Industry Veteran Stan Gregor to Lead Transformational Move Up-Market CHARLOTTE, N.C., Aug. 1 /PRNewswire-FirstCall/ -- Wachovia, the fifth-largest U.S. wealth manager, has named Stan Gregor, an executive with morethan 20 years of experience in banking, wealth management, assetmanagement, investment banking, trust and brokerage services, president ofits Wealth Markets division in Wachovia Wealth Management. He will lead thegroup serving the market niche focusing on clients with $10 million in networth and/or $5 million to $50 million in investable assets. The focus onhigher net worth clients follows on the heels of Wachovia's recentannouncement that its new Wealth Management Private Banking group will bededicated to clients with $250,000 to $5 million. Gregor comes to Wachovia from Commerce Bancorp, where he served thepast two years as president and chief executive officer of Commerce CapitalMarkets Inc. In that position, he led wealth management, institutionaltrading and sales, structured finance, investment banking, derivatives,trust services, brokerage and asset management. While at Commerce, Gregorwas instrumental in the acquisition of Starboard Financial and eMoneyAdvisor. Before joining Commerce in 2005, Gregor was president and CEO of Bankof America/Fleet Boston's Brokerage and Wealth Management Division, Quick &Reilly. During his tenure, Gregor transformed Quick & Reilly from adiscount broker to a full-service financial services company. For most ofhis career, Gregor has worked in New York, including nine years withCitigroup, where he held several key executive leadership positions andultimately became Northeast Investment Executive Vice President. Gregor will be based in Charlotte, reporting to Stan Kelly, presidentof Wachovia Wealth Management. He will lead 28 regional teams from Bostonto Miami and west to Texas. These relationship teams will work closely withother Wachovia wealth advisors to deliver credit, personal trust,investment advisory services, charitable services and insurance brokerageto high net worth clients, their families and businesses. He succeeds LindaBowden, who retired June 30. Gregor also is responsible for the financial planning group, one of thelargest intra-company financial planning groups in the wealth industrytoday. Financial Planning has more than 100 professionals located inregions across the Wachovia franchise. "Stan Gregor's multifaceted career and dynamic leadership will serve uswell as we aggressively expand our Wealth Management business," Kelly said."We have honed our wealth management platform to reach a new high in clientloyalty and are eager to embrace new clients and deepen our relationshipwith existing ones." Growth in the number of U.S. households with $250,000 to $5 million ininvestable assets is projected to increase 30 percent from 14 million in2005 to 18 million by 2010. The number of households with $5 million ormore in investable assets is projected to increase 55 percent from 190,000in 2005 to 294,000 in 2010. "Wachovia has one of the most comprehensive and client focused wealthmanagement platforms within our industry. The mutual inclusive focus onproviding the advisors and their clients with some of the best solutionsgives us a significant advantage," Gregor said. "With the backing of thenation's fourth-largest bank behind us and Wachovia's leading reputation incustomer service, we have a tremendous opportunity to win new market shareand serve our high-net-worth client with excellence. I'm very excited tolead this business." Wachovia's family office, Calibre, will focus on clients with $50million or more, up from $25 million. Existing clients of Calibre andWachovia Wealth Management will not be impacted by the changes in thresholdfor each division; they will continue to be served as they are today. ABOUT WACHOVIA Wachovia Corporation (NYSE:
Former Commerce Capital Markets CEO Joins Wachovia Wealth Management
August 08, 2007, 1:11 a.m. EDT 4 Min Read
