FNB Corporation launches family wealth office to serve ultra-high-net-worth clients

FNB Corporation is deepening its push into the ultra-high-net-worth market with the launch of a dedicated family wealth advisory unit and the hiring of two veteran wealth management executives to lead it.

The Pittsburgh, Pennsylvania-based bank holding company with $51 billion in total assets has established FNB Private Family Wealth, a specialized practice designed to serve clients whose multigenerational financial needs extend beyond traditional investment management. The move comes as demand for comprehensive, relationship-driven wealth advisory services continues to accelerate among America's wealthiest families.

The expansion is part of a broader growth strategy for FNB which operates more than 355 banking offices across seven states and Washington, DC, serving major markets including Pittsburgh, Baltimore, Cleveland, Charlotte, Raleigh and Washington, DC.

Two senior hires anchor the new unit

Leading the new practice are Benjamin J. Ciocco, who joins as Director of Family Wealth and Fiduciary Services, and Frank J. Aloi, who has been appointed Chief Market Strategist for Family Wealth.

Between them, the two executives bring more than five decades of experience working with ultra-high-net-worth individuals and families.

Ciocco, who holds a law degree from Duquesne University, spent more than 15 years building and managing high-performing teams for ultra-high-net-worth clientele before joining FNB, while Aloi, a Chartered Financial Analyst and Chartered Market Technician who holds an MBA from the University of Pittsburgh, brings more than 35 years of experience in wealth management, with a particular focus on private markets, real assets and hedge fund strategies.

Vincent Delie, Chairman, President and CEO of FNB Corporation, said the new offering is designed for clients whose needs require more than standard advisory services. "This elite wealth advisory office is a valuable resource for clients whose complex financial needs require tailored guidance and comprehensive solutions," Delie said.

A broad suite of services for complex financial situations

The new family wealth practice’s services will include alternative investments, wealth preservation and transfer strategies, tax optimization, succession planning and customized advisory services delivered through the bank's investment banking division. Clients will also have access to FNB's private banking, mortgage, insurance and digital banking capabilities.

The breadth of that offering reflects a broader shift in how advisors are competing for the wealthiest clients. As InvestmentNews has reported, there are now more than 206,880 ultra-high-net-worth individuals in the US, representing $23.8 trillion in assets, making it the largest single market for this segment globally, according to the Altrata World Ultra Wealth Report.

That growth has intensified competition among banks, independent wealth managers and family office operators for a client base that increasingly expects institutional-grade advisory capabilities delivered with a high degree of personalization.

Regional bank moves to close the gap with private banks

For FNB, which was founded in 1864 and traces its roots to First National Bank of Pennsylvania, the new family wealth unit represents an effort to close the gap between what large private banks and dedicated family offices offer and what regional banking institutions have traditionally been able to deliver.

The bank's geographic footprint, spanning Pittsburgh, Baltimore, Cleveland and the Carolinas, gives it a natural base of business owners and established families who may prefer working with a bank that understands their local markets.

The launch of FNB Private Family Wealth also signals growing recognition among regional banks that the ultra-high-net-worth segment which have long been dominated by the largest wirehouses and private banks, is increasingly contestable territory.