Investment panel amends prior resolution to appoint Westminster Financial Advisory Corporation

The Lorain County Investment Advisory Committee voted on Feb. 10 to amend a prior resolution and appoint Westminster Financial Advisory Corporation as the county’s investment advisor effective April 1, 2026. The motion to amend Res. IAC-25-01 was moved by Commissioner David J. Moore and seconded by Commissioner Marty Gallagher; the roll-call vote was Ayes—Moore, Gallagher and Riddell; Nays—Talarek and Orlando.

The amendment, presented in Resolution No. IAC-26-01, changes the termination date for Meeder from December 31, 2025 (as previously recorded) to March 31, 2026 and establishes Westminster as the county’s investment advisor starting April 1, 2026. Moore said the change would formally end Meeder’s contract and transition advisory duties to Westminster. The committee later moved and approved Resolution No. IAC-26-02 to enter into the agreement with Westminster, with the same 3–2 vote tally.

Lawrence Miles Brazie, speaking for Westminster, described the firm’s prior practices regarding trade execution and fees and said the firm would work with the Treasurer to make transactions. "We have managed securities free for clients and paid commission to execute bonds and securities or charge fee and tell someone else to buy," Brazie said. Chair Daniel J. Talarek noted the county investment policy’s restriction that "the county cannot have a broker as an investment advisor."

The committee also debated whether Westminster’s prior experience satisfied statutory expectations for management of public funds. Legal staff had advised the committee about eligibility questions under the Ohio Revised Code; despite those concerns the board approved the contract amendment and the new agreement. The committee set quarterly meeting dates for oversight and implementation follow-up.