Corridor firms’ growth linked to working together with a focus on the client
By George C. Ford
The Gazette
Ask the senior leaders of World Trend Financial to explain what is driving the growth of the Cedar Rapids-based financial advisory firm, and you get a quick reply.
"We believe in always putting the client first," said Tory Meiborg, 33, a 10-year veteran of the firm who was named president Oct. 15.
"Our partnership with Terry, Lockridge & Dunn, a full-service accounting firm, enables us to offer a full range of services to our clients," said Patty Davidson, 55, a 20-year veteran who was elected chairwoman of World Trend Financial in October. "A lot of firms are going to that model, but that’s always been our model."
Meiborg, who joined the firm in 1997 and became a partner in 2002, said World Trend Financial is more focused on financial planning than the sale of products. He said that helps when the stock market is experiencing volatility.
"The markets in 2003, 2004 and 2005 were relatively easy," he said. "Everyone seemed to be making money when the markets were going up fairly consistently.
"Toward the end of 2006 and all of 2007, things were still going up, but the markets were getting choppy. There were certain areas of weakness and clients were looking for advice."
Davidson said the emerging baby boomer market planning for retirement also has been a factor in the growth of World Trend Financial.
"Sometimes you think that it’s too late — clients should have been thinking about retirement planning 20 years ago," she said. "They need to talk with a financial planner and determine what they need to do going forward.
"We’ve had a lot of word-of-mouth referrals that have brought us additional clients. We also have done more marketing in the past year than we have in the past."
World Trend Financial and Terry, Lockridge & Dunn, which together employ about 45 in Cedar Rapids and Iowa City, are looking forward to completion later this year of a 17,000-square-foot office building at 2225 Mormon Trek Blvd. in Iowa City. The site is prominently located on top of a hill overlooking Highway 218.
The new quarters, designed by Neumann Monson Architects of Iowa City, will incorporate "green" design principles that will provide a comfortable work environment.
The $4 million office building, which will offer some space for lease to tenants, will use wide spans of glass to bring in natural lighting.
Meiborg said the building, designed over a period of months with input from World Trend and Terry, Lockridge & Dunn partners, will offer much-needed room for expansion.
"We fill seven offices in our existing leased space," he said. "We will occupy about 11 offices in the new building. We also will have more space for support personnel.
"Right now, you not only have to consult your client’s schedule. You have to make sure you have an office available for a meeting."
The two firms plan to increase employment to 75 in 2008.
The Cedar Rapids office occupies 10,000 square feet of office space. Meiborg said there are no plans to move the firms’ headquarters to Iowa City from Cedar Rapids.
"This will always be the home office," he said. "We will not be growing our business in Iowa City at the expense of Cedar Rapids. There is no reason that we can’t continue to grow at each end of the Corridor."
Davidson, who joined World Trend Financial in May 1987 as director of operations, became president in 2000 and a partner in 2002. She is excited about the appointment of Meiborg as president of the firm.
"This is a wonderful opportunity for us to have the leadership of a brilliant financial advisor who will add his vision and insight for many years to come," Davidson said. "I felt that it was time for Tory to take over as president to develop the Iowa City end of the Corridor. His leadership was really needed at this time."
Photograph information: Brian Ray photos/The Gazette
World Trend Financial President Tory Meiborg (left) and Chairwoman Patty Davidson stand in the financial advisory firm’s new building on Dec. 28 in Iowa City. The 17,000-square-foot office building at 2225 Mormon Trek Blvd. will provide additional space for World Trend and its partner company, Terry, Lockridge & Dunn, when it is completed later this year.
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