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County hears investment pitch from Wharton Capital; board to consider pilot 'investment day'
Summary
Wharton Capital presented portfolio analytics, third‑party custody via US Bank (Pivot), and a bond‑laddering approach; commissioners treated the briefing as informational and agreed to schedule an investment day to begin custody and portfolio analytics work.
Polk County commissioners received an investment briefing from Lynn Cornwell of Wharton Capital, introduced by county staff. Cornwell outlined services including portfolio analytics, custodial arrangements with US Bank (Pivot), bond ladder construction, brokered CD and muni sourcing, and an 'appointment investing' workflow designed to prepare recommendations ahead of an investing session.
Cornwell emphasized third‑party custody to enhance fiduciary safeguards and described past county clients that improved interest income by consolidating accounts and adjusting custodial holdings. She illustrated the potential gains with anecdotal examples (e.g., moving funds to better yields that generated significant additional interest income for other counties). The firm also offers regular trainings for county finance staff on investments and cash‑flow management.
Commissioners expressed interest but treated the presentation as information rather than an immediate procurement decision. The county administrator said staff will set a date for an investment day to trial a Pivot account and receive a portfolio analytics report.
Provenance: presentation runs from SEG 1155 to SEG 1429.
