For Immediate Release
WEST DES MOINES, Iowa. (Feb. 17, 2023) – St. Louis senior private bank veterans who previously managed about $1 billion in assets under advisement (AUA) have left their big bank roles for independence. Jeff Steiner and Tim Durbin join Private Wealth Asset Management, an independent registered investment advisory firm specializing in working with private bank clients.
In their new roles, Steiner joins Private Wealth’s investment committee and will lead the office’s portfolio management, while Durbin will serve as a managing director. At the firm’s first Missouri office, Steiner and Durbin join a growing team of senior former private bankers — now one of the largest groups of its kind in the country — who left their previous large bank employers to better serve their clients with more control, acting as true fiduciaries.
“I just love this business and the people I work with. But, all across the U.S. the model of service at private banks is changing,” Steiner said. “It was important to me to join an independent firm that put clients’ best interests first. Private Wealth does it right. Their service model — surrounding clients with an expert team with a variety of specializations, rather than expecting one advisor to know and manage everything — attracted me to the firm. Private Wealth’s model builds long-term relationships with clients and helps them achieve their goals. That aligns with my goals and values.”
“I’m thrilled the firm chose to expand into St. Louis so we can offer clients in our community the personalized level of support they deserve,” Durbin said. “Private Wealth is a complete reversal from the private bank industry. At the banks, we are being asked to serve more and more clients, which means we can be of less value to those clients. Private Wealth isn’t designed to serve the masses. Its model allows a team of advisors to surround a client with services and become deeply involved in their lives. Clients get the best solutions, technology and talent supporting their needs.”
Private Wealth has attracted senior investment and planning specialists from private banks around the country, grown its total staff from seven to 45, and opened offices in four states and eight markets — Omaha, Nebraska; Cedar Rapids and Des Moines, Iowa; San Antonio, Corpus Christi, Midland and Fort Worth, Texas; and now St. Louis, Missouri.
“We knew Tim and Jeff were ideal partners to add from the day we met them,” said Bryan Johnson, chief executive officer of Private Wealth..“The kind of real-world experience they have can’t be learned in training and it’s why they are so valuable to the families and institutions they serve. Our goal is to give clients in the St. Louis market a better solution for managing their complex institutional or family office needs. Jeff and Tim will help us meet our goal and are great additions to our Private Wealth team. They’re experienced professionals who share our commitment to offering clients the fiduciary services they deserve.”
Private Wealth partners have more than $2.4B in assets under advisement and bring an average client tenure of more than 17 years — more than double the industry average. Private Wealth’s unique team approach surrounds clients with multiple financial experts with highly specialized knowledge.
“Each Private Wealth client has a personal advisor who gathers the right specialists and subject matter experts to coordinate every service needed to reach client goals — removing the heavy burden of asset management from clients,” Steiner said. “I’m excited to join a firm with no quotas or sales demands. Independence means we’re able to focus on what’s right for the client.”
Unlike many financial services firms, four of seven C-suite officers are female and 58% of the Private Wealth team is female or diverse. Steiner and Durbin are joined by a team with more than 500 years of collective experience. They include Chartered Financial Analysts (CFAs); attorneys, Certified Investment Management Analysts® (CIMA®s); specialists in real estate, oil and gas, estate planning, business succession planning, lending, property and casualty insurance management, and fiduciary banking.
Private Wealth’s St. Louis office is located in an Opportunity Zone in Ballpark Village. The firm’s address is PwC Pennant Building, 6 Cardinal Way, Suite 901, until their permanent office space on the building’s 10th floor — currently under construction — is ready later this year. For more information, visit privatewealth.com, call (888) 611-7926 or email firstname.lastname@example.org. To meet Jeff and Tim, visit https://privatewealth.com/st-louis/.
About Private Wealth Asset Management
Private Wealth Asset Management is an independent financial advisory firm offering private wealth management services to high-net-worth individuals, families and institutions. Private Wealth surrounds clients with a circle of services, delivered by financial subject matter experts from a wide range of disciplines to provide comprehensive advice and service, personalized to the needs of each client. Private Wealth works with clients to identify custom solutions—including fiduciary lending, specialty asset management (oil and gas, alternative energy, farms and ranches), estate and generational wealth planning, trust and estate services, property and casualty insurance management, health care advisory, business transition planning, tax management and more.
Private Wealth offices are in Cedar Rapids and West Des Moines, Iowa; Omaha, Nebraska; San Antonio, Corpus Christi, Midland and Fort Worth, Texas; and St.Louis, Missouri. To learn more about Private Wealth, visit privatewealth.com.