We talk to the US firm about its recent addition of a 10-person team in Chicago and why this part of the country is an important growth area for the business.

In June, US group Truist Wealth said it was entering the Chicago market with a 10-person team of wealth management professionals. It now serves nine of the 10 largest metropolitan markets in the country.

We spoke to Frank Carbonara, regional managing director at Truist Wealth, about the firm’s aims for the Chicago region and how these fit into its broader business strategy across the US. (We have also spoken to the firm here.)

How large and important is Chicago and the surrounding area compared with the others you are in?     
First and foremost, I can’t overstate the energy and enthusiasm my team and I have around this opportunity to establish a Chicago presence for Truist Wealth. Chicago is a great addition to the markets Truist Wealth covers – it’s the third-largest US market and Truist Wealth is now in nine of the 10 largest metropolitan areas in the US. Our team has an opportunity to be a key driver of Truist Wealth’s overall growth and I have no doubt we’ll make a meaningful, positive impact.

What are the specific wealth characteristics of the area? Are there specific sectors of wealth that are native to the area that are worth mentioning?     
Chicago is a region known for its entrepreneurial talent and ventures. Our team services entrepreneurs across several industries and offers a depth of experience in commercial real estate specifically.

Our team will also complement Truist Securities, the full-service corporate and investment banking arm of Truist. Together, our teams can deliver business lifecycle advisory solutions that can support a business owner's professional and personal financial needs. 

Chicago has a lot of wealthy people and, unfortunately, it is also known for some big social and economic problems? What is the firm's view of the area's overall prospects?         
Our team has an opportunity to play a large role in Truist Wealth’s growth. It’s not often you get to introduce a company with the size and solution set of Truist Wealth to a completely new market – that’s exciting for us.

Our immediate priority right now is to introduce Truist Wealth to the Chicagoland area and tell the story of this purpose-driven financial services company.

We’re eager to build and sustain relationships in the region and create opportunities to partner with Truist Securities and other Truist business. Everyone we’ve spoken with has been excited to hear that our team will continue to work together and is eager to learn more about Truist.  

You are now in many of the big metro areas in the US. Are you happy with the footprint you have? How are you going to sustain growth, particularly in what appear to be difficult economic conditions?     
Truist has a presence in many of the high-growth markets in the US and we are confident that we will continue to see disciplined expansion of our Truist Wealth business.

Challenging environments are when clients turn to us for advice and counsel. By delivering financial planning, investment management, banking and risk management solutions, we can help clients navigate difficult markets.

Our ability to combine a planning-centric service model with a full balance sheet approach allows us to serve our clients and help them achieve their distinct goals.  

Are there other points you would like to make?      
I’d like to offer a perspective on why we joined Truist. There were three main factors that fueled our decision to join the bank – culture, leadership and the entrepreneurial nature of the role. 

First and foremost, Truist’s purpose to inspire and build better lives and communities struck us. Each day we work with families and business owners to help them achieve their goals: preparing for retirement, planning for a business transition, or leaving a legacy with a cause that matters most to them. That’s building better lives and communities.

Second, we saw a cultural fit with Truist’s ‘One Team’ mentality to business and shared commitment to delivering a bespoke client experience. 

Third, the entrepreneurial opportunity resonated with us. We get to introduce Chicago to Truist Wealth and partner with Truist Securities to support business owners’ professional and personal needs.