Margaret Paddock, who managed the private client wealth-management business for U.S. Bancorp in the Twin Cities, has resigned after a decade to take the same job with Wells Fargo in San Diego.
Paddock, 46, said she and her husband, who moved from Chicago, are empty nesters without Twin Cities roots, and were ready to start a new life sans winter.
“Recently my daughter, sister and best friend moved west,” Paddock said last week. “My husband and I are active and it would be great to be outside 12 months a year. USB is a spectacular firm, and Wells Fargo is very similar. This gave us a great opportunity. This was more about family and lifestyle [than USB].”
Paddock, who started with USB in Chicago, managed a business of 140 people and assets for affluent families of about $16 billion.
Paddock, an immigrant from Poland, wasn’t exactly born to the silk-stocking private-client, wealth-management trade. But she learned early about hard working and managing the financial affairs of others.
Paddock’s father left the family when she was 13. Her mother took a retail job. And Paddock worked her way through high school and college as a bank teller. Paddock’s mother was diagnosed with dementia and was fleeced by a financial scam artist for her life savings. Paddock, by then the working mother of two children, brought her mother into her home and cared for her.
Paddock’s career started as “an accident,” she said last year.
“I started as a bank teller in high school. I worked my way up. I enjoyed the customer interaction and being of service. As a first-generation immigrant, I feel my professional success came from a strong work ethic and belief that we are only bound by the limitations we set on ourselves. Anything is possible.”