Bernstein Private Wealth Management (Bernstein), a unit of AllianceBernstein L.P. (NYSE: AB), today announced the expansion of its Ultrahigh-Net-Worth (UHNW) Platform with an offering designed to help clients navigate the growing complexities of wealth and build a multigenerational legacy.
Bernstein's UHNW Platform currently serves more than 1,290 individuals and families with an average client tenure of 12 years and more than $37.9 billion in total assets. With the renewed focus and expansion, the firm will continue to grow this client base by introducing bespoke solutions tailored to the needs of UHNW clients including family offices and global families. This initiative is supported by a new UHNW Service Team, the appointment of senior executives, and an expanded focus on family governance research.
"We saw a need to consolidate our existing expertise in a center of excellence and more proactively get ahead of the complexities facing our wealthiest clients with a dedicated service team and additional resources personalized to this group," said Onur Erzan, Head of the Global Client Group and Private Wealth at AllianceBernstein. "Clients today are increasingly looking for a unified wealth plan centered around legacy with the understanding that complexity is not always financial. That's why our evolved UHNW Platform offers a more holistic approach to not only manage wealth but the anxieties that come with that wealth."
Under the leadership of Aaron Bates, a 25-year veteran of the firm, the Platform will sit at the nexus of the firm's existing UHNW, Family Offices and Global Families services, bringing together Bernstein's breadth of expertise across practice areas into one centralized resource. The Platform will continue to leverage Bernstein's extensive wealth planning research, including new insights into family governance such as its latest "Family Governance: Lessons from Families Who Have It Figured Out."
The newly created UHNW Service Team will be exclusively available to clients of the UHNW Platform. Designed to have a low client-to-professional ratio and centralized to elevate and innovate best practices, the team will ensure a fully personalized experience and prioritize supporting UHNW clients as they plan for and live with their wealth.
"Far too often, the financial advice model ends once an investment or transaction is complete," said Tara Popernik, Senior National Director of UHNW Services. "In our view, however, that's when it truly begins, as wealthy individuals and families look for something more than just investments: they need help navigating the transition from one chapter to the next as well as monitoring and maintaining the entities and strategies they initially set up to achieve their goals. Bernstein's decades of expertise in planning for these transitions and executing on that plan will continue to grow with our expanded team."
In coordination with the expansion, Bernstein has appointed three senior executives:
Additionally, as of this month, Bernstein's over 230 advisors will undergo a title change from "financial advisors" to "wealth advisors" as part of the firm's evolution. On this change, Rick Meyers, Head of Client and Advisory, added: "We are redefining wealth management. For most clients, their Bernstein advisor is so much more than someone to turn to for their investments. We feel this title change is a reflection of how our advisors holistically counsel our clients on their assets, complexities, and successes to come, rather than a singular investment or moment in time."
To learn more about Bernstein's expanded UHNW Platform, visit Bernstein.com.