Northern Trust is ramping up its wealth management business in the Northeast. It has named Randall S. Burkert, a 20-year Goldman Sachs veteran, managing director of Development for its Personal Financial Services, the bank's wealth management arm.
In the newly created position, Burkert will have direct oversight of new business development in the Northeast region. He will lead a team of seven wealth strategists, while personally developing new business himself, according to Dave Blowers, the firm's East region president and CEO. The wealth strategists, Blowers explained in a telephone interview, "work with wealthy families and individuals to develop solutions that make sense for their personal situation." They deliver "all manner of wealth management services," including private banking, financial planning and wealth transfer strategies.
In addition to Burkert, Northern Trust added a regional marketing director to the team in August, Blowers said.
The new hires are a sign of the firm's growth from a "startup to a more established business in the region," Blowers said. The firm's first private wealth office in the Northeast region opened in New York in 2003. Today it has offices in Boston, Greenwich, Conn., Wilmington, Del., and Washington, D.C.
"The Northeast represents a tremendous growth opportunity for our firm and that's why we're making these investments," Blowers said.
Before joining Northern Trust, Burkert spent two and a half years as head of Hirtle, Callaghan & Co., an investment consulting firm in Philadelphia that he helped establish. Prior to that, he spent two decades at Goldman Sachs as a managing director in the Securities Division. He was one of the original members of the Goldman Sachs Trust Company and served on the institutional sales team. He later co-founded and headed the Global Institutional Group.
"His tremendous contacts in the wealth community in the Northeast" is one of the reasons that made Burkert "so attractive to us," Blowers said.
Burkert was also an NBA draft choice by the Philadelphia 76ers and played basketball professionally in Argentina prior to starting his career in financial services. Burkert's "competitive spirit" will fit in with Northern Trust's team approach to wealth management," Blowers said.