Wells Fargo & Company (NYSE: WFC) has now launched its Abbot Downing financial services that aims to serve the ultra-high net worth sector of wealthy Americans. The move will instantly look similar to efforts embarked upon by top institutions like J.P. Morgan Chase & Co. (NYSE: JPM), Goldman Sachs Group, Inc. (NYSE: GS), and even North Trust Corporation (NASDAQ: NTRS).
The new Abbot Downing service might not exactly easily sum up the bank’s efforts in its name. The new website noted that it “serves a small number of individuals and families, as well as their endowments and foundations, to help preserve and grow assets while building legacies across generations.” In short, it aims to go after the uber-rich whose assets may last well beyond the current generations of living relatives.
Abbot Downing will fall under Wells Fargo’s Wealth, Brokerage & Retirement group. The target seems to be those families with assets of $50 million and more in investable assets. While clients can likely come from any location in the U.S., the website lists sixteen cities where it has offices even though the offices fall under regional managing directors who are in other offices.
The main focus of Abbot Downing is tailored financial solutions which assign one relationship manager with each manager serving a limited number of relationships. If you just won the lottery over the weekend, you better interview this group or one of its competitors.
JON C. OGG