Wachovia Wealth Management Expands Presence In Northern California
SAN FRANCISCO, CA—Wachovia Wealth Management today announced 20 new hires across Northern and Southern California, continuing to build a team to deliver the full range of wealth management services to high net worth individuals, their families and businesses. As part of the build-out, Wachovia is establishing Legal Specialty Group teams in San Francisco and Los Angeles to serve the unique financial needs of law firms and attorneys.
With more than three times the number of millionaires than any other state, California is a top priority for Wachovia Wealth Management expansion. By 2010, households in the Northern California market—which includes Alameda, Contra Costa, Marin, San Francisco and San Mateo counties—with $250,000 or more in investable assets are projected to have grown 23 percent since 2005, according to data collected by Wachovia’s Insight and Innovation group. During that same five-year period, total population in that region is expected to grow only two percent. The legal community is also predominant, with 80 of the nation’s 200 largest revenue producing law firms having offices in San Francisco.
“As the nation’s fourth largest bank, we’re excited to introduce the Wachovia brand in California and are committed to serving affluent and high net worth individuals in a distinctive way that will exceed their expectations,” said Stan Kelly, president of Wachovia Wealth Management. “Our focus on local delivery and our commitment to excellence have made Wachovia No. 1 in customer service six years in a row. Nowhere is that personal touch more important than in wealth management.”
Wachovia Wealth Management offers a full spectrum of high net worth services, including private banking and credit; debt solutions; investment management; financial and tax planning; trust and estate planning and administration; charitable services and insurance. Wachovia’s open architecture investment offering includes alternative investments such as private equity funds, hedge funds and exchange funds. Other specialties include risk management, family office services, family governance and stewardship consulting, marine and aircraft financing.
Wachovia’s Legal Specialty Group offers a full range of specialized services through a single point of contact, including customized lending; cash management; banking; brokerage and asset management services; financial, estate and tax planning; trust services; and life, disability, long-term care, property and casualty insurance. The group is recognized across the national legal community, said LSG managing director Kevin Conroy, for its Comparative Analytical Tool (CAT), which provides law firm senior management with a confidential benchmarking analysis of the firm’s financial results, as well as customized studies for law firms.
Deborah Shore, managing executive of the Wealth Management Western Region, said Wachovia is winning new clients who like the firm’s integrated approach and focus on financial planning. “We go beyond investment management to help clients not only grow and preserve their wealth but help them think about what they want their wealth to do for them and the impact it has on their families,” she said.
Wachovia is establishing Wealth Management teams in the San Francisco Bay area, San Diego, Orange County and metro Los Angeles.
“We are aggressively recruiting top performers who are creative thinkers and want to be part of building something new,” said Winston Wilkinson, Western Region Private Banking director. “We’re building a team of people with character and expertise who know their markets and can deliver a unique California approach for Wachovia clients.”
The following new hires for Wachovia Wealth Management will be located at Wachovia’s regional headquarters building in Oakland until the new Wealth Management office opens in San Francisco:
* Robert Allendorf – As a relationship manager, Allendorf will build and manage a portfolio of high-net worth client relationships. He previously worked as a private client manager at U.S. Trust, Bank of America Private Wealth Management. Allendorf has over 15 years of experience in the financial services industry and is NASD Series 7 and 66 licensed.
* Jason M. Beccaris, J.D. – A senior financial planner who worked for Wachovia Wealth Management previously and has over 10 years of experience in the financial services industry. Prior to joining Wachovia, Beccaris was employed with Union Bank of California and Ernst & Young. He earned a juris doctorate from Pennsylvania State University and a certificate in estate planning from the Temple University School of Law in Philadelphia, as part of their LL.M Taxation Program.
* Stephen Collins – A relationship manager who formerly worked for Lehman Brothers and has more than 20 years of financial services experience. He has Series 7, 63, 53, 24, & 65 licenses.
* Jennifer Conner – As a client management associate, Conner will support the work of a team of relationship managers. Previously, she worked as an executive administrative assistant within the Premier Banking & Investments division at Bank of America. Conner has more than five years of experience in the financial services industry.
* Ronan Gaudario – With over 15 years of financial services experience, Gaudario comes to Wachovia as a relationship manager, building and managing a portfolio of high net worth client relationships. He previously was employed with Bank of America as a senior client manager in the Premier Banking & Investments division.
* Lucas Hatch – As a private banking relationship manager, Hatch serves as the primary point of contact to affluent clients. A former employee of Wells Fargo, Hatch has more than 11 years of financial services experience and has a California Insurance License and Series 7 and 66 licenses.
* Amanda McDougall – As relationship manager for Wachovia’s Legal Specialty Group (LSG), she will serve the West Coast region for Wachovia LSG, focusing exclusively on serving law firms and attorneys. Prior to moving to the West Coast, McDougall was a relationship manager in LSG’s Washington, D.C. office and has been affiliated with Wachovia for three years. Previously, she spent three years at Citigroup’s Law Firm Group.
* Justin Miller, J.D., LL.M., CFP® – Miller serves as managing director of the Legal Specialty Group with teams in Los Angeles and San Francisco that are dedicated to providing financial services to law firms and attorneys. Before relocating to the West Coast, he managed Wachovia’s Atlanta, Georgia office of the Legal Specialty Group for several years. Prior to joining Wachovia, Miller was an attorney at the Los Angeles office of a major law firm. He received both a juris doctorate and master of laws in Taxation from the New York University School of Law and has obtained certification as a CFP® professional.
* Jacob Siefkes – Legal Specialty Group client management associate, previously served with Wachovia as a teller manager in San Francisco. Siefkes has nearly four years of experience in the financial services industry having worked previously in retail sales and service as a private banker and teller manager for Wells Fargo.
* Herbert Smith – A private banking relationship specialist, he plays a pivotal role as the contact for high net worth clients. Smith previously worked for Wells Fargo as a private banker and has over 24 years of experience in the financial services industry.
* Malia Swieconek – Continues her role as a regional supervisor within Wachovia, having relocated to San Francisco from the East Coast, where she covered the New York and southern Connecticut areas. Swieconek works with the regional director and coordinates support staff to ensure excellent client service. She has nearly five years of experience in the financial services industry - all with Wachovia.
* Scott Wiley – A relationship manager who will serve as the primary point of contact to high net worth clients. Wiley has nine years of experience in the financial services industry and previously was employed with Wells Fargo Bank as a private banker. He is a licensed securities professional - Series 7, 63, 65, 66—and insurance licensed.
About Wachovia Wealth Management
Wachovia Corporation (NYSE:WB) is the 8th largest wealth manager in the country, according to Barron’s 2007 ranking of U.S. Wealth Managers. Wachovia Wealth Management has been recognized for its award-winning open architecture investment platform, Advantage, and was named 2007 High-Net-Worth Leader of the Year by Private Asset Management, a publication of Institutional Investor.
Wachovia Corporation is one of the nation’s largest diversified financial services companies, with assets of $754.2 billion and market capitalization of $95.3 billion at September 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers.
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