Greenleaf Trust 2013 Annual Report

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YE A R IN REV IE W 2013



Greenleaf Trust is a comprehensive wealth management firm with specialized disciplines in goals-based wealth management, p ersonal trust administration and retirement plan services. As a privately held and managed trust-only bank (one of Michigan’s first), our i ndependence frees us from conflicts of interest and ensures that o ur 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 that exceeds expectations.

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CHAIRMAN’S LETTER

William D. Johnston chairman

It is both my pleasure and honor to greet you as we deliver our annual report. The year 2013 marked the 15th consecutive year that we have increased our revenue by over 20%. In an industry that has grown by less than 5% annually, our growth has been truly amazing. More important than our revenue growth has been our client growth, retention and satisfaction. When asked about our growth of clients, industry-high client satisfaction and retention rates, I often respond that we are on our clients’ side of the desk always, have no conflicts of interest, select talented people passionate about serving others and develop that talent very well. It is in fact our human capital, our team of people at Greenleaf Trust, which differentiates us in so many ways. Totaling nearly 90 employees, our team delivery of fiduciary and wealth management services is a commitment to perform at the highest benchmark possible. Through our executive leadership team, our employees are challenged, empowered and resourced to deliver remarkable client service, innovation, productivity, efficiency and security of information for our clients. You will learn more about our team from other leaders in our company as you migrate through this report. Serving in his first year as President in 2013, Mike Odar accomplished tremendously important goals for our company. Consistent 20% top line growth, positive earnings and cash flow growth, recruitment and selection of new executive leadership, significant improvement in client service processes, introduction of new key performance indicators across all divisions and a new and improved compensation 2


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CHAIRMAN’S LET TER continued

system. Each of these were the hallmarks of Mike’s very successful first year as President. As Chairman, I can report to you that our Greenleaf Trust Board of Directors were and are very pleased with his leadership, executive talent and execution of critically important strategic initiatives. Our regulators require that we meet minimum capital requirements to hold our bank charter. I am pleased to report that our total bank capital now stands at $31.0 million and exceeds our required capital by over $11.0 million. Our growth of revenue, strong balance sheet, excess capital and strong fiscal management provide the profit and cash flow necessary for our investments in people, facilities and technology. We are excited about our successes and future growth opportunities as the mission and culture of Greenleaf Trust is spread in the greater Detroit area. Included in this expansion is the introduction of our new Family and Foundation Services Division. The increase in families in need of holistic management of complex estates, assets that include non-marketable securities, and private family foundations integrated nicely with the services and expertise that our company has built for over 15 years. Our goals for 2014 are challenging, the opportunities before us are exciting and the team engaged in accomplishing these goals is simply one of the best in the industry. Thank you for allowing me to share my perspective on our company. As you can tell I am both proud of our accomplishments and very enthused about our future.

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PRESIDENT’S LETTER

Michael F. Odar president

At the beginning of 2013, we set out to create more focused time for our talented team to spend with and for our clients. We acknowledged our desire and ability to do even more for them by improving many of our processes and workflow to make us more efficient. I believe we accomplished a lot in 2013, and our agreed upon plan for 2014 is to keep on going. We will do this by concentrating on five key initiatives: innovation, communication, benchmarking, talent development, and business development. Our team’s ongoing commitment to improving processes for clients has led them to establish an internal movement focused on working more efficiently and challenging why we have always done things a certain way. Innovation is more than process improvement; it is transformation of workflow, sophistication, automation and operational excellence. We believe innovation is the critical next step to creating more value-added time with and for our clients. World-class service requires teamwork and the effective exchange of ideas. Communication is a critical component of each, and a building block for trust. We recognize there are many forms of communication in society today and each has its situational appropriateness. Choosing a communication method based solely on efficiency rather than appropriateness could actually do more to hinder teamwork and the construction of trust than to build them. Can teamwork and trust be built through emails? We believe communication involving personal contact is important, appropriate, meaningful and a prerequisite to serving 6

our clients more collaboratively.


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PRESIDENT’S LET TER continued

Being the best at what you do starts with understanding yourself and then benchmarking against the best. Internal and external benchmarking helps guard against institutional hubris. At its core, this process means self-reflection and accountability through measuring key performance indicators (KPIs), and then benchmarking ourselves against the best to serve more clients, more often and more eectively. In order to be the best for our clients, we need to constantly create opportunities to engage and inspire our team. It’s not enough just to find talented people. We need to develop and grow that talent by creating opportunities for teammates that align with their strengths and challenge them to do more. Finally, our end goal is not growth for the sake of growth. Our goal is to provide world-class service for our clients. Remarkable service, by definition, is worthy of remark. More remarkable service means our clients will talk and our footprint will grow. By striving to be top-of-mind with our clients, we create more business development opportunities, thereby enhancing the breadth and depth of our services for clients.

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C L I E NT CENTR IC TEA M

Daniel J. Rinzema, CFA, CFP

®

chief client officer

The client centric team’s daily mission is to provide remarkable service through the delivery of fiduciary excellence, holistic wealth management, advanced financial planning and proactive client care. We pursue this goal by focusing first and foremost on the needs of our clients, and by offering conflict-free recommendations built upon integrity, transparency and objectivity. Our talented professionals leverage the collective wisdom of the team to provide comprehensive trust administration and customized wealth management solutions. In this regard, 2013 was another banner year as we worked to create a consistently positive impact felt by our clients, our culture, and our community. Clients The year 2013 was characterized by an exceedingly favorable global equity market juxtaposed against a precarious fixed income environment. In this polarized investment climate, the client centric team intentionally deepened our goals-based wealth management approach to better serve our clients. Goals-based wealth management is the essential process of aligning wealth with life. This holistic methodology provides customized solutions tailored to each client’s unique financial objectives. Goals-based wealth management ensures that our team members consider a client’s complete financial picture in a well-integrated fashion, incorporating the dynamic nature of assets and liabilities, the complexity of a tax and estate profile and the nuances of behavioral biases. Our client centric teams take a highly consultative approach to goals-based wealth management by listening, guiding, educating and serving in a way that is meaningful on a personal level. This two-way dialogue results in a comprehensive financial plan in which success is defined as meeting each client’s unique financial objectives. 10

By reorienting traditional financial management around discovering and satisfying


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CLIENT CENTRIC TEAM continued

multiple life goals, this process ensures the portfolio is positioned to allow for the pursuit of what matters most, whether it be personal, dynastic, philanthropic or a combination thereof.

Culture Continuous improvement is one of Greenleaf Trust’s core values—it is a pillar of our culture and part of our DNA. Every tangible improvement we have made on behalf of our clients stems from a disciplined review of our practices. We begin by listening to those that matter most, our clients, as we look for ways to serve them better. This year’s client satisfaction survey revealed an opportunity to improve the format of our investment performance reporting. We heard our clients and responded by introducing more customized, relevant and meaningful performance reporting during the year to better meet their individual needs. During 2013, we also witnessed the birth of a number of internal process improvements that we put into practice. Each was identified, designed and implemented to allow for more time with and for our clients. Some of the highlights include an expanded trading platform, increased automation of daily workflow, enhanced statement generation capabilities and the introduction of key performance indicators. Several updates were also made to procedures geared towards fiduciary excellence pertaining to estate settlement, real estate holdings, and irrevocable life insurance trusts, to name a few. In addition to continuous improvement, our culture remains focused on professional development. We take great pleasure in recognizing personal growth, growth in role, impact in role and impact in organization within our overarching mission of remarkable client service. During the year, more formalized career pathing for our team service coordinators was introduced to recognize consistent growth and impact. Two of our senior wealth management advisors, Nicole Asher and James Curry, earned the Certified Private Wealth Advisor® designation, a highly esteemed credential reflective of advanced wealth management expertise.

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CLIENT CENTRIC TEAM continued

Community The client centric team’s focus on service extends to the communities in which we live and work. Greenleaf Trust’s core values reinforce this commitment by calling for a balance between family, work and community service. Many of our client centric team members choose to give back to their respective communities by serving on various local nonprofit and foundation boards. Additionally, our service-minded teams organized and/or volunteered together at several local nonprofit events throughout this past year. It is a joy to be part of a team that values not only hard work and client service, but also helping those in need within the community. 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 your continued trust and confidence.

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RETIREMENT PLAN SERVICES

Chris A. Middleton

executive vice president and director of retirement plan division

I am honored to be writing this in place of N. Dean MacVicar, who led the Retirement Plan Division since its creation in 1998. I have been a witness to Dean’s leadership and the divisional progress since 2002. I count myself fortunate to follow in his footsteps, and to be charged with enhancing the foundation he has built. In his new role as director of institutional relations, Dean will focus his efforts on further developing and standardizing the institutional platform for serving the needs of Greenleaf Trust’s nonprofit, endowment and foundation clients. Dean will also continue to serve as trust relationship officer for a select group of individual and institutional clients. The vision and fundamentals of our division remain unchanged. Our vision is to oversee $1 billion of retirement plan assets by the year 2017. To achieve this, we will continue to focus on the following fundamentals:

1. Client satisfaction: Our purpose begins and ends with our clients’ (employers and employees) needs. Our team has extensive experience within the retirement industry and strives to provide each employer and plan participant with the information they require to attain success in retirement. Our client surveys and direct feedback mechanisms remain in line with or better than the highest industry benchmarks, but we realize there is always room for improvement.

2. Employee satisfaction: Our team works best when focused on serving clients. Results of our internal team assessment survey confirm that 2013 was a year of advancement in terms of increased work satisfaction. We share that positivity as we deliver services that help employers and employees meet their retirement goals.

3. Product excellence: Rules, regulations and technology are always changing, so 14

our product offering is continually updated to best serve our clients. While many of


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RETIREMENT PL AN SERVICES continued

the improvements we made during the year were operational, we did launch two major product enhancements in 2013. The first was a participant advice platform, SmartPlan, which provides investment models for participants with corresponding interactive video tutorials. SmartPlan makes it quick and easy for participants to get investment advice specific to their situation and to automatically apply those investment elections to their account. We also began using tablets as an interactive tool during participant meetings. This has allowed participants to be guided by our team as they make real-time decisions within their accounts.

4. Profitable business development activity: We feel strongly that our full-service structure, personalized client interaction, fiduciary oversight, open architecture, and the best-in-class investment selection platform is the model that best serves our existing and future clients. This was a year of significant asset growth, due to the addition of new accounts as well as market appreciation. As importantly, our sales pipeline is very strong, providing great momentum towards adding many new clients in 2014.

5. Audit excellence: As a plan fiduciary, audits and safeguards are imperative for the safety and security of our clients. Beyond all of the normal requirements of a state chartered bank, we again engaged in the SSAE 16 audit for 2013. This audit is specifically geared toward the processes and controls used to ensure the retirement division is functioning appropriately. Sharing the results of our internal controls provides clients the transparency they deserve. We are committed to continuing with this elective audit for the benefit of everyone who entrusts their assets to the Greenleaf Trust Retirement Plan Division. Of course, all of the above could not be done without our dedicated team of professionals. These talented individuals devote their time and energy to our organization and I am proud of each one of them. As we enter 2014, I am grateful to be supported by such a strong and energetic team that is dedicated to the success of Greenleaf Trust and devoted to our clients. I am confident this will be a fantastic year for our division.

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INVESTMENT MANAGEMENT AND RESEARCH

James W. Gray, CFA chief investment officer

Domestic Equity Market

During 2013, domestic equities experienced only a few contained periods of elevated downside volatility as the markets rocketed upward. All told, the S&P 500 gained 32.4% for the year with price appreciation comprising 29.6% of the total. Substantial gains in both U.S. and developed international equities were contrary to the performance of many other asset classes. Investment grade fixed income, emerging international equities, and commodities (including gold) all trailed significantly in 2013. The year began with concerns regarding the U.S. Government sequester and fears that the U.S. or China would experience a material economic recession. As these headline risks abated late in the first quarter, the S&P 500 gained 11%. Midway through the year, the U.S. Federal Reserve broached the topic of tapering the quantitative easing program, which caused a spike in the 10-year Treasury rate and a short-lived dip in global equities amid heightened volatility in financial markets. During the third quarter, the S&P 500 recaptured its 2007 peak level and pushed higher as it gained another 11% in the fourth quarter. While equities experienced a significant run during 2013, they still reflect a much stronger risk/return profile as compared to fixed income. Equity valuations, while far from inexpensive, ended the year at elevated but not overly extended levels. While the S&P 500 ended 2013 higher (in nominal terms) than in 2007, the Price to Book ratio ended the year at 2.6x versus 3.0x at the peak of the market in October 2007. Forward Price to Earnings multiples are still reasonable at 15.4x versus a 15-year average of 15.9x, and much lower than the mid 20x multiples observed at the beginning of the decade.

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I N V E S T M E N T M A N A G E M E N T A N D R E S E A R C H continued Global Equity Markets Rolling 12 Months 140

MSCI EAFE

MSCI EM

S&P 500

130 120 110 100 90 80 12/12

3/13

6/13

9/13

12/13

International Equities Developed international markets returned 22.8% for the year, lagging the S&P 500 by nearly 10%. Emerging markets experienced significant outflows due to concerns around the U.S. Federal Reserve’s tapering plan. This resulted in substantial underperformance in emerging international equities (-2.6% in 2013) as compared to their developed market counterparts. Given the level of strong, disproportionate GDP growth in emerging markets, our view is that maintaining exposure to these markets will benefit investors over the long term.

Fixed Income The long-term bond index was o 13.4% for the full year after being up nearly 5% in the first quarter. The 10-year Treasury rate rocketed up 137 bps (84%) during the May through September period, ending the year at 3%. Based on its magnitude, we view this move as the turning point for bonds after a 30-year bull market. Even considering this move, it is likely that rates will continue to migrate higher albeit at a slower rate of increase. Going forward, we expect bond markets to remain challenged. We continue to monitor our strategy in light of rapidly shifting market conditions and still consider bonds to be a critical component of prudent portfolio construction. Even if the yield on bonds is still relatively low, it is important to consider the lower correlation benefit that bonds provide as we navigate the likely volatile environment in 2014.

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I N V E S T M E N T M A N A G E M E N T A N D R E S E A R C H continued

Disciplined Investment Research Analysis Process The research team drove numerous initiatives in the spirit of continuous improvement throughout the year. We leveraged a new software suite to dig deeper into the risk analytics of portfolios, crafted roles to enable deeper focus within our team, and leveraged our software tools to provide a greater view of fixed income portfolio sensitivities and scenario analysis. All of these points allow us to take an even more sophisticated view of optimized portfolio construction and investment instrument analysis.

What Distinguishes Greenleaf Trust’s Core Equity Portfolio? Exclusive Focus on Owning High Quality Companies— Connoisseurs of Businesses Attractive Business Consistent Free Cash Flow Generation Good Capital Stewards Undervalued Long-term Investment Horizon Deep, Proprietary Business Ownership-focused Research Risk Management—Disciplined Policy-driven Approach Complete Independence/Our Revenue Fully Aligned With Our Clients’ Interests As we look back on the year, we are very proud of the level of diligence in our research process as well as the depth of holistic planning that our wealth management advisors delivered for the benefit of achieving our clients’ unique objectives over the long term. The team is honored to have earned the responsibility to manage our clients’ wealth each and every day. 21


O P E R AT I O N S

Thomas L. Drews chief operating officer

As Greenleaf Trust continues to grow, we see opportunities for process improvement and innovation. I am proud to report the operations team implemented over 30 process enhancements in 2013, all while processing over one million transactions for the benefit of our clients. We continue to look for more eďŹƒcient ways to provide quality processing in our daily work. In 2013, the operations team reorganized into three main teams. Securities processing handles all asset-related transactions including investment trading, dividend and interest posting, and corporate action processing. Cash processing handles all cash-related transactions, including disbursements via check, wire or ACH and cash deposits. The administrative support team continues to work closely with our client centric team to prepare documents and open and maintain client accounts. Within these teams, we also have specific individuals assigned to manage tax, reporting and compliance activities. The operations team will continue to embrace innovation in 2014. We are working with our trust accounting software provider to implement technology to automate asset setup, trust committee reviews and trading processes, and enhance online client reporting. We are embracing the possibility of taking our processing securely into the cloud as we review exciting new software support capabilities with our vendor. Benchmarking will also continue to be part of our strategic growth as we look to empower our team to seek out best practices and to drive eďŹƒciencies in everything they do. It is truly an honor to work on your behalf. I look forward to a very productive 22

year of growth and service in 2014.


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HUMAN RESOURCES

Karen A. Baldwin director of human resources

It’s fun to reflect each year on the growth we’ve had in our company, and on the new talent we’ve brought to our team in order to better serve each and every one of you. When I began in April of 2010, we had 60 employees on the Greenleaf Trust team. We have hired 51 new employees since that time, as of the end of 2013. Along the way, seven interns from Western Michigan University’s Haworth College of Business also received our support as they stepped up and learned the business while contributing to our culture and company. Today, our team stands 91 members strong, with an average turnover rate of approximately 7%. We were proud to add the following team members in 2013: Brandon D. Bauer—Wealth Management Associate Heidi H. Butchma—Research Associate Sharon A. Conran, J.D.—Trust Relationship Officer–Birmingham Asa Davis—Technical Writer David Furchak—IT Service Specialist Daniel C. Haines—Fixed Income Analyst Ashley C. Hamlin—Team Service Coordinator–Family and Foundation Services Mark A. Jackson, CFA—Wealth Management Advisor Bruce J. Kridler—Senior Vice President, Business Development Officer–Birmingham Catie S. Matzka—Team Service Coordinator Christine Rantz—Operations Technician Michael J. Ruchti—Chief Financial Officer Kristen M. Tidd—Operations Technician The following promotions occurred in 2013: Nicole E. Asher, CFP®, ChFC®, CPWA®—Senior Wealth Management Advisor Karen A. Baldwin—Executive Leadership Team 24


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Theresa A. Burgos—Team Service Coordinator II James R. Curry, CFP®, CPWA®—Senior Wealth Management Advisor Kim G. Dudley—Human Resources Specialist Rosie C. Hall—Senior Team Service Coordinator Brenda E. Hildon-Kaempf—Senior Team Service Coordinator Oliver Krings—Vice President, Chief Technology Officer, Assistant Director of Business Information Services Division Chris A. Middleton, CTFA®—Executive Vice President, Director of Retirement Plan Division Kimberly A. Montanye—Team Service Coordinator II Andrew L. Riker, CFP®—Senior Wealth Management Advisor Valetta Sellers-Evans—Senior Operations Technician Kim VanDuine—Project Manager Kathleen J. Waldron, QKA—Vice President, Assistant Director of Retirement Plan Division Sarah M. Way—Senior Team Service Coordinator The following certifications were obtained by team members in 2013: Nicole E. Asher—Certified Private Wealth Advisor® James R. Curry—Certified Private Wealth Advisor® Kristen Rollins—Cisco Certified Network Associate Phenomenal growth and change have been consistent within our company, and our culture has not only endured, it continues to thrive. Of those 51 new employees, 33 were added in 2012 and 2013. This enormous demand to our on-boarding and training programs required additional dedicated time by our current team to get everyone up to speed. Diversity, communication, candor, knowledge, process improvements and keeping our main focus on our clients has kept us strong as a team and aided us in maintaining the culture we hold so dear. Throughout all this change, our 2013 internal survey results show that nearly 85% of our teammates feel fully engaged and inspired each day they come to work at Greenleaf Trust. Through several other surveys of our team members, Greenleaf Trust was once again recognized as one of the 101 Best and Brightest Companies To Work For™ in West Michigan and Metro Detroit, as well as nationally. We were 26

also recognized as a 2013 Sloan Award winner for Business Excellence in


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Workplace Flexibility. We continue to target the major financial cities in the U.S. to bring you the best talent, and these awards help us in this endeavor. Together with our hiring partner, HUMANeX Ventures, we continue to raise the bar on talent at Greenleaf Trust, enhancing our knowledge and literacy with each new addition to the Greenleaf Trust team. In 2013, we provided employees with nearly 650 hours of training on culture and talent literacy. Many of our leaders have gone through extensive training on understanding talent and determining the right talent and fit for Greenleaf Trust. During 2014, we plan to provide even more training to team members who are involved in our selection process. We know that change promotes growth and growth promotes better client and employee satisfaction. We are grateful for the team we have selected and developed to serve our clients, and we appreciate your dedication to our growth and change as we continuously work to improve and become ever better for all of you.

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M A RKETING

Sarah A. Johansson vice president and director of marketing

A long-held maxim is that marketing is the toy department of a great company. The marketing team, that is, simply creates brand awareness through fun and dynamic client events, ads, videos, sponsorships, websites, brochures, etc. It is true, we love what we do, particularly when conveying news about the great things Greenleaf Trust is achieving on behalf of our clients. However, there’s a great deal of hard work behind the scenes. Rather than list the year’s every activity and material, however, I want to draw your attention to our increased marketing efforts in Southeast Michigan. Since the first day we stepped foot into our fantastic office in Birmingham in 2010, we’ve steadily expanded our presence and brand awareness in the Metro Detroit area. A steady stream of new clients has fueled our growth, as have the relationships we have developed with leading attorneys, accountants and other key influencers. Everything our marketing team does is made considerably easier, of course, thanks to the exceptionally talented team of people in our Southeast Michigan office: Wendy Cox, Steve Christensen, Sharon Conran, Julie Weston and, our newest team member, Bruce Kridler. Thanks to them, and to the full complement of Greenleaf Trust team members throughout Michigan, our marketing team is fully engaged and dedicated to continuously improving the relevance and appeal of our content and outreach. We are here to serve you—and it’s our great privilege to do so.

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F I N A NCE

Michael J. Ruchti chief financial officer

I am very excited to join Greenleaf Trust’s amazing team! I arrived in Kalamazoo in December of 2013 from Vermont where I worked in the corporate financial planning and analysis organization of Green Mountain Coffee Roasters. There were many challenges in 2013, but 2014 is shaping up to be one of great opportunities for Greenleaf Trust’s finance organization. We added Christine Hansen to the team in February as our new controller. She brings a great deal of energy, knowledge and experience, and will be a great asset. Christine and I are joining Judy Marsiglia-Kelly, our senior accountant, to complete the team. With a full finance team, we will be able to focus on efficiency in 2014. We want to provide our team members with tools that will improve reporting and streamline administrative activities. By creating a more efficient workforce, we free up time for our associates to spend with clients, which is where they want to be. Another area of focus this year will be benchmarking Greenleaf Trust’s financial performance against best practices to ensure that we are concentrating our time and resources on efforts that will be most impactful for our clients. I look forward to a great year of new and exciting opportunities for our finance organization, the Greenleaf Trust team, and our amazing clients.

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FA M I LY A N D F O U N D AT I O N S E R V I C E S D I V I S I O N

Karen A. Bouche family office advisor

Across our enterprise, we conduct a wide bandwidth of services for our wealth management clients. These are typically executed by the client centric team in coordination with our operations, retirement plan and research divisions. It has not been our practice to segregate or segment these services but rather simply to serve clients when and where their needs arise. Increasingly, we have been meeting with high net worth individuals who have a more consistent need for unique and specialized services and are seeking a “one-stop shop” for execution and coordination of services. Beginning in April of 2013, we began to clearly define our service delivery model for these individuals and to put in place policies and procedures allowing us to replicate this service model in locations where needed. A crucial part of that service delivery model is dedicated staff who are afforded the time to focus on a very limited number of families. Those who are a part of our newly segmented Family and Foundation Services Division will have a dedicated family office advisor and a family office assistant to service their needs. This relationship necessitates a high level of engagement with our clients, their families, household employees, aircraft and watercraft staff, service and other providers, entities with which they are involved (often including a private family foundation), and the activities of their daily lives and family office. Each family, and further each family member, is unique as to what is valuable to them. Our services are always available to them regardless of the issue or opportunity. These services include but are not limited to: • Bespoke investment strategy development and implementation • Special/alternative asset class research and oversight • Integrated financial strategies in coordination with a team of

advisors

• Cash flow needs analysis and planning with outside lenders and bankers • Client information management and consolidated reporting

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FA M I LY A N D F O U N D AT I O N S E R V I C E S D I V I S I O N continued • Wealth transfer planning and implementation • Trustee fiduciary services, including investment and beneficiary education • Liability management in coordination with a qualified insurance provider • Lifestyle enhancements (e.g., bill payment, domestic help payroll, property

management oversight, private travel or other concierge services) • Family continuity and education • Coordination of

family communication and recurring family meetings

• Family philanthropy planning

Many of these services have been provided by Greenleaf Trust for years. Several of our clients have always had a high level of engagement with our team. Allowing our service team to focus on these clients and their specialized needs has led to deeper relationships not only with our clients and their families, but with the service providers we seek out on behalf of our clients. We have developed a benchmark standard of service in many areas and we continue to build our relationships with these outsourced service providers so that our clients can be confident they will see great results. The area of private foundation services was another significant focus for us in 2013. We have been actively managing these investment portfolios and providing guidance on mission and vision development for several years, and our knowledge and experience in this arena is vast. Recently, we took on the fulfillment process of grant administration. Our strong connections to the communities where we live and work help us stay abreast of new developments and exciting projects of various nonprofit organizations. These connections, combined with our in-depth knowledge of our clients’ philanthropic wishes, enable us to assist with as much of the process as they desire. We create and receive grant applications, prepare the Board or Trustees and equip them with the materials required to make a decision, and then perform follow-up reporting as necessary. This has been a year of formalizing a service model we have always offered, but have never highlighted separately. I am excited to announce the development of our new Family and Foundation Services Division and I feel honored to be a part of it. Throughout 2014 and beyond, we will continue to secure preferred service providers in every area our clients require, as we expand and strengthen services we provide 38

and coordinate on their behalf.


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B OA RD O F D IR ECTO R S

left to right

Sydney P. Waldorf, David M. Thoms, Ronda E. Stryker Vice Chairman, William D. Johnston Chairman, Ronald N. Kilgore Chief Executive Officer, Barbara L. James, Ronald A. Elenbaas

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211 south rose street 3 4 9 7 7 wo o dwa r d av e n ue 130 south union street 4 0 6 b ay s t r e e t

kalamazoo, mi 49007 birmingham, mi 48009 t r av e r s e c i t y, m i 4 9 6 8 4 p e t o s k e y, m i 4 9 7 7 0

g r e e n l e a f t r u s t. c o m


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