Aite Group, the Boston-based research firm, has continued its recent spate of hiring, adding Sophie Schmitt as a senior analyst in its wealth management group.
Schmitt, who comes from Bank of America’s global wealth and investment management units, recently published “The Practice of Financial Planning: An Advisor’s Segmentation.” In the report, she examined a sampling of the investment advisory profession and sorts financial advisors into five major categories, based on how extensively they incorporate financial planning in their practices.
In upcoming reports, Schmitt will examine vendors of financial planning technology, and investment-cross selling at large banks, according to Aite.
Alois Pirker, the wealth management research director at Aite, said Schmitt’s background in sales processes at Bank of America [BAC] and previous employers made her an attractive choice, especially after the wealth management industry has undergone consolidation.
“We have heard the topic of cross-selling mentioned more frequently—brokerage firms offering banking products, and large conglomerates have independent-minded units that work together,” he said.
In other units, Aite has added Wesley Wilhelm as a senior analyst covering fraud management within bank operations and payments. He was an operations executive at Merchant e-Solutions, where he steered the launch of a merchant fraud and chargeback management service.
Aite also plans to hire an analyst in Europe for its whole sale banking group.
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Also on the move this week:
Hartford Investment Management Co. hired Ray Humphrey as a senior vice president and portfolio manager. He was lead portfolio manager for international and global fixed income products at Neuberger Berman, based in New York City.
The National Association of Personal Financial Advisors has elected Mary Malgiore and Carolyn McClanahan to its board of directors. Malgiore is president and founder of Bethesda, Md.-based The Family Firm, and has also been past president and chair of NAPFA. McClanahan is founder of Life Planning Partners in Jacksonville, Fla., speaks widely on the interplay between health and finance and is a strong advocate for improving the education requirement for those entering the financial planning profession.
Neuberger Berman, a New York City-based employee-owned asset manager, promoted William H. Barnes as a senior vice president in institutional distribution, focusing on public funds. He had been a vice president and head of public funds.
Union Bancaire Privee, a private bank based in Geneva, hired Larry Morgenthal as chief executive of UBP Asset Management, the bank’s U.S. business. He will also be chief investment officer of alternative investments.
Wells Fargo Advisors [WFC], which is based in St. Louis,, hired several advisors in its bank brokerage and private client group. In the private client group, Stephen Zakha joined its office in Wellesley, Mass., from Merrill Lynch; Jeremiah McNamara joined its Red Bank, N.J., office from Citigroup Global Markets [C]; Robert Traina joined its Liberty Plaza, N.Y., from HSBC; and Michael Sharenow joined the office in Morristown, N.J., from RBC. In its bank brokerage group, Edward Wilson joined its Connecticut south office from JPMorgan Chase [JPM]; Raymond Hayes joined its New York City office from RBC; Mitchell Pindus joined its office in Santa Barbara, Calif., from RBC.