U.S. Bancorp Appoints Scott Schmid As Market Leader For Private Client Reserve

U.S. Bancorp USB appointed Scott Schmid as the Market Leader for the Private Client Reserve to be located in San Diego. The bank managed about $125 billion assets for its clients.

According to the company, its wealth management unit was ranked one among the top 20 wealth management firms in the nation. Scott would assume the new role on May 9. The San Diego Office's former head, John Zygowicz, retired late last year.

The Private Client Reserve President, Mike Ott, said "Scott's extensive experience, innate leadership ability, and unwavering commitment to our clients make him the ideal choice to lead the San Diego office for The Reserve. He has more than proven his worth with our St. Louis office, and we are thrilled that he will bring that same work ethic and dedication to our clients to the San Diego office."

Scott has been in the financial field for over 2 1/2 decades and entered The Private Client Reserve in 2010. In the last six years, his focus was on creating a comprehensive wealth planning approach for his clients that not only could help protect and grow their investments, but also helped manage their liabilities, risks, and personal philanthropic goals.

Reacting to the appointment, Scott said, "I am excited to be able to share my deep knowledge of the unique services of The Private Client Reserve with our clients in the San Diego area. The integrity and culture of this firm is truly inspiring. The non-product nature of our advice and the focus on serving clients first is a rare combination in the financial services industry today. I look forward to fully engaging our clients in San Diego and further strengthen the commitment and effectiveness of an already very strong team."

On Monday, the stock shed 0.6 percent.