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October 02, 2003
Wachovia Wealth Management Announces New Segmentation Strategy
Shore named director of initiative
CHICAGO - Wachovia Wealth Management announced a new segmentation strategy yesterday, with plans to tailor its services to meet the unique needs of professionals, business owners, corporate executives and inheritors. Deborah Shore, a Wachovia senior vice president who formerly served as Wealth Management director in McLean, Va., has been named director of Market Segmentation.
Speaking at the Fourth Annual Wealth Management Forum here sponsored by Thomson Media, Stan Kelly, president of Wachovia Wealth Management, announced the new strategy during a keynote address about the evolution of the wealth management industry. Kelly highlighted trends that are reshaping the industry and talked about what it takes to succeed in the new order.
"Fifteen to 20 years ago, a private banker could succeed simply by offering basic credit and deposit products with 'high-touch' personal service," Kelly said. "In the '90s, regulatory change allowed financial providers to diversify. For example, Wachovia Wealth Management began to provide banking, trust, investments, insurance and financial planning services to clients.
"Today, competition is so fierce in the wealth management arena that it takes a strong brand to thrive and the ability to serve as a trusted advisor in all financial matters. To rise to the top, wealth providers must deliver the highest level of sales and service and be able to tailor their services to each client. That means the solution for a doctor or corporate executive's financial needs may be very different from the inheritor of family wealth."
Kelly noted that Wachovia had just completed an extensive review of its wealth management portfolio to determine the source of wealth for its clients throughout the East Coast. The analysis revealed that 80 percent of the firm's wealth clients had earned their wealth, with the greatest concentration among professionals, such as doctors, lawyers, certified public accountants, engineers and architects, sports professionals, media or entertainment professionals, and visual or performing artists. The second largest group was business owners, followed by corporate executives.
To lead Wachovia's wealth market segmentation efforts focused on these client groups, Kelly has named Shore to a newly created role. As director of Market Segmentation, Shore will lead the development of a client acquisition strategy and development of servicing requirements, products, and marketing materials that are customized to each client segment.
During her more than 20 years of experience in the wealth management business, Shore has built a strong track record of performance. Most recently, she has served as Wealth Management director of the Mid-Atlantic North Region, based in McLean, Va. Under her leadership, the region has grown loans more than 20 percent and deposits more than 35 percent in the past 18 months.
Shore joined First Union in 1993 and served four years as managing director for First Union's Private Capital Management Group in Washington, D.C., and Maryland before being named managing director for the Mid-Atlantic Region in 1997. Before joining First Union, she worked 18 years with Citibank in corporate banking and capital markets. She earned a bachelor's degree from Northwestern University and an MBA in finance from the University of Chicago. She is a Certified Financial Planner.
Shore has been active in the community, serving on various local boards, including Marymount University's board of Visitors, Fairfax Education Foundation and Charity Works. She is a trustee of The Washington Opera, a member of The Economic Club, Women of Washington and a volunteer for the Lombardi Cancer Research Center at Georgetown University.
About Wachovia
Wachovia Corporation is the 5th largest wealth manager in the country, according to Barron's 2003 rankings of top Wealth Managers in the United States. The ranking is based on private banking assets under management, defined as individual clients with accounts of at least $1 million. Wachovia reported client assets, including clients with Wachovia accounts of at least $1 million, at $160 billion. That includes some assets of Wachovia Securities LLC, the corporation's retail brokerage arm, and Wachovia Wealth Management, the private banking, trust and investment management channel designed to serve wealth clients through a team-based model. Wachovia delivers integrated financial products and services to wealth clients through a team-based model, including private banking; debt solutions; investment management; charitable services; financial, tax and estate planning; trust administration; and insurance solutions.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. The corporation operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
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