U.S. Bank has hired an executive to lead the fledgling Business Owner Advisory Services group on a national level.
Roderick Dolan, the former CFO and COO of law firm Kaye Scholer in New York, will be responsible for developing strategies to grow the business, which has delivered positive results since it was introduced as a pilot two years ago, according to U.S. Bank.
Mike Ott, president of U.S. Bank Private Wealth Management, lauded Dolan's leadership abilities, saying he was "the right person to lead the team," which now consists of six employees.
The team focuses on the concerns of business owners who have much of their net worth tied in their business, said Dolan.
"We help them understand what their business is worth, how to further enhance their value, assess their liquidity and capital structure, and evaluate options to transition the business to a family member, to employees or sell to a strategic or financial buyer," Dolan explained.
Business owners are a key segment of the bank's private wealth management client base, U.S. Bank said.
It expects to increase the number of business owner clients it serves beyond Minneapolis, St. Paul and the West Coast, where most of them are currently located.
"We will be expanding to the entire country as we hire more advisors," Dolan said, adding that Seattle, Portland, Los Angeles, San Francisco and Kansas City are key markets.
The team will work with all bank divisions to bring in new clients, he said.
While at Kay Scholer, Dolan oversaw a company reorganization and eventual merger in his role as COO and CFO. Prior to joining the firm in June 2014, he served as CFO for Minneapolis-based law firm Dorsey & Whitney, a role he held for almost three years.
Dolan will be based in Minneapolis and report to Ott.