Clarfeld | Citizens Private Wealth, part of Citizens Bank, has appointed Rick Suarez as its new CEO.

Suarez replaces Rob Clarfeld in the new role. Rob Clarfeld is the founder of Clarfeld Financial Advisors (Clarfeld), a wealth management firm and multi-family office that was purchased by Citizens last January.

He will remain with the business and manage strategic initiatives, brand stewardship and client service.

Citizens Bank Wealth Management CEO and president John Bahnken said: “We have completed the integration of Clarfeld and Citizens Wealth Management, and are now serving clients as a combined team delivering the range of solutions that we outlined early in 2019.

“Additionally, we are delighted that Rob will continue on with our business as Executive Chairman, and Rick is completing the transition to president and CEO.”

Suarez formerly was the co-COO of Clarfeld and had seats in its executive and investment policy committees.

“Rick and I have worked together since 1996 when he first joined us as a financial planner. We are fully aligned in terms of our client-centric service philosophy and shared vision to create the industry’s premier private bank,” Rob Clarfeld noted.

Meanwhile, Robert Varriano has been appointed as the sole COO. Varriano has been working at the firm for 29 years.

Citizens Bank is a unit of Citizens Financial Group, which oversaw $164.4bn in assets at the end of September 2019.