|Women In Wealth: PNC Wealth Management|
By Sue Cullen
PNC Bank was named one the Top 50 Companies for Executive Women by the National Association for Female Executives in 2013. Meet two of PNC’s outstanding women in wealth who are passionate about serving and educating their clients and who are a part of the highly skilled team at one of Sarasota’s leading wealth management firms.
PNC Wealth Management® has built a reputation as one of Sarasota’s finest wealth management firms by bringing together professionals with both a high degree of knowledge and an aptitude for personal service. Building a team of over twenty individuals in Sarasota equipped with those traits has helped put PNC Wealth Management in a very strong position to assist clients in navigating the complexities of today’s markets and ever changing regulatory environment in order to attain their goals.
PNC Wealth Management takes a team approach towards serving their clients. Each client is assigned five local professionals. Jennifer Steube, an investment advisor, and Jennifer Rust, a banking advisor, are two members of that team for many clients. They combine competence and compassion while delivering critical portfolio management and private banking services to their clients. According to Scott Collins, Senior Vice President and Market Executive of the Sarasota office, “Both Jennifer Steube and Jennifer Rust are talented professional women with great knowledge and they display that combination of confidence and integrity that leads to trust, which is all-important in our business.”
Part of that confidence comes from a synergistic, trusting relationship among the team members who serve each of PNC Wealth Management’s clients. “I love our team approach because none of us could accommodate all of our clients’ needs independently,” Rust said. “As a banking advisor, I manage our clients day to day banking activities. If I need to collaborate with another team member about a client’s situation, I can simply walk down the hall and start a discussion right away.” Only a small percentage of financial institutions that deliver wealth management services assign so many local professionals to the client, she adds. “It is an expensive model for the bank, but it is worth it because our client satisfaction ratings are very high.”
As well as having a private banking advisor and investment advisor on their team, each client also has a relationship manager who serves as their ombudsman, a trust advisor responsible for compliance and account management, and a wealth planner who focuses on the larger picture of financial planning, philanthropic planning and tax planning, in conjunction with a client’s attorneys or tax advisors.
Steube speaks highly of the level of camaraderie and client service that the PNC team approach creates. “No one has an ‘it’s not my job’ attitude. Clients can call anyone on their team or in the entire office and that professional will respond,” she said. “Although I manage our clients’ investments, if someone calls me and asks about banking, I am going to help them. Our team is completely accessible to all of our clients. It creates trust among our team knowing that we are all focused on taking care of our clients, and clients see that synergy when we work with them.”
Steube, who is a Certified Investment Management Analyst® from the Wharton School of Business, creates and oversees the performance of customized investment portfolios for PNC Wealth Management clients. Her experience is in investment planning, asset allocation and risk management. “I work with PNC’s analysts, strategists and economists to stay informed of market conditions and remain knowledgeable on the latest investment strategies.” she says. “I use those resources to build customized portfolios specific to clients’ goals and objectives. We listen to our clients and treat their concerns as passionately as if they were our own.”
With a total of thirteen years in the financial services industry and seven years in portfolio management, Steube says going through the economic crisis of 2008 and 2009, while very difficult, also helped solidify her relationship with clients. “It was an opportunity to build trust. Troubling economic environments are very emotional for our clients.” she said “That’s when you have to step up as an advisor and give them advice, which may not always be the most popular or what they want to hear. We have to look at the situation objectively with each individual client’s best interests in mind to help them stay on track. I believe our clients are reassured by the disciplined wealth management process we put in place for their long term financial goals.”
Having come into banking following a successful real estate career in Atlanta, Rust understands how to exceed clients’ expectations. Recently, she even gave one client a ride to a doctor’s appointment after their meeting. “From early in my career, I have always been focused on client satisfaction,” she says. “In real estate, the end goal is to make the client happy, and now working with high net worth individuals, the same is true. I realize how important our clients’ time is to them. I can take away the burden of needing to be face to face for banking transactions and help make my clients’ lives easier.”
“We strive for a concierge level of service in our private banking and I spend a lot of time building customized lending solutions for our clients, everything from a need for quick liquidity to aircraft purchases.” Rust says. “We offer a multitude of secured and unsecured loans, as well as very competitive refinance options. All financial institutions have to adjust to significant changes in lending practices that will go into effect in 2014, particularly new standards regarding an applicant’s ability to pay and more extensive documentation required for underwriting. Unfortunately, because of the new requirements in 2014, some institutions are choosing to limit services. PNC, on the other hand, has the resources to continue offering what clients need and confirming we will be compliant while making the loan process as painless as possible.”
Another way PNC is making clients’ lives easier is through significant investments in technology. For those who want 24-hour access to their finances. PNC Wealth Insight ® gives clients a virtual dashboard on their home computer allowing them to easily access their entire portfolio viewing details such as income, performance, net worth and asset allocation. The significant investment that PNC has made in technology for their clients is just further evidence of the level of PNC’s commitment to the client.
For the growing ranks of female clients, PNC offers a range of educational opportunities including an online newsletter and magazine, in-depth articles, as well as a series of webinars and podcasts. On the local level, PNC hosts networking lunches featuring local, prominent female business leaders. An internal designation, PNC- Certified Women’s Business Advocate, which is held by both Steube and Rust, helps provide insight into how best to serve female clients.
“Our clients are intelligent and want detail about the recommendations we are making and why the portfolio is structured as it is. Our motto is to educate, educate, educate” Steube said. “We explain the purpose of each component of the portfolio. This approach helps encourage our clients to become more engaged and excited about their financial future. We don’t dumb things down, we educate, and I love that part of my job.”
Rust and Steube agree that being backed by the financial strength and resources of one of the nation’s largest banks while delivering client service at a highly personalized, one on one level helps to provide the best of both worlds for their client families. The two women also appreciate PNC’s understanding of working women’s needs. In recognition of its support of women in the workplace, PNC Bank has been named among the 100 Best Companies by “Working Mother” magazine for 13 years and was named one of the Top 50 Companies for Executive Women by the National Association for Female Executives in 2013. “Both Jennifer and I have long careers ahead of us,” Rust said, “and it makes us proud to work for a company that supports our individual growth.”
Collins says the devotion to helping clients demonstrated by Steube and Rust is reflected throughout the entire Sarasota team and PNC as a whole. “With team members like these, it is easy for clients to see our commitment and dedication,” he says. “We built a team of talented and experienced professionals who value strong relationships consistent with PNC’s culture of building trust by treating people right. That is an outgrowth of our roots in small town banking, and for well over 100 years, PNC has never lost touch with that heritage. You can expect to see us continue to grow in Sarasota by staying true to our principles and serving clients passionately.”
1549 Ringling Boulevard, Sarasota, FL 34236 – 941.363.5050
The material presented in this article is of a general nature and does not constitute the provision by PNC of investment, legal, tax or accounting advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions expressed herein are subject to change without notice. The information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy. You should seek the advice of an investment professional to tailor a financial plan to your particular needs. For more information, please contact PNC at 1-888-762-6226.
The PNC Financial Services Group, Inc. (“PNC”) uses the names PNC Wealth Management®, Hawthorn, PNC Family Wealth® and PNC Institutional Investments® to provide investment and wealth management, fiduciary services, FDIC-insured banking products and services and lending of funds through its subsidiary, PNC Bank, National Association, which is a Member FDIC, and uses the names PNC Wealth Management® and Hawthorn, PNC Family Wealth® to provide certain fiduciary and agency services through its subsidiary, PNC Delaware Trust Company. Brokerage and advisory products and services are offered through PNC Investments LLC, a registered broker-dealer and investment adviser and member of FINRA and SIPC. Insurance products and advice may be provided by PNC Insurance Services, LLC, a licensed insurance agency affiliate of PNC, or by licensed insurance agencies that are not affiliated with PNC; in either case a licensed insurance affiliate will receive compensation if you choose to purchase insurance through these programs. A decision to purchase insurance will not affect the cost or availability of other products or services from PNC or its affiliates. Hawthorn and PNC do not provide legal or accounting advice and neither provides tax advice in the absence of a specific written engagement for Hawthorn to do so.
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