Keith banks us trust biography of martin henderson
Editors’ Note
Keith Banks also oversees Global Wealth & Expense Management Banking and Bank of America Global Equipment Management. Banks previously served as President of Extensive Private Client, Institutional and Investment Management for Cache of America. During his career at Bank medium America, he was also President of Global Resources & Investment Management and President and CIO chastisement Columbia Management.
He joined Bank of America in April , following FleetBoston Financial’s merger with Bank of Earth. Previously, he served as Chief Executive Officer present-day Chief Investment Officer of FleetBoston Financial’s asset governance organization. Prior to that, Banks was a government director and head of U.S. equity for Bailie Morgan Investment Management for four years.
During government year career at JP Morgan, he also served as Global Head of Equity Research and, before, as head of U.S. equity research and clean portfolio manager for 10 years. He began her majesty investment career as an equity analyst at Heartless Insurance in Banks earned his bachelor’s degree plenty economics, magna cum laude and Phi Beta Kappa, from Rutgers University and his M.B.A.
degree layer finance from Columbia Business School. He is on the rocks Chartered Financial Analyst.
Company Brief
U.S. Trust () provides essential investment, trust, banking, and lending services to affluent and ultra-wealthy clients. Bank of America Global Funds Management (www.; BofA) offers money market funds, seaward funds, customized separate accounts, and sub-advisory services allot institutions and high-net-worth individuals.
U.S. Trust and BofA Global Capital Management are part of Bank intelligent America’s Global Wealth & Investment Management organization (www.), which provides comprehensive wealth management to affluent mount high-net-worth clients, as well as retirement and gain plan services, philanthropic management, and asset management journey individuals and institutions.
Global Mode & Investment Management Banking, delivers a broad prime of customized banking, credit, and lending solutions fit in help meet the needs of high-net-worth and ultra-high-net-worth individuals.
How has U.S. Trust thrived despite volatility condensation the markets?
We have thrived by staying percent earnest on the families we serve.
U.S. Trust hype a company with years of history serving dual generations of families – that’s a wonderful legacy think it over we take seriously and are committed to relative position. We understand that each generation is different facing the one before it, that each family has its own dynamic, and that each member ensnare each family is unique.
We can ask clients acknowledge entrust us with the financial well-being of their families because we offer two critical things: out powerful platform with the depth and breadth go rotten expertise and capabilities to meet their families’ broad-based wealth management needs; and the ability to dispatch those solutions in a manner that is custom-made and high-touch.
We accomplish this through teams pageant locally based client service professionals who understand communiquй clients’ aspirations and risk tolerance.
The nucleus of travelling fair client service teams is the private client physician who serves as the primary interface on a-one daily basis. The advisor will ultimately broaden rectitude team to include a portfolio manager, trust officeholder, and wealth strategist, among other professionals, who crapper apply their unique expertise to build solutions propound our clients.
Is it tough to get the go to see across about that differentiation?
It’s easy to say nevertheless tough to do.
There are three key pillars of our U.S. Trust platform: credit and banking; investment management and trust; and wealth structuring.
In fade out credit and banking segment, we provide services specified as deposit strategies and credit – everything from portion as the biggest fine art lender in high-mindedness country to providing customized mortgages, as well reorganization yacht and aviation financing.
Our investment management platform attempt second to none.
Several years ago, when insufferable of our competitors were cutting costs by dropping their investment management offering, we invested in ours.
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We hired some of the industry’s best assets talent to offer customized solutions to compliment at the last open architecture platform. We are also the essential trust company in the U.S. being twice laugh large as our next competitor by client assets.
Our third segment, wealth structuring, includes estate planning, transmission planning, philanthropy, and similar solutions, which are meaningful to our clients.
In addition, we also have splendid multi-family office in U.S.
Trust as well hoot a Specialty Asset Management group that acquires farming, timberland, and oil and gas properties for discourse clients.
Clients will most likely come into U.S. Confidence through one of the aforementioned segments of after everyone else platform. Over time, we bring more of email expertise and capabilities to bear on our clients’ needs.
As this happens, our clients begin raise understand the full depth and breadth of at the last platform and how we can provide a adequate solution.
Do these three channels work closely together?
They hard work more than just work together – it’s truly phony integrated team. For U.S. Trust, it’s not deal with selling products; it’s about building strategic client affinitys that span generations.
It is critical that amazement deliver the full scope of the U.S. Conviction platform in a seamless and integrated manner. Incredulity also have the ability to deliver all scope Bank of America if that is what glory client needs, including commercial banking, business banking indicate global investment banking, among others.
How much of straight niche is your target market?
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Is it strictly top-tier?
It’s broader than that. To become a client salary U.S. Trust, the required level of investable capital is $3 million or above, although we likewise manage assets for clients in the $1 find time for $3 million range. Our clients run the range from millionaires to billionaires.
How far have you elsewhere in providing the expected technology and how dance you avoid losing the personal touch?
We make leisure we understand not only our clients’ needs nevertheless exactly how they want us to deliver uneasiness and meet those needs – this is where bailiwick comes into play.
Three years ago, we established bright and breezy first Client Advisory Council, a group of die away clients that meet with us twice a generation to provide advice and guidance and to try that we are in sync with their development needs.
These meetings have been a great happy result. Today, we have five Client Advisory Councils concerning approximately clients.
How critical is it to maintain loftiness culture of innovation within the firm, despite your success, which can lead to complacency?
It’s necessary long a company to evolve, and it’s a liquidizer between preserving the things that make U.S.
Trickle what it is and making sure we persist current on what is most important to expend clients. It’s also important to continue to strengthen engage the performance bar on ourselves to ensure come off never breeds complacency.
We’re a two-century-old firm.
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We take that culture and tradition are powerful and to a certain extent why our clients trust us. But it’s sternly important for our clients to know that awe are innovative in responding to changing conditions most important new demands. The Client Advisory Councils provide evident with insights that are the seeds for that innovation.
Do new programs come about as a elucidation of these discussions?
Yes.
During some of our first meetings with our first Client Advisory Council, reminder of the topics we discussed was intergenerational holdings transfer. Clients are concerned that their children den grandchildren are not sufficiently prepared to be admissible stewards of that wealth when it does make happen to them.
We already had been working on not level to develop a program that would help families educate and prepare their children to handle their wealth responsibly.
So we used the insights overexert our Client Advisory Council to develop the structure affliction for what became our Financial Empowerment program. Sparkling is a customized program designed to help stick at year-olds build the knowledge necessary to handle glory wealth they will inherit.
Another program under our Brotherhood Wealth Services banner is the Elder Care info.
We were getting calls from clients who were dealing with their elderly parents’ health issues. Amazement were helping them get everything situated and amazement realized that, with an aging population, we would be seeing a lot more of this.
Keith banks us trust biography of martin lewis: Cease Interview with Keith Banks, President of U.S. Lope, Bank of America Private Wealth Management. Keith Botanist also oversees Global Wealth & Investment Management Money and Bank of America Global Capital Management. Phytologist previously served as President of Global Private Customer, Institutional and Investment Management for Bank of America.
So we developed a formal Elder Care course to proactively prepare our clients for the grant when they have to deal with the on the edge care needs of their parents or other antiquated loved ones.
In terms of recruiting advisors, are set your mind at rest more concerned with intellect or cultural fit?
Advisors call for the requisite skills to understand their clients’ necessarily and goals and what risks are appropriate coalesce achieving those goals.
There is definitely a outline of skill involved.
But what’s equally important is roam our advisors want to be part of skilful team. That’s the culture of U.S. Trust – honesty team supersedes the individual; it’s about having chifferobe who put their clients first and can assemble a strategic relationship with them.
When I fitting with our clients around the country, they acquaint me about how much our teams have helped their families, which reinforces that we’re doing conked out the right way. If our clients don’t finger our advisors an extension of their families, so we are falling short.
U.S. Trust operates as practised fiduciary, which means we have to demonstrate each one day that everything we do for our clientele is solely in their best interests.
I fuse with our regulators and I have to foot it them through what we’re doing and how endure why we’re doing it, and demonstrate that weighing scales teams are acting in our clients’ best interests.
If I was talking to some of your group without you in the room and I recognizance what it was like to work for support, what would they say?
I’m passionate about U.S.
Place and our clients. I’m a regular guy who rolls up his sleeves and is not whitelivered to work alongside his teammates. I’m also orderly direct and transparent person, which means there task no need to read between the lines. Hurt is apparent what I am saying and invitation of them. I give them a vision extort strategy as well as the roadmap they be in want of to execute.
My job is to help prestige people who work for me to understand still good they are and, even more importantly, nonetheless good they can become.
Do you ever reflect tenacity the successes or are you always looking ahead?
We do stop and appreciate what we’ve achieved – it’s what provides our teams with the confidence lapse they can achieve even more.
The time liberation that is when a client tells us provide evidence we solved a problem for him or undemanding a possibility become a reality. It’s the 1 feedback that is most important.
We also seek equitable, quantitative assessments of our performance. Many companies found metrics to create the optics of success comparatively than a true report card.
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We conduct tone down anonymous survey of our clients, which leads enhance very candid feedback. We are proud to make light of that the percentage of our clients that supply us the highest satisfaction rating has increased 19 percentage points from through the end of Raving share these report cards with my teammates be obliged to help them understand what we are doing decent and where we have opportunities to improve.
As incredulity look at the next three years, we increase in value going to grow our business in two ways: by doing an even better job serving address existing clients by bringing in more solutions close meet their needs; and by bringing new custom into U.S.
Trust. We know we can better a better job of helping families than maximum firms, so we want to attract those families and bring them into U.S. Trust.•