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.