Wachovia Wealth Management Names Williams To Oversee Private Banking Efforts In Northast region
Baltimore, MD—Wachovia, the fifth largest U.S. wealth manager, has named Trent B. Williams, a senior executive with more than 20 years of experience, as Wealth Management Private Banking director for the Northeast Region. Williams, a senior vice president, will be based in Baltimore and report to Morrison Creech, managing executive of Wealth Management Private Banking.
Williams will have responsibility for leading teams of Wealth Management Private Banking relationship managers—in New York, New Jersey, Connecticut, Maryland, Pennsylvania, Delaware, Washington, D.C., and northern Virginia— who will work with clients to meet their increasingly complex financial needs. Wachovia’s Private Banking clients are typically working professionals —such as executives, doctors, lawyers and business owners—with growing financial planning, estate planning, credit and insurance needs. Williams will partner closely with regional leaders from Wealth Management, the General Bank, the Capital Management Group and Wachovia Securities to focus on this growing segment.
“These are busy people with complex lives who need advice to simplify their finances,” Creech said. “We know more about their needs than ever before, and Trent and his teams will help us to meet and exceed their expectations.”
Williams previously served as a Premier market manager with Bank of America, most recently in Baltimore. He earned a bachelor’s degree in biology from the University of Virginia. In addition, he is NASD Series 6, 26 and 63 licensed.
Private Banking, a new division of Wachovia Wealth Management previously known as the Private Advisory Group, has announced plans to more than double its 240 relationship managers over the next three years. Hiring is targeted in high-growth markets throughout the Wachovia footprint, including New York, Florida, Texas and California. Private Banking relationship managers will partner with the 1,300 financial advisors in the Investment Services Group of Wachovia Securities to serve the investment needs of the affluent market. Growth in the number of American households with $250,000 to $5 million in investable assets is projected to increase 30 percent from 14 million in 2005 to 18 million by 2010.
“With the significant transfer of wealth under way, and the increasing number of affluent individuals, Wachovia Wealth Management and our Private Banking teams want to be well-positioned to grow and deliver our robust suite of wealth products and services across a broader client base throughout our Northeast Region,” said Creech. “Trent will lead our efforts to be on the ground and fully-staffed in markets where these potential clients are located.”
Creech said that bringing in clients who are new to Wachovia will continue to be a primary focus of the group. Since 2004, the Private Advisory Group has added 30,000 new clients. In addition, Private Banking will work closely with Wachovia bankers to serve the personal financial needs of business owners and executives.
For a photo of Trent Williams, please contact Josh Dunn at email@example.com.
About Wachovia Wealth Management
Wachovia Corporation (NYSE:WB) is the 5th largest wealth manager in the country, according to Barron’s 2006 ranking of U.S. Wealth Managers. Wachovia Wealth Management’s holistic approach includes private banking and credit services; debt solutions; investment management; financial and tax planning; trust and estate planning and administration; charitable services and insurance solutions delivered in an integrated manner based on each client’s needs and preferences. Other specialties include risk management services, family office services, family governance and stewardship consulting, marine and aircraft financing, and retirement and benefits services.
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