SunTrust Private Bank Pushes Into Ohio
SunTrust Banks has hired a private banker from JPMorgan to open its first wealth management offices in Ohio, saying the market is ripe for expansion.
Virginia “Ginny” Kuertz, who had been with JPMorgan since 2006 and was managing director of its private banking operations in southern Ohio and northern Kentucky, said there is a pool of talent at very large banks she can tap to meet her new bank’s growth expectations.
“The really great thing about SunTrust is they’re so excited and supportive,” said the new Ohio division executive, who is based in Cincinnati. “If I find 10 good people, they’ll give me permission to bring them on.”
She declined to discuss JPMorgan specifically, but the bank in recent years has raised its minimum account requirements for private bank customers and offered less support to advisors who work with clients who keep less than at least $5 million at the bank. SunTrust’s investment minimum for its private wealth clients is $1 million in assets.
A JP Morgan spokeswoman declined to comment.
Kuertz’ first direct report has already been hired. Karen Dulaney, who was with JP Morgan from 2011 to 2016 and most recently worked at Key Private Bank, will open a Cleveland office for SunTrust Private, the bank also said on Tuesday.
Kuertz expects the Cleveland and Cincinnati offices to have at least four advisors by the end of next year. She said she is restricted from recruiting out of JPMorgan for one year, but expects to recruit actively from regional banks and wirehouses.
Private banks in general offer a salary-plus-bonus compensation plan, in contrast to the revenue-driven grid-based payouts of most brokerage firms. Kuertz declined to discuss terms of compensation or recruiting deals that she plans to offer.
SunTrust opened commercial banking branches in Ohio for the first time last year, and hopes to begin selling wealth management services to business owners and entrepreneurs there and in northern Kentucky, the company said.
“Middle-market companies throughout the region have seen their businesses grow faster than the national average,” said SunTrust Private Wealth head Joe Thompson in a prepared statement. “[W]e will advise entrepreneurs who are exploring the sale of their business.”
The Midwest expansion follows SunTrust Private’s 2017 incursion into New York City, Houston and Dallas. In 2018, the bank expanded in Atlanta by hiring two brokers from the high-net-worth Alex. Brown division of Raymond James.