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Wealth Management Managing Directors

History

The modern U.S. banking system can trace its roots to the time of the Civil War. It took a lot of money to maintain a large modern army, and the Union increasingly turned to modern methods of financing, including massive printing of paper money and issuing long-term debt with the help of financier Jay Cooke. Cooke sold more than $1.3 billion in federal bonds to help finance the war, and his agents penetrated even the smallest towns across the country, selling not just an investment return from the bonds, but banking as a patriotic institution. Together with the National Banking Act of 1863, the bonds provided the basis for a national banking system and established a national currency.

The new banking system helped foster rapid industrial transformation in the United States during the latter half of the 19th century. With increased industrialization and liquidity came increased concentrations of paper money in individual hands, often known as wealth. Unlike land, handling paper wealth requires private wealth managers. With increasing confidence in the banking system, more and more wealthy people turned to professionals, who worked either for banks or for brokerage firms, helping clients invest and protect their capital.

With total assets under management (AUM) reaching a record $74 trillion worldwide in 2014, according to The Boston Consulting Group, demand has only increased for skilled wealth management professionals, including managing directors. 

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