About Us
Mission Statement
Our Mission is to Design, Deliver, and Administer the Highest Quality Bank-Owned Life Insurance and other Benefit Funding Plans for the Financial Services Industry.
Our Foundation
Financial Solutions Partners (FSP) was founded by Jerry Reen and George Fehlhaber in 2002 with the goal of structuring a better product for financial institutions in the separate account bank-owned life insurance (BOLI) market. Jerry had previously pioneered the separate account BOLI product offering at Winklevoss Consulting, while George had worked as Treasurer at Wells Fargo Bank. While purchasing BOLI for the bank in 1999, George had worked with Jerry to significantly improve the insurance contract being offered to increase the cost transparency and protections for the bank. Insurance contracts had previously been outgrowths of the personal life insurance market and were poorly designed for the institutional market. The culmination of this partnership to create a better separate account BOLI product became Financial Solutions Partners.
Our Vision
The vision for the original FSP BOLI product offering was to create a separate account BOLI that would have transparent pricing that would decrease over the life of the product, together with enhanced protections for the bank, world-class asset managers, and a stable value wrap that would not have the limitations on the guarantee that had become the standard in the marketplace. The first client was one of the largest money-center banks and the firm quickly grew to provide offerings to community banks as well as the largest banks in the country, with the smaller banks benefiting from the same contract features that were afforded the largest banks in the country. The FSP team also grew to provide significant additional expertise in the areas of asset management, bank regulatory, asset/liability management, actuarial sciences, stable value design, information security and client reporting and administration.
Always Innovating
FSP continues to innovate in the separate account BOLI market. New asset managers, asset management strategies, stable value wrap designs, and continuous improvement in contract design for the benefit of the client have established the company as the preeminent and dominant separate account BOLI provider in the market. FSP continues to lead the way in customized and proprietary BOLI offerings for banking clients of all sizes.
Additionally, the company has broadened its product offerings to include corporate owned life insurance (COLI) and structuring benefit funding plans with its strategic partner, October Three Consulting LLC.