust markets—part of our “More Together” initiative—with events and intentional sharing at sales meetings Thanks to our focus on culture and the collective effort of our team members, it was also our honor this past year to receive numerous awards: • West Michigan’s 2017 Best & Brightest Companies to Work for® in West Michigan •W est Michigan’s 2017 Best & Brightest Companies to Work for® Elite Award for Work-Life Balance • Cool Places to Work, 3rd place winner for medium-sized business •C ool Place to Work in Michigan, 1st place for Medium Employer Category (50–249 U.S. Employees) • Best and Brightest Wellness™ Award •M etro Detroit’s 2017 Best and Brightest Companies to Work for® Elite Winner for Employee Enrichment, Engagement and Retention • Great Place to Work® Best Small & Medium Workplaces 2017 award winner • 2017 Best and Brightest Companies to Work for in the Nation® award winner Last but certainly not least, client growth increased 35% over the previous year, for which much of the credit is due to the team in Northern Michigan, and to the Family Office, which completed its first full year of operation. Whatever the opportunities and challenges we’ll face in 2018, this is certain: Our clients’ well-being will be the focus of every initiative and improvement, and it is our sincere pleasure and privilege to serve you. We hope to see you at one of our many seminar and social events we have planned for 2018.
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BOARD OF DIRECTORS
William D. Johnston Chairman
Ronda E. Stryker Vice Chairman
Ronald N. Kilgore Secretary
Ronald A. Elenbaas Barbara L. James Dr. Kay M. Palan Sydney E. Parfet David M. Thoms
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211 south rose street kalamazoo, mi 49007 3 4 9 7 7 wo o dwa r d av e n u e b i r m i n g h a m , m i 4 8 0 0 9 1 2 5 pa r k s t r e e t t r av e r s e c i t y, m i 4 9 6 8 4 3 3 1 b ay s t r e e t p e t o s k e y, m i 4 9 7 7 0 2 5 o t tawa av e n u e s w g r a n d r a p i d s , m i 4 9 5 0 3
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