Daniel Barbaree

The History Behind Newcleus

We are Newcleus—the premier benefit plan and financing strategy provider in the banking industry. But how did our company come to be? Here’s the history behind Newcleus, spoken by Daniel Barbaree, President and CEO of Newcleus.

How Did Newcleus Start?

The History Behind NewcleusNewcleus was born out of two separate organizations. To understand the history behind Newcleus, there are a few key people we should introduce first: Bill Borchert, founding partner of Bank Financial Services Group, along with Bennett Meyer and Bill Chatfield of Meyer-Chatfield Group.

Both Bank Financial Services Group and Meyer-Chatfield Group were initially launched to help executives with their compensation planning. This included their qualified and non-qualified benefit planning as well as the implementation and use of Bank-Owned Life Insurance (BOLI).

For those who don’t know, Daniel Barbaree, President and CEO of Newcleus, reminds us that banks are limited in what they can invest in. This considered, Bill Borchert, Bennett Meyer, and Bill Chatfield looked for a need in the marketplace and how they could help these bankers—which became the core ‘nucleus’ of what we have developed and grown, inspiring our new company name, Newcleus.

Growing Our Business

As the banking industry changed, our organizations evolved as one. Bennett looked at diversifying and adding more resources to help support these organizations. In 2011 he brought on Flynt Gallagher who helped add a compensation arm to the existing organization.

The Explanation Behind the Rebrand

“We all spent a lot of time and energy to put together the combination of BFS Group and Meyer-Chatfield,” says Barbaree. “A very original, exciting name at the time was BFS-MC Group.”

“We spent some time over the next few years trying to rebrand and we came up with the name Newcleus. And Newcleus was, what we thought, a really exciting name. Our intention was to highlight that we were both New, but also a true team at the center of the industry.

But the name went beyond just the fact that Newcleus was a new organization in the industry.

Barbaree explains that the company had a new way of thinking and a new way of approaching the market. “Additionally, given the name Newcleus, we wanted to be at the center of all of these various organizations that came together as one.”

“We wanted to be at the center of innovation and insight and really grow… we wanted to be the go-to firm, not just because of our size, but because of what we’re able to really bring to the table… We [continue to] want to be able to be passionate about a story and have that story resonate in this industry.”

And that’s exactly what we’re doing.

To learn more about who makes up our team, read on: