Over the last two decades, First Business Bank's Private Wealth team has marked a journey of remarkable growth and client success. From humble beginnings in 2001 to managing nearly $3 billion in assets, the team's innovative strategies and unwavering dedication have helped clients achieve their financial aspirations, setting milestones that speak volumes about their expertise and commitment. This legacy of success is poised to ascend to greater heights with the addition of Matt Rice as Chief Investment Officer.

Matt Rice, originally from Middleton, Wisconsin, and an alum of Northwestern University, rejoined First Business Bank with an exceptional track record. After a successful two-decade stint as the Chief Investment Officer at Fiducient Advisors, where he spearheaded the investment process and team for a $260 billion advisory firm, Matt brings extensive experience and a proven track record of building effective investment management teams.

Journey “Home” To First Business Bank

Matt Rice standing and smiling at the cameraMatt Rice's path back to First Business Bank as its Chief Investment Officer is more than a career move; it's a meaningful homecoming and an exciting opportunity. Reflecting on his early years at First Business Bank, Rice fondly recalls, "I had the good fortune of working for First Business Bank shortly after college graduation. It was a period filled with wonderful mentorship, and it was an amazing learning experience." 

His move to Chicago marked a chapter where he helped to build a Registered Investment Advisory (RIA) firm from the ground up. 

"The last 23 years were about creating something from scratch, a challenge I relished," Rice says. "Now, it's wonderful to return to a place that's so special to me. When I joined First Business Bank in the late 1990s, there wasn’t a Private Wealth team yet. So, watching First Business Bank grow its Private Wealth effort from zero to nearly $3 billion in assets was inspiring, and I am really excited to be a part of growing it exponentially over the coming decades."

Culture Consistency Throughout the Decades

Despite the bank's significant growth and sophistication, Rice finds comfort in the unchanged core values. "Culturally, I’m finding that First Business Bank is very much the same from when I originally worked here almost a quarter century ago,” he says. “The same values that made this bank special continue to thrive, even as we've grown dramatically. I'm very impressed with how deliberate and well-managed the business is. The company’s thoughtfulness in decision-making and the team-oriented culture is really impressive," he observes.

The circumstances of Rice's return to First Business Bank underscore a sense of destiny and timing. "It was serendipitous. For the first time in nearly a quarter of a century, I was contemplating a career change, and then I got a call from a recruiter representing First Business Bank. It felt like the universe was telling me it was time to come home," he recounts with a hint of amazement.

How A Chief Investment Officer Helps Clients

As First Business Bank welcomes back Matt Rice, clients might wonder how his role supports their portfolio strategy. Rice's appointment as Chief Investment Officer marks what we envision as a milestone in the span of our Private Wealth team’s achievements. Clients stand to benefit immensely from his extensive experience, profound insights, and his unwavering commitment to driving growth and excellence in every aspect of the bank's investment strategies.

As the newly appointed Chief Investment Officer, Rice brings a clear and ambitious vision for his role, including creating and implementing cutting-edge and effective investment strategies tailored to the unique needs and goals of each client. 

“Leading our very talented investment team, I aim to build, execute, and communicate highly effective investment strategies,” he says. “Coaching and leading our team, as well as deploying capital in a way that protects and maximizes wealth for our clients, will be paramount.” 

Throughout his years of experience, Rice understands that for many clients, investment is more than just numbers and data. “It's about realizing their objectives and everything they aspire to achieve,” he says. "Getting it right for our clients is our foremost priority – it's about mitigating risk, helping them to achieve their dreams, and managing their wealth effectively," he explains. 

Along with those goals, he is excited about implementing tools to help our seasoned Wealth Advisors as they consult with clients about their financial goals. 

“We're going to build cutting-edge proprietary systems and tools that are second to none in the industry for portfolio construction,” Rice says. “Continuing to build our rigorous investment research culture will be important to me so that we can continue to maximize our effectiveness on behalf of our clients.”

He also has plans to add more value-added resources for clients in the near future.

“I’m so impressed with the existing resources that are here already, but we are really looking forward to taking things to another level in terms of enhancing our client deliverables.”

Chief Investment Officer, Rice, and First Business Bank’s Private Wealth team, are set to make a significant impact on how clients view and manage their investments, aligning financial strategies with their most cherished goals.