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Wells Fargo Wealth & Investment Management businesses awarded best private bank for succession planning in U.S.

11/05/2020
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Peers, industry experts, and journalists recognize the company for serving clients through pandemic

SAN FRANCISCO – Nov. 5, 2020 – Wells Fargo Private Bank and Abbot Downing have been awarded “best private bank in the U.S. for succession planning” by Professional Wealth Management and The Banker Global Private Banking Awards 2020, owned and operated by the Financial Times Group. The Global Private Banking Awards recognizes excellence in the wealth management industry each year. The award recognized the work of Wells Fargo Wealth & Investment Management’s Abbot Downing and Wells Fargo Private Bank businesses during the COVID‑19 pandemic. Abbot Downing and Wells Fargo Private Bank serve high net worth individuals and families helping to build, manage, preserve, and transfer their wealth.

“The nature of the pandemic, and all the surrounding uncertainty, has highlighted the importance of thinking about the intentions for wealth in general. And that has led to a variety of conversations around the meaning of money, businesses, family, and more — and succession planning is a large part of those conversations,” said Michael Liersch, head of Advice and Planning for Wells Fargo Wealth & Investment Management (WIM). “This award is a testament to our planners and advisors who worked tirelessly during this pandemic to help our clients navigate these uncertain times and make decisions that align with their goals and objectives.”

Judged by a panel of peers, industry experts, and journalists, Abbot Downing and Wells Fargo Private Bank were recognized for their succession planning work in several areas: business, personal legacy, and family dynamics. The business transition team guides business owners and stakeholders through the evaluation and transfer of their business. The wealth planning team, in partnership with WIM’s philanthropic services and family dynamics teams, facilitates discussions with clients about individual and family values, mission statements, personal legacy wealth distribution, and how it’s expressed through philanthropy and socially responsible investing.

Professional Wealth Management Editor-in-Chief Yuri Bender said the judging panel credited Wells Fargo for its “vast succession planning experience” in an increasingly competitive North American marketplace. “The bank is working closely with different generations to both transition businesses and shape investments, in a challenging climate further disrupted by the COVID‑19 pandemic," he added.

 “Looking at succession from a variety of angles can help ensure that clients are setting up the right strategy to pursue their intended outcomes,” said Liersch. “Combining those conversations into one coherent strategy can be essential to ensuring that the strategy is supported not only in the present and the future, but potentially for generations of family members who are not yet born.”

Now in its 12th year, the Global Private Banking Awards gather qualitative and quantitative information from private banking groups to award excellence. The awards highlight key achievements, changes, or improvements made during 2019 and in the first quarter of 2020, in relation to the business and investment models, growth strategies, customer service, staff retention, and other client-focused areas. The publications added several questions to gain an understanding of how institutions reviewed their business and service models to face the COVID‑19 pandemic, and how they supported clients and employees during these challenging times. See the *Professional Wealth Management site for more information and other winners across the globe.

*Wells Fargo has provided this link for your convenience but does not control or endorse the website and is not responsible for the content, links, privacy policy, or security policy of the website.

About Wells Fargo Wealth & Investment Management
Wells Fargo Wealth & Investment Management (WIM) is a division within Wells Fargo & Company. WIM provides financial products and services through various bank and brokerage affiliates of Wells Fargo & Company and is one of the largest wealth managers in the U.S., with nearly $1.9 trillion in client assets. WIM serves clients through the following businesses: Wells Fargo Private Bank serves high-net-worth individuals and families; Abbot Downing serves ultra-high-net-worth individuals and families; Wells Fargo Advisors provides investment advice and guidance to clients through nearly 13,000 full-service financial advisors and referrals from more than 5,300 licensed bankers; and Wells Fargo Asset Management brings together a strategic balance of investment capabilities to serve the investment needs of institutions, financial advisors, and individuals worldwide. Through Wells Fargo Private Bank and Abbot Downing, WIM is also a leading provider of trust, investment, and fiduciary services, including personal trust services and a number of specialized wealth services designed to meet the diverse needs of high-net-worth clients.

Abbot Downing, a Wells Fargo business, and Wells Fargo Private Bank offer products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

Brokerage services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

Wells Fargo Bank, N.A., offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo affiliates, including financial advisors of Wells Fargo Advisors, a separate non-bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the bank. The bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services, and wealth management services to clients. The role of the financial advisor with respect to bank products and services is limited to referral and relationship management services.

  Investment Products: • NOT FDIC Insured • NO Bank Guarantee • MAY Lose Value 

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Contact Information
Media
Vince Scanlon, 336-842-7687
Vince.Scanlon@wellsfargo.com

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