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RBC Wealth seizes on bank crisis to expand U.S. growth plan
It’s one of the biggest banks that many wealthy Americans, or soon-to-be-wealthy ones, have never heard of. That could change soon for Royal Bank of Canada. Following its hire of a $1 billion advisor team from First Republic last week, the U.S. arm of the bank’s RBC Wealth Management unit is ready to pitch itself to advisors and clients as a stable, Canada-nice and highly competitive place to work with. “We see that both financial advisors and clients are more concerned than ever before, about the safety and security of assets,” Tom Sagissor, the president of RBC Wealth Management in the U.S., said in an interview. “When you look at…
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Clients bolting First Republic test wealth advisors’ staying power
It was 10:51 pm on a Saturday before this month when Erin Hadary, a wealth advisor in Denver, received an email from a concerned customer with $2 million really worth of belongings at First Republic Financial institution. Headlines about bank operates had been traveling after the collapse of two banking companies, and jittery depositors had been pulling billions of dollars out of San Francisco-based mostly Very first Republic. The shopper told Hadary that she no more time preferred her revenue, which she inherited, parked at the boutique prosperity firm. “I by now experienced her total wealth management image in place,” Hadary, a husband or wife at St. Louis-centered registered expenditure…
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UBS-Credit Suisse will be a colossal wealth management firm
The pressured relationship of UBS and Credit rating Suisse, two behemoths of worldwide finance, melds a pair of storied Swiss banking companies and longtime rivals — a single currently a very clear chief in wealth management. But does the blockbuster blend create new bragging legal rights — often prized in economic circles — above competition? With yearly revenues in the wealth management marketplace envisioned to top $500 billion by 2030, according to consulting agency Bain, it is really a prime query. UBS previously features that it “has constructed the #1 prosperity management franchise in the planet.” But “franchise” can signify several factors. Both financial institutions cater to the ultrawealthy. And…
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CFP Board Center for Financial Planning and Abacus Wealth Partners Launch Abacus Wealth Partners Scholarship for Increased Diversity in Financial Planning
WASHINGTON, March 7, 2023 /PRNewswire/ — The CFP Board Center for Financial Planning (“Center) and Abacus Wealth Partners announced today the launch of Abacus Wealth Partners Scholarship for Increased Diversity in Financial Planning. This scholarship aims to advance the financial planning profession by providing financial assistance to students pursuing CFP® certification who are from populations underrepresented in the profession and have a financial need. The scholarship will offer as many as four awards per year of up to $5,000 per student seeking to complete an undergraduate-level or a certificate-level CFP Board Registered program in financial planning, either of which would qualify the student to sit for the CFP® exam. Eligible scholarship…
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Merrill Private Wealth head to retire, led Florida boom
Donald “Don” Plaus, a veteran Merrill executive who led the Wall Street firm’s efforts to serve ultrahigh net worth clients and oversaw its private wealth expansion in Florida during the COVID-19 pandemic, is retiring. Plaus will “continue in his role through March 31 and help to finalize plans for his transition,” a company spokesperson confirmed in an email. Plaus went from delivering newspapers and working in restaurants as a young man to running a top-tier wealth shop catering to some of the world’s richest families. He spent more than 32 years at Merrill, Andy Sieg, the president of Merrill Wealth Management, said in a statement. Don Plaus, the outgoing head…
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Huntington plans reorganization aimed at tapping wealth opportunities
Huntington Bancshares executives spoke Wednesday about several ways they are seeking to cut costs, including by consolidating three existing units into one and by offering a voluntary retirement plan to managers. Huntington Bancshares is reorganizing several major business lines under a new plan aimed at both cutting costs and increasing revenue, particularly by seizing opportunities in the wealth management business. Columbus, Ohio-based Huntington detailed the initiative Wednesday at an investor conference. Under the reorganization, the $182.9 billion-asset bank plans to consolidate three existing units — consumer and business banking, vehicle finance and a third segment that includes wealth management, private banking and insurance — into a single unit. That larger…
