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For Bruce McDermott ’69, the personal attention he gives clients is just as important as the wealth-management services he provides. As senior vice president and client adviser for Wells Fargo Private Bank in San Francisco, McDermott limits his client load to no more than 50.
“Investment consulting is relationship-based, unlike the deal business,” he explains. “I can have a huge impact on the lives and well-being of my clients, as well as providing for future generations. Many of my clients have become good friends.”
One even inspires some friendly rivalry.
“One of my largest clients happens to be a Lehigh grad and a current trustee, and the last [four] football seasons have been pretty hard on him!”
An economics and business graduate, McDermott specializes in clients in the real estate business, business owners, professional people, and inheritors. Average assets under management per family are $10 million. He helps his clients set reasonable goals.
“Be realistic about your objectives and about how much risk and volatility you can handle over a specific time horizon,” he says. “Most people make emotional decisions and don’t pay enough attention to asset allocation. Many also forget to include ‘alternative assets’ such as commodities, real estate, hedge funds, and private equity in their allocation.”
McDermott, who received the Pepper Prize, credits his Lafayette experience with giving him a broader perspective and allowing him to participate in a variety of activities. As an undergraduate, he helped plan and emcee a Dionne Warwick concert, served on the first joint student/faculty conduct review board, and was co-captain, along with civil engineering major Jack McSherry ’69, of the wrestling team.
“Lafayette gave me an opportunity to develop leadership skills in student government, sports, and fraternity life,” he says. “Small class sizes and the liberal arts curriculum encouraged me to explore areas of interest outside my major, such as comparative religions and philosophy – areas that I remain interested in to this day. Lafayette helped me to become more well-rounded, more involved, and more confident.”
McDermott participates in activities sponsored by the San Francisco Bay Alumni Chapter, is a Marquis Society donor, and still maintains a friendship with former Dean of Students Herm Kissiah.
Bruce McDermott ’69