Farmers Trust Reports Another Record Year
YOUNGSTOWN, Ohio – In 2022, uncertainty characterized the general economy as well as the investment markets, causing many individuals, families and institutions with substantial net worth to seek out sophisticated financial guidance. In the context of this environment, Farmers Trust Co., with offices in Boardman, Howland, Canton, Fairview Park and Wooster, had another strong year in 2022 as revenues and profits hit another record high.
“While fixed income and equity markets turned from a tailwind to a headwind in 2022, we continued to perform at a high level, through strong asset management, new business development and client retention,” says Dave Dastoli, Farmers Trust president.
In addition to traditional fiduciary and investment management services, growth was also driven by new service initiatives. These include donor-advised funds, financial planning services, investments in an enhanced retirement plan platform, and a diverse offering of sophisticated investment strategies, Dastoli says.
Adhering to the highest fiduciary standards, Farmers Trust Co. offers estate planning, investment management, trust administration and retirement services. With 40 employees, the company’s credentialed staff includes five attorneys, two masters in tax graduates, three chartered financial analysts, a certified financial planner, two masters of economics and two employee benefit specialists.
Farmers Trust prides itself on being an independent financial advisory firm with no internal proprietary products or conflicts of interest. While other firms offer their own family of mutual funds and investments, Farmers avoids inherent conflicts of interests and acts in a fiduciary capacity for its clients, according to Dastoli.
The company maintains locally operated investment, retirement planning services, operations, trust administration and tax departments in northeastern Ohio.
“Our model of local delivery of highly sophisticated administrative and investment services continued to result in strong organic growth and another record year.” says Dastoli. “We continue to receive and appreciate quality referrals from our clients, local professionals, and our bank network that reflect the confidence they have in our company and its dedicated employees. Our growth would not be possible without them.”
The trust company and Farmers Charitable Foundation actively support nonprofit organizations in the Mahoning Valley by distributing nearly $7 million annually and administering donor-advised funds. These funds allow clients to establish separately identified accounts under the umbrella of the foundation and have their assets managed and distributed in alignment with their philanthropic intent.
“Questions about the economy in 2023 include whether inflation will abate, if a recession is imminent and how the conflict in Europe will impact the global energy markets,” states Dastoli. “While no one can predict the future with certainty, we can prepare for its probabilities and possibilities. Farmers Trust’s mission is to help our valued clients navigate both the challenges and opportunities that are inherent in every economic era.”
Copyright 2023 The Business Journal, Youngstown, Ohio.