2022 was a less than enjoyable year from an investment return standpoint. However, overall we are off to a nice start in 2023. Business continued to grow at Schenkelberg Investments. Despite the drop in investment values the past year, assets under management at the firm hit a record level to end the First Quarter of 2023.
The end of the First Quarter of 2023 finds the firm with the following key statistics:
- $30.7 million in assets
- 208 accounts
- 65 client relationships
New clients, in addition to relatively attractive investment returns, helped contribute to firm success. It is a joy to see clients moving closer to their long-term financial goals. For everyone there is a constant balancing act of financial saving balanced with using the resources we all work so hard to earn to enjoy life. The proper balance of saving and spending is different for every client, and can change over time.
As Schenkelberg Investments grows, it is also a balancing act of supporting clients through financial planning and investment management while managing the operations and technical aspects of a business. Not to mention the constant work/life balancing act that we juggle when family is in the mix. There are two major items happening at the firm right now: Director of Operations and Audit.
Director of Operations
I hired Amy Vance as Director of Operations in August 2022 and we are starting to hit a stride. Her financial industry experience and expertise has been an invaluable asset the past six months. Amy is focusing on the following main areas:
- Organization of processes and procedures
- Customer Relationship Management system management
- Organization of client reviews and requests
- Paperwork processing
- Daily service requests for clients
Several emails are now coming from Amy, including delivery of this newsletter. This has freed me up to focus on client reviews/communication, financial plans, investments and compliance.
Routine State Audit
Speaking of compliance, the firm is experiencing a routine audit by the Nebraska Department of Banking and Finance. This is a routine event that happens every 3-5 years. Lucky for us, it has fallen closer to the 5 year mark rather than 3 years.
This is a time-consuming process, but also a huge opportunity to review our processes and make sure everything is ship shape with the business. Having another set of eyes to catch items and recommend improvements is just as valuable for a business as it is for all of us in our individual finances.
It is very exciting to see these developments begin to take shape. Enhancements should prove to offer greater quality customer service. If you have any suggestions, please do not hesitate to share.
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