The third leg of the stool at Synovus is the wealth management business. Wealth management, or trust, is an area where Synovus historically has not focused heavily, and we ve seen a complete attitude change on this in the last year. Importantly, the company has the right mind-set to succeed in this business. They also have the right platform. Synovus is unique in that they have a decentralized operating structure.
Most banks tend to be centralized, they tend to work off of one logo, one entire branch network.
Synovus bandwidth can maintain this independence, this decentralized structure, while still being able to execute very well at growing earnings. They re going to take that approach on the bank side and actually increase the product suite by offering financial planning, trust, securities, and insurance services through this division. This will build a nice base of fee income over the next several years. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.