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U.S. Bank Wealth Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

U.S. Bank Wealth Management, a St. Paul, Minnesota-based firm, provides financial advisory through U.S. Bank, one of the largest financial institutions in America, and U.S. Bancorp Investments combine to run its client accounts. Although they do work together to run its client accounts, U.S. Bank and U.S. Bancorp Investments each has its own specialties. U.S Bancorp Investments focuses on financial planning, investments and insurance, whereas U.S. Bank is more versed in banking, trusts and investment support.

The services at this fee-based firm are marketed alongside U.S. Bank’s personal and business banking products, although it is distinctly its own entity. The firm primarily serves individuals, though it also works with institutions. More than three-quarters of this firm’s almost 33,000 client accounts belong to individuals who do not have a high net worth. Aside from this group, U.S. Bank Wealth Management also serves high-net-worth individuals, charitable organizations, corporations and charitable organizations.

U.S. Bank Wealth Management Background

U.S. Bancorp Investments, Inc. and U.S. Bank are owned by U.S. Bancorp, a financial holding company. The firm has been in business since 1974, but it registered with the U.S. Securities and Exchange Commission (SEC) in just 2007.

U.S. Bank Wealth Management’s advisors range from financial industry newcomers to seasoned veterans. The firm has a massive team of financial advisors on staff.

U.S. Bank Wealth Management Client Types and Minimum Account Sizes

Individuals who don’t have a high net worth make up the majority of the client base at U.S. Bank Wealth Management. In fact, the firm currently has more than 25,000 such clients. The firm’s clientele extends beyond just this demographic though. It  also works with high-net-worth individuals, charitable organizations, pension and profit-sharing plans, corporations and other institutional clients.

U.S. Bank Wealth Management offers many different styles of services and portfolios. The firm has varying account minimums for its available programs:

  • Automated Investor Program: $10,000
  • Personal Portfolios Program
    • Fund Managed Portfolio: $25,000
    • Unified Managed Portfolio: $250,000
    • U.S. Bancorp Investments Managed Portfolios: $25,000
    • Managed Account Strategies
      • General Securities: $25,000
      • Mutual Funds: $25,000
    • Advisor Select Account: $25,000
    • Guided Unified Managed Account: $150,000
    • U.S. Bancorp Investments Managed Portfolios
      • Core: $25,000
      • Unified Managed Account: $500,000

Services Offered By U.S. Bank Wealth Management

There’s no shortage of services available through U.S. Bank Wealth Management. The firm offers the following planning, management, analysis and asset allocation services:

  • Wealth planning
    • Proprietary portfolio design
    • Regular financial plan updates
  • Investment management
    • Asset allocation adjustments based on market shifts
    • Investment analysis and rebalancing
  • Banking services
    • Integration of banking products into financial plans
  • Self-directed investing
  • Automated Investor program
    • Tax minimization
    • Automatic rebalancing
  • Insurance analysis
    • Review of current insurance
    • Exploration of insurance options
  • Legacy planning
    • Philanthropic gift planning
    • Beneficiary planning
  • Business planning
    • Cash flow evaluation
    • Tax-efficient succession planning

U.S. Bank Wealth Management Investment Philosophy

Likely due to the massive size of U.S. Bank Wealth Management, its investment ideology is extremely fluid. When you first meet with an advisor, you will discuss and determine your risk tolerance, time horizon, liquidity needs and any other variables that you deem to be important. The firm uses proprietary software that aids its advisors in refining your financial goals to develop a clearer picture as to what level of return is needed to reach them.

These facts then determine the investment styles your advisor will utilize. More specifically, the firm may use any combination of asset allocation, long-term purchases, short-term purchases, trading and other strategies.

Fees Under U.S. Bank Wealth Management

All financial planning services offered by U.S. Bank Wealth Management are completely free. However, clients may pay charges related to securities commissions, fees for account maintenance and possible asset-based fees.

The firm’s wrap fee programs have a fairly standard fee structure, with fees based on the size of clients’ portfolio. Note that your fees may end up being higher than these percentages, though, depending on anticipated or past transaction activity, if you’ve used sub-account managers, whether or not you receive other services and other variables.

U.S. Bank Wealth Management Fee Schedule
AUM Annual Fee
First $250,000 2.00% - 2.05%
Next $250,000 1.80%
Next $500,000 1.60%
Next $1,000,000 1.35%
Over $2,000,000 1.10%

Like many robo-advisors, U.S. Bank Wealth Management’s Automated Investor program charges lower fee rates than the firm’s traditional advisory programs. If you opt to use the firm’s robo-advisory service, you’ll pay a 0.50% annual advisory fee on a quarterly basis. Should you meet certain stipulations, though, the firm may lower your rate.

What to Watch Out For

Additionally, U.S. Bank Wealth Management has five disclosures on its SEC record. Plus, some of the financial advisors at this firm sell insurance policies through U.S. Bank’s affiliated entities. They can earn commissions for these sales, which is a potential conflict of interest. However, the firm is a fiduciary and is legally obligated to act in the best interest of clients at all times.

Opening an Account With U.S. Bank Wealth Management

U.S. Bank’s website allows you to open an account directly through your browser. If you’d prefer to have the help of an employee, you can call over the phone or set up a callback by entering your name, email address, phone number and what information you’re interested in.

All information is accurate as of the writing of this article.

Tips to Create a Strong Investment Portfolio

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How Long $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.