September 05, 2014
The latest financial cycle started more than six years ago, and many of its challenges and changes linger, from market volatility to a low interest rate environment. Some savvy investors have found that the way to yield success in both good times and in bad is to partner with a team of people who lead with insight, listen, understand and act on client needs — a holistic wealth management organization that demonstrates integrity, embraces a team-based approach and is backed by the strength of a reputable bank. That’s the very combination that clients of The Private Client Reserve of U.S. Bank experience.
Richard Davis, Mark Jordahl and Mike Ott recently sat down to discuss The Private Client Reserve’s wealth management approach and how it helps clients work toward their unique goals.
Navigating Volatile Markets
Davis: Before the most recent recession, many wealth managers focused solely on helping their clients grow their financial resources, and for a time, that strategy appeared to work. Just by being in the market with a well-diversified portfolio, clients likely gained over time. (TheS&P experienced an average 11.36 percent rate of return from 2003 to 2007.) These wealth managers received a shrill wakeup call when the recession hit: Even well-heeled clients could lose their hard-earned wealth. Wealth managers suddenly realized they should also strive to protect — not just grow — clients’ financial assets.
While many in the wealth management business dropped the ball, defending our clients’ wealth is nothing new to us. For more than 150 years, we’ve helped clients work toward protecting and maximizing their wealth. We believe it’s all about “dream making” in good times and “dream protecting” in tough times. The recession was a test and proved that we can stay true to our original path and not be dissuaded from what’s right for our customers and ourselves.
Jordahl: We manage risk every day; it’s in our DNA, and it’s reflected in how we manage clients’ portfolios. It is interesting to note that in a 2013 survey of high-net-worth individuals conducted by The Corporate Executive Board, 53 percent of those surveyed identified protecting current wealth as their top concern, above any other financial concern. When it comes to wealth management, there may be no one better at managing risk than prudent banks.