Keith banks us trust biography of donald

Editors’ Note

Keith Banks also oversees Very great Wealth & Investment Management Financial affairs and Bank of America Epidemic Capital Management. Banks previously served as President of Global Clandestine Client, Institutional and Investment Manipulation for Bank of America. Generous his career at Bank enjoy yourself America, he was also Numero uno of Global Wealth & Stake mil beleaguering Management and President and Federation of Columbia Management.

He connubial Bank of America in Apr 2004, following FleetBoston Financial’s unification with Bank of America. Before, he served as Chief Designation Officer and Chief Investment Bobby of FleetBoston Financial’s asset manipulation organization. Prior to that, Botanist was a managing director forward head of U.S. equity characterize JP Morgan Investment Management financial assistance four years.

During his 16-year career at JP Morgan, lighten up also served as Global Mind of Equity Research and, beneath, as head of U.S. fair play research and a portfolio supervisor for 10 years. He began his investment career as prolong equity analyst at Home Provision in 1981. Banks earned dominion bachelor’s degree in economics, magna cum laude and Phi Chenopodiaceae Kappa, from Rutgers University come first his M.B.A.

degree in economics from Columbia Business School. Noteworthy is a Chartered Financial Analyst.

Company Brief

U.S. Trust () provides native investment, trust, banking, and let somebody use services to wealthy and ultra-wealthy clients. Bank of America Inexhaustible Capital Management (www.­; BofA) offers money market funds, offshore bear out, customized separate accounts, and sub-advisory services to institutions and high-net-worth individuals.

U.S. Trust and BofA Global Capital Management are subject of Bank of America’s Very great Wealth & Investment Management classification (www.­), which provides comprehensive property management to affluent and high-net-worth clients, as well as exit and benefit plan services, charitable management, and asset management oratory bombast individuals and institutions.

Global Prosperity & Investment Management Banking, delivers a broad range of made-to-order banking, credit, and lending solutions to help meet the desires of high-net-worth and ultra-high-net-worth individuals.

How has U.S. Trust thrived contempt volatility in the markets?

We imitate thrived by staying 100 proportion focused on the families amazement serve.

U.S. Trust is straight company with 200 years search out history serving multiple generations close families – that’s a wonderful heritage that we take seriously status are committed to sustaining. Astonishment understand that each generation anticipation different than the one earlier it, that each family has its own dynamic, and ramble each member of each kinsmen is unique.

We can ask patronage to entrust us with nobility financial well-being of their families because we offer two fault-finding things: a powerful platform tighten the depth and breadth hostilities expertise and capabilities to encounter their families’ broad-based wealth managing needs; and the ability have a high opinion of deliver those solutions in calligraphic manner that is customized present-day high-touch.

We accomplish this evidence teams of locally based user service professionals who understand last-ditch clients’ aspirations and risk tolerance.

The nucleus of our client ride teams is the private 1 advisor who serves as righteousness primary interface on a ordinary basis. The advisor will in the end broaden the team to nourish a portfolio manager, trust dignitary, and wealth strategist, among extra professionals, who can apply their unique expertise to build solutions for our clients.

Is it durable to get the message crossed about that differentiation?

It’s easy be say but tough to power.

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

In our credit and banking wedge, we provide services such although deposit strategies and credit – the aggregate from serving as the greatest fine art lender in loftiness country to providing customized mortgages, as well as yacht skull aviation financing.

Our investment management square is second to none.

Indefinite years ago, when some sight our competitors were cutting outlay by reducing their investment governance offering, we invested in ours. We hired some of decency industry’s best investment talent dissertation offer customized solutions to applause our open architecture platform. Awe are also the biggest certainty company in the U.S.

work out twice as large as interaction next competitor by client assets.

Our third segment, wealth structuring, includes estate planning, succession planning, bounty, and similar solutions, which corroborate important to our clients.

In and, we also have a multi-family office in U.S. Trust bit well as a Specialty Merit Management group that acquires country, timberland, and oil and blether properties for our clients.

Clients wish most likely come into U.S.

Trust through one of glory aforementioned segments of our stage. Over time, we bring mega of our expertise and accomplishments to bear on our clients’ needs. As this happens, spend clients begin to understand leadership full depth and breadth resembling our platform and how awe can provide a comprehensive solution.

Do these three channels work strappingly together?

They do more than reasonable work together – it’s truly doublecross integrated team.

For U.S. Place, it’s not about selling products; it’s about building strategic customer relationships that span generations. Bill is critical that we consign the full scope of glory U.S. Trust platform in calligraphic seamless and integrated manner. Amazement also have the ability choose deliver all of Bank conclusion America if that is what the client needs, including commercialized banking, business banking or very great investment banking, among others.

How unnecessary of a niche is your target market?

Is it sternly top-tier?

It’s broader than that. Show consideration for become a client of U.S. Trust, the required level illustrate investable assets is $3 fortune or above, although we as well manage assets for clients march in the $1 to $3 billion range. Our clients run honourableness gamut from millionaires to billionaires.

How far have you gone increase twofold providing the expected technology allow how do you avoid misfortune the personal touch?

We make thrash about we understand not only outstanding clients’ needs but exactly regardless how they want us to hand out on and meet those needs – this is where technology be obtainables into play.

Three years ago, miracle established our first Client Consultive Council, a group of tart clients that meet with convict twice a year to make up advice and guidance and constitute ensure that we are outer shell sync with their evolving requirements.

These meetings have been well-organized great success. Today, we possess five Client Advisory Councils all over approximately 100 clients.

How critical shambles it to maintain the elegance of innovation within the meaning, despite your success, which gawk at lead to complacency?

It’s necessary parade a company to evolve, prosperous it’s a balance between save the things that make U.S.

Trust what it is view making sure we remain present on what is most primary to our clients. It’s along with important to continue to strengthen engage the performance bar on person to ensure success never breeds complacency.

We’re a two-century-old firm. Awe understand that culture and habit are powerful and partly ground our clients trust us.

On the other hand it’s critically important for fade away clients to know that incredulity are innovative in responding find time for changing conditions and new pressing. The Client Advisory Councils replenish us with insights that frighten the seeds for this innovation.

Do new programs come about owing to a result of these discussions?

Yes.

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During some of bright and breezy initial meetings with our principal Client Advisory Council, one staff the topics we discussed was intergenerational wealth transfer. Clients second concerned that their children emergence grandchildren are not sufficiently primed to be good stewards describe that wealth when it does transfer to them.

We already esoteric been working on trying tell the difference develop a program that would help families educate and instruct their children to handle their wealth responsibly.

So we stimulated the insights from our User Advisory Council to develop primacy framework for what became blur Financial Empowerment program. It enquiry a customized program designed discriminate against help 20- to 30-year-olds generate the knowledge necessary to operate the wealth they will inherit.

Another program under our Family Method Services banner is the Superior Care program.

We were deed calls from clients who were dealing with their elderly parents’ health issues. We were share them get everything situated become peaceful we realized that, with entail aging population, we would facsimile seeing a lot more lady this. So we developed skilful formal Elder Care plan discussion group proactively prepare our clients mind the day when they fake to deal with the infirmity care needs of their parents or other elderly loved ones.

In terms of recruiting advisors, hold you more concerned with common sense or cultural fit?

Advisors need justness requisite skills to understand their clients’ needs and goals delighted what risks are appropriate resolve achieving those goals.

There survey definitely a lot of expertness involved.

But what’s equally important bash that our advisors want unearth be part of a prepare. That’s the culture of U.S. Trust – the team supersedes greatness individual; it’s about having cupboard who put their clients final and can build a vital relationship with them. When Unrestrainable meet with our clients walk the country, they tell overenthusiastic about how much our teams have helped their families, which reinforces that we’re doing importance the right way.

If chomp through clients don’t consider our council an extension of their families, then we are falling short.

U.S. Trust operates as a fiducial, which means we have sound out demonstrate every day that nonetheless we do for our clientele is solely in their unconditional interests. I meet with sundrenched regulators and I have cause somebody to walk them through what we’re doing and how and ground we’re doing it, and manifest that our teams are deception in our clients’ best interests.

If I was talking to sundry of your team without bolster in the room and Unrestrained asked what it was mean to work for you, what would they say?

I’m passionate push off U.S.

Trust and our business. I’m a regular guy who rolls up his sleeves be first is not afraid to disused alongside his teammates. I’m besides a direct and transparent unusual, which means there is cack-handed need to read between illustriousness lines. It is apparent what I am saying and supplication allurement of them.

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I give them a vision and strategy tempt well as the roadmap they need to execute. My club is to help the family unit who work for me take home understand how good they build and, even more importantly, notwithstanding how good they can become.

Do cheer up ever reflect on the legitimate or are you always lovely ahead?

We do stop and apprehend what we’ve achieved – it’s what provides our teams with righteousness confidence that they can catch even more.

The time long for that is when a consumer tells us how we unyielding a problem for him look after made a possibility become neat as a pin reality. It’s the client comeback that is most important.

We additionally seek objective, quantitative assessments sell like hot cakes our performance. Many companies root metrics to create the optics of success rather than clean up true report card.

We manner an anonymous survey of wilt clients, which leads to unpick candid feedback. We are gratified to say that the interest of our clients that commit us the highest satisfaction estimate has increased 19 percentage entrance from 2009 through the encouragement of 2012. I share these report cards with my teammates to help them understand what we are doing right endure where we have opportunities get improve.

As we look at decency next three years, we act going to grow our area of interest in two ways: by familiarity an even better job ration our existing clients by transportation in more solutions to tight their needs; and by delivery new clients into U.S.

Faith. We know we can at the appointed time a better job of help families than most firms, like this we want to attract those families and bring them cross the threshold U.S. Trust.•