Ken Chwatek, Senior Vice President, AMG National Trust

In an interview with Invest:, Ken Chwatek, senior vice president at AMG National Trust Bank, said that consistent client communication and a strong advisory model have been key to navigating recent economic and political shifts. “The biggest change has been the shift in administration, which has implemented new policies and required increased communication with clients,” Chwatek said.

What changes over the past year have had the greatest impact on AMG National Trust Bank, and in what ways?

The biggest change has been the shift in administration, which has implemented new policies and required increased communication with clients. AMG remains dedicated to serving high-net-worth individuals, families, foundations, and endowments. But politically charged opinions and the distinct policy direction of the new administration have taken much of our attention. The biggest shift for us has been the need for more intensive client communication.

Considering those changes and the state of the market and economy, how has your business been impacted, if at all?

It has emphasized the importance of having a historical perspective during uncertain times. Tariffs, for example, have a long history. We’ve done research to help clients understand the bigger picture. That said, we’re not just dealing with tariffs; we’re facing multiple significant influences on the economy and markets. Our headquarters in Denver has been central in conducting this research. These turbulent times have shown the critical need for robust financial planning and well-grounded investment advice. Providing a historical lens helps clients manage their emotional reactions to news and market changes. The news has been overwhelming, so we help make sense of it.

What would you consider to be the top highlights for your firm over the last year?

My mind goes immediately to our work with clients. While we are a bank, our primary business is wealth management: financial planning and money management, with supporting services like trust administration and tax preparation. Our model doesn’t involve selling products; we provide advice. The planning work we do has prepared clients for moments like this: periods of slowed economic growth. Many of our clients have been with us for years, and that history builds trust. They’ve been through challenging times with us before, and that foundation of trust stood out as a highlight.

How would you describe the state of the wealth advisory sector in New Jersey?

When it comes to risk management, we’ve had referrals where new clients received investment advice but lacked a comprehensive view of their overall financial situation. We’ve had meaningful conversations with both new and existing clients about how much risk they need in their portfolios. Risk management ties directly into retirement planning and understanding what asset base is necessary for a comfortable future. It’s about finding the appropriate level of risk for each client.

Additionally, estate planning continues to be a priority, particularly as we serve a growing base of aging clients. Many have accumulated significant wealth over the past 10 to 15 years, and they’re now thinking seriously about preserving that wealth. Personal insurance is also a concern, especially given recent climate-related issues like flooding and wildfires. We’ve had numerous discussions with clients about ensuring proper coverage for their assets, especially those living in high-risk areas.

Have you noticed recent shifts in client demographics or industries that are driving increased demand for your services in New Jersey?

We have some clients in their 80s — healthy and financially stable — exploring high-end assisted living options. We’ve analyzed these opportunities and, in most cases, advised that they can comfortably spend $1–$2 million on an upscale independent living arrangement with access to medical support if needed.

As the region attracts more new businesses and startups, how has AMG adapted to support clients navigating those changes?

Interestingly, while the tools themselves — such as stock options, restricted stock, and bonus structures — haven’t changed much, there has been an increased emphasis on performance-based incentives. Traditional defined-benefit pension plans are mostly a thing of the past. What we see more of now is a shift toward restricted stock rather than stock options, and there’s an ongoing debate about which structure offers a better upside. So, equity-based compensation remains relevant. Our role is to help clients understand what these models mean for their financial planning and how to incorporate them into their broader wealth management strategies.

How have your strategies played out over the past couple of years, especially in light of recent economic shifts?

A handful of big tech names drove the S&P 500’s performance in recent years. But this year, value stocks have outperformed growth stocks based on year-to-date data. We’re seeing broader market performance now, with multiple sectors doing well, not just large-cap tech. Technology remains strong long term, but over the next year or two, we expect other industries to lead or at least match that performance.

Interest rates rose a bit more than expected due to inflation pressures, but that seems to be stabilizing. We don’t expect inflation to escalate into a trade war scenario. Looking ahead, we expect interest rates to gradually decline, which will benefit longer-term bonds. In fact, bond returns may nearly match those of equities in the near term. Our forecast for stocks is around 6%–7% returns, with bonds delivering close to that. So, we expect a more diversified mix of sector winners going forward.

With digital transformation accelerating across every industry, how have your clients approached this shift?

From an investment standpoint, AI is a major theme. We expect significant benefits for a variety of industries from AI-related investments starting later this year and ramping up into 2027. Right now, companies are spending heavily on AI infrastructure, but the real profitability will come once those systems start delivering results.

While technology like AI is critical, nothing replaces face-to-face interaction with respect to our business model. After 32 years in this business, I can say with confidence that client conversations, especially in person, are more important than ever. I do virtual meetings, but I also travel often to meet clients in person. In wealth management, that personal connection still matters deeply.

What are your key priorities over the next two to three years?

Internally, our priority is to continue refining our business model in light of emerging technologies and client feedback. We constantly evaluate how we can better serve our clients — what services they need and what the industry is moving toward. I’ve always believed our model is ahead of the curve, and I think we’ve proven that by offering comprehensive advice that covers everything from investment strategy to tax returns and estate planning.

But we also know that we can’t do everything alone. When necessary, we bring in top legal, tech, or estate planning experts. We also hold client webinars featuring specialized guests to provide fresh insights. This combination of internal services and external expertise helps us stay adaptive and continue to meet evolving client needs.