Rockefeller Looks to Double Footprint Over Five Years: Fleming
Rockefeller Capital Management is setting its aggressive broker-recruiting sights on as many as 20 new target markets over the next five years, Chief Executive Greg Fleming said on Tuesday.
“We’re not going to end up in hundreds of cities, but we want to be close where both the elite advisors and the clients they serve are,” Fleming said. “We will continue to expand across the country under this iconic Rockefeller name.”
Rockefeller executives have said that the firm aims to expand to around 200 advisor teams by 2025. The firm oversees about $75 billion in client assets and last week added its 52nd team, attracting a UBS Wealth Management practice in Newport Beach, California. Rockefeller’s client assets have grown significantly from $18 billion when Fleming joined in 2018 and include a portion of assets at the legacy Rockefeller Family Office.
In February, Rockefeller recruited former Merrill Lynch private wealth regional manager Brett Thelander, who will be joining the firm this month in Chicago after a garden leave. Thelander will oversee Rockefeller’s Midwest expansion.
Fleming touted a recent hiring of advisors in Cincinnati as an example of a “first class team” joining Rockefeller. He said the example illustrates how there is “a lot of wealth” in various markets outside of Rockefeller’s current foothold in larger cities. The recruited Cincinnati team included four Merrill advisors generating $7.2 million in annual revenue.
He also said Rockefeller could eventually expand overseas as the brand name would be a “tailwind in Europe and Asia,” although the firm’s recruiting focus is “domestic at this point in time.” Fleming’s commentary also touched on proposed tax increases on wealthy individuals and corporations, and the rise of crypto currency and block chain technology, as two trends drawing clients’ attention now.
Digital currency and blockchain represent a “game changer” and will have a “major impact” on global commerce, but Rockefeller advisors are being “very cautious” in how they advise clients on investing in the space, Fleming said. Governments and central banks will have a large role to play in ultimately setting pricing on crypto assets, he added.
“Clients are clearly asking about it—some more than others,” Fleming said. “We have been very cautious on this, and I think most advisor and advisory firms have been as well given the volatility.”