US Trust's Patty Calcado | Networking Magazine

U.S.?Trust?s Patricia Calcado, CFP?, Shares Strategies for Success

STORY BY SALLY GILHOOLEY

Patricia A. Calcado, CFP?, a Senior Vice President and Private Client Advisor for U.S. Trust in Melville, utilizes the Bank?s global resources to identify, formulate and implement wealth management solutions for high-net-worth and non-profit clients. As a trusted advisor with more than 25 years of banking experience, she has had outstanding success in building a broad portfolio of public and privately-held Long Island firms with revenues above $25 million and in developing alliances with high-net-worth principals and business executives.
In an interview with Networking? magazine about the critical challenges of navigating within today?s volatile markets, Calcado says, ?We continue to encourage clients to have non-U.S. assets in their portfolio. These assets can take the form of sovereign debt, foreign equities, currencies, precious metals, and real estate, with an emphasis on both developed and developing non-U.S. assets. The U.S. accounts for only roughly one-fifth of global gross domestic product (GDP), with a population less than 5% of the total, meaning there is a great deal of activity outside the U.S. in which investors should be participating. The emerging markets are of keen interest to us.?

The Global Marketplace
In 2005, Thomas L. Friedman?s international bestseller, The World is Flat focused on opportunities and drawbacks of globalization and popularized the term ?flat world?. Calcado explains how the impact of new technologies affect the way money moves around the planet saying, ?A ?flat? world connected by falling communication costs and liberalized cross-border capital flows means the following: money never sleeps?capital is always in motion, with some $4 trillion now traded on the global foreign exchange markets every single day. At the center of the financial universe is the United States, so U.S. banks, even those considered ?domestic? have some type of global exposure. The capital markets of the U.S. are the largest, deepest and most sophisticated in the world. Our financial sector is truly globalized, so is our business.?

She says, ?Among the greatest assets we have at U.S. Trust are our market strategists. Here is what they tell me. Brazil, Russia, India and China (collectively known as the BRIC) represent different risks and rewards to investors. There is nothing homogenous about this group other than the label. Brazil is an emerging energy and agricultural superpower, albeit with some fundamental domestic challenges in front of it. Russia is really only a commodity play?oil and gas, and if we bought energy for our clients, we would likely stick with large cap U.S. energy giants (better transparency) than Russian firms.

?India is not among our favorite emerging plays, with the nation?s investment climate made difficult by an underdeveloped human and physical infrastructure,? she adds. ?China is a very important part of the global economy, although Chinese firms confront some serious challenges in the way of rising wages, a stronger currency and intense global competition. Currently, our favorite emerging market plays are Hong Kong, South Korea, Taiwan, Singapore, Chile and Poland.?
Commenting on the state of the European market, Calcado says the Bank?s market strategists tell her that it is ?a mess?and a huge drag on global growth since the European Union accounts for roughly one-quarter of world GDP. Problems in Europe have manifested themselves in America via slowing U.S. exports and declining U.S. corporate earnings. The recession is deepening across the Atlantic. We still believe the euro zone will remain intact and the European Union will survive. However, the continent?s problems continue to mount and weigh on the global economy.?

The Personal Touch
Calcado?s natural interest in people is welcomed by colleagues and clients alike. She says, ?In my recent change from Commercial Banking to Private Wealth Management, my dialogue with clients has expanded beyond collaborating on business issues to include discussions about achieving personal and family goals and aspirations, planning for the well-being of parents, spouses and children, identifying philanthropic objectives, and determining how best to preserve and protect assets to pass to the next generation.?

In answer to Networking?s question about the impact of social media, she says, ?I have a lot of clients that have used Facebook and LinkedIn and they are normally around the ages of 35 to 46, I call them the ?sandwich? generation. They are feeling the pressures of having children who are soon going to be in college and at the same time, parents that will soon need to have long-term care plans. We have a lot of discussions about this,? and, she adds, ?U.S. Trust has Eldercare and Financial Empowerment programs to specifically help with these concerns.

?My clients have wanted to be more involved over the past few years. They want to know who is managing their money; they want to have face-to-face meetings more frequently. I don?t think this has to do with (social media), but rather the environment we are in today, ? she says.

Estate Planning
?I tell my clients that it?s really important to have a plan,? emphasizes Calcado. ?The more sophisticated estate planning tools are especially important now because tax laws are expected to change next year, which could affect the amount of money left to future heirs. My clients know this and we talk about it constantly.?

She says that recently U.S. Trust released its 2012 U.S. Trust Insights on Wealth and Worth study which found that many of today?s wealthy families have not taken concrete steps to protect and preserve their wealth through proper estate planning explaining, ?We can attribute some of this to simple procrastination. Nearly six in ten respondents overall said they do not have a comprehensive estate plan. Most of the respondents have the basic elements of an estate plan including a will, a healthcare proxy/living will, and a durable power of attorney.?

Education and Career Path
A licensed Certified Financial Planner, Calcado earned a Professional Diploma from The Financial Planning Program as well as an MBA in Banking and Financial Management from Adelphi University. She received a Bachelor of Science degree in Mathematics and Business Management from Molloy College where she graduated magna cum laude and remains an active alumna and fundraiser.

In 1983, she began her career at Marine Midland Bank and three years later joined NatWest which was subsequently absorbed by Fleet Bank. Prior to becoming a Private Client Advisor for U.S. Trust, Bank of America, Calcado was a Senior Vice President and Senior Client Manager with Bank of America?s Global Commercial Banking Group covering the Long Island market.

Calcado cites her most important career decision as one which took place many years ago when she was given the opportunity to transition from a commercial credit analyst to a client-facing role, managing corporate relationships for the bank. She says, ?It was a natural progression for a young banker, but was a career boost for me because I was able to combine my credit and analytical background with my inquisitive nature and sincere interest in learning about business and meeting people.

?It was this combination of skills and personal engagement that really propelled my career to become a rewarding and enjoyable vocation. My work involves really listening to my client?s objectives, determining their needs and formulating ideas about how best to help them achieve their goals,? she adds.

In 2004, Calcado was part of the Northeast Leadership council which managed transition matters surrounding the Bank of America acquisition of Fleet, and acted as liaison on key management communication. She calls this a ?pivotal moment in her career,? adding, ?As I had the opportunity to meet the incoming management team, one of the recurring themes was one of leadership both within the Bank and in the community, making yourself and your capabilities known, and determining how the Bank and its resources can make a difference to an individual, to a business, to a charity, to a cause. This was a very empowering notion, and a big responsibility, but one that has served me well in advancing my business goals and achieving personal satisfaction.

?My advice to new bankers,? asserts Calcado, ?is to continually advance your knowledge base to become proficient in your specialization. Stay connected both globally and locally to be aware of issues that impact your clients and their businesses. Maintain a positive attitude. Make time to give back to the community, whether as a mentor to a young person or by participating in the community advancing a cause. It is very gratifying and personally satisfying.?

Community Recognition
Calcado, formerly on the board of The Risk Management Association, is a member of the Financial Planning Association of Long Island. In 2008, she was named among the Top-50 Most Influential Women in Business by Long Island Business News. She is active in fundraising for United Cerebral Palsy Association of Nassau County, the American Heart Association and the St. Patrick?s Day Foundation, which raises funds for the annual NYC St. Patrick?s Day parade.
A resident of Smithtown, Calcado and her husband, Jack, have three children.

Source: http://networkingmagazineusa.com/us-trusts-patty-calcado/

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