BNY Mellon Wealth Management is kicking its U.S. expansion plans into high gear. The unit is hiring in "attractive markets" where it has little representation, as well regions where it is already well established, according to WSJ.com's Financial Adviser blog.
The Boston-based business has a strong presence in the Northeast and Florida. As part of strategy, it recently placed two executives in newly created positions: David Emmes who will focus on West Coast markets, and Erich Smith for Colorado, Ohio, western Pennsylvania and Texas.
Most recently, it made the first of four hires it plans in Seattle. Ex-Wells Fargo Advisors broker Michele Bucklin, a sales officer, will report to Nancy Pellegrino, head of the U.S. Pacific Northwest region.
Five professionals were added in Georgia and Florida since August, but some ground was lost late last year when Wilmington poached eight BNY wealth advisers in Atlanta, including regional head Jack Sawyer.
Expansion plans also include New Jersey. The division is set to increase its business-development staff there to about 30 or 35 from 15 in the next three years, and seek advisory firm acquisitions in the Garden State. It is also hiring relationship managers and portfolio managers.
It also is reported to be interested in opening its first office in Dallas this year.
Write to Laura Lorber