Westenberg Financial Services firm moves into new building

Cheryl Hentz

Contributor

July 1, 2024

OCONTO – Westenberg Financial Services has been providing financial services to clients throughout the Northeast Wisconsin region for more than 35 years.

As a full-service financial firm – offering a wide range of financial products and services to individuals and commercial clients – Steve Westenberg said it is as committed today to helping people pursue and attain their financial goals as it was when he founded the company in 1991.  

Part of what that means, Steve said, is helping clients identify goals and then make well-reasoned, fully-informed decisions to reach those goals.

To accomplish this, he said Westenberg Financial Services formulated an investment process based on five core principles:

• Develop appropriate risk adjustment goals
• Utilize diversified asset allocation strategies
• Reduce cost
• Set long-term goals and discipline
• Have regular reviews with your advisor

“There are a lot of scary-sounding financial terms, and we’ve all heard stories about someone who has ‘lost it all’ in the market,” he said. “But in reality, few do lose everything. They only lost because they sold at the wrong time. There are a lot of misconceptions about the market.”

Steve said what Westenberg Financial Services excels at is “boiling things down into simple layman’s terms.”

“Maybe that’s because we’re basic, common-sense folks,” he said. “Clients can own investment products, individual equities or mutual funds that might sound advanced or obscure – but we boil it down to understandable terms they can relate to.”

When it comes down to it, Steve said “people want basic information.”

“What are they investing in and why are they doing it?” he said. “That said, if a client calls with concerns – like in a down market – we review with them what they own and assure them they’ve got solid investments in good, quality companies. A little reassurance goes a long way.”

Stability and consistency on the part of one’s financial advisors, Steve said, is critically important.

Westenberg moves into new building

To accommodate continued growth – and to better serve its clients in the years ahead – Steve said Westenberg Financial Services recently moved into a new building.

“We wanted to enhance the client experience in communicating and interacting with us – something the old building didn’t allow,” he said.

Steve said adding his son, Zach Westenberg, to the firm last year made the move to a new place more important.

“When Zach came on in May 2023, it was the right time to make the switch – new partner, new building,” Steve said.

The father-son duo broke ground on the new office building last November and moved in at the end of April.  

Though the new building – located at 245 Cook Ave. in Oconto – is about 300 square feet smaller than its previous building, Steve said the layout is better than the previous one.  

“The old place was an 80-year-old building, and before us owning it, a pharmacy had been in the building,” he said. “The layout was choppy – it was unappealing and not efficient.”

The new office, Steve said, is laid out in a manner that “makes sense.”

“(It) is efficient for everyone,” he said. “It also includes a conference room and a breakout center where we can hold financial workshops in the future.”

Steve said clients have already been commenting on how nice the building is.

“We’ve had comments from clients saying that by building this building, they are assured this practice will continue well past me retiring and go on for another generation,” he said. “The building represents security, stability and longevity and gives clients the confidence someone will be here to take care of their needs (well into the future).”

Secret to Westenberg’s success

The Westenbergs said they attribute their longevity and growth to treating clients right and doing the right thing.

Of course, Zach said that means staying on top of the market and other things happening within the industry.

“It’s a rewarding industry for us,” he said. “There’s nothing more rewarding than helping a client through a situation they have concerns about or are unsure of – or getting them to that retirement day and then helping them through retirement, as well. I also think there’s a lack of financial education out there, so being able to be a trusted resource for complicated situations or answer those simple questions is also rewarding.”

Before starting Westenberg Financial, Steve said he was with a captive insurance company. 

“Mutual funds were just starting to take off, and I was interested in investments, mutual funds and that entire industry,” he said. “That’s how Westenberg Financial Services was born.” 

Steve said he started the company from scratch – “with zero assets” – 35 years ago.

“I built the business selling mutual funds, annuities and health insurance,” he said. “(Today), we have some small accounts, and we have some seven-figure accounts – and everything in between.” 

Zach said it’s important to note a person doesn’t need a lot of money to need a financial advisor.

“Someone can open an account with as little as $250,” he said. “Sometimes, people don’t know when they need a financial advisor. All people need to do is pick up the phone and make an appointment to come in and talk. We don’t charge for office visits or initial consultations – things like that. If we can add value to what someone’s doing and their financial situation, or to what they’d like to be doing, that’s rewarding for us. I wish more people would seek out engagement on financial interests, including when they have changes in their lives.

Steve said the company’s assets have grown through the years in two ways – client acquisition and market appreciation.

He said Westenberg Financial Services’ largest client base is in Wisconsin, where in recent years, they have purchased two other firms.

The company’s second-largest is in Arizona – having acquired a book of business (a list of clients or prospects) from an Arizona rep who was retiring. 

“We go there periodically and meet face-to-face with clients,” Zach said.

The firm, Steve said, has clients in other states, as well – including one in Alaska – most of which have come out of referrals or relocations.

“That’s something we consider to be an honor – our clients trust us that much to refer friends and family to us or their kids,” Steve said.

Westenberg Financial Services’ clientele, Zach said, varies.

“We have a lot of farmers and agricultural-type clients in Wisconsin we don’t have in Arizona,” he said. “The profession of our clients varies from place to place, but it’s a good mix, and we’re always learning about our clients’ jobs, the industries they’re in and what’s going on in their neighborhoods.”

Steve said the business has evolved over the last few decades – therefore, so, too, has the way they do business.

Starting, he said it was more of a transactional business and a commission-type service – usually only seeing a client when they were making a transaction within their portfolio. 

“Today, we operate more under an advisory business,” he said. “It’s a different formula – it’s more holistic to the clients, in all aspects. We create more of a relationship now versus that transactional business like it was in the 1990s. We do annual reviews with our clients, whether face-to-face or by (virtual) meetings. We’ve gone to more of a relationship situation.”

It isn’t just about investments

The Westenberg Financial Services team in Oconto is made up of three people – Steve, Zach and Becky Schlueter – a licensed insurance agent and the firm’s operations manager. 

In 2007, Steve said Schlueter took on 100% of the insurance role, including health insurance and Medicare supplement plans – and has since tripled that aspect of the business.

“(The insurance part of the business) got way too big, and I wanted to focus on the investments, so she took over,” he said. “A lot of our investment clients become our insurance clients, and a lot of our insurance clients become our investment clients, as well – it’s a symbiotic relationship.”

Steve said the Westenberg Financial Services’ team is established, experienced and well-versed.

“We’re a tight, tenured team,” he said. “We have been through the pitfalls, the ups and the downs of the economy and industry and are battle-proven.”

Remaining steadfast during the ups and downs, Steve said, is something he believes is a necessity for a financial services firm.

“Any time there’s a financial crisis, it’s best to get out in front of it and be proactive,” he said. 

Consistent communication, Steve said, is key to achieving a productive client relationship.

“If a client gets a statement and doesn’t understand something; if they are concerned about market fluctuations; or they have other questions or concerns – don’t stew on them,” he said. “Give us a call and discuss it. The worst thing a client can do is hunker down and ignore their concerns or make a rash investment decision based on emotion or fear because of something they’ve seen or heard, rather than facts.”

Steve said it’s important to point out that investing – especially when people see drops in the market – “is all about time in the market, not timing the market that makes a successful investor.”

“Anything we do is not short-term in nature – we’re not day traders,” he said. “The investments we do should be considered long-term – we’re in it for the thick and the thin. We try to pick good-quality investments for our clients, stick with them and make changes as needed. That’s our philosophy.”

For more on Westenberg Financial Services, westenbergfinancial.net.