Stanhope Kelly, president of Wachovia Wealth Management, accepted the award during Private Asset Management's 5th Annual High-Net-Worth Industry Awards ceremony, Sept. 19, at the Essex House in New York City. "We are honored to be selected from a field of highly regarded firms for this award," said Kelly. "This affirms the importance of offering investors objective advice and best-in-class investment solutions. Our clients told us they wanted more investment choices, and we're pleased to deliver on our promise as a leading wealth management provider."
The firm's new investment platform, called Advantage, includes a full range of traditional investment strategies, such as domestic and international equities and fixed income, as well as a wide range of alternative strategies for qualified high net worth investors. Alternative strategies include hedge funds, commodities, real estate and private equity. Since Advantage was introduced earlier this year, the platform now has more than $5 billion in assets under management.
In recognizing Wachovia Wealth Management and the Advantage platform, Private Asset Management noted that it considered a wide variety of factors, such as innovative structures, acquisitions or development, as well as the potential for other firms to follow suit.
Wachovia's Trust and Investment Advisory Services team includes 150 investment professionals, as well as 528 trust advisors and associates who are locally based in 17 states from Connecticut to Florida and west to Texas. Through aggressive recruiting and retention efforts, Wachovia has built a highly credentialed team with degrees and designations such as MBAs, CPAs, JDs, CFAs, CTFAs, and CFPs.
"Investors are looking for a trusted advisor who gives them access to best-in-class money managers and keeps their best interests at heart," said Bob Newell, president of Wachovia Trust. "We have assembled a talented team of advisors who not only deliver on that promise but who also can advise them on the best trust structure to help protect, grow and transfer assets to future generations."
One advantage of the new program is the firm's ability to transition an investor's existing portfolio. "We can transition an existing portfolio to a more fully diversified target state over multiple tax periods," Newell added. "We can also use alternative strategies in select portfolios to help mitigate risk."
Complementing the expanded array of investment alternatives are Wachovia's capabilities for managing customized equity, fixed income and options strategies as part of a broader investment solution. Customized portfolio management is available for investors who seek a competitive investment management approach that is tailored to address unique constraints or circumstances that cannot be met by mutual funds or modeled separate accounts.
In addition to high net worth individuals, the program is well suited for the nonprofit market, where Wachovia has an extensive client base of private foundations, supporting organizations, individual charitable trusts and endowments.
Wachovia Wealth Management delivers integrated financial products and services through a team-based model, coordinated by 240 dedicated relationship managers who serve as the primary point of contact for their clients. In addition to investment management, Wachovia Wealth Management offers private banking and credit services; debt solutions; financial and tax planning; trust and estate planning and administration; charitable services and insurance solutions. Other specialties include risk management services, family office services, family governance and stewardship consulting, marine and aircraft financing, and retirement and benefits services.
Private Asset Management is focused exclusively on marketing investment management, financial and advisory services to the high net worth arena.
ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California.. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders' equity of $48.9 billion at June 30, 2006.
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