First Bank is a proud sponsor of the Greater St. Louis Honor Flight (GSLHF) program. Since 2014, First Bank has partnered with the Greater St. Louis Honor Flight and the St. Louis Blues for “First Bank’s Tribute to Those Who Served.” The Greater St. Louis Honor Flight honors our veterans by providing a complimentary, all-inclusive trip to Washington, D.C., to visit the memorials built to commemorate their service to our country.
Over time, there has been an increased focus on fiduciary responsibility. Why? Defined contribution plans, such as 401(k) plans that were originally designed to supplement traditional defined benefit pension plans or other employer-funded plans, have become the primary retirement savings vehicle for most Americans. Professionals at First Bank have extensive knowledge and experience of fiduciary issues. As such, we are in a unique position to assist plan sponsors.
The newest challenge to present itself, and the hot topic for discussion at the moment, are trade tariffs enacted by the current administration. As tariffs pertain to CRE, the most immediate impact is escalating construction costs and the potential for new supply chain disruptions contributing to overall uncertainty in the near-term.
Over the next 20 years, more than $84 trillion will transition as Baby Boomers transfer their wealth. For family-business owners, this “Great Wealth Transfer” is not only about inheritance but also business continuity, legacy, and family dynamics.
Historically, professional advisors primarily focused on business-related matters, often overlooking the unique challenges and intricacies associated with managing a family-owned business. However, there is a noticeable shift toward seeking advice on non-business, yet equally important, aspects of family business.
Like other banking professionals, I’ve been fielding numerous calls from Commercial Real Estate (CRE) clients on both the direction of interest rates as well as strategies for pending maturities of commercial loans. While I make every effort to stay out of the interest rate game, I do offer our clients cold facts about the new rate reality we are facing.
A recent national study was conducted by MacKenzie and Next Gen Collaborative to understand how family businesses are viewed today. The findings revealed key perception gaps that could be affecting brand reputations, workforce attraction, and overall competitiveness.