#USA #Hicksville #Wealth Management #Flagstar Bank #Carly Doshi

Flagstar Private Bank Expands Wealth Management with New Leadership

Flagstar Bank, a prominent player in the private banking sector, has made significant strides in enhancing its wealth management division. In a recent announcement, Flagstar Private Bank and Wealth Management unveiled the introduction of specialized services designed to meet the complex needs of its clients. This move is part of the bank’s broader strategy to deepen customer relationships, broaden its services, and ultimately drive growth in an increasingly competitive market.

Appointments of Key Leaders

One of the pivotal developments in this expansion is the appointment of two key executives who will lead new wealth-planning capabilities. Carly Doshi, who has been appointed as the Executive Vice President and Head of Family Advisory, Trusts, and Estate Planning, brings a wealth of expertise from her previous roles at HSBC, JPMorgan Chase, and more. Her focus will be on income and estate planning, philanthropy, and comprehensive financial planning designed to create sustainable wealth across generations.

In parallel, Irene Bowers Blumberg has taken on the role of Executive Vice President, Head of Insurance, where she will oversee and diversify the bank's insurance product suite. With her extensive background in client advisory roles at HSBC and JPMorgan Chase, Irene is well-positioned to enhance Flagstar’s offerings in this domain.

Regional and Sector-Focused Operating Model

In addition to leadership appointments, Flagstar has adopted a new operating model that aligns its services with three distinct regions: Northeast, Southeast, and West. This strategic change is accompanied by the establishment of specialized verticals focusing on Legal and Professional Services, Community Markets, and Innovation in Private Markets. These verticals aim to deliver specialized knowledge and advice tailored to the unique challenges faced by clients in these sectors.

Northeast Region Leadership

The Northeast region, particularly the New York metropolitan area, has become a focal point for Flagstar. The bank has appointed Charlie Ryan, Richard Petrosky, and Michele Celestino as co-heads to lead initiatives in this area. With nearly 35 years of experience, Charlie Ryan specializes in serving business owners and law firms, while Richard Petrosky and Michele Celestino bring their significant expertise in private banking to nurture client relationships and expand the bank’s footprint.

Expansion in the Southeast and West

Flagstar is also eyeing growth in the Southeast and West regions, with new Private Client Offices opening in strategic locations like Palm Beach, Florida, and San Francisco, California. This expansion underscores Flagstar’s commitment to serve a broader array of clients in these burgeoning markets over the next few years.

Expert Vertical Leaders

The newly established verticals within Flagstar’s banking structure will be managed by experienced professionals in their respective fields. Angelo Galati will head the Legal and Professional Services vertical with over two decades of experience catering to this sector. Steve Rochlin, with a focus on innovation and private markets, will lead the relevant vertical while utilizing his extensive background with entrepreneurs.

Meyer Eichler will oversee the Community Markets vertical, emphasizing the importance of engaging with specialized community groups to foster tailored banking solutions.

Commitment to Relationship Banking

Mark Pittsey, Head of Flagstar Private Banking and Wealth Management, emphasized the bank’s transformation over the past 18 months, stating that the aim is to deliver enhanced value to clients and solidify the foundation for future growth. The relational banking approach is at the core of Flagstar's strategy, ensuring that clients receive personalized services tailored specifically to their needs.

In conclusion, Flagstar Private Bank is positioning itself as a leader in the regional banking sector by enhancing its wealth management capabilities through strategic leadership appointments and a customer-focused operational model. This initiative reflects a broader trend in the banking industry to provide more tailored and relationship-centered services, ensuring a robust future for both the bank and its clients.