Wealth Management Financial Caregiver Solutions

First Midwest Wealth Management has solutions to help financial caregivers confidently manage their obligations. In addition, a dedicated First Midwest Wealth Management Officer can also provide resources for guardianship or elder care situations as well as answers to your financial planning questions.

Bill Pay Services

Providing payment of routine bills such as utilities and/or single pay bills like medical expenses, our bill pay services are unlike a typical automated debit arrangement from a checking account. This service is provided by our dedicated bill pay department where each bill is reviewed and monitored to ensure that each payment is made correctly, and our clients are alerted if there are any problems. 

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Investment Management

First Midwest Wealth Management is a professional fiduciary, investing over $4 billion dollars on behalf of clients. As a fiduciary, we are held to a higher standard, always placing the interest of the client before our own. Relying on First Midwest to make the investment management decisions shifts the investment responsibility to an organization with the requisite time, experience, and talent to make those difficult decisions. 

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Accountability

To help keep everyone informed, the financial caregiver can designate third parties to receive an account statement. Every transaction is accounted for and clearly listed on each statement. These statements are stored electronically for easy retrieval if necessary. By clearly and regularly communicating account activity, the financial caregiver reduces the potential of future problems. 

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Tax Documents

First Midwest can help in the preparation of required personal tax documents if a third party tax preparer is not available. Regardless of the actual tax return preparer, all transactions being processed in a single account greatly simplifies the completion of any personal taxes. 

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Control

Hiring First Midwest Wealth Management to perform these tasks does not remove the control of the financial caregiver who is still in charge of the overall management of the property. The caregiver has only delegated these tasks and decisions; tasks for which they may not have time and decisions for which they may not have the expertise. The financial caregiver will then have more time and energy to focus on the physical and emotional needs of the care recipient. 

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Oversight and Resources

Each account is assigned to a Wealth Management Officer who, along with other professionals, is there to review account transactions and alert the proper parties if anything appears to be out of place. Each Wealth Management Officer is also available as a reference for the financial caregiver, since they regularly work with other organizations and professionals providing social services in the geographic areas served by First Midwest Wealth Management. 

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If you or someone you know is not sure about acting as a financial caregiver, it is recommended you seek advice from a legal professional. Not knowing your responsibilities can lead to unintended consequences later on.

Get connected with a First Midwest Wealth Management Officer today. 

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Call us at 800.322.3623.

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  • Saturday: 8am – 5pm
  • Sunday: 9am – 2pm

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