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.
AI can personalize at scale, but without trust, it falls flat.
Teams head for W-2 independence models with practices totaling almost $1B.
Acquisition adds 400 defined benefit plans and 1.5 million participants, pushing Empower deeper into workplace benefits.
Menlo Park firm brings $900m in AUM and specialist expertise serving Apple and Google employees.
Acquisition of the Shufro-Glass Group pushes the national RIA's total client assets above $157 billion.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
