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Wilmington Trust opens first wealth advisory office in the District
News from Washington Post:
A storied wealth manager founded by the Du Pont family, Wilmington Trust of Delaware has long boasted an impressive list of high net worth clients, a number of whom reside inside the Beltway. Yet the 109-year-old institution never had an office in the District. That is, until now.
Wilmington Trust has opened a wealth advisory services office at 1350 I St. NW, staffed with four advisers and headed by managing director William T. LaFond. The team will target high net worth individuals with at least $ 3 million in assets.
LaFond, who has been with Wilmington Trust for eight years, said affluent customers are growing concerned about tax reform and the stability of the global financial markets.
He advises clients to take advantage of existing tax benefits that may decrease or be phased out in the near future. Transfer tax exemptions on dynasty trusts (a vehicle used to pass wealth onto the next generation), for instance, is currently set at $ 5 million, but is slated to tumble to $ 1 million next year.
LaFond said, “There has been a search for yield over the last couple of years and dividend income on the investment side have been quite popular.” But more than anything, he said, clients are looking for ways to maintain wealth for generations.
Opening the new office comes several months after the completion of continues on Washington Post
UBS’s McCann Revamps Leadership of Americas Wealth Management
News from Bloomberg:
UBS AG (UBSN), the Zurich-based investment bank, shifted leadership roles within its wealth-management Americas unit, according to a memo today from Americas Chief Executive Officer Robert McCann.
Bob Mulholland, who was head of the wealth-management adviser group, was named head of wealth management and investment solutions, according to the memo to the staff, which was obtained by Bloomberg News. Jason Chandler, who ran the unit’s ultra-high-net-worth division, is reporting to Mulholland as head of the wealth-management adviser group.
John Brown, who led wealth-management solutions, is reporting to Mulholland as head of the middle-markets business. He will also report to Brian Hull, who assumes the new title of head of strategic clients and partnerships, as leader of the team responsible for wealth-management Americas’s partnerships with the equities and fixed-income division of UBS’s investment bank.
Torie Von Alt, a spokeswoman for UBS, confirmed the contents of the memo.
Mike Schweitzer, who led wealth managem…………… continues on Bloomberg
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