On Wednesday, Regions Financial Corp. (RF - Free Report) announced the managerial reorganization of its Wealth Management Group, created in June 2011. The appointment of new leaders came on the heels of Regions’ plan of expanding its Wealth Management solutions for individual and institutional clients.
Alabama-based Regions has pooled its trust, insurance, asset management and private banking units into one group for some time now, so that it could cater to affluent clients. It aims at providing clients with simple, expedient and more beneficial financial management solutions across the 16 states in which it operates.
The Wealth Management Group of Regions consists of four divisions, divided according to the nature of services provided in order to work comfortably. The units are Regions Private Wealth Management, Regions Institutional Services, Regions Investment Services, and Regions Insurance Group. Bill Ritter, who served as the senior executive vice president and Central Region president is leading the new wealth management group.
With total assets of over $22 billion, Regions Private Wealth Management is formed with the integration of the company’s Personal Trust unit and Private Banking group and will be led by Nick Stonestreet, who was leading these units since 2009. Services provided by the division include financial planning, investment and banking solutions to affluent clients.
Another division named Regions Institutional Services offers investment, administrative and trustee solutions to corporate, non-profit, governmental and Taft Hartley clients. Regions’ Asset Management and Corporate Trust units were combined to form this division with more than $50 billion in assets under administration. Moreover, the existing manager of these units – Ken Alderman will be the administrator of the unit.
Managed by Jim Nonnengard, the third division – Regions Investment Services provides fixed annuities, life insurance and wealth transfer products. Moreover, Jim leads Regions’ plan of offering investing, retirement and income planning and was accountable for investment services unit since 2003.
Offering consumer and commercial risk solutions in Arkansas, Alabama, Louisiana, Mississippi, Indiana, and Tennessee to a huge number of clients, Regions Insurance Group is managed by Mr. Curren Coco, the manager of the company’s insurance group since 2009.
Moreover, two more executives were appointed with the intention of focusing on clients’ experience, development of products and Wealth Management Group’s internal operations.
Previously, in April 2012, Anne Copeland joined to manage Product and Client Experience for the Wealth Management Group. Moreover, Mike Daniel was appointed as Chief Operating Officer for Regions Wealth Management, who is accountable for operations, technology, tax, incentive administration, reconciliation and control and legal activities.
Regions will be able to explore opportunities consistent with its strategic and capital planning initiatives. The organization of the new group will aid in diversifying revenue streams and will help in gaining profitable customers, which in turn, will raise fee income.
The formation will facilitate Regions to advance its strategic plan by focusing on the main and profitable customer segments. The company aims at increasing non-interest revenues and creating strong customer relationships while providing greater value simultaneously.
Regions currently retain a Zacks #2 Rank, which translates into a short-term Buy rating. However, among its peers, Cardinal Financial Corp. retains a Zacks #1 Rank, which translates into a Strong Buy rating.