Independent Banker - October 2018 - 28

PORTFOLIO
" We off er
incentives not
only to our
bank's retail
staff , but also
to our lender
off icers, to make
referrals to the
Investment
Services
department. "
-Chad Martin,
Goodfield State Bank
Chad Martin, president and CEO, and Jeff
Schumacher, financial advisor, outside a
Goodfield State Bank branch.
customers' fi nancial situations and goals, and takes an
advice-driven approach to investing, " Martin adds.
Schumacher says the most signifi cant challenges are regulatory
in nature: " The investment industry is in the midst
of some of its biggest regulatory scrutiny and changes, so a
big part of our work involves meeting the requirements of
those new regulations. "
Looking to the future, Goodfi eld State Bank has plans to
expand the department. " Jeff 's assets under management
have grown to the point where we are looking to bring on
another advisor, " says Martin.
The community bank's overall growth can be attributed
to several reasons, including all employees' understanding
of the importance of promoting all divisions of the bank.
" I think a number of community banks hesitate to get
into investment services because they are concerned that
28 Q ICBA Independent Banker Q October 2018
this department will cannibalize deposits that the bank
already has, leading to a run-off on deposits, " Martin says.
" However, we have experienced just the opposite. Not only
do other departments in the bank make referrals to Jeff ,
but Jeff also makes referrals back to other departments,
and not only to the deposit side, but also to the lending side.
" For example, he has met with clients, such as small-business
owners, who don't have a lending relationship with the
bank, and he refers them to our lenders. "
In sum, according to Martin, off ering wealth management
services is not only a viable way for community
banks to increase non-deposit income, but also, if handled
properly as part of a bank-wide strategy, to drive
enterprise-wide growth.
William Atkinson is a writer in Illinois.
Photo: Seth Lowe

Independent Banker - October 2018

Table of Contents for the Digital Edition of Independent Banker - October 2018

Table of Contents
Independent Banker - October 2018 - Intro
Independent Banker - October 2018 - Cover1
Independent Banker - October 2018 - Cover2
Independent Banker - October 2018 - Table of Contents
Independent Banker - October 2018 - 2
Independent Banker - October 2018 - 3
Independent Banker - October 2018 - 4
Independent Banker - October 2018 - 5
Independent Banker - October 2018 - 6
Independent Banker - October 2018 - 7
Independent Banker - October 2018 - 8
Independent Banker - October 2018 - 9
Independent Banker - October 2018 - 10
Independent Banker - October 2018 - 11
Independent Banker - October 2018 - 12
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Independent Banker - October 2018 - 14
Independent Banker - October 2018 - 15
Independent Banker - October 2018 - 16
Independent Banker - October 2018 - 17
Independent Banker - October 2018 - 18
Independent Banker - October 2018 - 19
Independent Banker - October 2018 - 20
Independent Banker - October 2018 - 21
Independent Banker - October 2018 - 22
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Independent Banker - October 2018 - 24
Independent Banker - October 2018 - 25
Independent Banker - October 2018 - 26
Independent Banker - October 2018 - 27
Independent Banker - October 2018 - 28
Independent Banker - October 2018 - 29
Independent Banker - October 2018 - 30
Independent Banker - October 2018 - 31
Independent Banker - October 2018 - 32
Independent Banker - October 2018 - 33
Independent Banker - October 2018 - 34
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Independent Banker - October 2018 - 36
Independent Banker - October 2018 - 37
Independent Banker - October 2018 - 38
Independent Banker - October 2018 - 39
Independent Banker - October 2018 - 40
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Independent Banker - October 2018 - Cover3
Independent Banker - October 2018 - Cover4
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