Boston Private Wealth (BPW) was purchased by SVB Wealth in 2021, and then subsequently acquired by First Citizens in 2023. Today the firm operates under the SVB Wealth banner as part of First Citizens and it is a fee-based financial advisor arm of the bank, as some advisors can receive compensation for the sale of securities and insurance. Individuals and families represent the vast majority of the firm’s client base. It is also known as SVB Private.
Although First Citizens Wealth is based out of Boston, it also runs branches in other areas of the country. In fact, you’ll find locations with wealth management services in San Francisco, California; Beverly Hills, California; Naples, Florida; Palm Beach Gardens, Florida; and Madison, Wisconsin.
First Citizens Wealth Background
First Citizens Wealth can trace its roots back to 1986 when it was founded under the Boston Private Wealth banner. The firm, today, is a wholly-owned subsidiary of financial services company First-Citizens Bank and Trust Company. The total number of advisory certifications at the firm is unclear. However, the firm’s leadership team boasts such certifications as chartered financial analyst (CFA), Certified Financial Planner™ (CFP®), accredited wealth management analyst (AWMA) and certified investment management analyst (CIMA).
First Citizens Wealth Client Types and Minimum Account Sizes
First Citizens Wealth’s client base includes individuals with and without a high net worth, families, trusts, estates, charitable organizations, corporations, banking and trust companies, retirement and profit-sharing plans, outside investment advisors, state/municipal government entities and foundations.
The firm doesn't have any minimum account size requirements. However, the effective annual fee may be more than 1.25% for clients who have less than $1 million in assets under management.
Services Offered by First Citizens Wealth
First Citizens Wealth has a diverse array of services to cater to its sizable client base. Take a look at the list of offerings here:
- Discretionary investment management
- Specific investment analysis
- Personal investment objective assessment
- Risk-adjusted asset allocation planning
- Proprietary separate account strategies
- Comprehensive review of existing investments
- Tax-efficient strategies
- Custom reporting, research and manager searches
- Investment policy development
- Consulting
- Wealth advisory and holistic financial planning
- Financial goal review
- Retirement planning
- Cash flow planning
- Estate planning
- Trust planning
- Debt management
- Risk management/insurance review
- Legacy and estate planning
- Business succession planning
- Philanthropic gift planning
- Education fund analysis
- Investment planning
- Financial protection planning
- Compensation and benefit analysis
- Retirement plan advisory services
- Education for plan participant communication
- Risk assessment
- Expense analysis
- Plan governance
- Fiduciary responsibility review
- Investment planning and selection
- Wrap fee programs
First Citizens Wealth Investment Philosophy
First Citizens Wealth has an extensive set of investment management services that are designed to meet the needs of each client. Once you officially join the firm, your advisor will look to iron out your financial goals for the future, overall time horizon, risk tolerance and liquidity needs. Usually, your profile will be matched with one of these strategies:
- Equity: This consists of 40 to 60 individual stocks with strategies like core, growth, small-mid cap, all cap and income-oriented.
- Tactical: BPW will morph these portfolios by protecting your assets with cash and fixed income holdings when the market is volatile or by increasing your stock holdings when things are safer.
- Fixed-income: To offer ample liquidity, return reliability and tax minimization, the fixed-income strategy includes bonds and ETFs.
Just because your assets are invested doesn’t mean that First Citizens Wealth is finished working with your portfolio. When this time comes, the firm will instead center its services around the management of your investments. This involves rebalancing your account to better fit current market trends and your initial investment plans, as well as strategic moves that help minimize the capital gains tax.
Fees Under First Citizens Wealth
To remain as transparent as possible, First Citizens Wealth will provide your entire set of fees before you become a client of the firm. Although the fees below illustrate most of the charges you’ll come across, rates are negotiable and may vary from client to client depending on the complexity of your needs.
Regardless of the services you are receiving, you pay all fees in advance every quarter. How you pay your fees will depend largely on who BPW utilizes as your account’s custodian. In other words, these fees will either be automatically deducted from your account’s balance or you’ll be charged via an invoice to pay by check.
| Wealth Management Fee Schedule | |
| Portfolio Value | Annual Fee |
| First $1,000,000 | 1.25% |
| Next $1,500,000 | 1.15% |
| Next $7,500,000 | 0.90% |
| Over $10,000,000 | 0.70% |
Fixed income portfolios are negotiated on a case-by-case basis, with the annual fee not to exceed 0.75%. Consulting services are typically charged $300 per hour, a fixed dollar fee and/or an asset-based fee. If you're receiving wealth management services, here's what you might expect to pay.
| *Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount. | |
| Estimated Investment Management Fees at First Citizens Wealth* | |
| Your Assets | First Citizens Wealth Fee Amounts |
| $500K | $6,250 |
| $1MM | $12,500 |
| $5MM | $52,250 |
| $10MM | $97,250 |
What to Watch Out For
There are three disclosures listed on the firm's SEC-filed Form ADV.
First Citizens Wealth is a fee-based firm, as some advisors can receive commissions from the sale of certain securities and insurance products. However, the firm does abide by fiduciary duty.
Opening an Account With First Citizens Wealth
If you want to become a client of First Citizens Wealth, there are a few different ways to do so. You can stop by First Citizens Wealth's website and visit its employee directory to find the contact information for advisors in your area. Prospective clients can also email First Citizens Wealth through its website or call it over the phone.
All information is accurate as of the writing of this article.
Tips for Your Retirement Savings
- Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Because particular strategies for retirement saving vary according to a particular person’s needs, it can be tough to know how well you’re doing for your age. To gain some insight into the quality of your savings, take a look at our analysis of the average retirement income in the U.S.
