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Life & Events > Private Banking - How the Other Half Lives
 

Private Banking - How the Other Half Lives

An article in today's Las Vegas Review-Journal. The article is more about the wealth management aspect than bricks and mortar buildings. I like that part about where the banks have psychologists to help the heirs deal with having so much money. I guess Paris Hilton's family didn't opt for that service.

Private Bankers Flood Las Vegas Market

'A private banking customer of SouthwestUSA Bank ran out of gasoline while pulling his boat to Lake Mead with a new pickup truck. The bank customer was new to Southern Nevada and didn't know many people here.

So he called his private banker for help, and she brought him a can of fuel.

In addition to wealth management, trust services and estate planning, U.S. Trust claims expertise in managing oil and gas holdings, timberlands, farmland, ranch land, private equity, hedge funds and real estate, and fine art investments.

"They are not calling 800 numbers," Blake said. "We always have someone answering without voice mail."

Wells Fargo, the other banking colossus in Nevada, doesn't disclose the amount of investment assets it manages.

Well Fargo offers three tiers of banking for the well-heeled.

• Private Client Services for customers with $250,000 to $1 million in assets, excluding their private residences.

• Private Bank for those with assets totaling more than $1 million.

• The Family Wealth Group serves families with a minimum of $50 million in assets, but typically $100 million or more.

"It's totally focused around how do we help families with their legacy for future generations," said Robert Hoffman, regional manager and senior vice president of wealth management.

The bank has two psychologists who work with heirs around the country, seeking to show them how to focus their lives on personal accomplishments, rather than only money, Hoffman said.

A historian will compile a family history for Family Worth Group clients. Then, two or three generations can gather to see a presentation about their predecessors and the legacy they inherited.

Many elderly clients become isolated, particularly after their spouses die. So Wells Fargo helps find and arrange social events for them, such as dinner plays and economic forums.

Although the stock market has collapsed, Wells Fargo's private bank is prospering, Hoffman said.

"I'm coming off my best year ever" for revenue and net income, he said.'

posted on Feb 15, 2009 4:33 PM ()

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