Bank of the West has taken another step in its push to bulk up its wealth management services for affluent and high-net-worth clients. The San-Francisco-based bank has opened a new wealth management center in Palo Alto for its most affluent clients, the fourth such center the bank has opened in its bid to provide broader services to its high-net-worth clientele.
Similar offices have opened in Los Angeles, Denver and San Jose.
The new sites provide a private setting for affluent and high-net-worth clients to have “in-depth discussions of their financial matters,” John Bahnken, head of Bank of the West Wealth Management and senior executive vice president, said in a statement.
The new centers are staffed by client relationship managers called private client advisors or “PCAs” who, as clients’ central contacts, bring in trust officers, private mortgage bankers and other wealth management experts as needed. The PCAs are central to the new client service approach the bank adopted last year.
Bank of the West plans to open at least three additional wealth management client centers this year. Its flagship center was slated to open in San Francisco by the end of the first quarter or early in the second quarter of this year.
Bank of the West operates more than 700 retail and commercial banking locations in 19 Western and Midwestern states. It is a subsidiary of BNP Paribas.
Margarida Correia writes for Bank Investment Consultant.