The Private Bank at Wells Fargo

by Steve Gooch

Patricia Richards approaches her position as the senior vice president and regional manager of the Private Bank at Wells Fargo as if she’s putting together a puzzle. “My job is to help clients identify what they want to accomplish and how to pull the pieces together to accomplish them,” she says.

This focus on customer needs has helped Richards lead the Utah office of Wells Fargo’s wealth management division to become the bank’s top division in the nation, in terms of assets under management. What’s surprising is that Utah is ranked above larger markets like Los Angeles or New York in this regard. During her four-year tenure, she has increased the Private Bank’s assets under management to more than $4.5 billion.

Richards has fostered the bank’s development by approaching her position with a client-centric attitude. “One of the things I really believe is that you can’t manage the bottom line,” she says. “If you do the right things for clients, the bottom line will come.”

Part of this approach includes finding the right teams to deliver the appropriate service to clients. “I like to hire good people, empower them and give them the resources to do a great job,” Richards says. She believes that hiring locally is one of the keys to her division’s success and that local talent often has a better knowledge of business in the area than experts hired from outside.

Earlier this year, Richards was awarded with the Utah Bankers Association’s Distinguished Banker Award, a prize given each year based on peer review and historically given to bank presidents or owners. Richards was the first woman to win the award in its 99-year history and one of the few non-CEOs. “What was so wonderful about it was that it was from my peers,” she says. “I never expected it, which made it more meaningful.”

The accolade is proof of Richards’ leadership ability, which is rooted in her deepest principle: “Always be honest, even if it looks like you’ll lose a deal because of it. It’ll always come out in the end.”

Five Core Values
1. Integrity
2. Vision
3. Generosity
4. Energy
5. Persistence