Fieldpoint’s initiative is a natural next step for the firm, which was founded in 2008 as a private bank and wealth advisory boutique, its CEO said.

Fieldpoint Private has launched a private banking solution for RIAs and their clients.

Fieldpoint Private Advisor Banking Services enables independent RIAs to integrate private personal and commercial banking and lending into their wealth management service offerings, Fieldpoint said in a statement yesterday. The firm is based in Greenwich, Connecticut.

The US firm said it is filling an “unmet need for a white-glove private banking resource dedicated to the independent advisory community, the largest and fastest growing channel within the wealth management industry.”

At present, clients of independent RIAs must look outside their most trusted financial relationships for banking and lending support, forgoing the expertise of their established advisors and adding complexity, it continued.  

As the service is launched, Fieldpoint Private said it is exiting the investment advisory business and its advisors are migrating to new firms, predominantly independent RIAs. This has led to banking collaboration agreements with several firms to date, and a pipeline of additional RIAs, seeking a solution with a focus on the ultra-high and high net worth range.

“Our platform keeps advisors at the heart of the relationship, positioning them to advise on all facets of the client lifecycle, from wealth creation to wealth protection and wealth transfer. This is the only platform we know of that makes the independent RIA essentially a multi-family office,” Russ Holland, president and CEO of Fieldpoint Private, said. 

Fieldpoint’s initiative is a natural next step for the firm, which was founded in 2008 as a private bank and wealth advisory boutique, he continued.
The firm has more than $3.4 billion in investment assets under management.

“After 14 years of providing banking services to our own RIA, we understand the power of the advisor-client relationship. We’ve lived it and served it; we are a private banking platform built by advisors for advisors,” Holland said.

The firm said that essential to the new platform is proprietary technology, Fieldscope™, which facilitates client introductions and transactions with the bank, and provides process transparency that keeps the advisor in control of the status of their clients’ banking business. 

Fieldpoint’s suite of RIA services also includes Fieldpoint Private Trust, which administers advisor-centric delegated and directed trusts and enables clients’ advisor teams to retain management of trust assets.