Citizens Financial Group is enhancing its wealth management division in California by integrating a new team of advisors in the San Francisco Bay Area. The group, which specializes in serving ultra-high-net-worth clients, had managed more than $5 billion in client assets at JPMorgan.
Leading the team of 12 are Rick Gordon, Hugh Beecher, and Andrew Curto, all seasoned professionals in the wealth management sector, whose high-profile clients include entrepreneurs, business founders, and real estate investors.
Brendan Coughlin, vice chair and head of consumer banking at Citizens, expressed enthusiasm about the new additions.
"We are excited to bring aboard one of the top California-based wealth teams to Citizens Private Wealth as we look to grow our business and better serve our clients," Coughlin said.
Citizens Private Wealth provides a comprehensive suite of services, including financial planning, investment management, estate and trust planning, as well as insurance and tax preparation services.
It works closely with the firm’s private bank, which Citizens launched last year, to offer integrated wealth management and banking solutions that simplify the financial lives of clients. The launch of that business, Citizens Private Bank, included hiring 200 bankers and adding more than a dozen financial advisors.
"The Citizens Private Wealth model perfectly aligns with our desire to deliver a client-focused and personalized experience to better serve our clients in all aspects of their financial life," said Gordon, whose record in the industry includes stints at First Republic Bank and Barclays.
"The Citizens platform is designed for high-caliber wealth managers like Rick, Hugh and Drew who are dedicated to meeting the complex needs of their clients,” said Tom Metzger, senior vice president of Citizens Private Wealth Management. “They bring the level of expertise and experience that is critical as we grow our private wealth practice.
The Friday announcement from Citizens follows closely after the news that Paul Casey, a former key leader at Morgan Stanley, will join the firm as the new head of wealth management in July.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
