Wachovia strengthens Wealth Management team in Virginia

by Richard Kilner

Story link: Wachovia strengthens Wealth Management team in Virginia

Wachovia Wealth Management has announced the appointment of Thomas E. Beames, Jr as regional director of Richmond Wealth Management Private Banking team.

He has been affiliated with Wachovia and its predecessors for more than two decades, most recently as senior VP and regional MD of Florida’s Wachovia Trust and Investment Advisory Services.

The move has been made as Wachovia prepares for an expected increase in the number of high net worth clients it caters to.

Wachovia’s Insight and Innovation group has forecast a 58% increase in households in the Central Virginia market worth over $250,000 in investable assets from 2005 to 2010.

Over the same timescale, population growth is estimated at only 6%, meaning high net worth households increasing at more than ninefold the rate of population growth.

In his Richmond-based role, Beames will head up a team more than 50 strong who will provide a comprehensive range of wealth management services.