AllianceBernstein's $38B UHNW unit will no longer have 'financial advisors'

AllianceBernstein unit Bernstein Private Wealth Management is bolstering its platform for ultra-high-net-worth clients, including new senior leaders and a re-brand for its advisors.

This segment of the firm’s client base already has 1,290 individuals and families with combined total assets of almost $38 billion. The average client has been with the firm for 12 years and the expanded capability of the platform is intended to grow this wealthy cohort of clients by delivering even more for family offices and global families.

“We saw a need to consolidate our existing expertise in a center of excellence and more proactively get ahead of the complexities facing our wealthiest clients with a dedicated service team and additional resources personalized to this group,” said Onur Erzan, head of the global client group and private wealth at AllianceBernstein.

Erzan added that these elite clients, while holding vast wealth, are seeking advisors who can bring them a more rounded approach.

“Clients today are increasingly looking for a unified wealth plan centered around legacy with the understanding that complexity is not always financial,” he explained. “That’s why our evolved UHNW Platform offers a more holistic approach to not only manage wealth but the anxieties that come with that wealth.”

A 25-year-veteran of the firm, Aaron Bates, leads the platform and the newly created UHNW service team, which will offer a personalized service with the aim of maintaining a low client-to-professional ratio.

Three senior executives have been appointed, including Amanda Bohr, director of strategic partnerships; Jeremy Lam, director of credit; and Emily Neubert, national director of UHNW services.

NEW TITLES

As part of the firm’s evolution, Bernstein has also decided to end the use of the "financial advisor" title.

Instead, its 230 advisors will use "wealth advisor" as part of a redefining of the firm’s approach to wealth management.

“For most clients, their Bernstein advisor is so much more than someone to turn to for their investments,” said Rick Meyers, head of client and advisory. “We feel this title change is a reflection of how our advisors holistically counsel our clients on their assets, complexities, and successes to come, rather than a singular investment or moment in time.”