AllianceBernstein’s wealth administration unit says it’s increasing its ultra-high-net-worth platform and rebranding its 230 monetary advisors as “wealth advisors.”
“For many shoppers, their Bernstein advisor is a lot greater than somebody to show to for his or her investments,” in response to Rick Meyers, head of consumer and advisory for Bernstein Personal Wealth Administration.
“We really feel this title change is a mirrored image of how our advisors holistically counsel our shoppers on their property, complexities, and successes to return, somewhat than a singular funding or second in time,” he mentioned in an announcement.
Bernstein Personal Wealth now works with near 1,300 people and households — every with $25 million or extra in property — and with a complete of almost $38 billion in property. Its common consumer tenure is 12 years, the agency says.
General, the enterprise plans to develop its UHNW consumer base, together with household workplaces and international households, by rolling out extra “bespoke options” concentrating on their particular wants, it says. This effort is being supported by the formation of a brand new UHNW service group, the appointment of a number of senior executives and extra household governance analysis.