A Culture Rooted in Values
YEAR REVIEW IN 2024
Greenleaf Trust
is a comprehensive wealth management firm with specialized disciplines in goals-based wealth management, trust administration and retirement plan services.
As one of Michigan’s first privately held and managed trust-only banks, our independence frees us from conflicts of interest and ensures that our clients’ well-being is at the center of everything we do.
Client-aligned and talentdriven for the past 26 years, we adhere to the highest standards or fiduciary excellence, while providing personalized service and customized solutions.
Chairman’s Letter
William D. Johnston Chairman
It is with deep respect and privilege that we dedicate the 2024 Greenleaf Trust Annual report in memory of Ronald Nelson Kilgore, who passed away on January 19, 2025, after a lengthy illness. Many of you know that in 1997 I convinced Ron to join an idea rather than an established company. The idea was to challenge the trend of consolidation in the banking industry and create a new type of Michigan-chartered bank. We would not be in the deposit or lending business, but instead focus on traditional fiduciary, trust and wealth management services for individuals, endowments, foundations and corporations. Our goal was distinct—we weren’t starting this company to sell it, as most new bank investment groups do. We wanted to establish a company to last in perpetuity for many generations to come. At the time, it was a unique idea and, while Ron was not an impetuous person, it was clear to me that this vision intrigued him.
It so happened that Ron’s employer at the time, Arcadia Bank & Trust, had been acquired by FMB Corporation. Within weeks and before new signs were even put up, FMB was acquired by Huntington Bank Corp., an Ohio-based nationally chartered bank. This rapid change in ownership prompted Ron to
call and say, “I’m in!” He joined us on our new venture and led our Michigan Bank Charter application, becoming our first CEO, Senior Trust Officer and member of the Board of Directors. In 2023, on the 25th anniversary of Greenleaf Trust, Ron retired as Senior Vice President Emeritus, Senior Trust Officer Emeritus and Board of Directors Emeritus. At the 25th-anniversary gala, we honored Ron with a proclamation naming him the lifetime “Keeper of the Greenleaf Trust Culture.” No individual embodied the pillars of our core culture more than Ron. Through his humility, empathy, work ethic and dedication, he exemplified honest and honorable service to both clients and teammates. Ron etched his fingerprint on every fabric of our company.
While we mourn the loss of a dear friend, we are comforted to know that the pillars of our core culture that Ron held on to so tightly through his service to our clients and teammates still define our business culture. No conflicts of interest, no proprietary products to sell, team-delivered service in a spirit of continuous improvement that is resourced by a budget process to serve clients better. The highest fiduciary standards of honest and honorable practices. Ron began his
career as a teller, and he spent over five decades serving clients in the banking industry. Our privilege was to hear from Ron that the very best years were the 25 years he spent as a team member and leader of Greenleaf Trust. We are honored that Ron felt that way.
In this annual report, you will hear from many members of our leadership team about the achievements of Greenleaf Trust. These successes are ultimately measured by how our clients feel about the work we do on their behalf. Dan Rinzema will provide further insights into these measures of client satisfaction. However, it is the individuals within our client-focused teams—and the teams that support them—who are the true drivers of that satisfaction. They do so with servant hearts and a commitment to exceed the needs and desires of our valued clients.
Our growth is gratifying. When we opened the doors of Greenleaf Trust in 1998, we had seven employees. Today, we have nearly 200 employees serving clients across seven offices in Michigan, one in Delaware and soon, one in Naples, Florida. As our president, CEO and member of our Board of Directors, Michael Odar, shared recently in Perspectives, we are growing in service not just size. We are doing more for our clients, in more places, with more talented teammates. We are humbled by this success, and we remain vigilant to beat back any hubris that often results from success. This humility is intentional—we continuously ask our teams and our clients, “How can we do better?” The answers to this question
drive our strategic plans. Our largest source of new business comes from existing client referrals, as well as estate planning attorneys and CPAs who serve those clients. We value and treasure the reputation our teams have earned through their dedication to serving our clients.
Great organizations are created, grow and achieve excellence by cultivating, valuing and preserving a strong organizational culture. We believe that our success is explained by the pillars of our core business culture. Amplifying this is our workplace culture where we are intentional about the talent we seek, how our teammates are selected, our onboarding process, our coaching and leading plans and processes, as well as our investment in training and succession planning. When we are really committed to these components of our workplace culture, it multiplies our results and develops leadership from within. You will hear from our executive team about the emerging leaders within Greenleaf Trust.
It is clear that we are entering a new political environment. I have enjoyed a long life and, as a student of economics and politics, I have observed many swinging pendulums in policy and thought in my nearly eight decades of life on this earth. Those with political power are rarely empathetic or gentle. Those with political power generally use it forcefully because history demonstrates the fleeting nature of political power. Almost always those with power impose their will through policy and often use the power of the purse to do so. It has been disheartening
to see significant mischaracterization of diversity, equity and inclusion programs to the degree that the acronym is now used as a negative stereotype. There have been many companies, mostly publicly traded with large government contracts, that have announced the elimination of programs that encourage inclusion and a more diverse workforce. Perhaps they weren’t committed to it in the first place.
It is important in this environment that Greenleaf Trust shareholders, Board of Directors and Executive Leadership Teams let all who are interested know that our commitment to a diverse and inclusive workplace has never been nor will it ever be soft. We will always make certain that opportunities are fair and that all identities, genders, beliefs, perspectives, nationalities, races and abilities feel respected, valued and safe in our Greenleaf Trust community.
On behalf of our entire team, we are humbled by the opportunity to serve our clients. It is a privilege we hold onto dearly and one we strive to do better each and every day. Thank you and best regards.
HonestyIntegrity Trustworthy
Michael F. Odar, CFA® President & Chief Executive Officer
Reflecting on 2024, I am so proud of the work we did for our clients, on behalf of our teammates, and within the communities where we live and work. The work was guided by our founding principles: client’s side of the desk, no conflicts of interest, team delivered service, continuous improvement with budget connection, fiduciary excellence and honest and honorable.
As you will read throughout this annual report, our work yielded many accomplishments in 2024 – all of it through the lens of how to do more for our clients. Over the course of the year, we continued to add new talented teammates, built upon organizational
inclusion, enhanced our service delivery model, invested in new tools to serve our clients, created new investment opportunities and built the foundation for our future.
I am pleased to announce the promotion of Chris Middleton to Chief Retirement Plan Officer.
Thank you again to all who have put their trust in us. We take the work we do for our clients seriously and strive to continuously improve in order to serve them even better. We look forward to Serving Clients More in 2025.
President’s Letter
Daniel J. Rinzema, CFA®, CFP®, CTFA Chief Client Officer
Team
The client centric team’s daily mission is to accelerate remarkable wealth outcomes for our clients through the delivery of holistic wealth management, advanced financial planning, expert trust administration and WOW client service. We pursue this aim by focusing first and foremost on the needs, wants and desires of our clients. We then leverage the collective wisdom of the broader team to provide highly personalized service and customized solutions. The year 2024 was both gratifying and humbling in this regard as the client centric team worked to create a consistently positive impact felt by our clients and workplace culture. A few of the highlights from the year are outlined below.
CLIENTS
To our clients, we extend our sincerest gratitude for entrusting us with your wealth management needs. Your confidence in our firm is not taken lightly and drives us to continuously improve our services. We are honored to be a part of your financial journey and look forward to serving you for many years to come.
Our annual satisfaction survey is designed to gauge Greenleaf Trust’s collective efforts from our clients’ perspective. We not only want to know if we are delivering on our promises, but we also crave candid feedback on our shortcomings. Analyzing the results helps us more closely align the voice of our client with our daily impact. The aim is to listen to client comments and suggestions so that we can enhance the services provided on their behalf. This year we experienced record response rates in excess of industry average and some of our highest satisfaction scores to date. The box on the right represents a summary of what we heard our clients say.
While we are exceedingly pleased with the high marks received, we recognize there is always room for improvement. So, to achieve our standing goal of 100% client satisfaction across all measures, we are intently focused on the specific suggestions and comments provided by our clients.
WORKPLACE CULTURE
To our teammates, a special thank you for your unwavering commitment to our clients and for your tireless efforts to ensure their
FIND THEIR CLIENT CENTRIC TEAM MEMBERS TO BE EASILY ACCESSIBLE.
FEEL THEIR QUESTIONS AND CONCERNS ARE ANSWERED IN A PROMPT AND SATISFACTORY MANNER.
ARE SATISFIED WITH THE FREQUENCY OF CONTACT.
FEEL AS THOUGH THEY ARE TREATED AS A VERY IMPORTANT CLIENT.
BELIEVE WE LISTEN TO AND UNDERSTAND THEIR UNIQUE GOALS AND OBJECTIVES.
BELIEVE THEIR ACCOUNTS ARE TAILORED TO MEET THEIR UNIQUE FINANCIAL GOALS AND OBJECTIVES.
BELIEVE WE ARE SUCCESSFUL IN MEETING THEIR INVESTMENT NEEDS.
UNIFORMLY EXCEED SATISFACTION SCORES WITH OUR ACCOUNT STATEMENTS, PERFORMANCE REPORTS, AND NEWSLETTERS.
Reliable Accountability Dependable
financial well-being. Your hard work and dedication do not go unnoticed, and it is a privilege to work alongside each and every one of you. During the year, we put several internal innovations into practice including the launch of our learning management system, enhancements to our trading platform and automations of document upload to our online client portal. Each was identified, designed and implemented to ensure our role as fiduciary was executed at the highest levels and to allow our team members more time with and for our clients. We also added talent around the state to maintain our commitment to personal service and custom solutions as we grow. Additionally, this year marked our ninth annual “Day of Caring” where teammates were given the day to form groups and volunteer together at a non-profit of their choosing within their respective communities. Close to 1,000 hours on this day alone were spent giving back to food pantries, youth
programs, resource centers and other non-profit institutions within the communities in which we live, work and seek to remain deeply rooted.
Beyond growing our capacity to serve, we also take great pride in recognizing personal growth, growth in role and impact in role within our overarching mission of remarkable client service. During the year, Tiffany Clubs, Theresa Burgos and Josh Gibbs all earned the Certified Trust Financial Advisor (CTFA) designation, and Holly Crump and Regina Jaeger were both awarded the Certified Financial Planner® (CFP®) designation. Several teammates were also recognized for their growth and impact throughout the year receiving the following promotions:
Donna Kelley Client Service Representative II
Elva Clayborn Team Service Coordinator II
Holly Crump Wealth Management Advisor
Brian Farrell Senior Wealth Management Advisor
Michael Holmes
Assistant Vice President, Senior Trust Relationship Officer
Mike Mikrut Senior Wealth Management Advisor
Emily Berlin Team Service Coordinator II
Tiffany Clubs Trust Relationship Officer
Brian Schafer Wealth Management Advisor
Alex Solis-Mullen
Assistant Vice President, Senior Estate Settlement Officer
Rachel Mortensen Estate Settlement Officer – Team Lead
Jenny Sowell Senior Trust Relationship Associate
Jan Youker Senior Team Service Coordinator
Mollie Felt Senior Wealth Management Associate
Maggie Walker Team Service Coordinator II
Dawn Schavey Team Service Coordinator II
Evan Visuri Senior Wealth Management Associate
Research
Nicholas A. Juhle, CFA® Chief Investment Officer
Building on the momentum of 2023, the markets continued their upward momentum in 2024. Both years delivered positive returns across all the equity and fixed income categories we monitor. The S&P 500 returned 25% in 2024, following a 26% gain in 2023. Over the past 24 months, investors in large-cap domestic stocks have enjoyed cumulative returns of nearly 60%. Meanwhile, a balanced portfolio of 60% stocks and 40% bonds generated a 12.5% return in 2024, following a 15.6% return in 2023, resulting in a 30% cumulative return over two years.
Heading into 2024, the economic outlook appeared uncertain. Economists placed the probability of a recession at 50%, forecasting GDP growth of just 1.3%, down from 3.2% in 2023. Inflation was expected to ease toward the Federal Reserve’s 2% target, and job growth was projected to slow significantly, from 251,000 jobs per month in 2023 to just 74,000 in 2024. Investors anticipated that Fed policymakers would implement six 0.25%
rate cuts throughout the year, beginning in the first quarter. Meanwhile, corporate earnings were projected to grow 10%.
Fortunately, the year unfolded quite differently than expected and 2024 was marked by positive surprises across the board.
• GDP growth slowed but remained robust at 2.7% - more than double forecasts.
• Inflation cooled, though not as much as anticipated.
• Hiring remained strong, averaging 186,000 jobs per month - more than double the expected 74,000.
• The early months of the year even saw an acceleration in job gains, which allowed the Fed to delay rate cuts, ultimately reducing the federal funds rate by just 100 basis points later in the year.
• Corporate earnings came in close to expectations, with S&P 500 companies delivering 9.5% growth, just shy of the 10% forecast.
HelpfulDrive Execution
The takeaway? Surprises move markets and the positive economic surprises of 2024 helped create a strong return environment for risk assets. Looking ahead, economists now estimate just a 20% probability that the U.S. will enter a recession in 2025, and expectations entering the year appear reasonable to us.
As a research team, our mission is to develop comprehensive investment solutions that help our clients achieve their financial goals. Our success relies on the continued growth and expertise of our team. In 2024, we were proud to recognize three of our colleagues for their outstanding contributions and professional growth:
Andrew Edgar Senior Private Alternatives Analyst
Sam Riethman Trader and Senior Fixed Income Associate
Nick Yaelin Manager Selection Associate
Despite an ever-evolving market landscape, our commitment to disciplined, long-term investing remains unwavering. We continue to invest in both talent and technology, ensuring that our platform is well-positioned to serve clients effectively. Every investment decision we make aligns with our documented investment philosophy, always prioritizing the best interests of our clients.
On behalf of our entire team, we are honored and grateful for the opportunity to manage our clients’ wealth.
Karen Baldwin, CSP™ , SHRM-SCP™ , NDCCDP Chief Human Resources Officer
This year, I had the unique opportunity to follow up with a few of our clients about their responses to our client satisfaction surveys. It was heartwarming to hear their stories and the overwhelming positivity, love, trust and endearment they have for our client centric team. While we often hear such comments in human resources, hearing them directly from clients was especially impactful. Sharing these heartfelt messages with members of my team reinforced the profound impact they make hiring team members who align with the mission, vision and values of Greenleaf Trust, ensuring that we continue
to provide the individualized, caring service our clients deserve and expect.
Our clients will always be our top priority. As such, we continue to focus on team member engagement, knowing that high engagement results in high performance. Engaged employees provide personalized service and a unified vision that benefits our clients. To support this, we have maintained our commitment to offering workplace flexibility, which allows team members to balance their professional and personal lives. This, in turn, enables them to bring their best to serve our clients each day.
Human Resources
Inclusion Respect Kindness
Last year, we shared our journey with succession planning and knowledge transfer. This year, we are taking further steps by implementing four levels of leadership training. This initiative will support growth, knowledge transfer, process understanding and the creation of career pathing plans. It also ensures that we provide the necessary opportunities for those identified as future leaders within the organization. The first level of our leadership training introduces the foundational principles of leadership at Greenleaf Trust, while the last level focuses on self-awareness, emotional intelligence, goal setting and developing positive leadership traits.
In 2024, we successfully filled 20 positions and welcomed 19 talented new team members to Greenleaf Trust. With our national charter, we are excited to expand into Florida and help new team members acclimate to the Greenleaf
Trust culture, preparing them for success in our new market.
The human resources team has undergone significant changes in 2024. As the organization continues to grow in terms of team size, assets under advisement and locations, our human resources team remains focused on developing the skills and knowledge needed to best serve our team members. Notable accomplishments include:
T’Ausia Bronson earned her Certified Family and Medical Leave Specialist certification through Michigan State’s School of Human Resources and Labor Relations.
Gabbi May completed the Professional Certificate in Human Resources and Talent Management through Michigan State’s School of Human Resources and Labor Relations.
We are also thrilled to announce the following promotions within the human resources team:
Jackie Sperling Assistant Director of Human Resources
Carlos Clay Program Team Lead for the Scholarship and Internship Program, as well as our Wealth Development Program
Gabbi May Human Resources Specialist
Reflecting on 2024, we celebrated three retirements and closed the year with an impressive 96% retention rate and 85% team member engagement. Looking ahead to 2025, we are excited to continue adding top-tier talent and strengthening the relationships we have with our clients.
Celebrating Our Team Members
RETIRED TEAM MEMBERS
The dedication of our team members is integral to our workplace culture. We extend our heartfelt gratitude to those who retired in 2024. Their contributions leave a lasting impact on our organization.
John Welch Senior Vice President and Managing DirectorNorthern Michigan
Our ability to provide the highest level of client service depends on the deep understanding of client needs and the trusting relationships established. We applaud and recognize our team members who celebrated 25, 15 and 10 years of service in 2024.
Vasantha Arunachalam Senior Estate Settlement Associate
Doug Bajor Senior Wealth Management Advisor
CELEBRATING 25 YEARS
Darla Barbarini Corporate Administration
Carlene Korchak Personal Trust Division
Michael Odar President & CEO
CELEBRATING 15 YEARS
Peggy Anderson Operations Division
James Curry Wealth Management Division
Julie Howes Operations Division
Kevin Jawahir Personal Trust and Business Development
Brian Smolinski Business Information Services
John Welch Business DevelopmentNorthern Michigan
CELEBRATING 10 YEARS
Christopher Burns Research Division
Christine Hansen Finance Division
Equity Diversity, & Inclusion
Key Statistics
Team
Members
Karen Baldwin, CSP™ , SHRM-SCP™ , NDCCDP Chief Human Resources Officer
As we reflect on 2024, we are proud to share our continued journey. Over 45% of our team members have been with us for more than five years, while the remaining 55% joined Greenleaf Trust in the past five years. Our team spans multiple locations and includes four generations. Succession planning and knowledge transfer remain a key focus and will continue to be a priority in the coming years.
Since our inception, Greenleaf Trust has had a commitment to creating a workplace that
offers fair, accessible and inclusive policies, while also reflecting the diversity of the communities and clients we serve. Our core values emphasize collaboration, respect and the importance of recognizing the unique talents of every individual, enabling them to bring their best selves to work each day.
In 2023, we began our partnership with Translator’s Consulting to further enhance inclusion efforts. We are proud to report that this collaboration remains ongoing. Greenleaf Trust has been recognized for its
work in diversity, equity and inclusion (DEI), and we continue to offer growth and educational opportunities for all team members.
Greenleaf Trust has a long-standing tradition of community volunteering and giving, which we plan to continue. In 2024, our team volunteered nearly 2,000 hours for local nonprofit organizations, making a meaningful impact in our communities.
Persons of Color 15%
GREENLEAF TRUST’S GUIDING PRINCIPLES
AdvocacyCommittedConfidentiality Respect Transparency
VISION
We are actively working to become an anti-racist organization that fully supports diversity, equity and inclusion at all levels.
MISSION
We seek to cultivate a culture of diversity, equity and inclusivity through hiring, awareness, education and training opportunities for our team members, clients and communities.
PRACTICES
We continually examine all areas of our organization, including employment practices, policies and procedures, training and education, communication and workplace culture to ensure we are upholding anti-racist, diverse, equitable and inclusive values. It is important that our team members feel empowered to bring their authentic selves to work every day.
DEI COUNCIL & WORKGROUPS
Karen Baldwin
T’Ausia Bronson
Chris Burns
Elva Clayborn
Bethany Cwalina
Christie Dando
Lyndsay Deery
Tom Drews
Mollie Felt
Autumn Fromm
Kevin Jawahir
Jermaine Johnson
Matt Kidney
Beth Ann LaPointe
Albert Little
Gabbi May
Melinda Shull
Amari Smith
Jackie Sperling
Kristen Tidd
Kim Van Duine
Maggie Walker
Beverly Whaley
Lexi Willner
PositiveOpenCollaborative Receptive
Chris A. Middleton, CTFA Chief Retirement Plan Officer
The Retirement Plan Division remains committed to offering comprehensive, innovative and client-focused retirement solutions to businesses across the country. Over the past year, we have continued to enhance our services for both plan sponsor clients and participants. This has ensured long-term financial security for approximately 25,000 retirement plan participants.
CLIENT OVERVIEW AND RELATIONSHIP MANAGEMENT
At the close of 2024, the Retirement Plan Division managed approximately 160 plan sponsor clients, ranging from small businesses to medium-sized corporations. Our client base includes multiple industries including healthcare, manufacturing, retail and professional services.
During the past year, our relationship management team focused on ensuring compliance, optimizing plan designs and providing ongoing client support. Through these efforts, we have built strong, long-term
relationships with our clients by maintaining proactive communication, offering educational workshops and tailoring retirement plan solutions to the needs of each sponsor’s workforce.
Our biennial client satisfaction survey showed a marked improvement in overall satisfaction with 100% satisfaction in nearly every measurement category. This success can be attributed to our continued efforts to deliver timely and accurate reporting, robust plan management features and proactive guidance through complex regulatory changes.
PARTICIPANT ENGAGEMENT AND EDUCATION
With approximately 25,000 participants across our client plans, the participant experience remains a primary focus for our division. Empowering employees with the knowledge and tools to make informed retirement decisions is critical for achieving long-term financial security.
Plan Retirement Division
In 2024, we expanded our educational outreach efforts by offering more digital resources, webinars and one-on-one retirement planning consultations. Our “Retirement Readiness” program known as Savology gained traction, offering participants personalized retirement planning tools, financial literacy materials and budget planning calculators.
Additionally, we saw significant adoption of automatic features, such as auto-enrollment at higher default deferral rates within client plans. These features have been proven to increase employee participation and savings rates, helping employees get on the path to a secure retirement.
TECHNOLOGY AND COMPLIANCE
In terms of compliance, we successfully navigated several regulatory changes, ensuring that all plans remained in full
compliance with federal and state laws. Notably, we adapted swiftly to new IRS guidelines, the SECURE Act 2.0, ensuring that all plan sponsors received timely updates and necessary compliance assistance.
In addition, we performed quarterly internal plan audits to ensure that our clients’ plans remained in optimal operational condition and compliance with regulatory standards. These audits have provided peace of mind through administrative oversight to help reduce reporting errors and mitigate fiduciary risks.
Another notable enhancement was the launch of the MyFuture IRA platform. This automatic IRA rollover structure helps terminated participants retain an IRA that is decoupled from their previous employer, providing additional control and optionality for their retirement savings.
GROWTH AND INNOVATION
Our division experienced growth in plan assets once again, a direct result of our proactive approach to increasing participation rates, positive market performance and optimizing investment options. The successful implementation of various auto-features and portfolio allocation strategies also contributed to this growth.
In 2024, a number of team members were promoted based on the positive impact and growth they have made at Greenleaf Trust:
Rosie Hall
Senior Relationship Manager - Team Lead
Lisa Hojnacki
Participant Services Specialist - Team Lead
Katie Mallette
Senior Recordkeeping Specialist - Team Lead
Nicholas Bourbeau
Participant Services Administrator
As we move into 2025, our focus remains on providing exceptional client service and improving participant outcomes. Our key objectives for the next fiscal year include:
1. Increasing Plan Participation: We will continue encouraging plan sponsors to adopt auto-enrollment features to help employees save more for retirement.
2. Enhancing Educational Tools: We will expand our digital resources, offering interactive webinars, retirement planning workshops and personalized financial wellness programs to support participants at every stage of their careers.
3. Leveraging Data Analytics: By utilizing data analytics, we aim to provide more personalized investment advice and retirement projections, helping participants make better-informed decisions.
Agile Curious Active Listener
4. Regulatory Compliance: We will stay ahead of legislative changes and ensure full compliance with all state and federal requirements, including ongoing adjustments to retirement plan regulations under the SECURE Act 2.0.
The Retirement Plan Division is proud of the accomplishments achieved in 2024 and remains committed to the financial well-being of our plan sponsor clients and their participants. As we look to the future, we are excited about the opportunities to further innovate and provide greater value to our clients. With a strong foundation, dedicated team and unwavering focus on client and participant success, we are poised to continue our growth and leadership in the retirement plan space.
Outlook A Strategic
James W. Gray, CFA® Chief Strategy Officer
Our commitment to purposeful and deliberate growth has been a longstanding defining principle of our organization. This disciplined approach has guided us through every strategic decision, ensuring that we evolve in a way that strengthens our ability to serve our clients for generations to come. The past year was no exception, as we took a significant step forward in our journey—converting Greenleaf Trust from a Michigan state-regulated Trust Bank to a National Trust Bank regulated by the Office of the Comptroller of the Currency.
This milestone is far more than a regulatory shift; it is a strategic transformation that enhances our ability to serve an increasingly mobile client base. Over the years, many of our valued clients—more than one hundred of whom now call Florida home—have asked when we would establish a presence in the state. With the successful completion of our conversion, we are pleased to take the next step by expanding into Naples, Florida.
Our strategic decision to become a National Trust Bank was the result of years of preparation, thoughtful planning and a steadfast commitment to fiduciary and process excellence. As we have grown in both maturity and scale, this transition was the logical next step in strengthening our fiduciary capabilities and reinforcing the exceptional service that defines Greenleaf Trust. Importantly, while our geographic footprint is expanding, our clients can remain confident that their trusted teams in Michigan will continue to serve them seamlessly—wherever they reside.
With the foundation in place, we will move forward with the careful and intentional build-out of our Naples office, ensuring that we attract and develop top-tier talent that aligns with our culture and values. Our presence in Naples is not simply about opening an office; it is about embedding ourselves within the community, cultivating relationships and upholding the trust and excellence that Greenleaf Trust is known for.
This is a long-term commitment that requires patience, dedication and the flexibility to grow in a way that is both sustainable and impactful to our clients.
As we reflect on 2024, we do not view this achievement as a task completed, but rather as the foundation for future success. The work we do today sets the stage for decades to come, ensuring that Greenleaf Trust continues to provide unparalleled service, innovative solutions and enduring relationships that span generations.
Our future is bright and our commitment remains unwavering. We look forward to continuing this journey together.
The Family at Greenleaf Trust
Office
Thomas A. DeMeester, J.D. Managing Director
The Family Office at Greenleaf Trust provides comprehensive multifamily, family office services to clients across the full-spectrum wealth continuum. From first generation wealth creators to second generation family investment and fiduciary offices to multigenerational single-family offices, our team of substantively skilled professionals bring diverse and varied backgrounds to work in concert with our client families’ and their trusted advisors to fully integrate collective knowledge and insights.
The deep-rooted bond of trust we share with our client families and their advisors is one we patiently earn over time by coming to understand their wants and needs, their concerns and challenges, the events we jointly foresee down the road and what they desire family wealth to ultimately enable. Our client families’ needs are varied and complex.
In 2024, we deployed our full suite of wealth advisory services on behalf of our client families, including family wealth blueprint
design services (clarify planning, optimization planning, family office services), comprehensive and consolidated wealth reporting, investment advisory services, fiduciary and custodian services (Michigan and Delaware situs-based administration), philanthropic services and lifestyle enhancement services. We continue to evolve our processes and procedures to ensure we can provide the highest levels of client service and fiduciary excellence consistent with Greenleaf Trust’s client-first culture.
Our private ownership structure and commitment to independence, combined with regulatory oversight as a nationalchartered, trust-only bank, afford institutional continuity with integrity of process and procedure – allowing us to ensure our client families’ well-being is at the center of everything we do. Moreover, we are supported by a purposeful-growth budget process that facilitates robust, industryleading resources and partnerships, in furtherance of our mission.
We are pleased to report that we continue to deepen our knowledge base within The Family Office with the attainment of additional credentials: Kelly Jorgensen, Family Office Fiduciary, earned her CTFA designation; Steve Wilbur, Family Office Portfolio Manager, earned his CFP® certification; and Dan Rausch, Family Office Portfolio Manager, earned his CIMA® designation.
I am also pleased to report on two earned promotions within The Family Office team:
Kelly Jorgensen
Family Office Fiduciary
Jocelyn Goheen
Senior Family Office Coordinator
Our team remains privileged to work alongside our clients, their staff and their advisory teams. We look forward to the opportunities 2025 will bring our way.
EmpathyHonest Friendly
Steve McKiddy Chief Financial Officer
There is much to be thankful for in 2024, but nothing surpasses the gratefulness we feel for the trust our clients place with us. As we set forth on our next phase of strategic planning, one theme resonated throughout the year: building our organization to do more for the client. This resulted in a long-term financial plan that prepares us to invest significantly in new capabilities, enhanced service and additional locations. The plans are about client-driven growth that anticipates the change in support necessary to provide excellent care. Our move into Naples, Florida, is a fitting example of our approach.
The finance team partners with other divisions throughout the planning process to ensure our prioritization enables a healthy return on investment. That said, we are required to examine both internal needs and external forces to ensure that our balance sheet and cash flow remain consistently strong and nimble.
It was a very positive year throughout our financial metrics, but we know that ambiguity remains with compounding inflation, geo-
political landscapes and highly competitive talent markets. Considering all these factors, I am pleased to report that we are earmarking significant funds to advance every initiative that enhances client satisfaction, while also keeping the appropriate liquidity to pivot for long-term opportunities.
Our success depends on the growth and development of our team. During 2024, Brad Baker earned his Certified Wealth Strategist® (CWS®).
The prudent and purposeful allocation of resources in our budget structure, followed by continuous improvement efforts throughout the year, is a virtuous cycle that keeps our financial trajectory well above regulatory expectations. Furthermore, it continues to provide results that exceed our competitive benchmarks. In 2024 our client assets under advisement grew beyond $20 billion for our consolidated entities*, providing additional evidence of thoughtful planning that began 27 years ago.
* For our consolidated entities, our assets under advisement are approximately $20 billion as of December 31, 2024.
Finance
Operations
Thomas L. Drews, CTOP™ Chief Operating Officer
For Greenleaf Trust, 2024 was yet another exceptional year driven by the dedication and expertise of our talented team across Operations, Business Information Services and Governance, Risk and Compliance Divisions. Together, these divisions continue to elevate the client experience while navigating an evolving financial and regulatory landscape.
OPERATIONS
The Operations Division achieved significant milestones in 2024, reflecting our commitment to service excellence. Over 700 new client accounts were opened during the year, encompassing account documentation, account setup and asset transfers. In addition to handling these critical tasks, the team explored various systems enhancements to improve efficiency and leveraged a learning management system to provide ongoing training and development opportunities for team members.
BUSINESS INFORMATION SERVICES
In the face of increasing cybersecurity threats, safeguarding client information remains a top priority for the Business Information Services Division. The team consistently reinforces Greenleaf Trust’s
robust cybersecurity protocols by providing regular training to all team members and raising awareness about emerging risks.
The Business Information Services Division also spearheaded significant advancements in project and data management, ensuring the seamless execution of cross-divisional initiatives. These efforts enhance our ability to gather and analyze data, driving informed decision-making and elevating client service across the organization.
GOVERNANCE, RISK AND COMPLIANCE
As of January 1, 2025, Greenleaf Trust transitioned to a national banking charter — a significant milestone that positions us for future growth and expanded opportunities.
The Governance, Risk and Compliance Division played a pivotal role in guiding this transition, ensuring adherence to regulatory requirements while maintaining our commitment to excellence.
Looking ahead, the Governance, Risk and Compliance Division will continue to lead the charge in navigating an ever-changing regulatory environment, reinforcing Greenleaf Trust’s reputation for integrity and reliability.
2024 Promotions
We are proud to recognize the following individuals for their outstanding contributions and achievements in 2024:
TRUST OPERATIONS
Andrea Stidmon
Assistant Vice President, Assistant Director of Operations - Strategy and Process
Brittany Szymczak
Senior Tax Officer
Danielle Kubasiak
Senior Trust Operations Analyst - Team Lead
Hayley Smith-Bailey
Assistant Director of Operations - Team and Execution
Jasmine Solis
Tax Coordinator
Julie Howes
Senior Trust Operations Analyst - Team Mentor
Maria Tomlinson
Trust Operations Analyst
Megan VanOosten
Senior Trust Operations Analyst
GOVERNANCE, RISK AND COMPLIANCE
Ashleigh Egler-Williams
Senior Audit Associate
Tracy Gauthier
Senior Vice President, Director of Compliance
BUSINESS INFORMATION SERVICES
Joel Saukas
Senior Salesforce Administrator
Kristen Rollins
Senior Systems Engineer
Luke Paxson
Senior IT Services Specialist
Lyndsay Deery
Business Resiliency Program Manager
LOOKING AHEAD
As we enter 2025, Greenleaf Trust is poised for continued success, bolstered by the hard work and dedication of our team. We are excited to embrace new opportunities and challenges, always with our clients’ best interest at heart.
Thank you for entrusting us with your business. Together, we look forward to another outstanding year of partnership and progress.
Selfless
Marketing & New Business
Sarah A. Johansson
Executive Vice President, Director of Marketing
Each new year provides an opportunity for our marketing and business development teams to reflect on our collaborative efforts with gratitude and excitement. Joined by the entire Greenleaf Trust team, we operate as true partners to drive our company and culture forward. In 2024, we enjoyed tremendous growth in both the numbers of new client relationships and the value of assets under advisement, and we had meaningful contributions coming from each of the markets we serve. Once again, growth was driven by referrals from clients and the professional advisor community.
Our ongoing public relations efforts continue to pay dividends in the form of greater visibility and third-party credibility earned with national placements. Greenleaf Trust appeared in 42 top tier, national publications along with several appearances in state and local media. Highlights in 2024 included pieces that ran in US News and World Report, USA Today, CNN, CBS News, Yahoo! Finance, Forbes and Bloomberg.
In-person events have always been important to us, and Greenleaf Trust hosted more than 50 engaging marketing events providing entertainment and education to 1,900 clients, friends and trusted advisors last year. Additionally, our team supported more than 80 civic and cultural organizations in our collective markets through sponsorships and contributions.
Workplace culture remains a key measurement of success for Greenleaf Trust. Thanks to our unwavering focus on fostering a positive and inclusive workplace culture and the collective dedication of team members, we are proud to have earned 28 prestigious awards and accolades this past year. We are committed to building on this success in the year ahead.
SupportTransparent Responsive
Awards Earned in 2024
• West Michigan’s Best and Brightest Companies to Work For®
• Metro Detroit’s Best and Brightest Companies to Work For
• Top Workplaces USA
• Top Workplaces for Innovation
• Top Workplaces for Work-Life Flexibility
• Top Workplaces for Compensation & Benefits
• Top Workplaces for Leadership
• Top Workplaces for Purpose & Values
• 2024 Michigan Best and Brightest for Wellness
• 2024 Nation’s Best and Brightest for Wellness
• 2024 Most Loved Workplaces® for Wellness
• Best and Brightest Company to Work For® in the Nation
• 2024 Detroit Free Press Top Workplaces
• 2024 Corp! Magazine’s Salute to Diversity Award - Diversity Focused Company Honoree
• 2024 America’s Top Most Loved Workplaces®
• Top Most Loved Workplaces for CEOs
• Top Most Loved Workplaces for LGBTQ+
• Top Most Loved Workplaces for Parents and Caregivers
• Top Most Loved Workplaces for Veterans
• Top Most Loved Workplaces for Volunteering
• Top Most Loved Workplaces for Wellness
• Top Most Loved Workplaces for Women
• Top Most Loved Workplaces for Young Professionals
• Top Most Loved Workplaces for Career Advancement
• Top Workplaces for Employee Well-Being
• Top Workplaces for Professional Development
• Top Workplaces for Appreciation
• Best Companies Group and COLOR Magazine Inclusive Workplace
Beth Simon heads up our award coordination efforts, and her success in this area is evident by the volume of wins outlined above. In related news, I am pleased to announce that Beth has been promoted to Senior Marketing Specialist and Business Development Liaison in recognition of her efforts and contributions.
No matter the opportunities and challenges that 2025 may bring, one thing remains certain: our clients’ well-being will be at the heart of every initiative and enhancement we undertake. This is at the heart of the Greenleaf Trust “why,” and it is both our privilege and pleasure to serve you. We look forward to welcoming you to one of the many seminars and social events we have planned for the year ahead.
Integrity Direct Energetic
Board of Directors
William D. Johnston
Chairman
Ronda E. Stryker
Vice Chairman
Michael F. Odar
Secretary
Ronald A. Elenbaas
Barbara L. James
James Liggins Jr.
Dr. Kay M. Palan
Sydney E. Parfet
David M. Thoms - Board of Directors Emeritus as of April 2024
Greenleaf Trust is a comprehensive wealth management firm with specialized disciplines in goals-based wealth management, trust administration and retirement plan services. As a privately held and managed trust-only bank, our independence frees us from conflicts of interest and ensures that our clients’ best interests are at the center of everything we do. Client-aligned and talent-driven, we adhere to the highest standards of fiduciary excellence.
Greenleaf Trust N.A., a Nationally Chartered Trust Bank regulated by the Office of the Comptroller of the Currency, is wholly owned by Greenleaf Financial Holding Company, a Delaware corporation. Greenleaf Financial Holding Company is also the sole owner of Greenleaf Trust Delaware, a Delaware limited purpose trust company regulated by the State of Delaware, Office of the State Bank Commissioner. Both Greenleaf Trust and Greenleaf Trust Delaware provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management and other non-depository services. Greenleaf Trust and Greenleaf Trust Delaware offer personal trust, retirement plan and family office services to families and entities.
To learn more, please call 800.416.4555 or visit us at greenleaftrust.com.
211 SOUTH ROSE STREET KALAMAZOO, MI 49007
25 OTTAWA AVENUE SW GRAND RAPIDS, MI 49503
34977 WOODWARD AVENUE, SUITE 200 BIRMINGHAM, MI 48009
160 EAST STATE STREET, SUITE 200 TRAVERSE CITY, MI 49684
4000 MAIN STREET, SUITE 200 BAY HARBOR, MI 49770
117 EAST MAIN STREET MIDLAND, MI 48640
GREENLEAFTRUST.COM
20 MONTCHANIN ROAD, SUITE 160 GREENVILLE, DE 19807
GREENLEAFTRUST-DE.COM