Citizens Financial acquires $7.5 billion Clarfeld Financial

The deal will integrate Citizens Bank Private Wealth Management into Clarfeld

Nov 6, 2018 @ 2:33 pm

By Sarah Min

Citizens Financial Group Inc. is expanding its wealth management business with the acquisition of Clarfeld Financial Advisors, a New York firm with approximately $7.5 billion in total client assets under management and administration.

Robert A. Clarfeld, who has led Clarfeld as founder and chief executive officer since 1981, will serve as CEO of the combined business. The deal will integrate Citizens Bank Private Wealth Management, the private wealth division of Citizens Bank, into Clarfeld.

Terms of the deal were not disclosed. The transaction is expected to close later this year or in early 2019.

Clarfeld will continue to operate under its own name and focus on high-net-worth and ultra-high-net-worth clients.

"Under Rob's leadership, we have a significant opportunity to serve the most complex needs of our clients while we continue to focus on expanding our business," John Bahnken, president and CEO of Citizens Bank Wealth Management, said in a statement.

Citizens Bank Private Wealth Management has approximately $7.2 billion in total client assets under management and administration. The combined Clarfeld-Citizens operation will have approximately $14.7 billion in assets under management and total client assets of about $34.1 billion under management and under administration.

The acquisition will also allow Citizens to expand its services in family office, investment, financial planning, and tax and estate planning services for clients.

Citizens Financial Group has $158.6 billion in assets.

(More: Robo SigFig building digital platform for Citizens Bank advisers)


What do you think?

View comments

Recommended for you

Featured video


Why advisers are pessimistic about the economy

Deputy editor Bob Hordt and senior research analyst Matt Sirinides discuss a recent InvestmentNews survey of advisers, most of whom see a recession ahead before the next presidential election.

Recommended Video

Keys to a successful deal

Latest news & opinion

Finra focuses exam priorities on investor-protection threats

Online distribution of private placements pops up; exchange-traded products cause suitability worries.

10 public companies that boosted their ESG ratings in 2018

These 10 companies increased their environmental, social and governance scores last year.

Blackrock exposed data on 12,000 financial advisers

The data appeared in three spreadsheets, linked on one of the New York-based company's web pages dedicated to its iShares exchange-traded funds

Advisers throw cold water on FIRE movement

Millennials love it, advisers don't: Turns out, extreme early retirement is a suitable goal for almost nobody.

10 universities with the most billionaire alumni

These 10 American schools have the greatest number of alumni who are billionaires.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print