The BNP Paribas subsidiary is intensifying its focus on small- to medium-sized businesses and their owners, who may have more complex financial needs.

Bank of the West Wealth Management Group has launched a new offering focused on the wealth management needs of private business owners, led by Kristin Nelson as head of private business owner solutions.

Nelson – who reports to Steve Prostano, head of the recently-launched Family Wealth Advisors division - will lead the initiative that will involve wealth management advisors working alongside business and commercial bankers with business owner clients.

Private Business Owner Solutions will provide a coordinated and team-based approach for business owners as they manage their personal and business affairs, Bank of the West said. The team will provide capital advisory and banking services, global investment management and consulting, retirement and investment services, estate administration, strategic philanthropy, and trust services.

Nelson has a deep background in financial services and wealth management, having worked at the likes of Deutsche Bank, Bank of America and BNY Mellon before joining Bank of the West. Her roles have involved working with private business owners and corporate executives in areas such as cash flow challenges, protection issues, tax-related issues, retirement, and pre- and post-succession planning.

"I was brought into Bank of the West last year for my experience working with private business owners. As we think about ways to improve the products and services we offer our customers, there was an opportunity to build a team approach around our private business owner clients who had complex financial needs, both on a personal and a business level," she told Family Wealth Report.

"With this new initiative, we're able to really focus on integrating those two vital sides of the business for this client group. The new Private Business Owner Solutions allows us to put processes in place that contribute to a seamless collaboration of all aspects of the private business owners’ financial lives."

Other industry players having made similar efforts in recent time in recognition that, as companies evolve, the complexity of their balance sheets creates different business needs, while the personal wealth management requirements of owners are also likely to shift.

In January, for example, Atlanta, GA-based SignatureFD launched a dedicated wealth management initiative for executives; Dan Dubay, a partner at the firm and director of SignatureEXEC, told this publication that while executives have “great wealth” – in their knowledge, influence, talents and resources – that wealth is often “not optimized” due to career pressures and time constraints.