Evan Reed to run bank's multi-family office in Miami. Bank of America’s Family Wealth Advisors group plans to open an office in Miami. The eight-month-old family-office unit, part of Bank of America’s Global Wealth & Investment Management division, caters to ultra-high-worth families and individuals. The South Florida location complements existing offices in New York, San Francisco, Los Angeles and Chicago.

Senior wealth advisor Evan Reed will lead a team of bankers, wealth advisors and client-service specialists to “deliver customized advice, solutions and service to the some of the nation's wealthiest families and individuals” in the metropolitan Miami area, according to a Bank of America press release. Team members include wealth advisor John McQuagge, portfolio manager Chuck Sober and relationship associates Nancy Alonso and Jorge Sanchez.

New mission

“This energetic team has the experience to deliver the full power of Bank of America to our clients in the vibrant Miami market,” says Family Wealth Advisors’ head Alan Rappaport. Reed reports to Rappaport, who used to run Bank of America’s private bank.

Rappaport, who is based in New York, gave that job up over a year ago to found Family Wealth Advisors, a family-office group designed to compete for ultra-high-net-worth wallet share with the likes of Citigroup, JPMorgan Chase and Northern Trust and a growing roster of boutique multi-family offices. Several of the smaller players – Asset Management Advisors, Lydian Wealth Management and StillPoint Advisors, for example – have stated ambitions of becoming nationally-recognized name brands in the wealth-management industry.

After a four- or five-month-long interregnum under Brian Moynihan, Bank of America’s head of wealth- and asset-management division, the top slot at the private bank went to Boston-based Jane Farley Magpiong in March of this year. Magpiong and Rappaport report to Moynihan. –FWR

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