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Financial Advisory  + Latest News  + RIAs & Financial Advisors  + Wealth Management  | 
Private Wealth Asset Management Adds $1B US Bank Veterans

Private Wealth Asset Management Adds $1B US Bank Veterans

Private bank veterans Jeff Steiner and Tim Durbin, who previously managed about $1 billion in assets under advisement (AUA) for US Bank, have left their big bank roles for independence joining Private Wealth Asset Management, an independent registered investment advisory firm specializing in working with private bank clients.

At the firm’s first office in Missouri, Steiner joins Private Wealth’s investment committee and will lead the office’s portfolio management, while Durbin will serve as a managing director. Both Steiner and Durbin left US Bank “to better serve their clients with more control, acting as true fiduciaries,” according to Iowa-based Private Wealth.

Steiner had been with US Bank since 1996, most recently as a senior portfolio manager in the firm’s Private Wealth Management division, while Durbin started with US Bank in 2016 as a regional managing director and became a private wealth advisor at the firm in 2020.

“Private Wealth is a complete reversal from the private bank industry. At the banks, we are being asked to serve more and more clients, which means we can be of less value to those clients. Private Wealth isn’t designed to serve the masses,” said Durbin.

With more than $1.7 billion in AUA, Private Wealth has a staff of 45 employees across eight offices throughout Nebraska, Iowa, Texas and Missouri.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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