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Committee to review Westminster advisory agreement after Meeders transition stalls
Summary
Committee members said the planned termination of Meeders has not been completed; the committee heard from Westminster representatives and scheduled a Feb. 10 meeting to review a proposed advisory agreement and asked the prosecutor's office to review contract paperwork before commissioners vote.
Members of the Lorain County Investment Advisory Committee discussed the pending transition from Meeders to Westminster Financial Advisory Corp. during the Jan. 27 meeting, noting the October 2025 committee action to end the Meeders relationship had not yet been completed.
Commissioner Marty Gallagher said the termination had not yet happened despite the committee's prior action. Board counsel/APA Gabe Espinoza said there have been many conversations with Westminster counsel and that the county received a letter from Westminster that allows Westminster to perform advisory work; he said the contract will require a separate vote by the Board of Commissioners and that he will review the contract documentation. Commissioner Tom Orlando asked that the county prosecutor's office review the paperwork to ensure the process is completed by February.
Westminster representatives on the conference call introduced themselves. Jessica Trunck, identified as chief compliance officer for Westminster's holding company and broker/investment-advisory side, described Westminster's operations and custodian arrangements; Grant Francis, identified as relationship manager on the investment-advisory side, "will be the county’s point person," according to the meeting record. Commissioner David J. Moore raised questions about past advisor practices and suggested the committee may need to modify its investment policy when the new agreement is signed.
The committee scheduled a follow-up session with Westminster for Feb. 10 at 2:00 p.m. to review the agreement and discuss how the working relationship would proceed. No public comment was offered at the meeting.
