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Wachovia Wealth Management Names Schmidt To Oversee Private Banking Efforts In Central Region


Dallas, TX—Wachovia, the fifth largest U.S. wealth manager, has named Keith Schmidt, a senior executive with more than 15 years of experience, as Wealth Management Private Banking director for the Central Region. Schmidt, a senior vice president, will be based in Dallas and report to Morrison Creech, managing executive of Wealth Management Private Banking.

Schmidt will have responsibility for establishing and leading teams of Wealth Management Private Banking relationship managers—in Texas, Colorado and Chicago—who will work with clients to meet their increasingly complex financial needs. Wachovia’s Private Banking clients are typically working professionals—such as executives, doctors, lawyers and business owners—with growing financial planning, estate planning, credit and insurance needs. Schmidt will partner closely with regional leaders from Wealth Management, the General Bank, the Capital Management Group and Wachovia Securities to focus on this growing segment.

“These are busy people with complex lives who need advice to simplify their finances,” Creech said. “We know more about their needs than ever before, and Keith and his teams will help us to not only meet, but to exceed their expectations.”

Schmidt previously served as a division sales executive with the Premier Banking and Investments group of Bank of America, most recently in Dallas. He also worked as a Premier region banking executive, region sales manager, market manager and investment sales manager with Bank of America. Schmidt earned a bachelor’s degree in management systems from Arizona State University and graduated with honors from the Pacific Coast Banking School at the University of Washington.

Private Banking, a new division of Wachovia Wealth Management previously known as the Private Advisory Group, has announced plans to more than double its 240 relationship managers over the next three years. Hiring is targeted in high-growth markets throughout the Wachovia footprint, including Texas, California, Florida and New York. Private Banking relationship managers will partner with the 1,300 financial advisors in the Investment Services Group of Wachovia Securities to serve the investment needs of the affluent market. Growth in the number of American households with $250,000 to $5 million in investable assets is projected to increase 30 percent from 14 million in 2005 to 18 million by 2010.

“With the significant transfer of wealth under way, and the increasing number of affluent people, Wachovia Wealth Management and our Private Banking teams want to be well-positioned to grow and deliver our robust suite of wealth products and services across a broader client base throughout our Central Region,” said Creech. “Keith will lead our efforts to be on the ground and fully-staffed in markets where these potential clients are located.”

Creech said that bringing in clients who are new to Wachovia will continue to be a primary focus of the group. Since 2004, the Private Advisory Group has added 30,000 new clients. In addition, Private Banking will work closely with Wachovia bankers to serve the personal financial needs of business owners and executives.


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