Mark Wenick, the new head of wealth management at BB&T Corp., says his strategy revolves around a goal of providing a personal wealth management adviser to every affluent client.
The Winston-Salem, N.C., banking company has 5,000 customers it considers wealth management clients, Mr. Wenick said Wednesday, and it has identified an additional 5,000 as emerging clients - those that fit the profile but do not have a relationship with the wealth division.
The division, which manages $10.2 billion of assets, assigns its clients a personal relationship manager as a wealth management adviser supported by a team of product specialists. The advice covers investments, fiduciary matters, insurance, and traditional banking products.
BB&T's wealth management division has 370 employees divided into 30 regional wealth management teams spread across the parent company's 11-state footprint.
Mr. Wenick said that BB&T created the wealth division in July 2003 to combine its personal trust and private financial services areas. Before joining the division as its sales and service director in 2003, he was the director of investment product distribution and regional portfolio management at BB&T Asset Management in Raleigh, N.C.
His division "targets midsize-business owners, professionals, and entrepreneurs with assets of $1 million and up, or at least $2 million in net worth," Mr. Wenick said. The client base includes owners of closely held businesses, senior corporate executives, and individuals and families interested in transferring wealth, he added.
Mr. Wenick said the division has goals to recruit clients through referrals internally in the bank, "from centers of influence including attorneys and accountants," and from existing clients.
Wealth management has become one of the most competitive areas of the financial services industry for banks and trust companies.
Marquette Financial Cos. entered the wealth management marketplace this month with the start-up of a subsidiary, Marquette Asset Management Inc. in Minneapolis. It will offer private asset management and trust services to individuals, families, and institutions with more than $2 million.
Susquehanna Bancshares Inc. in Lititz, Pa., says it is looking for acquisitions to broaden its capabilities and boost revenue from wealth management. It announced a deal this month for a Wilmington, Del., financial planning, consulting, and administration entity called Brandywine that specializes in retirement benefit plans.
