AllianceBernstein Tweaks UHNW Advisors' Title, Program
AllianceBernstein’s wealth management unit says it is expanding its ultra-high-net-worth platform and rebranding its 230 financial advisors as “wealth advisors.”
“For most clients, their Bernstein advisor is so much more than someone to turn to for their investments,” according to Rick Meyers, head of client and advisory for Bernstein Private Wealth Management.
“We feel this title change is a reflection of how our advisors holistically counsel our clients on their assets, complexities, and successes to come, rather than a singular investment or moment in time,” he said in a statement.
Bernstein Private Wealth now works with close to 1,300 individuals and families — each with $25 million or more in assets — and with a total of nearly $38 billion in assets. Its average client tenure is 12 years, the firm says.
Overall, the business plans to grow its UHNW client base, including family offices and global families, by rolling out more “bespoke solutions” targeting their specific needs, it says. This effort is being supported by the formation of a new UHNW service team, the appointment of several senior executives and more family governance research.
