The process from the last NGAI Board meeting was to have 3 Board members review and submit their recommendations for a vote by the entire NGAI Board. A majority vote of the board is required to approve a contract. Your vote is requested by 1600 hrs, Friday April 11th, 2025.
The button labeled “Comparison Matrix” above, combined the responses and information into a matrix to make it easier for Board members to view. Please look it over before casting your vote.
Below the voting form are links to each of the submitted bid packages. We did not request a bid from Heartland Wealth Management since we are already familiar with what they have provided over the past years.
Recommendations and items to consider:
John Harris (NGAI Treasurer): The least expensive bid was from Renaissance Wealth Management. They also appear to have the most experience working with Non-Profit Organizations (which have a perpetual existence rather than a lifespan of a person). However, they appear to be a smaller company than the other bids. If we are only looking for an Investment Advisor for NGAI’s funds, this is my recommendation. However, if we are also looking for a partner that we can promote to our membership, perhaps Ameriprise Financial would be the choice given that they have offices across the State of Illinois. There is nothing to say that we cannot do both.
Jesse Wayland (NGAI Retiree Rep): In my opinion we should try to select the organization which is best prepared to make us successful. In looking at your matrix I believe the organization with the best resources to make us successful is Ameriprise. They have the experience and resources to help our organization to be successful now and in the future. I think all of the organizations we received bids from are qualified to do the job so it’s just a matter of selecting one and move forward.
Gary Reavis (NGAI Board Member): After reviewing the matrix provided, if your expectation is to get the most bang for your buck, I believe renaissance wealth management is the best. If your expectation is to get an actual financial market advisor and develop a partnership and relationship for the future Ameriprise is the company of choice.
The buttons below are links to the bid packages we received.