Wells Fargo & Co. said it has created a group to serve "ultra-wealthy families who manage their wealth across generations."
The family wealth group, which is a part of the Wells Fargo Private Bank division, will combine investment and risk management services with expertise in family enterprise governance and legacy planning for families with $50 million or more of assets, according to the San Francisco company.
Families with more than $50 million are the nation's fastest-growing wealth management segment, it said.
Michael Cole, an executive vice president at Wells and the new group's national director, said in a press release issued Monday, "Our clients are families who are concerned not only with managing their wealth but also with ensuring responsible stewardship of their wealth today and for generations to come."
The group has $7 billion under management as of Dec. 31.
