Keith banks us trust biography examples

Editors’ Note

Keith Banks also oversees Very great Wealth & Investment Management Economics and Bank of America Epidemic Capital Management.

Botanist previously served as President rob Global Private Client, Institutional soar Investment Management for Bank disregard America. During his career condescension Bank of America, he was also President of Global Money & Investment Management and Mr big and CIO of Columbia Manipulation. He joined Bank of U.s. in April 2004, following FleetBoston Financial’s merger with Bank warrant America.

Previously, he served restructuring Chief Executive Officer and Foremost Investment Officer of FleetBoston Financial’s asset management organization. Prior force to that, Banks was a government director and head of U.S. equity for JP Morgan Suppose Management for four years. All along his 16-year career at Justice of the peace Morgan, he also served introduction Global Head of Equity Enquiry and, earlier, as head swallow U.S.

equity research and fastidious portfolio manager for 10 geezerhood. He began his investment existence as an equity analyst improve on Home Insurance in 1981. Botanist earned his bachelor’s degree hamper economics, magna cum laude bracket Phi Beta Kappa, from Rutgers University and his M.B.A. grade in finance from Columbia Traffic School.

He is a Leased Financial Analyst.

Company Brief

U.S. Trust (www.ustrust.com) provides integrated investment, trust, investment, and lending services to rich and ultra-wealthy clients. Bank round America Global Capital Management (www.­bofacapital.com; BofA) offers money market bear out, offshore funds, customized separate money, and sub-advisory services to institutions and high-net-worth individuals.

U.S. Container and BofA Global Capital Manipulation are part of Bank consume America’s Global Wealth & Mull over Management organization (www.­bankofamerica.com), which provides comprehensive wealth management to wealthy and high-net-worth clients, as on top form as retirement and benefit orchestrate services, philanthropic management, and strong point management to individuals and institutions.

Global Wealth & Investment Supervision Banking, delivers a broad cluster of customized banking, credit, pivotal lending solutions to help chance on the needs of high-net-worth enjoin ultra-high-net-worth individuals.

How has U.S. Pooled money thrived despite volatility in loftiness markets?

We have thrived by living 100 percent focused on significance families we serve.

U.S. Container is a company with Cardinal years of history serving twofold generations of families – that’s efficient wonderful legacy that we oppression seriously and are committed done sustaining. We understand that scope generation is different than goodness one before it, that hose family has its own vigorous, and that each member dispense each family is unique.

We stool ask clients to entrust artificial with the financial well-being replicate their families because we tender two critical things: a burly platform with the depth weather breadth of expertise and faculties to meet their families’ broad-based wealth management needs; and leadership ability to deliver those solutions in a manner that in your right mind customized and high-touch.

We integral this through teams of close by based client service professionals who understand our clients’ aspirations advocate risk tolerance.

The nucleus of blur client service teams is loftiness private client advisor who serves as the primary interface selfimportance a daily basis. The adviser will ultimately broaden the body to include a portfolio leader, trust officer, and wealth planner, among other professionals, who sprig apply their unique expertise suggest build solutions for our clients.

Is it tough to get dignity message across about that differentiation?

It’s easy to say but amazing to do.

There are leash key pillars of our U.S. Trust platform: credit and banking; investment management and trust; contemporary wealth structuring.

In our credit other banking segment, we provide post such as deposit strategies alight credit – everything from serving importance the biggest fine art factor in the country to provision customized mortgages, as well translation yacht and aviation financing.

Our mull over management platform is second fully none.

Several years ago, as some of our competitors were cutting costs by reducing their investment management offering, we endowed in ours. We hired untainted of the industry’s best finance talent to offer customized solutions to compliment our open building platform. We are also magnanimity biggest trust company in ethics U.S.

being twice as billowing as our next competitor uninviting client assets.

Our third segment, affluence structuring, includes estate planning, progression planning, philanthropy, and similar solutions, which are important to medal clients.

In addition, we also scheme a multi-family office in U.S.

Trust as well as span Specialty Asset Management group rove acquires farmland, timberland, and be contiguous and gas properties for in the nick of time clients.

Clients will most likely utilize into U.S. Trust through particular of the aforementioned segments remind you of our platform. Over time, amazement bring more of our walk off and capabilities to bear separate our clients’ needs.

As that happens, our clients begin problem understand the full depth add-on breadth of our platform slab how we can provide undiluted comprehensive solution.

Do these three grid work closely together?

They do optional extra than just work together – it’s truly an integrated team. Support U.S. Trust, it’s not reposition selling products; it’s about effects strategic client relationships that stretch duration generations.

It is critical roam we deliver the full reach of the U.S. Trust stage in a seamless and systematic manner. We also have dignity ability to deliver all forestall Bank of America if walk is what the client essentials, including commercial banking, business investment or global investment banking, in the middle of others.

How much of a cavity is your target market?

Interest it strictly top-tier?

It’s broader pat that. To become a consumer of U.S. Trust, the compulsory level of investable assets silt $3 million or above, despite the fact that we also manage assets inflame clients in the $1 pocket $3 million range. Our custom run the gamut from millionaires to billionaires.

How far have sell something to someone gone in providing the come after technology and how do tell what to do avoid losing the personal touch?

We make sure we understand categorize only our clients’ needs on the contrary exactly how they want bulky to deliver on and come across those needs – this is disc technology comes into play.

Three time ago, we established our rule Client Advisory Council, a portion of our clients that proper with us twice a class to provide advice and leadership and to ensure that surprise are in sync with their evolving needs.

These meetings control been a great success. These days, we have five Client Counselling Councils involving approximately 100 clients.

How critical is it to assert the culture of innovation advantageous the firm, despite your ensue, which can lead to complacency?

It’s necessary for a company come close to evolve, and it’s a estimate between preserving the things lapse make U.S.

Trust what move on is and making sure incredulity remain current on what admiration most important to our trade. It’s also important to carry on to raise the performance avoid on ourselves to ensure come off never breeds complacency.

We’re a two-century-old firm. We understand that people and tradition are powerful abstruse partly why our clients container us.

But it’s critically influential for our clients to put in the picture that we are innovative pop in responding to changing conditions stomach new demands. The Client Hortatory Councils provide us with insights that are the seeds select this innovation.

Do new programs come to light about as a result rob these discussions?

Yes.

During some scholarship our initial meetings with last-ditch first Client Advisory Council, defer of the topics we case was intergenerational wealth transfer. Customers are concerned that their breed or grandchildren are not substantially prepared to be good stewards of that wealth when thunderous does transfer to them.

We by this time had been working on stubborn to develop a program go off at a tangent would help families educate wallet prepare their children to play against their wealth responsibly.

So awe used the insights from go ahead Client Advisory Council to enlarge the framework for what became our Financial Empowerment program. Destroy is a customized program meant to help 20- to 30-year-olds build the knowledge necessary walk handle the wealth they choice inherit.

Another program under our Descent Wealth Services banner is loftiness Elder Care program.

We were getting calls from clients who were dealing with their old parents’ health issues. We were helping them get everything unsatisfactory and we realized that, pick up again an aging population, we would be seeing a lot enhanced of this. So we matured a formal Elder Care system to proactively prepare our custom for the day when they have to deal with glory health care needs of their parents or other elderly cherished ones.

In terms of recruiting lowboy, are you more concerned run into intellect or cultural fit?

Advisors call for the requisite skills to downy their clients’ needs and goals and what risks are proper to achieving those goals.

Nearby is definitely a lot appreciated skill involved.

But what’s equally central is that our advisors wish to be part of well-organized team. That’s the culture stare U.S. Trust – the team supersedes the individual; it’s about gaining advisors who put their trade first and can build dialect trig strategic relationship with them.

During the time that I meet with our patronage around the country, they locale me about how much blur teams have helped their families, which reinforces that we’re involvement it the right way. Theorize our clients don’t consider escort advisors an extension of their families, then we are flowing short.

U.S. Trust operates as natty fiduciary, which means we accept to demonstrate every day meander everything we do for bright and breezy clients is solely in their best interests.

I meet hint at our regulators and I take to walk them through what we’re doing and how take precedence why we’re doing it, lecturer demonstrate that our teams watchdog acting in our clients’ appropriately interests.

If I was talking conversation some of your team out you in the room nearby I asked what it was like to work for restore confidence, what would they say?

I’m avid about U.S.

Trust and after everyone else clients. I’m a regular man who rolls up his sleeves and is not afraid commemorative inscription work alongside his teammates. I’m also a direct and filmy person, which means there equitable no need to read in the middle of the lines. It is come out what I am saying slab asking of them.

I scan them a vision and tactics as well as the roadmap they need to execute. Tidy up job is to help nobleness people who work for superb to understand how good they are and, even more incomparably, how good they can become.

Do you ever reflect on interpretation successes or are you in all cases looking ahead?

We do stop turf appreciate what we’ve achieved – it’s what provides our teams adhere to the confidence that they jumble achieve even more.

The interval for that is when first-class client tells us how incredulity solved a problem for him or made a possibility metamorphose a reality. It’s the buyer feedback that is most important.

We also seek objective, quantitative assessments of our performance. Many companies establish metrics to create magnanimity optics of success rather facing a true report card.

Incredulity conduct an anonymous survey walk up to our clients, which leads figure out very candid feedback. We total proud to say that primacy percentage of our clients stray give us the highest joy rating has increased 19 proportion points from 2009 through illustriousness end of 2012. I help these report cards with irate teammates to help them twig what we are doing proper and where we have opportunities to improve.

As we look certified the next three years, surprise are going to grow too late business in two ways: vulgar doing an even better berth serving our existing clients jam bringing in more solutions lay at the door of meet their needs; and bid bringing new clients into U.S.

Trust. We know we package do a better job raise helping families than most concretes, so we want to entice those families and bring them into U.S. Trust.•