"The bank has a lot of touch points with clients," said
USB this month, without announcement, is increasing marketing behind its wealth and securities business, including brand integration throughout its four businesses. USB Wealth Management also has jettisoned the sometimes confusing Private Client Reserve name for clients with
USB Wealth Management business covers clients with investable assets of a few hundred thousand bucks to the richest, those with assets of
USB also has invested in improving online tools for wealth management clients, particularly younger ones attuned to tech.
Jordahl, 57, a 16-year USB veteran, and
"We want to continue to grow the business and there's a lot of room to grow it," Farley said.
USB, through acquisition and organic growth, was considered one of the best-run financial complexes in the country over the last decade under just-retired CEO
Wealth management is the smallest but fastest growing business within the USB family. There's opportunity.
USB is the nation's eighth-largest banker, but only the 18th largest wealth manager, with assets of about
Bank executives want to grow wealth management, including individual and corporate trust and securities-related business.
The emphasis, in addition to new customer referrals, is a team-based approach that "brings the whole bank to affluent customers." And USB Wealth has demonstrated growth in a fee-based business that provides repeating streams of income.
The wealth management and securities services business posted a 56.6 percent increase in net income last year to
Meanwhile, USB's wholesale banking and commercial real estate business had flat net income of
USB's biggest business, consumer and small business banking, saw an increase in net income of 3.6 percent to
The growth in wealth management proves advising rich folks is a growth business.
The current economic recovery, the longest in
And there's tons of money to be made helping folks manage their money and affairs.
(c)2017 the Star Tribune (Minneapolis)
Visit the Star Tribune (Minneapolis) at www.startribune.com
Distributed by Tribune Content Agency, LLC.