Rising star in wealth management? Wells Fargo crew hitches wagon to U.S. Bancorp

Rising star in wealth management? Wells Fargo crew hitches wagon to U.S. Bancorp
Lender making big push to win ultra-wealthy clients, with ex-Wells execs leading the charge
MAY 10, 2011
U.S. Bancorp, the fifth-largest U.S. lender by deposits, said its wealth-management group is establishing a program to help ultra-high-net-worth clients build legacies and control the impact of money on their families. The initiative, called Ascent Private Capital Management, will help clients focus on wealth-transfer goals rather than only wealth accumulation, the Minneapolis-based company said today in a statement. Among services, the unit will assist with family governance and risk management, multigenerational wealth planning and education. “U.S. Bank will provide clients with the guidance and tools they need to help them positively impact the world and establish their legacy,” Michael Cole, president of the company's ultra-high-net-worth business, said today in the statement. He will run the program. The company, led by Chairman and Chief Executive Officer Richard Davis, 53, is seeking to build its wealth management and securities business, which last year contributed the smallest share of revenue among the bank's four main divisions. It hired Cole, who previously worked at Wells Fargo & Co., in July for the newly created position overseeing ultra-high-net-worth clients. U.S. Bancorp is looking to add 70 to 80 employees during the next 12 months for the initiative, Cole said today in a phone interview. In March, the firm hired Daniel Rauchle as head of investment management and Scott Winget as senior managing director of wealth planning for the ultra-high-net-worth group, which the bank defines as holding a minimum of $25 million of investable assets. Rauchle and Winget also had worked at Wells Fargo. --Bloomberg News--

Latest News

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income