Having hired Wells Fargo executive Susan Traver to lead its new high net worth advice-giving and private banking effort in Washington, D.C., BNY Mellon Wealth Management is finalizing plans to increase its staff there by a total of 10 or more professionals, says a company official.
The firm's newest wealth management office is in the process of moving from Bethesda, Md., to a larger space on H Street. Here, it plans to increase its wealth management staff.
"We anticipate hiring at least 10 people in the coming year," and possibly more depending on growth, company spokesperson Susan Rivers told eFinanicalCareers, noting that the firm will now have full fledged offices in all the top 10 wealth management hubs including Los Angeles, New York, Chicago and Boston.
BNY Mellon will be looking for professionals with experience in both private banking and wealth management, she said. Specifically:
- On the wealth management side, experience will be sought across the "entire suite" of planning services including tax and estate planning.
- As for private banking, the company will seek those with experience managing money as well as handling mortgages and other types of lending.
"The Boston-based unit of BNY Mellon had a small satellite office in Bethesda, but the new 10,000-square-foot location at 1250 H St. NW - which opened Nov. 21 - will be its first full-service office in the area," says the Washington Business Journal, adding that, "The company will target high-net-worth clients with at least $3 million in investable assets, though many of its clients have a lot more than that."
BNY Mellon said in a formal announcement that the move to D.C. and Traver's appointment as president of the Washington wealth management office reflects the latest developments in the firm's efforts to "add staff and establish offices in new markets both domestically and globally."
Prior to joining BNY Mellon, Traver was regional managing director for Wells Fargo Private Bank in Washington. Before that, she served as managing director and head of sales and marketing for Rockefeller & Co., a large multifamily office with locations in New York and Washington. Currently she is on the advisory board of American University's Kogod School of Business, where she has served as an adviser and mentor.
"Our clients, who typically have complex planning, banking and investment needs, will benefit tremendously from Susan's extensive skills and experience," says Timothy Tully Jr., president of eastern U.S. markets for the company's wealth management business.
Traver, who spent most of her professional career serving high net worth individuals and families in and around Washington, D.C., will report directly to David Kutch, regional president for the firm's Mid-Atlantic region.
BNY Mellon notes that six months ago, the firm finalized its purchase of the investment management business of Talon Asset Management of Chicago, and a year ago completed its acquisition of i3 Wealth Advisors of Toronto.
"Over the past two years, the firm has also established a beach head in the lucrative Texas market and raised its stature in key West Coast markets," says the firm.