Wells Fargo & Company has officially launched its Abbot Downing brand to serve ultra high net worth (UHNW) clients, their foundations and endowments.
Abbot Downing, with USD32.9 billion in client assets, is part of the company’s Wealth, Brokerage and Retirement group, one of the largest US wealth managers, with USD1.3 trillion in client assets.
“Abbot Downing works with individuals and families to help them preserve and grow their assets across generations while building a lasting legacy,” said James Steiner, president of Abbot Downing. “They come to us not only for planning solutions and asset management, but for guidance to promote good stewardship. We help clarify their vision of how to use their wealth to positively impact their families and their communities.”
Abbot Downing, which combines the former Lowry Hill and Wells Fargo Family Wealth businesses, has financial relationships with clients dating back generations. The firm will seek to expand its market share among the roughly 10,000 households in the US that have USD50 million or more in investable assets and collectively control more than USD1 trillion.
The original Abbot Downing was a 19th-century New Hampshire builder of the iconic stagecoaches that have come to represent Wells Fargo, who was Abbot Downing’s largest customer. Lewis Downing and J Stephens Abbot built a company known worldwide for its ingenuity, high-quality craftsmanship, and distinctive passenger experience. The new Abbot Downing will use the name to reflect the tailored solutions, high-touch service and attention to detail its clients have come to expect.
To meet clients’ investment needs, Abbot Downing offers a broad array of solutions, including access to sophisticated investments not widely available to individual investors. This may include private capital investments or managers who require high minimum investments or have limited capacity for new investors.
Investment services include custom portfolio construction; investment choices based on research and global and regional themes, such as distressed debt; analysis of current trends and macroeconomics; dedicated due diligence process; strategic and tactical asset allocation; manager and security selection; tax-managed custom investment strategies; Risk Optics; and endowment and foundation management.
Abbot Downing’s specialised services also include family dynamics, family governance, family enterprise planning, financial and wealth transfer planning.
“Our planners have experience in various disciplines and work collaboratively with our family dynamics consultants to focus not only on traditional wealth planning, such as cash flow, investments, and wealth transfer, but also on the legacy, values and wishes associated with the client’s long-term financial, organisational and philanthropic plans,” Steiner says.
To serve clients’ complex needs across generations, Abbot Downing offers trust, custody and fiduciary management services that include global financial oversight of family enterprise across all assets and entities. Aggregated reporting offers a comprehensive view of wealth across multiple financial institutions and secure web portal access. Financial administration includes family office services such as financial reporting and cash management.
Credit solutions include customised leverage to meet estate, financial and investment planning objectives; personal lines of credit; specialised financing for aircraft, yachts and alternative investments; and investment finance for commercial real estate, LLCs and LLPs. Banking products include checking, foreign exchange and business checking; treasury management; and interest rate risk management.
Abbot Downing serves clients in all 50 states through offices in San Francisco, Palo Alto, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Chicago, Philadelphia, Washington, DC, Charlotte, Winston-Salem, Raleigh, Naples, Jacksonville, and Palm Beach.