Pewaukee-based Ellenbecker Investment Group will open a second office in Whitefish Bay on July 7.
The financial advisory firm will lease the entire second floor of the building at 705 E. Silver Spring Road, which is about 2,000 square feet. The Equitable Bank occupies the first floor of the building, which is at the intersection with Marlborough Drive.
It will be a full-service branch, serving both individuals and businesses, and Pewaukee-based advisors will often meet with north shore clients at the new office, said Karen Ellenbecker, president and founder.
“We have so many clients who are on the north shore, and we wanted to provide easier access to them than Pewaukee,” Ellenbecker said.
Ellenbecker Investment Group conducted heat mapping to learn more about its client base and where clients were traveling from, she said. Ellenbecker also hosts a weekly radio show, Money Sense, on WISN AM 1130, which has attracted some new clients from the north shore.
“We became aware that the majority of our clients come from Lake Country and in Milwaukee,” she said. “And we really didn’t have as much exposure to new clients and current clients in the north shore area.”
EIG will hire five to six new employees, including three advisors, for the Whitefish Bay office. The existing Pewaukee location has 24 employees.
The firm renovated the entire Whitefish Bay space, matching the style to its Pewaukee office. Instead of conference tables, the firm uses dining room tables, and the office is made to look like a living room, Ellenbecker said.
“In a sea of similarities, anything different is perceived as superior,” she said. “We really try to make the experience for our clients very different.”
The company, originally founded in Elm Grove 18 years ago, has been operating out of its Pewaukee office for six years. While it has always been a one-office operation, Ellenbecker feels now is the time to begin expanding.
“Times have changed. People want convenience,” Ellenbecker said. “We really want to make things as convenient as we can for our current clients, and we’re growing, so it was just the next natural progression for us.”
Once the Whitefish Bay office is up and running, EIG plans to open a third office “when the time is right” in Ozaukee County or the Racine/Kenosha area.
“Particularly from Ozaukee and that area, there’s no real easy way to get to Pewaukee,” Ellenbecker said.
Many of EIG’s clients come through family member referrals, so the second location will allow whole families to more easily meet with advisors.
“About 60 percent of our business comes from client referrals,” Ellenbecker said. “I think we’ve been a secret within Milwaukee.”
The firm is becoming involved in the Whitefish Bay community, as well. It is a sponsor for the 4th of July parade and a summer concert series at Bayshore Town Center in Glendale.
“We really want to become an integral part of the community, both from serving the community from a holistic point of view and being involved in it,” Ellenbecker said. “We want to be part of the community. We don’t want to just drop in.”
