NSU Horizons Fall 2011

34 horizons Warren Cohn , M.B.A. ’03, lives a life that Hollywood insiders might envy. As senior vice president of U.S. Trust, Bank of America Private Wealth Management, Cohn leads a team of accountants, estate attorneys, portfolio managers, and wealth strategists that cater to the investment management needs of some of the entertainment industry’s top actors, writers, direc- tors, producers, and studio executives, as well as top professional athletes. As he puts it, “My clients are my friends, and we spend lots of time socializing like attending Lakers games, traveling, and other ways of getting to know each other.” Yet, despite the sheen of glamour, working with these superachievers is serious work. U.S. Trust’s customers must have a net worth in excess of $25 million, with investable assets of at least $5 million. Because many of his clients are in highly competitive and potentially short-lived career tracks, they need to invest for the long-term, so that their assets last even after the movie offers stop or a position is no longer available on a team. “Some of our clients come from modest backgrounds and don’t have experience in handling large incomes. They can be big targets for scam artists. We work with our clients to help them understand and protect their wealth. One of the things I like most about U.S. Trust is that we have a fiduciary relationship with our clients. It means that we audit the investments of our customers to be sure that they are appropriate. We invest for the long-term, not for high-risk, short-lived gains.” Cohn and his team also have the challenge of ensuring that clients and their children handle the positives as well as the negatives of being extremely wealthy. “We’ve all heard of Hollywood kids who go down the wrong path. They get exposed to a lot early in their lives. We work with our clients to help them talk to their kids about money and making good choices. We can even structure incentive trusts that distribute funds to children hitting positive benchmarks like staying in school, not using drugs, or succumbing to the lifestyle found in L.A.” What is most satisfying to Cohn is the opportunity to work with individuals who want to do good for the community. “The majority of our customers want their families to be comfortable, but intend to leave the bulk of their wealth to charity. We assist many of them in setting up foundations and creating charitable estate plans.” In addition, Cohn notes that Bank of America, the parent company of U.S. Trust, gives away millions annually in communities where it has a strong presence and encourages executives like Cohn to take an active role in volunteer leadership in charitable organizations. To that end, Cohn is vice chair of the Trevor Project, a national organization that provides a call center and counseling to gay, bisexual, lesbian, transgender, and questioning (GBLTQ) youth who are at risk of suicide because of bullying experiences. Cohn explained that he was moved to join the organization because it saves lives. “There are adults today who can thank the Trevor Project for being alive because someone supported them in a time of need.” The organization receives 3,500 calls per month from youth around the country through its 24-hour call center. It also provides advocacy and educational programs for teachers, parents, school counselors, and students. Cohn also serves as co-president of the California State Summer School for the Arts (CSSSA), a public/private nonprofit that provides intensive arts training and education alumni profile Alumni Brings a Wealth of Knowledge to Career By Joanne Ferchland-Parella, vice President of Institutional Advancement Warren Cohn handles a variety of clients in the entertainment and sports fields.