Asset Management Advisors, an affiliate of SunTrust Banks Inc., said it has opened a second office in Atlanta to accommodate growth in its wealth management business.
Susan Parsons, the president of the new Buckhead office in Atlanta, said on Thursday that it was opened to better serve the growth in the unit's client roster.
"Our business model as a multifamily office is to keep the number of clients to 60 [per office], with four service teams," Ms. Parsons said.
David Bokman, the adviser unit's Atlanta president, said in a press release, "AMA's success has been based on a commitment to have no more than 20 families served by each client-service team. This is part of how we preserve a true family-office environment for our clients."
The opening of the second Atlanta office is part of the unit's strategy for multifamily offices, said Ms. Parsons. Asset Management Advisors will "go where the growth is," she said. It is headquartered in Palm Beach, Fla., and has offices in Orlando, Miami, Washington, Charlotte, and Greenwich, Conn., in addition to the two in Atlanta, its parent's headquarters city.
Ms. Parsons recently joined the company from Ernst & Young's personal financial counseling practice.
Speaking of Asset Management Advisors' plans for expansion, she said she is unaware of any specific area being targeted by SunTrust but that it is always looking.
As for sales goals in the Buckhead office, Ms. Parsons said, the goal is simply to "get as many clients as possible."
She said she expects the wealth management industry will continue to grow as more potential clients become interested in specific wealth services. "More and more firms are offering more than just investment services. And there is a lot of demand for it," she said.
Asset Management Advisors targets people with more than $10 million of investable assets; it has 72 clients in the Atlanta area, near the limit under its service protocol for the original Atlanta office, in the Vinings area.
The adviser unit had $8.7 billion of assets under management at July 31, compared with $5.7 billion the year before.
The unit has also recently brought in two executives for the Greenwich office, Patricia Angus and Donna Morrell. They are responsible for relationship management and business development, respectively.
Elizabeth Mathieu, the president of the Greenwich office, said in a press release, said that Ms. Angus and Ms. Morrell would join in "assisting wealthy families to develop and grow their human, intellectual, and financial capital."
