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Minneapolis-based U.S. Bank has had a presence in Naples for 15 years, but it wasn't until Sandra Fleming arrived in 2012 that its wealth management business started growing rapidly.
In the last three years, Fleming more than doubled its Naples staff at U.S. Bank's Private Client Reserve to 13 people in Naples,and moved the offices to the high-profile Mercato shopping center in North Naples, where its name is prominently displayed on a building.
The firm doesn't disclose assets under management in Naples, but Fleming says they've grown 236% since she started there in 2012. Under her leadership, the wealth-management arm manages more than $1 billion in Florida. “We've hired talented individuals, so they have clients who follow,” Fleming says.
Now, Fleming plans to open a second office further south on U.S. 41, closer to tony residential neighborhoods in Old Naples. Other areas of the state are on the radar, too, including Sarasota, Tampa and Orlando. “Long term I've identified 15 different areas,” she says.
Fleming, who lives in Jupiter but is frequently traveling to visit clients, acknowledges that Sarasota shares some of the same wealthy demographics as Naples, though she has not yet started scouting sites there. “We had an office in Sarasota 15 years ago,” she says. “I think Sarasota has some real opportunities.”
In addition to hiring staff with connections in Naples and moving to a high-profile location, the firm encourages employees to get involved in local charitable organizations. “The company provides them with the time to volunteer and attend board meetings, find something they're passionate about,” Fleming says.
When she speaks with clients, Fleming says their biggest concerns aren't the global crises of the day, such as the Chinese stock bust and the Greek debt debacle. “A lot of our clients are worried about how much to give to the kids and give to charity,” she says.
Such estate planning issues require sophisticated legal advice in combination with investment management, which is why Fleming has trust officers, attorneys and accountants on staff in Naples to help clients manage these complex issues. Such a team approach gives her firm an edge, Fleming says. “We're able to provide that customized service,” she says.
Estate planning requires especially deft and diplomatic conversations that involve several generations of a family. In addition, people are living longer in retirement and may not be able to spend as much as they anticipated without the threat of running out of money before they die.
The Private Client Reserve charges clients from 0.35% to 1.2% of assets based on the size of the portfolio and its complexity. The minimum account size is $3 million.
Money managers on staff can select large-company stocks and bonds for clients and pick outside managers for other kinds of investments such as international equities. The firm also picks exchange-traded index funds for clients in certain cases.
The firm doesn't disclose composite results versus benchmarks or peers, though Fleming says money managers' performance is reviewed internally on a quarterly basis. “There are no lone rangers,” she smiles.
Follow Jean Gruss on Twitter @JeanGruss
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