Citizens extends private wealth ambitions with $600M advisor team

Citizens extends private wealth ambitions with $600M advisor team
Led by two experienced advisors, the team brings more than 40 years' combined experience as they enrich the firm's profile in Florida's high-net-worth and UHNW market.
OCT 17, 2024

Citizens Private Wealth, the private wealth arm of Citizens Financial Group, has welcomed a team of seasoned advisors based in Florida as it continues to grow its wealth management capabilities.

The new team in Boca Raton, led by advisors Stephen LaForte and Jonathan Soto, bring over four decades of combined experience and previously managed around $600 million in client assets. Together, they specialize in providing customized wealth management solutions for high-net-worth and ultra-high-net-worth individuals, families, and businesses.

LaForte's history in financial services stretches back to 2007, with stints at Fifth Third Private Bank and BNY Mellon, according to his LinkedIn profile. Apart from Fifth Third and BNY, Soto's employment history includes tenures at Wachovia, SunTrust, and Colonial Bank.

Paul Casey, head of wealth at Citizens, emphasized the significance of the new team in boosting the firm’s presence in South Florida. “The addition of nationally recognized wealth advisors in Boca Raton will bring tremendous momentum to Citizens Private Wealth’s growth in the greater South Florida market,” Casey said. “Stephen and Jonathan are dedicated to building trusting and long-lasting client relationships, and I am confident they will help advance our mission by providing the highest level of client service and personalized advice.”

Citizens Private Wealth offers a comprehensive range of services, including financial planning, investment management, estate and trust planning, lending, and tax services. The team will also collaborate with Citizens Private Bank to help ultra-high-net-worth clients manage their personal and professional financial needs through integrated wealth management and banking solutions.

“There’s been a lot of buzz in the market surrounding Citizens Private Wealth, and we were immediately intrigued by the opportunity to deepen its presence in South Florida,” said Jonathan Soto, managing director of the new team. “What attracted us to join Citizens is the ability to grow our business and better provide for our clients’ rapidly evolving needs thanks to the firm’s strong balance sheet, robust capabilities, and best-in-class resources.”

Citizens, one of the country’s oldest and largest financial institutions, reported $219.9 billion in assets as of June 30. The firm continues to expand its private banking operations, recently opening a new office in Palm Beach. Earlier in the year, it gained traction in other key markets by hiring a $5 billion team in San Francisco from JPMorgan and another $1 billion JPMorgan group in Boston.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.