Bank of the West is bolstering its wealth management team. The San Francisco-based regional bank says it plans to add as many as 100 people to the team over the next two years, the San Francisco Business Times reported Monday.
The banks wealth management business has grown at a rapid clip over the past two years, with the number of clients more than doubling, according to John Bahnken, head of the Wealth Management Group, who was quoted in the San Francisco Business Times.
Over the past two years, the Wealth Management Group has rolled out eight wealth management client centers for its affluent and high-net-worth clients. The distinct office spaces provide wealthy clients with greater privacy than a traditional branch setting would offer, Bahnken told Bank Investment Consultant in 2011.
The bank introduced the wealth management client centers in Denver, San Francisco, San Jose, Palo Alto, Walnut Creek, Los Angeles, Beverly Hills and Pasadena. The flagship center is based in San Francisco.
Since Bahnken joined the bank to head up the wealth management business in 2011, he has made several key appointments, including hiring a chief fiduciary officer. In March 2012, he hired John Morris, a former Charles Schwab executive, to head up the groups investment products offerings.
Morris was heavily involved with the recent launch of the banks online brokerage platform. He also built out the banks Investment Advisory Solutions platform, which provides clients with portfolio management and asset allocation strategies. The platform was recently extended to customers with $50,000 in investable assets. It had only been available to the banks wealthiest clients.
Since his arrival, Bahnken has added about 80 people to the wealth management team, bringing the total count to approximately 400.