By Kenneth Corbin
Bank of America Private Bank has notched a significant recruiting win, luring a pair of advisors from Citi Private Bank, where they managed $7 billion in client assets.
Phillip Edwards and Lauren Stuhmer are joining the BofA's office in Palm Beach, Fla.
Their practice caters to ultrahigh-net-worth clients and offers a broad service model including financial planning, lending, and philanthropic advising, in addition to wealth management.
The addition of the team "strengthens our presence in the Southeast to meet the needs and complexities of significant wealth creation and transfer," says Woodward Middleton, southeast Florida market executive at BofA's private bank.
"Phillip and Lauren broaden the experience of our private bank team in Palm Beach," he says. "They are a highly successful team and have a proven commitment to serving the unique needs of ultra-high-net-worth families."
Citi declined to comment on the team's departure.
The move continues Bank of America's efforts to build out its private-banking services for ultrawealthy clients. The private bank ended the third quarter with $667 billion in client balances, a 16% increase from the same period a year earlier.
Bank of America says Edwards and Stuhmer's practice will serve clients across the country but focus on those in southeast Florida.
Edwards is a 36-year veteran of the financial-services industry, the bank says. He first registered as a broker in 1991 with Marian Bass Securities, and has had stints at Charles Schwab and J.P. Morgan Securities, among other firms.
Stuhmer, a certified financial planner, broke into the industry in 2007 with Deutsche Bank Securities as a dually registered broker and investment advisor, according to the online database BrokerCheck. She joined J.P. Morgan Securities in 2014 before moving to Citi in 2021.
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 22, 2024 13:13 ET (18:13 GMT)
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