Nicosia cultivating wealth for Wells Fargo clients

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Raised in Sarasota, Fla., Anthony Nicosia, vice president and wealth adviser for Wells Fargo Private Bank, has worked for three investment houses since earning a bachelor’s degree in business from Eckerd College in St. Petersburg, Fla.

In 2006, he moved to Colorado Springs to help Wells Fargo launch its Private Bank.

What are the challenges in your position?

The challenge is two-fold. We are not out there with billboards and signage, so we are a well-kept secret. We need to raise the awareness and exposure of what we provide to affluent families in Southern Colorado. It’s a lot of networking and word-of-mouth.

We serve a lot of high-level clients in the region. We need to stay aware of all the changes that happen in our industry. Our mandate is to preserve and grow wealth for our clients. The challenge of the financial industry as a whole is to regain the trust of the public. A lot of people were sold things – sold, instead of knowing what the client wants and needs. Investors don’t need another product, or bells or whistles. They need to take a step back and get clarity on what they want to accomplish, and make sure they’re with a company that’s a good fit for them.

How will the industry change as a result of the recession?

There’s been more of a sense of the need for transparency in the industry. The financial mishandling that caused the recession has had a positive outcome – transparency. It’s made institutions more conservative. I think it also taught the industry to focus more on the client – the money is not the client; the client is the client.

Are bank consolidations winding down?

Not necessarily. There are always consolidations, for whatever reason. I don’t think bank takeovers by the FDIC (Federal Deposit Insurance Corp.) are winding down by any stretch of the imagination. You read every day about regional or community banks being taken over, which will continue this year and into the beginning of next year.

What is unique to our region as it relates to wealth management?

Colorado Springs is a young, vibrant, dynamic community, which makes the average age of our private bank clientele much younger than most private banks around the country.

We are working with very wealthy, uniquely successful individuals and families in their mid- fifties and sixties.Another unique element to Colorado Springs is the diversity of wealth that we serve. It typically falls into four areas: 1. Wealth creators or entrepreneurs who sell their businesses for $5 million to $100 million – developers, construction, broadcasting, oil and gas, ranchers, manufacturing, distribution and medical practices, etc. 2. Wealth inheritors. 3. Retired executives. 4. Nonprofits; we have a substantial group of private and public foundations as well as local and national nonprofits that we provide investment and banking services for.

The professional community is uniquely collaborative in our region. We work very closely with our clients’ other trusted advisers – CPAs and attorneys. There is a great deal of trust and mutual respect for all members that serve the client relationship.

Our clients have a strong sense of family and community. They really have an affinity for Colorado Springs and Southern Colorado. They are very giving to make sure the lifestyle and the things they love are preserved.