Citizens Financial Group is making significant strides in its wealth management business by introducing a nationwide private bank. The Rhode Island-based firm has plans to establish six offices in major wealth centers across the country. The expansion aims to provide a "holistic, high-touch" service model tailored to affluent individuals, families, and businesses.
A Comprehensive Financial Journey
Brendan Coughlin, the Vice Chair and Head of Consumer Banking at Citizens, emphasizes the company's objective is not limited to offering banking services. Instead, they strive to become primary financial advisors, actively supporting their clients throughout every stage of their financial journey.
Strengthening the Team
To achieve this vision, Citizens has recently hired around 50 private bank advisors and approximately 100 support staff, including teams previously associated with the now-defunct First Republic Bank. Additionally, the company has expanded its workforce with an additional 25 personnel, composed of wealth managers and support staff.
While Citizens had been considered as a potential acquirer of First Republic Bank after its collapse, JPMorgan Chase ultimately secured the bid.
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Citizens Bank Expands Wealth Services with Launch of Private Bank
Citizens Bank has announced the launch of its private bank, marking a significant move to enhance its existing wealth services. This strategic decision comes five years after the bank's acquisition of the $6.6 billion advisor firm, Clarfeld, where the reinforcement of wealth services was already identified as a priority.
According to Citizens Bank CEO, Mr. Coughlin, the establishment of the private bank represents an acceleration of scale rather than a departure from their core business. Since acquiring Clarfeld in 2019, Citizens Bank has been catering to ultrahigh-net-worth clients by offering a comprehensive suite of financial services, including family office support, investment assistance, financial planning, and tax and estate planning.
To support this expansion, Citizens Bank plans to open new offices in key markets where their newly acquired First Republic teams were previously based. These locations include Boston, Florida, New York, and the Bay Area in California.
Leading the Boston office will be Doug Smith, John Packowski, David Emmerich, and Rich Kertzman. In the New York office, Bill Dessoffy, Scott Aleali, Jeff Bruce, Garrett Sokoloff, Scott van der Marck, and Ruth Aronowitz Marck will take charge. The Palm Beach office in Florida will be led by James Meany, Bill Benjamin, Patti Travis, and Jonna Brown. Finally, the Bay Area offices will have Roberto Rivera, Mike Franks, Sam Heshmati, Elise Wen, Kim Hutchinson, and Chad Rego as their leaders.
Citizens Bank's expansion into private banking demonstrates its commitment to serving high-net-worth individuals and providing comprehensive financial solutions across multiple markets. With the launch of their private bank, clients can expect even greater expertise and personalized support in managing their wealth.