What WaFd Bank Is Building with its New Wealth Business

Core Insights - Washington Federal Bank has launched a registered investment advisor, WaFd Wealth, aiming to diversify its revenue streams and provide comprehensive financial services under one roof [1][2] - John Chavez, a veteran from Merrill Lynch, has been appointed to lead WaFd Wealth and is focused on developing a technology platform for the mass affluent market [2][3] Company Strategy - The bank's strategy includes integrating wealth management, trust services, and boutique banking to enhance client offerings [2] - Chavez is collaborating with Pike Street Labs to create a financial planning technology platform that will utilize AI-generated outcomes for client scenarios [3] Future Plans - In three years, the bank anticipates that the technology solution for the affluent segment could surpass the assets under management (AUM) of its core wealth management business [3] - The bank plans to empower its staff to pursue Certified Financial Planner (CFP) designations, potentially training thousands of financial planners across its locations [4] Trust Services Development - WaFd Wealth is set to launch a trust company within the next three to four months, which will operate as a subsidiary of WaFd Wealth [4] - The trust company aims to support clients with special needs trusts and leverage recent federal estate tax law changes to enhance planning tools [5] Personal Connections - Chavez has a long-standing relationship with WaFd CEO Brent Beardall, which facilitated the discussions leading to the launch of the wealth management business [6]