Citizens Deepens Investment in Florida with Addition of $700 Million Advisory Team

Rhea-AI Summary

Citizens Financial Group (NYSE: CFG) has expanded its wealth management presence in southern Florida by adding a new team of experienced advisors in Naples. Led by Dustin Smith and James Rubinton, who previously managed nearly $700 million in client assets, the team brings over 60 years of combined experience specializing in wealth management solutions for high-net-worth individuals.

This expansion follows the recent addition of a wealth advisory team in Boca Raton and strengthens Citizens' presence in Florida, where the bank is focusing on adding top talent to support the region's growing population. The company, with $217.5 billion in assets as of December 31, 2024, offers comprehensive services including financial planning, investment management, estate planning, and banking solutions through its Private Wealth and Private Bank divisions.

Positive

• Addition of experienced team managing $700 million in client assets
• Strategic expansion in high-growth Florida market
• Strong asset base of $217.5 billion as of December 2024

Negative

• None.

Insights

Wealth Management Analyst

Citizens Financial Group's strategic expansion in Florida through a $700 million advisory team acquisition demonstrates astute market positioning in one of America's fastest-growing wealth hubs. Florida's net migration of high-net-worth individuals, driven by favorable tax policies and lifestyle advantages, creates a fertile ground for wealth management services. The Naples market, in particular, boasts one of the highest concentrations of ultra-high-net-worth individuals in the U.S., with a median home value exceeding $550,000.

This expansion carries several strategic advantages:

• Fee-based revenue potential: Wealth management typically generates recurring fees of 0.75% to 1.5% on assets under management, potentially adding $5-10 million in annual revenue
• Cross-selling opportunities: Integration with Private Bank and Commercial Bank services could increase client wallet share by 20-30%
• Market timing: The addition coincides with a broader industry trend of regional banks expanding wealth management services to offset interest rate pressures on traditional banking revenues

The team's extensive experience (over 60 years combined) and established client relationships reduce acquisition risk and accelerate market penetration. This move, following their Boca Raton expansion, suggests a methodical approach to building a significant presence in Florida's $1.5 trillion wealth management market. While the immediate financial impact may be modest relative to Citizens' $217.5 billion asset base, the long-term strategic value in capturing Florida's growing wealth market could provide meaningful growth opportunities and revenue diversification.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG) today announced that it has further expanded its wealth management reach and capabilities in southern Florida, setting the stage for further growth in that key market.

Citizens Private Wealth has added a team of seasoned wealth advisors, led by Dustin Smith and James Rubinton, who bring more than six decades of combined experience to the firm. Based in Naples, these senior advisors specialize in customized wealth management solutions for high-net-worth and ultra-high-net-worth individuals, families and businesses, having previously managed nearly $700 million in client assets.

“The momentum behind attracting industry-leading talent remains strong in 2025 as the nation’s top advisors look to Citizens Private Wealth for its suite of sophisticated capabilities and unique integration with our Private Bank and Commercial Bank,” said Paul Casey, Head of Wealth at Citizens. “Dustin and James’ dedication to their clients and shared vision for providing outstanding wealth management solutions make them an excellent addition to our organization.”

This Naples-based team follows the addition of a wealth advisory team based in Boca Raton, Fla. this past fall, as Citizens further bolsters wealth capabilities in key markets across the U.S. Citizens Private Wealth offers clients and their families financial planning, investment management, deposits and lending, estate and trust planning, insurance and asset protection solutions, alternative investments and tax planning and preparation.

Serving the Comprehensive Market

The Florida-based Private Wealth teams will partner closely with Citizens Private Bank to help clients simplify their personal and professional financial lives with integrated wealth management and banking solutions. Citizens Private Bank, with a location in downtown Palm Beach, provides world-class service to clients in the market, backed by the stability of a 200-year-old financial institution.

“Citizens is committed to advancing economic opportunities for Florida residents and businesses,” said Jim Weiss, Senior Vice President and Citizens Florida President. “With more residents moving to Florida than any other state, we are focused on adding top talent and strengthening our Commercial and Consumer businesses with industry-leading expertise to further the region’s dynamic economy.”

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $217.5 billion in assets as of December 31, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X (formerly Twitter), LinkedIn or Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250121601034/en/

Jaclyn Bingold Connolly

Jaclyn.Bingold@citizensbank.com

Source: Citizens Financial Group, Inc.

FAQ

How much in assets did the new wealth management team bring to Citizens Financial Group (CFG)?

The new wealth management team, led by Dustin Smith and James Rubinton, previously managed nearly $700 million in client assets.

What is Citizens Financial Group's (CFG) total asset value as of December 2024?

Citizens Financial Group reported $217.5 billion in assets as of December 31, 2024.

Where are Citizens Financial Group's (CFG) new wealth management teams located in Florida?

Citizens has added wealth management teams in Naples and Boca Raton, Florida, with a Private Bank location in downtown Palm Beach.

What services does Citizens Financial Group (CFG) offer through its Private Wealth division?

Citizens Private Wealth offers financial planning, investment management, deposits and lending, estate and trust planning, insurance and asset protection solutions, alternative investments, and tax planning and preparation.