The Ladder: Scott Ford, U.S. Bank's wealth head, on how not fearing 'no' helped him to the top

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Welcome to the first installment of The Ladder, a new series by Financial Planning that looks at how executives and leaders in the wealth management industry made it to where they are today — and what you can learn from them.

In July 1999, Scott Ford was getting ready to attend law school and leave behind his life as a financial advisor. Then he got a job offer that ended up taking his career to the next level of the industry. 

"I had sent my room deposit to Georgetown. I mean, l was literally on my way to law school," Ford said in an interview. 

A manager at Citibank wanted Ford, who had been an advisor for many years, to join a program that trained bank branch managers in selling investment products to customers. Ford had no interest in retail banking and politely declined at first, but the manager — his mother's neighbor in Uniondale, Long Island — insisted, asking Ford to visit the branch. 

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Scott Ford, president of wealth management at U.S. Bank.

Ford was surprised by the "energy" in the bank branch, he recalled. Realizing he was more excited about the possibility of managing a team and running a business than becoming a lawyer, he joined Citibank. He had also been through a divorce, and with two young children at home, felt it was the right move. 

"That's the best choice I made, and I've never looked back," Ford said. 

Today, Ford is the president of wealth management at Minneapolis-based U.S. Bank, the fifth largest commercial bank in the country by asset size. He was promoted to the role effective June 1, replacing retiring wealth head Mark Jordahl, and reports to Gunjan Kedia, vice chair of wealth, corporate, commercial and institutional banking (whom American Banker has named one of the most powerful women in finance).

Ford currently manages 3,200 employees, including those from affiliated brokerage U.S. Bancorp Investments, in a unit that serves all levels of wealth management clients, from those of rising affluence to affluent clients, to those in the private wealth division and a family office offering called Ascent Private Capital Management, and finally those in the institutional and trusts world. 

It's been a long way to this role for Ford, who got his start as a cold-calling, entry-level broker at the former Lehman Brothers. He spent decades across many firms, including the former Dean Witter Reynolds, Citigroup and JPMorgan Chase, and over time became a top performer. He also became known for turning around underperforming teams, before getting hired away from Chase in 2021 to lead the affluent unit at U.S. Bank. 

READ MORE: U.S. Bancorp hires wealth management executive from JPMorgan Chase

For Ford, moving up in the wealth management industry has been all about connecting with inner purpose during key decision points, and bringing out that inner purpose in others he works with. One key to his success? Not being afraid of the word "no," which he got used to hearing in his cold-caller days. 

"I think it was an advantage that I didn't have a traditional banking background, because I didn't know what could not be done," he said, reflecting on his bank teams' successes. 

For younger professionals in the business, Ford shared several tips on how he got to a senior leadership role. He also shared with FP his plans to grow the wealth business at U.S. Bank. 

How to get noticed and move up as a leader 
For those wanting to get ahead, whether it be a junior advisor hoping to be promoted to senior level, or a middle manager hoping to one day land in the C-suite, Ford said the most important thing is to deliver results at the job they already have, and then enact "servant leadership," a business practice where leaders prioritize serving their employees. 

"When I was a financial advisor, I lived to find that next client. And you have to be excited by that," he said. "If you transition to a leadership role, you have to be excited by developing other people."

READ MORE: Fostering success: Wall Street Bound launches financial careers

A mentor at Citi, the late John Stewart, demonstrated this attitude by taking Ford under his wing, he recalled. 

"It was because of John that I got to go to leadership training," Ford said. "The company continued to invest in me. He saw potential in me, and things I did not necessarily see in myself."

Ford said he also read many leadership books that helped him understand how to practice better management, and earlier had read many books on the sales process. "I was constantly working on myself to become better. … You have to invest in your leadership, capability and acumen, and in many respects, you're a leader in practice long before you become a leader in title." 

On turning around low-performing teams 
Ford recalled joining JPMorgan Chase and being assigned to a low-performing team with high attrition, which he was able to turn around in a short period of time. 

"In my very first meeting with one of the senior leaders there, she said, 'Hey, the attrition is like 38%. You know, half these people aren't making it.' I'm like, 'Oh my God, like, what did I just get myself into?'" he laughed. 

"But what I quickly discovered is, a lot of those folks were brand new. No one had taken the time to give them any coaching or supported direction." 

Every individual has a unique motivation, Ford said he's learned over the years — and it's a manager's job to understand for each person what their motivation is. By connecting that person's drivers to the team's success, Ford said he's been able to light a fire under many seemingly disengaged employees. He also reminded them that other employees at the bank were there to help them cultivate business with clients, if they only reached out instead of staying in silos. 

"Another thing I've learned along the way is, nobody comes to work every day to fail." Some advisors in his branches had felt set up to fail, though, with no training given to guide them along the way to building their books. 

"Being a financial advisor is a tough job. But everybody needs some direction. … What things should they be doing to be successful? And so then I was able to help people who had been struggling or experiencing mediocre progress." 

Changing the mood of a team that underperformed is a lot of work, he said. "But you also have to believe. And as a leader, you have to see a vision that it's going to be better when you're on the other side." 

READ MORE: LPL study: How advisors can triple revenue from $1M to $3M

What's next for the wealth unit at U.S. Bank
Though U.S. Bank is considerably less well-known in wealth management compared with other bank-based brokerage firms and wirehouses, Ford is confident he can grow it aggressively across all wealth channels. 

He reiterated his goals, shared earlier this year in interviews with the press, that he sees U.S. Bank doubling its number of wealth clients from around 500,000 to 1 million in the next three to five years, and doubling its AUM over the same time. 

"Our current AUM as of Sept. 30, 2023 is $448 billion for Wealth, Corporate, Commercial and Institutional Banking," a spokesperson for the bank said in an email. 

The bank plans to grow in several markets around the country, adding to its 2,300 branch footprint — for the wealthiest segments, particularly in the New York tri-state area; Charlotte, North Carolina; Florida; Dallas and Houston. Ford said he also looks forward to growing in California, where the recent Union Bank acquisition has helped the bank jump from "10th in FDIC market share to fifth place now." 

Ford also plans to hire advisors and help train and grow their careers at every level of the business. As a CFP himself, he said that "like most firms, we will cover the cost of them wanting to credentialize. I think that's really important." 

He said the bank's recognition for its DEI efforts and nine-time listing by Ethisphere as one of the world's most ethical companies is also a draw in its favor. "We're also trying to expand who could potentially become a financial advisor," he said. "We know that women are underrepresented in this business. Certainly African Americans, Latinos ... Asians are underrepresented."  

"But you don't have to have this extensive network, and you don't have to be some hardcore salesperson to be successful here. Because … you're going to be part of a team that's going to go to market to serve the needs of clients." 

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