SunTrust Wealth Unit Seeks Clients in Med, Law Schools
Ackermann, Matt, American Banker
SunTrust Banks Inc. on Tuesday formed specialty divisions within its private wealth management arm to focus on doctors and lawyers -- beginning when they are students in professional schools.
The Atlanta banking company, which has a group that offers private banking, lending, and investment management to athletes and entertainers, already has 14,000 doctor and 3,800 lawyer customers. The group serves its customers with 116 advisers spread through 60 markets in SunTrust's footprint from Maryland to Miami.
David Johnson, a senior vice president and head of the medical and legal specialty divisions, said in an interview Tuesday that all banks and money managers want to manage assets for wealthy doctors and lawyers but that SunTrust aims to "manage them through their life cycle," from school to retirement.
His strategy leverages all of SunTrust's capabilities, Mr. Johnson said, by offering unsecured loans to medical students, mortgages to young lawyers, and malpractice insurance. "The wealth management opportunity really comes much later in their lives," he said. …