Conrad Siegel’s investment subsidiary hopes to build on 14 years of growth when it opens a Lancaster County satellite office in 2017.
The office will serve customers for Susquehanna Township-based Conrad Siegel Investment Advisors and its parent company, Conrad Siegel Actuaries. The company’s leadership hopes the additional site will open more opportunities for representatives to meet face-to-face with clients, especially on the investment side.
The new office is indicative of the growth the investment subsidiary has experienced since branching off from the more than 50-year-old actuarial firm in 2002.
The investment side arose from client demand, said Tara Mashack-Behney, president and partner at Conrad Siegel Investment Advisors. Business owners wanted someone who could manage investments for employer-sponsored retirement plans, and then those clients wanted someone to handle their individual investments.
“If there’s a need, we tend to fill it,” she said.
The investment subsidiary has grown significantly since then, taking the title of third fastest-growing investment adviser firm in the country for its 250 percent asset growth between 2013 and 2014.
It now has $3.7 billion in assets under management and 24 investment adviser representatives serving a mix of corporate and individual clients.
Conrad Siegel’s leaders hope the Lancaster County office will help the firm continue that growth, especially among individual investment clients.
The office, at 201 Granite Run Drive in Manheim Township, will have three permanent representatives to start, said Brooke Petersen, the investment consultant leading the expansion. The firm expects it to open in January or February.
The hope is that the space will help Conrad Siegel’s investment advisers meet face-to-face with individual clients, who tend to appreciate the ability to plan their finances over lunch as opposed to over the phone, Petersen said.
Lancaster County seemed like an ideal location for the office because it is “far enough yet close enough” to the main office in Susquehanna Township, Mashack-Behney said. It is also within range of Conrad Siegel’s client base, which is mostly within about a two-hour drive of Harrisburg, while still giving the firm an opportunity to grow its presence in a new market.
If all goes well, Mashack-Behney said, the site will be the first of several satellite offices for Conrad Siegel. The firm hopes to open at least one, and perhaps two, more offices in the next five years.
Its leaders also expect business to continue growing, especially as clients gain awareness of the benefits of fee-only investment groups like Conrad Siegel, said Tracy Burke, a partner and investment adviser.
“The most important thing to us is just helping people,” Mashack-Behney said.