PROVIDENCE, R.I. Bank Rhode Island has created three alliances to provide investment management and financial products to its customers.
The Providence bank has formally agreed to refer its wealthy clients to two investment managers: Baldwin Brothers Investment Advisors in Marian, Mass., and PNC Advisors, a division of PNC Financial Services Group Inc. in Pittsburgh.
Bank Rhode Island, which does not offer investment advice in-house, had referred clients to Washington Trust but has ended that relationship, a spokesman said. Clients who want trust services will be handled on a case-by-case basis, he said.
In addition Commonwealth Financial Network, a financial planning broker-dealer in Waltham, Mass., began selling investment products in Bank Rhode Island branches in December under the name Bari Investment Services. The bank has terminated its relationship with Essex Corp. of New York, which had sold annuities through its branches.
Bank Rhode Island, a subsidiary of Bancorp Rhode Island Inc., had $739 million of assets at Dec. 31.