Client Services

There are many different services we can provide through our Trust Services department, and you do not need to have an actual trust to benefit from the many ways in which we serve our clients.

Investment management for individuals

MidWestOne Bank has several portfolio management options for individuals who would like the bank to manage their investments.  We utilize no-load, low cost institutional funds and do not charge commissions or transaction fees.  We have a disciplined investment approach which uses non-proprietary investments and which is overseen by an Investment Committee.

Investment management for institutions and endowments

We can assist you in managing endowments and institutional funds, and we work very closely with the organization’s Investment Committee to adhere to its investment policy and the stewardship of the organization’s assets utilizing no-load, low cost institutional funds with no commissions, transaction fees or proprietary investments.  We welcome partnerships with community organizations and private foundations and invite Requests for Proposals to explore how MidWestOne Bank can assist your organization or foundation.

Managed and Self-Directed IRA’s 

An individual retirement account (“IRA”) is a type of retirement savings account that provides tax advantages. There are two basic types: traditional and Roth IRAs. MidWestOne Bank’s Trust Department can help you determine which one is right for you. When you utilize MidWestOne Bank’s Trust Department for your IRA, we can manage the investments for you or you can direct how the assets are invested. 

Farm and property management 

MidWestOne Bank has ample experience managing retail, multi-family, commercial and industrial properties as well as vacant land and trustor-occupied or rental homes.  Our services include a broad range of real property management—from lease negotiations to managing farms.  We work with our clients to understand changing market conditions, to develop a management strategy that fits into their long-range goals, the collection and disbursement of income, record-keeping, and the many other duties—some predictable and some not—that come under the umbrella of “property management.”

Tax, estate and gift planning

An estate plan is the documentation and process put in place for the administration of assets upon incapacity or death. We can work with your attorney, accountant, and other estate planning professionals to determine an estate plan that will achieve your goals. Part of the process includes evaluating the impact of taxes on your estate, and discussing whether gifting may help you achieve your objectives. 

Income and retirement planning 

“How much do I need for my retirement?” is an important question for most of us.  MidWestOne Bank will work with you to develop your goals for retirement and to help you project your cash flow during your retirement years.  We can design fixed income portfolios for individuals who want to create an income stream for themselves or for other members of their family.  By using conservative estimates based on historical data, we can help you to better understand what you and your family will need during your non-wage-earning years, and create an appropriate plan which will help you meet those needs. 

Executor and estate administration 

An executor is the person or persons you designate in your Will to carry out your directions and to dispose of your assets as you have instructed. Generally, the role of the executor is to make sure debts and taxes are paid, and assets are distributed as provided in the Will. In many situations it can be beneficial to name a corporate fiduciary such as MidWestOne as the executor rather than place that burden on a family member or friend. Our trust officers are always happy to discuss whether it makes sense to appoint an experienced and objective fiduciary such as our bank as executor under your Will.

Trust Administration

A Trustee provides many services to its interested parties such as the grantor or other beneficiaries. The Trustee bases its actions on the directions found in the trust document and the provisions of the Iowa Trust Code.  The Trustee manages the property in the trust to the best interest of the beneficiaries; it may invest and reinvest the financial assets of the trust (such as stocks and bonds) and it may maintain and improve non-financial assets for the long-term benefit of the beneficiaries.  Other duties often include periodic distributions of principal and interest in conformance with the direction of the trust document, reporting to parties with an interest in the trust, annual investment summaries to measure performance, and annual tax worksheets to assist in tax preparation.

Financial Power of Attorney

A Financial Power of Attorney (FPOA) is a person or agent appointed to act on your behalf as directed through the FPOA document.  You can designate someone to act on your behalf only in the event you become incapacitated (either temporarily or permanently), or you may want to designate someone to act in your stead because of a busy work or travel schedule, or as a way to streamline your life.  For some people, appointing an agent such as MidWestOne Bank is a welcome option because they don’t want to burden family members with extra duties, or there is no one nearby with the requisite skills to handle their financial matters.  It’s important to remember that a Financial Power of Attorney can be drafted to give very broad or very limited powers and you can choose what is right for you. 

Conservatorships

A conservator is the person or corporate fiduciary appointed by the court to manage the property and assets of an individual who is incapacitated or otherwise unable to manage his or her finances. This could include a child who may unexpectedly receive a large settlement or inheritance. In many instances, it is best to have an objective, experienced fiduciary such as MidWestOne Bank serve as the conservator. As part of the estate planning process you can also express a preference as to who you would like appointed as your conservator in the event it was ever necessary to appoint one for you. 

Securities custody and safekeeping 

If you are not currently seeking active investment management, MidWestOne Bank can still provide worthwhile assistance through a Securities Custody Account.  When serving as Custodian, MidWestOne Bank will provide safekeeping and custody of your securities, collect income, make disbursements, and execute purchases and sales as directed by you. 

Bill payment and elder care consulting 

One often overlooked part of the financial planning process is to have a trusted fiduciary in place if the time comes when you no longer are able, or no longer desire, to manage your finances and pay bills. One of the perks of working with our trust department is that we can pay bills, at no additional cost, as part of the investment management services we provide. We can review and provide feedback about property repairs and remodeling and be your trusted financial partner when it comes to financial decisions.  We can also help you come up with an elder care plan that works for you.

Other specialized fiduciary services

On occasion, our clients or their counsel determine that the bank, as a corporate fiduciary, can fulfill a role to serve as an independent trustee or agent.  MidWestOne Bank can serve as a(n):

  • Qualified intermediary for 1031 like kind exchanges
  • Escrow agent for Purchase Performance Contingency Escrows
  • Escrow agent for a minimum offering subscription of shares or notes
  • Trustee of multiple remainder Charitable Unitrusts and Annuity Trusts
  • Successor Trustee or Executor to resolve disputes on already established Trusts or Estates

Contact us today!