Greenwich-based Fieldpoint Private is launching private banking services for registered investment advisers and their clients, a move that will see the company close its own wealth advisory business.
Fieldpoint Private said in a statement this week that it has launched Fieldpoint Private Advisor Banking Services, a platform that will let independent RIA firms integrate personal and commercial banking and lending into their wealth management service offerings.
“Fieldpoint Private is filling an unmet need for a white-glove private banking resource dedicated to the independent advisory community, the largest and fastest growing channel within the wealth management industry,” Fieldpoint Private said in the statement. “Currently, clients of independent RIAs must look outside their most trusted financial relationships for banking and lending support, forgoing the expertise of their established advisors and adding complexity to their financial lives.”
As Fieldpoint Private exits the investment advisory business to focus on private banking services, its own advisers have been migrating to new firms, mostly independent RIAs, the statement said. This movement has led to banking collaboration agreements with several firms, Fieldpoint Private said, adding that it has a pipeline of additional RIAs looking for private banking services for high- and ultra-high net worth clients.
“Our platform keeps advisors at the heart of the relationship, positioning them to advise on all facets of the client lifecycle, from wealth creation to wealth protection and wealth transfer,” Russ Holland, president and CEO of Fieldpoint Private, said in the statement. “This is the only platform we know of that makes the independent RIA essentially a multi-family office.”
Fieldpoint was founded in 2008 as both a private bank and wealth advisory firm, reaching over $3.4 billion in investment assets under management, according to the statement. Banking services are provided through Fieldpoint Private Bank & Trust, which has about $1.4 billion in bank assets.
“After 14 years of providing banking services to our own RIA, we understand the power of the advisor-client relationship,” Holland said. “We’ve lived it and served it; we are a private banking platform built by advisors for advisors. It’s incredibly gratifying to see the response as we introduce the platform to the RIA community.”
The new private banking platform includes Fieldscope, proprietary technology which facilitates client introductions and transactions with the bank, while providing process transparency to the adviser, the statement said. Advisers will also have access to Fieldpoint’s personal and commercial bankers.
While the firm will no longer provide wealth advisory services, Holland said Fieldpoint’s transformation offers a new way to embrace wealth management.
“To us, wealth management is what happens when holistic planning-based investment advisory and private banking come together,” Holland said. “Advisory Banking Services represents a larger commitment to this vision, touching many more advisor-client relationships than has been possible before.”
