As a new year gets under way, UHNW families with complex financial and non-financial issues require extensive advice, and that means assembling a team of experts at families' disposal. We talk to Ascent – part of US Bank – about its approach.

Firms in the wealth advisory space sometimes pull images from other sectors, as with that of a “coach” (sports), to describe what they do. Ascent Private Capital Management of US Bank likens its model to one from the medical world: the Mayo Clinic.

The name came up when this news service interviewed Tom Thiegs (pictured), who is managing director, senior leadership and legacy consultant for Ascent. The group serves UHNW clients with at least $75 million in assets. Its fees vary based on the individual relationship and the scope of services provided, including asset management, family office, banking, trust and estates, and leadership and legacy services.

“Our model at Ascent is an integrated one, similar to the Mayo Clinic, where all the different specialists collaborate to work together,” Thiegs said. 

Such collaboration is essential for untangling the web of financial and non-financial issues that UHNW families often come to the table with, Thiegs said in a call held shortly before the holiday break. 

“There are so many different disciplines and experts in the realm of family wealth, but many of them specialize in one area like investment management, accounting, or banking, and they don’t necessarily talk to each other regularly. This approach helps immensely simplify the process for families, and usually yields better decision-making when experts talk together. For example, a decision on how to structure a trust can impact other areas, which is why it’s helpful to have multiple disciplines in the room,” he continued. 

Besides Thiegs, the Ascent leadership team includes John Zimmerman, president; Jason Burkley-Skye, regional MD for West Region; Andrea Ho, MD, National Investment Consulting; Jennifer McGeehan, chief administrative officer; Ben Ollendick, regional MD, Midwest/Eastern region; and Kelly Thomson, regional MD, California/Arizona.

Ascent is part of a division at US Bank that appears to be in robust shape. Net income in the wealth, corporate, commercial and institutional banking arm of US Bancorp (the listed parent of US Bank) edged up in the third quarter of 2024, at $1.187 billion, versus the same period a year earlier, and rose on a year-to-date basis.

Getting conversations started
Thiegs said that one important topic is the “gap” in the comfort that wealthy families can feel in talking about financial topics.

“Most families don’t talk openly about money, but the stakes are raised when a family is trying to navigate the complexities of shared wealth. It’s especially important for them to engage in healthy communication patterns around money, particularly during times of generational transition,” he said. One possible explanation about this shyness around money is that those of more modest means have to be blunter about handling money because the consequences of making a mistake are more severe.

“Many families don’t want to foster entitlement and want their kids to have a good work ethic…and they don’t talk that much about money,” Thiegs said. There is also a stigma in the eyes of some about having a large inheritance, given sometimes hostile public attitudes and a defensiveness that this can lead to. 

FWR spoke to Ascent as 2025, and new tax filing season, with all its deadlines and data requirements in mind – and a new Donald Trump administration – came into view. Difficulties that need to be overcome for families and advisors include inefficiently planned estates, undue complexity and unclear expectations, Thiegs said.  

“Estate plans can be complex, so it’s easy to see why many who have them don’t fully understand how they work. That’s one reason [why] education should be integrated with estate planning. The better parents understand their estate plan, the more likely they are to be able to have meaningful conversations and make effective decisions about it,” he said. 

Another problem is how parents can lose an opportunity to talk about their values to their children and grandchildren. A firm can use its third-party position to foster conversations.

“Most estate plans include future roles or responsibilities for children, whether it’s as an executor, beneficiary, or trustee. Those children need to understand their expectations, and it’s best when parents discuss this with their children directly rather than waiting until it’s too late. For some parents, this can be daunting, but it can be made easier with the help of professionals to facilitate the learning and conversations that need to happen,” Thiegs said. 

Thiegs’ team looks after domestic US and international clients.

Asked what “success” of Ascent’s business looks like, one measure, he said, is seeing families engage with its services and education materials, and so forth. One mark of added value is helping families achieve “peace of mind” around finance and business transfers. For many wealthy families, they worry about the future, whether it’s for their children or community. 

“Using peace of mind as a metric is a good way to address that worry with tactical solutions rather than just ignoring it,” he said.  

Ascent regularly asks clients about what they are most concerned about.

As explained in this article, tax and estate planning experts are keeping an eye on whether the changes introduced in the 2017 Tax and Jobs Act by the Trump administration will endure, or some of them will sunset – with certain exemptions ceasing to apply. 

“The potential changes to gift and estate tax have spurred more conversations on the topic of wealth transfer and gifting. These conversations have been a positive trend in wealth conversations as families are thinking proactively about what they want for their family, children, and wealth,” Thiegs said.  

Ascent’s position
Ascent focuses on UHNW clients, and the expertise needed to work with such clients benefits the rest of the banking group, Thiegs said. 

In 2023, Ascent Private Capital Management of US Bank received top honors in the “Credit Solution” category for Family Wealth Report’s 10th annual awards.