No Quit In This Economy – January 2024

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2023 ended on a high note, with the economy showing no quit, punctuated by sharp rallies in the stock and bond markets, tangible evidence that the economy is on a steady disinflationary growth path, and strong indications that the Fed is poised to cut rates in 2024. The soft-landing scenario most economists and investors scoffed at early last year seems more likely to play out. This about-face in prospects was strikingly echoed in the financial markets as 2023 drew to a close. Stocks recouped all their losses suffered in 2022, while interest rates erased a good part of the surge over the first ten months of 2023. Indeed, an investor in the 10-year US Treasury who went into hibernation at the start of the year and awoke at its end might think that nothing of note occurred over the period. That’s because the yield wound up at the same place it started, completing a round-trip journey from 3.88% to just over 5% in October and back down to 3.88% at year-end.

Of course, the year was marked by seismic forces whose reverberations have yet to be determined. Geopolitical tensions escalated, with no end in sight for the war in Ukraine and a conflagration in the Middle East that is widening beyond Gaza. Domestic political shenanigans took center stage for months, as the House Speaker was ousted and most legislation, including debt funding bills, remained in limbo. The failure of several regional banks in the spring heightened recession fears and invoked memories of earlier financial crises. Finally, while the last of eleven central bank rate hikes likely occurred in July, their full effects on the economy have yet to play out, as most household and business borrowers locked in lower rates that prevailed before the tightening campaign got underway in March 2022. A big chunk of those loans will have to be refinanced at prevailing higher rates starting in 2024 or paid down, which will drag on activity.

As the curtain rises on 2024, it’s highly unlikely that the economy will fall off a cliff or stage a vigorous rebound in the foreseeable future. A $24 trillion economic behemoth does not change course on a dime unless some unexpected exogenous shock, such as a pandemic, sends it off the rails. Although activity has held up considerably better than thought a few months ago, a slowing trend that is expected to continue throughout the year should soon begin. Likewise, inflation has fallen far more drastically than anyone, including the Fed, expected, but the disinflationary trend has recently slowed and could run into more resistance in the coming months. In our view, the biggest uncertainty is policy, particularly fiscal policy, which, given the volatile political dynamics of the past several years, is almost impossible to build into a reasonable forecast.

Wake-Up Reports

Things were going smoothly early last fall as a red-hot economy and job market lost some steam, and inflation continued to ease. The Fed paused their rate-hiking campaign in July, believing that the risks between more inflation and higher unemployment were evenly balanced. By December, they became more confident that inflation was under control and predicted that a new cycle of rate reductions would commence in 2024. That sent the markets into a joyous mood, sending stock prices sharply higher and interest rates lower.

But the best-laid plans do not always adhere to the script, as fresh data in January provides a wake-up call for traders. Instead of continuing on the virtuous path of slowing growth and lower inflation, the economy turned hotter again in December, and the inflation retreat stalled. All key indicators for the month – jobs, consumer prices, and household spending – came in stronger than expected. Suddenly, the bets regarding a swift pivot by the Fed towards cutting rates looked less promising. After all, if the data showed that the economy retained more vigor than thought, the last thing it needs is more stimulus to stoke inflation.

Remember that the Fed’s biggest fear is that it would ease up on the brakes prematurely, allowing inflation to reignite in a repeat of the mistakes made in the 1970s. The overshoots were not particularly alarming, but the financial markets tend to overreact to data surprises, and the response to the January reports was no exception. The bond market felt the biggest toll, where yields backed up abruptly in early January, although they remain well below their peaks seen last October.

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Should We Be Concerned?

Not yet. It’s a time-honored – but true – adage that one month does not make a trend, particularly if that month is the final year with several important holidays. Things could look quite different in January, jolting investor perceptions again. If the December data holds up upon revisions, the economy will have more momentum heading into 2024 than thought. If the activity starts the new year at a higher level, it imparts an upward bias to growth in the first quarter.

Assuming new data do not reveal an economy falling off a cliff in January, the Fed could be looking at an economy that is still growing above trend in the first quarter at its policy meeting in March. Indeed, if the quarter ends on a strong note and progress on inflation stalls, they could even raise interest rates, which policymakers had not taken off the table at its December meeting. They probably won’t, but they certainly would not cut rates under those circumstances. In any event, the uncertainty caused by recent data has prompted traders to scale back their bets of a March rate cut that was so prevalent at last year’s end.

From our lens, there is a strong case for the Fed to stand pat for a while, at least until May, giving them more time to see if economic activity and inflation are still moving in the right direction. Odds are that the end-of-year strength in the data reflects more of a hiccup than a change in trend. Moreover, the headlines do not describe a complete picture of unfolding conditions, as pockets of weakness are under the hood. More jobs were created in December than expected, but companies are listing fewer positions, portending slower hiring in coming months; workers are not job-hopping as much, reflecting less confidence in landing a new one; and while the unemployment rate remains historically low, unemployed workers are taking longer to find a job. Likewise, the consumer price index rose more than expected in December, but volatile gas and auto prices accounted for much of the overshoot. Importantly, consumer inflation expectations are declining, which could greatly influence spending behavior.

Sticky Service Prices

The rapid decline in inflation in 2023 strengthens the case for cutting rates sooner rather than later, as it reduces the risk of sending the economy into a recession. But the forces behind last year’s disinflation will be less potent this year. True, prices for goods are still easing, thanks to the healing of pandemic-era supply chain disruptions and the shift in consumer buying preferences away from goods towards services. But the healing process has run its course, and the mix of consumer spending has normalized. If anything, goods prices may come under upward pressure from the recent jump in global shipping costs caused by the Houthi attacks on ships in the Red Sea. Still, the decline in inflation for goods has been far more pronounced than for services, and that divergence should continue.

But service prices, which account for a larger share of consumer purchases, remain a sticky point for the Fed. That was particularly evident in the closing months of 2023 when the gradual slowdown in service price gains hit a wall. Indeed, the so-called supercore inflation index (service prices excluding housing costs) that the Fed closely watches was still running at a 6% annual rate over the final three months of last year. Unless service price gains ease more rapidly, the Fed will have difficulty wrestling inflation down to their 2% target.

Just as the healing of supply chain stresses was pivotal in reducing goods inflation, easing labor shortages helped relieve wage and price pressures in the service sector. As the health crisis waned, caregivers returned to the labor force, the lure of higher wages brought workers off the sidelines, and increased immigration boosted the labor force. But here, too, further progress will be hard to come by. The labor force participation rate rose significantly in 2022 and early 2023, from a low of 61.5 percent to 62.8 percent in August. But the rate flat-lined before retreating modestly to 62.5% in December. The rate never rebounded to the pre-pandemic level of 63.1%.

Most Supply Restored

Simply put, the Fed is pondering how much further progress on inflation can come from the supply side. Most of the potential supply of workers on the sidelines have already returned to the labor force, the population continues to age, which spurs continuing increases in retirements, and with border control becoming a political flashpoint, immigration should provide less of a boost to labor supply this year. With growth in the labor force poised to slow, several Fed officials believe that only easing demand for products and workers will make a further dent in inflation.

That, of course, is where the rubber meets the road. It’s important to recognize that the main beneficiaries of the red-hot job market over the past three years have been lower-wage earners. Thanks to the acute labor shortages in the service sector, where demand boomed after pandemic-related lockdowns were lifted, businesses had to offer attractive pay packages to lure workers off the sidelines or from other industries paying higher wages. Since labor costs heavily influence service prices, those wage increases are a major reason service prices have remained elevated, making the Fed’s job of slowing inflation more of a challenge.

That said, the gap between lower and higher-wage workers has narrowed considerably, and the reduction in income inequality is a socially desirable goal that policymakers were happy to see unfolding. However, when the economy weakens, and the demand for labor slows, lower-wage workers are usually the first victims to feel the pain, as their jobs are more dependent on discretionary spending that is more likely to be cut early in an economic slowdown. The Fed will have to make some difficult decisions in the coming months. Cut rates too early, and they risk undoing the progress made on inflation. Wait too long, and they risk denting the labor market. We sense the economy retains enough strength to justify holding off rate cuts until May, but it will be an anxious waiting game.

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The information contained herein is for informational purposes only and does not constitute a recommendation or advice. Any opinions are those of Legacy Private Trust Company only and represent our current analysis and judgment and are subject to change. Actual results, performance, or events may differ based on changing circumstances. No statements contained herein constitute any type of guarantee, nor are they a substitute for professional legal, tax, or other specialized advice. 

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Marta G. O’Brien

Vice President & Senior Trust and Financial Advisor

Marta O’Brien joined Legacy in November of 2012. She holds a Bachelor of Business Administration degree and a JD from the University of Wisconsin – Madison. Prior to joining Legacy, Marta had several years of extensive personal trust experience with two large national trust companies in Madison and Appleton.

Marta and her family have been long-time residents of the Appleton community. Marta is a graduate of Xavier High School and is an avid volunteer in the St. Francis Xavier school system. As a seasonal resident of the Waupaca area, Marta and her children can be found cruising the waterways by boat in the summer months. While Marta enjoys the outdoors and feeling the wind in her hair, she leaves it up to her kids to perform in the water-ski shows. She supports their efforts by volunteering for the ski club and truly enjoys interacting with kids of all ages at both the lake and school.

Laurene M. Brooks

Vice President, Senior Trust and Financial Advisor

Laurene BrooksLaurene Brooks joined Legacy in 2004, shortly after the company’s inception. She earned undergraduate degrees in journalism and Spanish, and her Juris Doctor (JD) designation from Marquette University. Laurene has over 30 years of experience in law and relationship management. In addition to assisting clients with financial management and estate planning, Laurene is Legacy’s senior fiduciary officer. In addition, she was a member of the Real Property, Probate, and Trust Division of the Wisconsin State Bar for 10 years and served as chair.

Outside of work, Laurene volunteers at Lourdes Academy and St. Raphael the Archangel Parish in Oshkosh. Laurene and her husband have 3 adult sons and 2 daughters-in-law, as well as 1 granddaughter, and a “bonus” son from Burundi, Africa. Outside of work Laurene enjoys spending time with her family, as well as golfing, hiking, traveling, and spending time at their cabin in Saxeville.

Angel Will

Trust Support Services Assistant

Angel Will joined Legacy in 2013 and works closely with our trust operations team as a Trust Support Services Assistant. Prior to working at Legacy, she worked in circulation at the Neenah Public Library and as an educational assistant for the Neenah Joint School District. Angel was born and raised in Neenah, though she left the Fox Valley for several years after she married her husband, a now-retired member of the United States Air Force. Together they and their three children lived in Michigan, Florida, Idaho, and Germany. Outside of work, Angel enjoys scrapbooking, visiting her children at college, and is currently working towards earning her orange belt in Krav Maga. She is also a frequent participant in a local trivia competition with her dual colleagues and family members, Lucy Will and Olivia Will.

Trinity L. Maurice

Trust Support Services Assistant


Trinity Maurice joined Legacy in 2019 as a Trust Support Services Assistant. She has several years of trust operations experience, and prior to joining our team served as a Trust Operations Administrator at another financial institution. At Legacy, Trinity handles many daily trust operations tasks and oversees the reception area. Her excellent communication skills ensure that all processes flow smoothly not only within her team, but throughout all of Legacy. 

Outside of work, Trinity, her husband, and their two children enjoy spending time together with their extended family. They enjoy going to the movies and are lucky to live just down the street from a theater! They also try to take a trip together at least once a year and enjoy the variety of attractions available at the Wisconsin Dells. 

Sarah L. Brown

Special Services Assistant

Sarah joined Legacy in 2012 as a Trust Services Support Assistant and has recently made the transition into our audit and compliance department as a Special Services Assistant. She has an Associate Degree in Administrative Management and over 20 years of administrative experience.

Outside of work, Sarah enjoys concerts, traveling, and photographing live music events. 



Rita J. Braun

Trust Support Services Assistant

Rita Braun joined Legacy in 2020 as our Neenah office receptionist and a member of our Trust Operations Department. She graduated from Fox Valley Technical College with an associate’s degree in Child Care and Development and has over 22 years of customer service and event experience.

Rita and her husband of 31 years have 3 adult children.  She enjoys spending time with family and is also an active volunteer in the Agape Café at Neenah’s Trinity Lutheran Church.

Kelly J. O’Shea

Assistant Trust Officer

Kelly O’Shea joined Legacy in 2014 as a Client Representative before transitioning into our tax department. Kelly has 28 years total of administrative experience and has spent the last 4 years in tax and estate planning. Kelly earned a bachelor’s degree in Business Administration and Human Resources from the University of Wisconsin – Oshkosh and holds the Certified Trust and Fiduciary Advisor (CTFA) designation. 

Kelly is a Wisconsin native and currently lives in Appleton with her husband. Together they have two adult children. Kelly enjoys the outdoors and loves to read, volunteer at her church, and get together with friends and family over coffee.

Barbara A. Blashka

Tax and Financial Officer

Barbara has been leading our tax and financial planning group since 2006. She earned a BA from Lakeland University in Accounting and Business Administration and is a graduate of the National Graduate Trust School at Northwestern University. With more than 30 years of trust and financial experience, including 24 years concentrating on trust-related tax issues, Barb has an extensive record of client success. She serves as an invaluable resource to the other investment and trust professionals at Legacy as well as our clients.  

When she’s not busy studying the ever-changing IRS tax laws and regulations, Barb can be found visiting her two adult children, Austin and Jill. Barb also enjoys taking motorcycle excursions with her husband, Don, and their friends, boating during the summer and reading political thriller novels.

Teresa M. Pavelsky

Client Representative

Teresa joined Legacy in 2016 as a Client Representative. She graduated from Stratford Business School as a Medical and Administrative Assistant and has over 35 years of administrative and trust experience. 

Outside of work Teresa enjoys supporting various organizations that assist the homeless and address the issue of food scarcity. She is married and has two adult children, as well as several grandchildren. In her free time, Teresa loves to hike and read mystery novels. 

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Mary L. Jovanovich

Assistant Trust Officer

Mary Jovanovich joined Legacy shortly after the company started in 2004, having worked for more than two decades in the trust department of a large regional bank. As an assistant trust officer, she works closely with clients to manage many of their account service needs. Mary’s clients enjoy her cheerful personality and rely on her 30 years of trust administration experience.

Mary is a lifelong Wisconsin resident, and both she and her husband as well as their three grown children all graduated from Neenah High School (Go Rockets!). Never idle for very long, Mary can often be found peddling her bike along area trails and spending weekends doing outdoor activities with her four grandchildren. She is a longtime volunteer and organizer of the Neenah Summer Fun Runs, a series of community-sponsored events for children 14 and under. She also enjoys traveling with her husband to his Ironman competitions which have taken her to Lake Placid, New York, Hawaii, and Canada.

Kay F. Bahn

Client Representative

Kay joined Legacy in 2015 as a Support Services Specialist and transitioned to Client Representative in 2020. Prior to becoming a part of our team, Kay worked as a Program and Transition Manager. She attended the University of Wisconsin – Madison and is currently continuing her education at Lakeland University. At Legacy, Kay assists Marta O’Brien with her account administration and client relationships.  

Outside of work, Kay and her family love traveling, camping, hiking, and biking. Kay is also an active volunteer within the St. Mary Catholic School system, where her daughters attended elementary and high school, and can often be found at fundraising and sporting events. 

Olivia M. Will

Marketing Coordinator

Olivia joined Legacy in the summer of 2016 as a part-time Project Worker, completed a Hospitality and Marketing Internship during the summer of 2017, and was then promoted to Communication Design Specialist. She has since graduated summa cum laude from the University of Wisconsin – Stout with a BS in Hotel, Restaurant, and Tourism Management, and a certificate in Event and Meeting Management. Olivia also holds the Certified Financial Marketing Professional (CFMP) designation. After graduating in 2018, Olivia accepted a position at Legacy as the Marketing Coordinator and is currently pursuing her MBA with a concentration in marketing from the University of Wisconsin – Parkside and her MS in Technical and Professional Communication from the University of Wisconsin – Stout. 

Outside of work, Olivia enjoys reading and writing short stories. She is an avid concertgoer and frequently travels to Chicago, Milwaukee, and the Twin Cities in pursuit of seeing her favorite musicians live. Olivia also loves cooking and baking and is dedicated to seeing a movie with her fiancé in theatres at least once a week. She is also a frequent participant in a local trivia competition with her dual colleagues and family members, Angel Will and Lucy Will.

Judith M. Runde

Support Services Assistant

Judith Runde joined Legacy in 2016 as a Support Services Assistant and Client Representative. Prior to joining our team, she worked as a receptionist and accounting clerk for various businesses within a family office setting and has over 23 years of administrative experience. Judith genuinely enjoys working directly with her clients and is always ready to help answer questions and solve problems.  

In her free time, Judith enjoys taking evening walks and playing on a bocce ball team with her husband during the summer months. She also loves spending time with her eight grandchildren, who range in age from three to seven years old.

Doneen A. Hanson

Executive Assistant

Doneen Hanson joined Legacy in 2019 as an Executive Assistant. Prior to joining our team, she was the director at St. Paul’s Lutheran Child Center, where her responsibilities included budgeting, human resources, and creating and revising policies and procedures. Doneen earned her bachelor’s degree in Human Services from the University of Wisconsin – Oshkosh.

Outside of work, Doneen enjoys spending time with her family. During the Summer she enjoys gardening and boating. The rest of the year, she likes hiking and walking, as well as watching her children and grandchildren participating in all of their activities.

 

Sue Fencl

Vice President & Director of Support Services

Sue Fencl has been an indispensable member of Legacy’s team since our inception in 2004 and has been instrumental in directing our trust operations and client support services. She is a member of the executive committee that leads our corporate initiatives and helps set policies and procedures throughout the entire organization. Sue has more than 30 years of experience in banking and trust services and holds an associate degree in Business Administration from Florida Junior College in Jacksonville, FL.

Sue enjoys all things that are precious to Wisconsinites: the outdoors, a good fish fry, and an old-fashioned made from scratch. She enjoys her role as a grandmother to the fullest and spends much of her free time taking part in activities with her three grandchildren that have included taking tae kwon do and piano lessons right along with them. Sue spends her summers at a lake home where she still water skis and keeps the campfire stoked for s’mores late into the evening.

Suzanne C. Dennis

Audit & Compliance Officer

Suzanne Dennis joined Legacy in 2011 as a member of our Trust Operations department and recently moved into Audit & Compliance. She holds both the Certified Trust and Financial Advisor (CTFA) and Certified Securities Operations Professional (CSOP) designations and has over 20 years of experience in the financial services industry.

Suzanne and her husband enjoy traveling as well as hiking, golfing, and tennis. When at home, Suzanne spends time volunteering for the Fox Valley Humane Association, as well as doing yoga, reading, and gardening.

Lisa T. Bergan

Senior Client Representative

Lisa joined Legacy in 2010 as a Senior Client Representative. She holds a BS from the University of Wisconsin-Stevens Point and the Certified Trust Financial Advisor (CTFA) designation. Lisa has over 18 years of trust experience and prior to joining Legacy, she worked in the trust department of a regional bank. Lisa is flexible and diligently works on every project that is assigned so that clients’ needs are met quickly and efficiently.

Lisa enjoys the area in which she works. Outside of work, Lisa and her husband take advantage of the area by biking on state trails, and in the spring they enjoy vacationing in Phoenix, Arizona. On lunch breaks in the summer, Lisa can be found outside and walking around the neighborhood surrounding the office. Lisa loves to participate in a variety of activities with her nieces and nephews.

Ranee H. Bahn

Vice President & Audit and Compliance Officer

Ranee Bahn joined the Legacy team as Audit and Compliance Officer in the spring of 2014. Her primary duties are to manage and monitor our internal audit, risk measurements, and compliance processes. She brings more than 18 years of trust experience to further strengthen the Legacy team. Prior to joining Legacy, Ranee had experience as a Client Services Manager, Trust Operations Manager, and Compliance Manager at Wisconsin-based regional banks. Ranee previously completed the requirements of the Personal Trust School at Cannon Financial Institute and has recently obtained her Certified Fiduciary & Investment Risk Specialist (CFIRS) designation.

If Ranee could combine her two favorite pastimes, it would be a book by John Grisham with a plot centered on a soccer team (to her dismay, the closest Grisham has gotten was a book about a former NFL player). She has traveled across the Midwest up, down, and sideways to attend her sons’ soccer games and is now enjoying the downtime provided by their college graduations.

Peter J. Schaefer

Vice President & Trust Investment Officer

Peter Schaefer joined Legacy in 2018 as a Trust Investment Officer and became a Vice President in 2021. He holds a bachelor’s degree in agricultural and consumer economics from the University of Illinois at Urbana-Champaign, as well as both the Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP®) designations. Peter has over 10 years of experience in the financial services industry working with affluent and emerging clients to provide financial and retirement planning services as well as wealth management.

Peter was born and raised in Madison, Wisconsin, and lived in Chicago for over 10 years before moving to Neenah, which explains his affinity for Illinois sports teams.  He and his wife Laura have two sons, Oliver and Mason. In addition to watching football and baseball, Peter enjoys playing golf and traveling to Wyoming to ski and hike. Peter also enjoys volunteering and is a member of The Oshkosh Community Foundation Finance Committee.

Connor R. O’Brien

Vice President & Trust Investment Officer

Connor O’Brien joined Legacy in 2021 as a Trust Investment Officer. Connor graduated from the University of Wisconsin – Madison where he studied finance and holds the Chartered Financial Analyst (CFA®) designation. Prior to joining Legacy, Connor spent 5 years as a portfolio manager for a large regional bank where he assisted clients with asset allocations, tactical portfolio adjustments, and security selection. 

Outside of work, Connor is a lifelong hockey player, and in the winter, you’re likely to find him at an ice rink playing men’s league or pickup hockey. In the summer, you’ll probably find him on the golf course. Connor and his wife also enjoy live music and often attend local music events, such as Mile of Music, as well as concerts from major touring musicians. Recently, Connor and his wife welcomed their first child, and are very excited for this new change in their lives.

Nicole T. Jones

Investment Operations Officer

Nicole Jones joined Legacy in 2008 as a member of the investments department. She obtained her bachelor’s degree from the University of Wisconsin Oshkosh and now has over 17 years of experience in the industry. 

Nicole is an active volunteer with the Fox Valley Human Society as part of their Reading to Rover program, where therapy dogs make visits to the Boys and Girls Club and local nursing homes. She also participates in various fundraisers for local animal shelters and rescues. 

In her free time, Nicole and her husband love traveling to snorkel, hike, and view wildlife. Most recently, they visited Canada to see polar bears and beluga whales on a safari. Nicole also enjoys walking her two dogs, kickboxing, running and attending spin class to stay active. 

Paul A. Griesbach

Senior Analyst & Portfolio Manager

Paul Griesbach joined our investment group in 2015, bringing with him a diverse background including 20 years of investment and finance-related experience. He completed his BBA in at the University of Wisconsin-Oshkosh and holds several investment-related course certificates, most recently from London Financial Studies in modern asset allocation. Paul’s expertise in quantitative research and portfolio risk management contributes greatly to Legacy’s portfolio management team.

A native resident of the Fox Valley, Paul was raised on a family dairy farm and spent his summer vacations working in his grandfather’s water conditioning business. Through these and other experiences, the value of customer care and taking personal ownership was imparted early on. He uses his take-charge attitude to lead the Hortonville boys’ basketball booster club while at the same time serving as a coach for youth basketball teams for over a decade. When Paul, his wife of 21 years, and their two sons aren’t attending a basketball game, they enjoy traveling to places that offer spectacular views of nature such as Niagara Falls and Yellowstone National Park. Paul is also known to be an outdoor enthusiast, spending time in the fall with his family and friends stalking grouse and deer. You can also find him on the range enjoying a round or two of competitive trap shooting.

Nick Carver

Director of Investment Services

As a founding member of Legacy in 2004. Nick Carver has over 30 years of investment management experience and has always played a major role in Legacy’s investment process. He is especially interested in modern portfolio theory and developing concepts in the area of personal finance. Nick graduated from the University of Wisconsin – Madison with a bachelor’s degree in philosophy, and subsequently earned his Juris Doctor (JD) from the University of Wisconsin Law School. He also holds the Chartered Financial Analyst (CFA) designation and was previously president of the CFA Society of Milwaukee. 

Nick has been married to his wife Ruth for 42 years. Together they have 2 adult children and 3 grandchildren. In his free time, Nick is an avid reader and enjoys competitive sailing, cycling, and music. 

Gary L. Schaefer

Business Development Officer

Gary Schaefer joined Legacy in 2019 to assist with the development of our Madison office. Gary has 45 years of experience in the banking industry, including 25 years spent as the President of Associated Bank in Madison. He obtained his bachelor’s degree in Business Management from Eastern Illinois University. 

Outside of work, Gary is very active in many community groups and organizations. He currently serves on the board of both The Oscar Rennebohm Foundation and the United Way of Dane County Foundation. Additionally, he is a past chairman of The Wisconsin Banker’s Association, Edgewood College, and the Madison Community Foundation.

Candy H. Thurs

Vice President

Candy Thurs joined Legacy in 2020 as Vice President North Central Wisconsin. She earned a bachelor’s degree in business administration from Auburn University and holds the Certified Trust and Fiduciary Advisor (CTFA), as well as the Certified Wealth Strategist (CWS®) designations. Candy has over 15 years of experience in the industry and has held several roles in private wealth management.  

Outside of work, Candy is very active in the Wausau community. She is on the board of The Boys & Girls Club of Wausau Area and the United Way of Marathon County and is also a member of Women United and Impact100 Greater Wausau Area.  

Candy and her husband spend their free time watching, and volunteering for the various youth sports their son is involved in, which include baseball, basketball, and football. Candy also enjoys downhill skiing, traveling, and finding ways to volunteer and give back to the community.

Tammy M. Ross

Trust Administrative Officer

Tammy Ross joined Legacy in 2006 as a Trust Administrative Officer and has over 25 years of experience in the industry. 

She earned her bachelor’s degree in business administration from the University of Wisconsin – Oshkosh, and her Master of Business Administration from Lakeland University. Tammy is also an honors graduate of the Cannon Financial Institute Retirement Plan Services Program as well as a graduate of the American Bankers Association Trust School. 

Additionally, Tammy holds both the Certified Trust and Fiduciary Advisor (CTFA) and Certified Retirement Plan Professional (CRPP®) designations. Tammy and her husband are both lifelong Neenah residents and have one son in high school. Tammy enjoys live music, attending concerts, and spending time with family at the shooting range.

Lisa G. Kewley

Vice President & Senior Trust and Financial Advisor

Lisa Kewley was a founding member of Legacy at our inception in 2004. She holds a BA from the University of Illinois at Champaign-Urbana and is a graduate of the National Trust School at Northwestern University. Lisa has more than 37 years of experience working with high net worth individuals and families, and currently leads Legacy’s efforts at developing financial initiatives aimed at addressing and serving the needs of women. She is the former president of the Women’s Fund for the Fox Valley Region and still participates in the organization through committee work. Lisa is also the current president of the Over the Teacups women’s group.

Outside of work, Lisa loves traveling to Denver to see her daughter and spending time at home with her goldendoodle Maggie, who occasionally enjoys participating in Lisa’s Zoom meetings. She also enjoys professional tennis as well as kayaking and golf. 

Susan M. Hickey

Vice President & Senior Trust and Financial Advisor

Susan Hickey joined the Oconomowoc Office of Legacy Private Trust Company in October of 2018 as a Vice President and Senior Trust and Financial Advisor. Susan has over 25 years of trust and financial planning experience and is a graduate of Marquette University, where she earned a Bachelor’s Degree in Liberal Arts. Susan has been a featured speaker on several estate and financial planning topics and is a Past President of the Milwaukee Estate Planning Forum. She remains an active member of that organization.  

Outside of work, Susan is actively involved in the community. She is currently a board member for both the Saint Joan Antida High School and The Neighborhood House of Milwaukee. She is a former Board Chairperson for the Women’s Fund of Greater Milwaukee and a member of Impact 100 Milwaukee. In addition, Susan enjoys spending time with her family as well as running, reading, and traveling.

Kathleen A. Brost

Trust and Financial Advisor

Kathy Brost joined Legacy in 2016 as a trust and financial advisor, enhancing our client relationship team with a variety of experiences in multiple facets of finance and business operations. She holds a BBA from Lakeland College and a JD from the University of Wisconsin Law School. Throughout her career, she has continued her education by attaining both the Certified Financial Planner (CFP™) and Chartered Life Underwriter (CLU®) designations as well as a real estate brokers license. Kathy spent 12 years as a tax advisor before becoming a corporate counsel. Most recently, Kathy spent more than 10 years in private practice, acting as corporate counsel and directing compliance programs for several fraternal benefit societies across the country. Kathy was the President of the State Bar of Wisconsin from 2020-2021 and is now the Immediate Past President.

A native of the Fox Valley, Kathy enjoys working in her parents’ real estate development and construction firm. Kathy loves to travel and has enjoyed exploring areas in the more remote and obscure parts of the world with her husband. Together they are the parents of two grown children; their daughter is an architectural engineer, and their son is a process engineer. When Kathy is not traveling the world, she enjoys art, gardening, reading, and snorkeling. Kathy also serves on the board of the Bergstrom Mahler Museum of Glass as the Treasurer. 

Brenton D. Teeling

Vice President of Client Services and Administration

Brenton Teeling joined Legacy in 2016 as Vice President of Client Services and Administration. He earned his B.A., magna cum laude, from Loras College, and his J.D., with distinction, from the University of Iowa College of Law. He also holds the Certified Trust and Fiduciary Advisor (CTFA) designation. Prior to joining Legacy, Brenton was a shareholder and civil litigator at the Fox Valley’s largest law firm.  

With nine years of civil litigation experience, Brenton brings a sharp eye and steady hand to issues of problem-solving and achieving positive client outcomes. Brenton’s responsibilities at Legacy include overseeing the Legacy client experience and ensuring that internal controls are in place for effective and secure account management.

In his free time, Brenton enjoys spending time with his family and engaging in athletic pursuits including golf, softball, volleyball, kickball, and cycling. Coming from a long line of coaches, he also enjoys coaching basketball and has been active at St. Mary Catholic High School and with the Zephyr Basketball Club and the YMCA for youth players. Brenton serves on the Board of Directors for United Way Fox Cities and is the 2021-23 Emerging Leaders Committee Chair. In addition, he is a member of the Finance Committees for St. Margaret Mary Parish and North Shore Golf Club and regularly volunteers for other organizations and special events throughout the community.

Joseph E. McGrane

Executive Vice President

Joe McGrane is a founder of Legacy whose expertise has created and sustained our financial planning and administrative processes.

Mr. McGrane holds a BA in Economics from Loras College and a JD from the University of Iowa. He has more than 35 years of trust and investment management experience.

 

Michael B. Mahlik

President

Mike Mahlik is a founder of Legacy and has more than 35 years of extensive experience in trusts, investments, and financial planning.

He holds a BS in Business Administration from the University of Wisconsin-Green Bay and an MBA from the University of Wisconsin-Oshkosh. 

Shoua Thao

Trust Operations Officer

Shoua Thao joined Legacy in 2019 as a Support Services Manager. Prior to joining our team, she was a Mutual Fund Manager at FIS. Shoua obtained her associate degree in Business Administration from Fox Valley Technical College and has 17 years of experience in the financial services industry. 

Outside of work, Shoua loves spending time with her family, particularly when they are taking trips together, going camping, or watching college sports. She is a firm believer in giving back to the community, which has led her to volunteer much of her free time at Appleton East high school
.