People Moves

Wachovia Poised For Wealth Recruitment Drive In Washington DC

Vanessa Doctor 16 August 2010

Wachovia Poised For Wealth Recruitment Drive In Washington DC

Wachovia, part of US banking group Wells Fargo, is planning a hiring spree by the fourth quarter of the year as it seeks to reach out to more "mass affluent" clients in the Washington DC area, the Washington Post reports.

The financial services company is said to be poised to send a handful of regional private bankers to several of its branches in the area, all focused on advising and acquiring new clients with between $250,000 and $1 million in investable assets, or the "mass affluent" demographic. The bank already has an existing advisory service for high net worth customers at its retail offices.

"Six of the wealthiest counties are here, and we have one of the highest concentrations of affluence in the country," George Swygert, the regional president for greater Washington, was quoted as having said.

"In this market, you have a lot of folks that need more sophistication than what you typically can get from a traditional banker in a store, but may not have the complexities in their financial situation where they need wealth planning," he said.

The bank was not reachable for comment to Family Wealth Report at the time of going to press.

The bank has identified 40 areas with high wealth ratios in Washington, which include Bethesda and McLean, the news service said. The private banking hires will then be situated within or near these areas and will serve as intermediaries between clients and planning professionals.

According to a recent study by Celent, the mass affluent demographic comprises 47 per cent of the total assets in the US.

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