We have been losing AUM in Wisconsin hand over fist. Minneapolis has experienced similar losses after their two top teams walked out the door. Texas is losing money hand over fist. Kansas City is losing assets and advisors. When is someone going to look at "leadership," and finally make some changes? I don't know if it's possible, but I am guessing they will find someone even worse to take over for DF. On BL's call, she repeated talked about the $2BN in assets that has left. What do they think is going to happen here? You cannot simply rely on mortgages to carry the day.
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@12y The PWM platform is third rate. They continue reduce their offerings. The new CIO has no business being in that chair other than his ability to kiss management’s a$$-a truly despicable man. It’s no wonder that the “leadership,” wants no part of have their money managed at USB. It’s all a farce.
@12x the president of private wealth doesn’t even use private wealth.
@ny Don’t feel bad, USB private wealth management is B or C league. In fact, most of the senior execs don’t use USB for their own wealth management, which should tell you something. AC and GK have a token amount of their wealth with USB so they can say they use the services, but both of them use Goldman/Ayco for the majority of their wealth management and planning. If the current CEO and the most recent CEO don’t deem USB wealth management up to snuff, why should anyone else?
I am an individual contributor who has quietly amassed a portfolio qualifying for private wealth management. Giving my employer the benefit of the doubt, I talked with a bank wealth manager. There was also a big push to get employees to bank and invest at the bank.
Complete ripoff. Annuities and high fee funds of high fee funds. I felt abused as a long time employee hoping for the benefit of quality wealth management. I was actually embarrassed that the bank tried to fool me.
A bank competitor has my money and I put a small amount in a managed account and get great low cost advice.
Who cares about the numbers. We have JR and she is HOT
@cq but we have an investment bank now. Won’t that be fun? I’m sure we won’t chase all the talent away and squander the 750 million it took to buy them.
@ap If you are actually are a client of PWM, you should be running for the hills. So many better options available with real wealth management firms. US Bank just promoted an empty suit to CIO with no real investment experience. USB has 2 or 3 stock analysts that work in SEG. They can’t possibly cover the market in a thorough way, so your PM has no support. Most of the PM’s have no real experience and have been riding the wave of the market, but if you ask them any meaningful questions, you can immediately tell they have nothing between the ears. All of the talented investment professionals have left in the past 5 years for real firms that actually have research, support, and compensation.
At its core, USB is a commercial bank that has a wealth management division that has zero resources. Unfortunately, USB isn’t even that good of a commercial bank. They can’t really compete on product, rates, or technology. If you want a real bank, you should be considering JPM or WFC.
This is what happens when you have BL & DF leading. They are both terrible leaders who have no clue what is going on. They keep trying to put out fires rather than fix the actual problems. Unless they are willing to change the business model, nothing will improve. Whoever decided to promote DF to CIO should also be fired. There is no way that SF can look at DF’s last 2 years and think he should not be fired, let alone promoted.
@OP the good news is that you’re finally getting rid of your regional executive.
We are an unserious organization led by unserious people.
Wow, I have a good amount of money with them that has done well. I wonder if it is wise to leave it there.