Schmitt pointed to the bank’s new online brokerage site launched last year, which integrated checking account and other banking services with brokerage, helping to create what she called a “one-bank experience.” To its credit, she said, the bank also aligned its compensation policy with its plan to create that “one-bank experience” by rewarding advisors for growing the “total relationship” rather than growing sales of certain products.
“They’re a bank to watch,” Schmitt said of U.S. Bank.
Rummage is also a fan. “It’s one of the best in the country,” he said of the bank’s wealth management program. In addition to offering advisors high payouts and strong transition packages, the program has robust technology and a deep product mix.
Rummage warned the big players in the space—namely Morgan Stanley, Merrill Lynch and UBS—to be very careful. “Banks like U.S. Bank are going to take their business,” he said.