Bank of America is extending its private wealth operations in the Southeast as a pair of elite advisors join the firm from Citi.
On Friday, Bank of America Private Bank announced the addition of Phillip Edwards and Lauren Stuhmer to its Palm Beach office.
Joining as private client advisors, the two will focus on providing wealth management services, including investments, philanthropy, credit, and financial planning, to ultra-high-net-worth families across the US, with a particular emphasis on Southeast Florida.
Edwards and Stuhmer bring extensive experience to their new roles, having previously managed $7 billion in client balances during their tenure at Citi Private Bank. Edwards, with 36 years in financial services, has also held senior roles at JPMorgan and a multi-family office, while Stuhmer, who has 17 years of experience, previously served as an investment associate at JPMorgan and Deutsche Bank.
“Phillip and Lauren broaden the experience of our Private Bank team in Palm Beach,” Woodward Middleton, southeast Florida market executive at Bank of America Private Bank, said in a statement. “They are a highly successful team and have a proven commitment to serving the unique needs of ultra-high-net-worth families.”
Their arrival bolsters Bank of America Private Bank’s capacity to address the complexities of significant wealth creation and transfer. The Wall Street bank subsidiary scored another win off Citi in September when it hired a $2.7 billion powerhouse advisor from Citi Private Bank, Austin Koenen, in Atlanta. Earlier in August, it also welcomed an ex-Citi leader to head up its strategic expansion in South Florida.
Bank of America Private Bank employs over 4,000 professionals across 100 offices in 42 US markets. The bank oversees $667 billion in client balances as of September 30.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions
Six apartment deals, one "big account," and $2.7M in undocumented insider loans. Now the lawsuit lands
The Illinois order refers to Brandon Ellington’s investment program as a “Ponzi-like scheme.”
But the Amazon executive chair seems to want it both ways, arguing that taxing the ultra-wealthy won't help struggling Americans.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
