Guaranty Federal Bancshares Inc. (Nasdaq: GFED) entered a partnership with Achieve Private Wealth, a subsidiary of Ameriprise Financial Services Inc. (NYSE: AMP).
Through the agreement, Guaranty Bank will refer customers to Achieve Private Wealth’s Springfield office, led by certified financial planner and private wealth adviser Paula Dougherty, said Carlye Wannenmacher, Guaranty’s director of marketing.
“Achieve Private Wealth will offer the clients their services and then there will be a shared revenue stream with the bank for the clients that we refer,” she said, declining to disclose terms. “This just gives us another exclusive opportunity to refer them to a very quality organization in town. Achieve Private Wealth has a great reputation.”
Guaranty customers currently do not have access to private wealth advisory services through the bank, Wannenmacher said, noting the company — when it was known as Guaranty Federal Savings Bank — closed an investment services division in 2003.
In a news release, Dougherty said Achieve Private Wealth and Guaranty complement each other.
“Much like Guaranty Bank, we take a solution-based approach to meeting clients’ financial needs and fostering long-term, personal relationships,” she said in the release.
Guaranty last month reported second-quarter net income of $2.4 million, compared with a loss of $343,000 a year earlier.
GFED shares were trading at $23.62 as of 11:26 a.m., compared with a 52-week range of $20.11 to $27.39.
General aviation terminal expansion is set to wrap by August.