U.S. Bank is repackaging its high-end advisory business as Ascent Private Capital Management, and Wells Fargo alumni are behind the wheel.
The new unit is headed up by Michael Cole, who previously ran Wells Fargo's family wealth planning operation. He'll be working with Daniel Rauchle and Scott Winget, who also came over from WFC last month.
Cole aims to integrate philanthropy and estate planning into the firm's overall ultra-high-net-worth platform, which USB defines as clients with more than $25 million to invest.
Some elements of dynastic planning also seem to be at stake here. As USB notes, UHNW families tend to spend 70% of their wealth within three generations, so Ascent will differentiate itself by teaching the heirs how to handle their money.