Wilmington Trust FSB plans to grow in the Sunshine state and has named David Fritz, previously overseeing its North Palm Beach office, as head of the Palm Beach Island location. Additionally, three investment and fiduciary advisors will be brought on to split their time between the two offices. The expansion is in response to the growing number of high-net-worth individuals and baby boomers retiring in the region. “Palm Beach has always been viewed as the place to be when it comes to the wealth management business,” Fritz said. He added that Wilmington plans to boost revenue by 15% to 20% over the next year and may eventually add square footage or move into new space to accommodate the doubling of staff over the next two years. It currently employs eight professionals.
The trust company, which opened its Palm Beach Island location four years ago, has been servicing Floridian clients for over 20 years. Fritz replaces Jennifer Wills, who has been named senior private client advisor at the firm’s headquarters in Wilmington. Additionally, the firm may bring on board one private client advisor in North Palm Beach. Fritz reports to Kemp Stickney, president of Florida, who will head the North Palm Beach office.
The Palm Beach Island locale at 140 Royal Palm Way caters to clients with a minimum of $5 million in investable assets, with an eye on retirees who sold businesses and former corporate executives. “We will continue to make in-roads in the business owner segment,” Fritz said, noting that the office focuses on investment management and trust and estate planning services but leverages family office and commercial banking offerings as well. Wilmington Florida has a presence in Stuart, Palm Beach and Vero Beach.