Rockefeller Capital Management is expanding its wealth management arm and revising its new digital platform, according to Business Insider.
Chris Randazzo, Rockefeller’s head of wealth management and head of technology and operations, previously held executive leadership positions at Morgan Stanley and Bank of America Merrill Lynch’s global wealth and investment management branches.
In an interview with Business Insider, Randazzo discussed the complications with larger firms. In regards to the legacies of the larger firms, “the challenge was trying to innovate at the same time while you’re running multi-billion dollar businesses supporting millions of clients and millions of accounts,” he said.
Now, at Rockefeller, he has “a blank piece of paper”.
Randazzo decided to completely rebuild Rockefeller’s online client offering in March, which is now in beta and preparing to launch later this summer.
At the In|Vest conference in New York, Randazzo explained why the turnaround was so quick. “At a bigger firm, it would have taken a minimum of two years, and the cost would have been 10, 20, 30 times,” he said. “I decided now is the right time, let’s rebuild the entire platform. We think of that in terms of bigger firms, that would take a lot longer.”
Greg Fleming, a Wall Street veteran and former president of Morgan Stanley and Merrill Lynch, joined Rockefeller last year and said digital is key for wealth management.