\n As Citizens expands its advisory footprint, the bank is also going after wealth trapped inside business ownership\n <\/p>\n
A large share of the\u00a0Great Wealth Transfer<\/a> is tied up in businesses, says Paul Casey, head of Citizens Wealth Management. He argues that piece of the intergenerational shift needs more attention from advisors.<\/p>\n \u201cIf you think about the great wealth transfer that we’ve all read about and talked about \u2026 a high percentage of that great wealth transfer is currently embedded with business owners,\u201d he told InvestmentNews. \u201cAnd so how do we help them think through the issue of the day, the long-term strategic planning of tomorrow that they will all be facing and dealing with.\u201d<\/p>\n This, he explained, could be related to acquisitions, growing their business, divesting of their business, or protecting their business.<\/p>\n Casey explained that the company hired a team earlier this year, which is led by Mike Herron, head of insurance solutions at Citizens Private Wealth, to handle this type of scenario. \u201cThat’s exactly what they do,\u201d he said, of the Business Consulting Services team. \u201cThey meet with business owners and they go through deep discovery and they help guide them on meeting near and long-term needs.\u201d<\/p>\n Certainly, the various numbers associated with the Great Wealth Transfer are mind-boggling. In 2024 Cerulli Associates\u00a0projected that $124 trillion in wealth<\/a>\u00a0will be transferred through 2048. A year earlier, Visual Capitalist produced a diagram that showed $156 trillion in U.S. assets by generation<\/a>, based on data from Cerulli and the Federal Reserve. Private business accounted for $17 trillion, according to Visual Capitalist, or more than 10% of total U.S. assets.<\/p>\n Casey joined Citizens Financial Group<\/a> from Morgan Stanley<\/a> in 2024 to lead its wealth management<\/a> push and highlighted the company\u2019s many strands as key to supporting wealth and business clients.<\/p>\n \u201cWe have a fully robust commercial bank, capital markets, research, M&A, treasury solutions, commercial sales, of course, we have millions of customers in our consumer bank,\u201d he told InvestmentNews. \u201cWe have a robust business banking effort, so we support businesses of every size up through upper middle market \u2013 then we have this private bank that we’ve been building for the last three years, and we have this wealth business that I’ve been hired to come in and grow and develop.\u201d<\/p>\n Citizens is in the midst of a big private wealth push. Earlier today it added a Tampa-based advisory team<\/a> that oversaw more than $1 billion in assets as it looks to expand its presence in the sunshine state. \u201cFlorida in general, is important \u2014 there’s a tremendous amount of wealth, there’s a tremendous amount of business ownership,\u201d said Casey. \u201cWe have private bank offices in West Palm [Beach] and Palm Beach, we have a commercial banking office in Tampa, that’s exactly where this team will be sitting.\u201d<\/p>\n