Wells Fargo Targets Super Rich Households with $50 Million in Assets


Wells Fargo wants a bigger share of the super rich, a pool of roughly 10,000 households in the U. S. with $50 million or more in investable assets that collectively control more than $1 trillion.

And Wells Fargo isn’t shy about its strategy, as it and other big banks turn more toward wealth management to compensate for diminished fees from the rest of the customer public with more down-to-earth asset levels.  Those fees from traditional banking or debit card purchases are being constrained by recent financial reform laws.

Abbot Downing is the newly-branded Wells Fargo business led by James Steiner. It  has $27.5 billion in client assets and a staff of approximately 300. It is the result of combing two Wells Fargo businesses, Wells Fargo Family Wealth and Lowry Hill. The firm is part of Wells Fargo’s Wealth, Brokerage and Retirement group, one of the largest U.S. wealth managers, with $1.3 trillion in client assets.

The name Abbot Downing refers to a 19th-century New Hampshire builder of the iconic stagecoaches that have become synonymous with Wells Fargo, which was Abbot Downing’s largest customer.

The Abbot Downing brand will launch in April 2012. Abbot Downing serves clients through offices in San Francisco, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Chicago, Philadelphia, Charlotte, Winston-Salem, Raleigh, Naples, Jacksonville, Washington, D.C., and Palm Beach.

“Abbot Downing goes beyond traditional wealth planning analysis by focusing on clients’ values, goals and vision,” Steiner said.

U.S. Bancorp, a Wells Fargo rival, announced last spring that it was creating a new business targeting investors with assets of $25 million or more. Its new Ascent Private Capital Management unit is set to open next month in Minneapolis.

Wells Fargo plans to expand beyond traditional wealth management and integrate services that can involve merger and acquisition services, insurance, or commercial banking.

If a family business owner wants to sell, Wells Fargo gives as an example, “Abbot Downing can partner with Wells Fargo Securities to provide access to private equity firms and other qualified buyers, helping business owners turn their illiquid assets into liquid assets to be reinvested.”


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6 Responses to “Wells Fargo Targets Super Rich Households with $50 Million in Assets”

  1. Arielle says:

    Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.Occupy.

  2. [...] Wells Fargo Targets Super Wealthy Families with Million in Property Wells Fargo wants a greater share of the tremendous wealthy, a pool of approximately 10000 families in the US with $ 50 million or much more in investable property who collectively control much more than $ 1 trillion. And the Wells Fargo isn&#39t shy about its approach, … Study far more on eCreditDaily.com [...]

  3. James says:

    Arielle

    You have no understanding of Economics 101.

    Kill the INCENTIVES to make it big and YOU lose your job as “they” are the
    ones creating jobs and opportunities. A poor person has never created a job, is usually below Par inteligence-wise and lazy.
    We were a poor family is not something to brag about. Might as well say “We sucked from others what we would not work for ourselves”
    Gimme Gimme Gimme — destroy rich as I am jealous but too much of a bum to raise myself up.
    SICK OF YOU ILLITERATE WHINERS> I am out of work but do not hate the RICH – because I have a brain.

  4. John Thielking says:

    When I first heard this story on the news my first thought was that the Yes Men were at it again and had fooled the news outlets with a fake news story to drum up support for the Occupy movement. Occupy Occupy Occupy.

  5. Robert W Sullivan says:

    This articla is designed at a level for folks who are far beyond my thinking or finances. I think either you or I get the wrong ideas about the occupy folks. I don’t begrudge those who either because of the good fortune of birth or industry have become one of the 10,000.

    I begrudge the folks who through skulduggery have created artificial wealth, or the illusion that earning that wealth can be made with short cuts. Like conning both the investors and the buyers with bad loans, they know cannot be paid back. They shortcircuit the investigative instruments that assure conservatism in the loaning process just to qualify for the bonuses of selling loans. That is artificial wealth.

    It takes no genius to sell a loan to someone who has no intention to pay that loan back. Why not simply give it to him? No? Well I agree, but that in fact is what has happened, plus the unintended consequences that destroyed those on the fringes. When these artificial geniuses get found out, they then have been paid off again to leave that position. That is what I believe the occupy folks are demonstrating about. Put those CEO’s and the like of that in prison and confiscate all their cash and possessions to partially pay back their companies.

  6. [...] the economic divide in this country can never get big enough, Wells Fargo is starting a new bank just for those 10,000 U.S. households with over $50 million in “investable assets” [...]

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