Fifth Third Wealth Advisors is bolstering its position in the independent RIA space as it lands a heavyweight advisor group while adding a new Eastern US foothold.
On Thursday, the firm announced it has added a new advisor team that previously managed $2 billion in client assets. The team, all joining as managing directors, includes Scott Bailey, Scott Cislo, and Murray Kinlaw, an experienced advisor who worked for 12 years at Merrill Lynch.
While Bailey will be based in St. Louis, Missouri, Cislo and Kinlaw will operate from a newly established office in Charlotte, North Carolina.
“We are excited to welcome this team of dedicated and trusted professionals to Fifth Third Wealth Advisors,” Eric Housman, president of Fifth Third Wealth Advisors, said in a statement. “Their expertise and commitment to excellence will further enhance our ability to serve clients.”
This expansion brings Fifth Third Wealth Advisors’ reach to a total of nine advisor teams across eight states, with offices in locations including Naples and Tampa, Florida; Springfield, Illinois; Westchester, New York; Pittsburgh, Pennsylvania; Dallas, Texas; and Atlanta, Georgia.
FTWA positions itself as a unique destination for independent advisors, combining the freedom of a boutique firm with the resources and support of a regional bank.
Founded in 1858, Fifth Third Bank has long been involved in providing comprehensive financial services to individuals, families, and businesses.
"At FTWA, we believe we offer the look, feel, and agility of an independent boutique, supported by a top-performing regional bank,” Housman said. “We allow our teams to dedicate more time to clients and strengthen client relationships.”
Fifth Third has lofty expectations for its wealth division. While it currently claims a position among the top 500 independent registered investment advisors in the US based on independent research, the firm's projections indicate it will reach top 100 status by the end of next year, according to Housman.
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