Regions Financial Corp.
) 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.
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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
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
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
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