The new office that aims to target HNWIs with at least US$3 million in assets is headed by managing director William LaFond and staffed with four advisers, stated Washington Post.
LaFond opined that the affluent customers are increasingly concerned about tax reform and the stability of the global financial markets and advised them to make use of the existing tax benefits that may decrease or be phased out in the near future.
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"There has been a search for yield over the last couple of years and dividend income on the investment side has been quite popular," Washington Post quoted LaFond as saying.
The opening of the Washington office succeeds the completion of M&T Bank’s US$351 million acquisition of Wilmington Trust that enabled the bank to enhance its advisory services.
Washington Post quoted Peter Black, president of M&T Bank’s Washington region as saying: "We provided some private banking capabilities and wealth management in the past, but did not have the depth, history and degree of key advisers that Wilmington brought."
Currently, wealth management, trust and corporate services are the largest generator of non-interest income at M&T, accounting for 34 % of fee income, up from 15% before the merger.
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By GlobalDataFurther, regarding the opening of office at Washington, Black said "The economic viability of this town has put services that we have with Wilmington Trust on the wealth management side high in demand."
