US-based wealth advisory firm Wilmington Trust is reportedly weighing RIA purchases and planning to extend hiring initiatives to tap wealthy clients.
According to Bloomberg, the firm is eyeing “targeted” RIA acquisitions in key markets.
However, the firm has not yet started negotiations with any firm, noted Wilmington Trust head of wealth management Doris Meister.
The firm intends to increase its adviser headcount by two-fold over the coming three to four years in a bid to better serve affluent customers.
The focus will be on employees serving a more diverse group of clients such as women and minority business owners, said the report.
Meister was quoted as saying by the publication: “We’ve laid the foundation — we can really grow and scale our business.
“We needed people who were very client-oriented, can build great teams and know how to build a great business.”
The firm recently appointed several wealth market leaders, wealth advisers, and strategists across key markets in the US. These markets include Atlanta, Baltimore, Boston, Los Angeles, and New Jersey.
Currently, the firm is prioritising dealings with large affluent families with complex finances. Plans are also on to enhance offerings for women, who are expected to have greater control of financial assets in the US over the coming decades, noted the report.
Meister added: “A number of professionals in the business are really tired of working for huge organisations.
“That’s been a major selling point for us -– we have top talent, we have great people, but we’re also a size where you can personally relate to each other.”
A subsidiary of M&T Bank, Wilmington Trust provides personal trust, financial planning, fiduciary, asset management, private banking, and family office services, among others.
The business has offices across the US as well as in London, Dublin, Paris, and Frankfurt.