Banking & Finance

PNC Brings Together Wealth Advisory Services

By Jenny Callison, posted Sep 3, 2021
Newly branded PNC Private Bank will bring all segments of the financial institution’s personal wealth businesses under one umbrella, PNC officials announced in August.

To do so, the institution is making investments in talent and technology and expanding local delivery of personal wealth products and services throughout PNC’s geographic footprint.
“PNC Private Bank … will serve emerging, established and multi-generational affluent wealth segments,” the announcement news release stated. “Teams of advisors with specialized expertise in serving clients across these segments will be formed in each new market that PNC enters through its acquisition of BBVA USA. while Private Bank teams in most existing PNC markets will be expanded.”
PNC closed on its $11.3 billion acquisition on the U.S. banking division of Spanish company BBVA, in June, expanding PNC into Arizona, California, Texas and Florida.
PNC has offered personal wealth services in the Wilmington market since 2013, said PNC’s Raleigh-based regional spokeswoman Karyn Ostrom.
“The local team includes a senior relationship strategist, Nick Becton; a senior banking advisor, a senior investment advisor, a fiduciary advisor and wealth strategists,” Ostrom said. “The team’s capabilities have expanded, and they offer a broad spectrum of planning, investment management, banking and credit solutions.”
The Wilmington team can serve the needs of ultra-wealthy individuals through its PNC Private Bank – Hawthorn strategies. That segment of the Private Bank, focused on people whose assets total $20 million or more, is headed by Anna Vitelli.
“Private Bank – Hawthorn is very expert in helping families that have complicated financial situations involving foundations, charities, trusts and businesses,” Vitelli said.
Vitelli’s unit anticipates a whole range of issues that extremely wealthy families may deal with, so it employs a psychotherapist, a social worker and an art specialist.
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