Garner, Greenwood Adapt to Industry Changes

Rebecca Garner and Mary Ann Greenwood found their way to the top of the Northwest Arkansas financial industry as strong investment advisers. They operate self-titled firms — Garner Asset Management Co. and M.A. Greenwood & Associates Inc., respectively — and neither can imagine doing anything else with their lives.

Garner and Greenwood plan to maintain their successes by adapting as the industry changes.

In 1992, Greenwood opened Greenwood Group Ltd. to offer third-party administration services for client retirement plans, including profit-sharing and 401(k) plans. Although she wouldn’t disclose the number of Greenwood & Associates clients that Greenwood Group serves, she said the venture shows great potential for growth.

Executing retirement plans and documents for clients is a service, Greenwood said, that is “specialized but necessary.”

To expand the services of Garner Asset Management, Garner called on an old friend, Dave Koshinski of Investment Planners Inc. in Decatur, Ill.

IPI employs 110 planners, and manages about $1 billion in assets, Koshinski said. Several IPI clients either requested or needed separately managed accounts aside from the mutual funds that IPI offers. Koshinski and Garner made a deal.

Garner Asset Management will separately manage accounts for some IPI clients, but the IPI planners will provide the necessary face-time for those clients.

Conservatively, Garner said, the deal is expected to add $18 million of managed assets to Garner Asset Management this year. That figure, she and Koshinski agreed, could climb to $75 million.

Working with IPI adds buying power to Garner’s existing clients but takes minimal personal time from her firm.