Client:   Commerce Bank Trust Company (NASDAQ CBSH)

 

Location:   Central IL 

 

Search:   Rebuild the Central IL Market for the Commerce Trust Company

 

Synopsis: 

 

Commerce Bancshares is a “super community” Missouri bank founded in 1865.  It is the 38th largest Bank in the U.S. with $30B in assets, and $50B in Trust assets.  The Trust Company, founded in 1906, provides private wealth and institutional asset management with an open architecture approach to investment management.  Key priorities include enhancing the private client model, growing asset management and institutional trust asset management, implementing new marketing strategies and enhancing sales partnerships from peripheral channels.

 

In the Central IL Market, the Market was underperforming, resulting in the loss of 2 business development officers and significant market share.

 

Matt Huffman was retained to rebuild the market by recruiting a new Market Executive and 2 Business Development Officers.  We quickly determined a unique approach, which was to focus on talent outside of the local market (which was very small), starting with the Chicagoland area.  We employed deep research into every private wealth executive in Chicago (city and suburbs) including private wealth advisors, investment counselors, private bankers, wealth management consultants, senior relationship managers, market president’s, regional executives, etc.  Initially we focused on a tie to the Central IL market through their educational, personal, or family or spouses background, and then broadened to include all wealth management professionals in Chicago. 

 

We then utilized our board practice to reach out to high net worth executives throughout the area to discuss board roles, but also to obtain their opinion of wealth managers, and to use this data to align the appropriate candidates for Commerce Bank.

 

The result was 3 placements, in addition to valuable client prospect and market talent data.

 

References available upon request

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