Out with the old and in with the new.

That seems to be the approach Anthony DeChellis has taken since becoming the new president and CEO of Boston Private, and it shows no sign of abating.

The company announced earlier this week that it has hired Bill Woodson, a former Citigroup executive, to become executive vice president and head of the company’s wealth advisory and family office services. Woodson will report directly to DeChellis and start with the firm in June 2019.

In his role with Boston Private, Woodson will be the senior-most leader of the wealth advisory and ultra-high-net-worth family office practice, consulting with families, family offices and their advisors to meet their unique financial objectives. He will also work with the firm’s private banking, wealth and trust teams to develop comprehensive, advice-based solutions for ultra-high-net-worth clients and family offices.

Boston Private also announced it will hire Edward Marshall, another Citigroup executive, to join the company as a senior relationship manager and managing director responsible for leading business development of ultra-high-net-worth and family office relationships for the firm’s private banking, wealth and trust business. Marshall will begin with Boston Private in April.

“Boston Private is committed to providing our clients with market-leading offerings and we’re excited for Bill and Edward to help us continue to evolve our products, services and holistic advice for ultra-high-net-worth and family office clientele,” DeChellis said in a statement. “Adding Bill and Edward to our team is another investment towards our mission of providing financial services with a keen understanding of clients’ needs, expectations and goals.”

Woodson brings more than 25 years of experience within financial services, joining the firm from Citigroup, where he served as head of the family office group for Citi Private Bank in North America. Prior to joining Citi Private Bank, Woodson held senior private banking and family office positions at Credit Suisse and Merrill Lynch, and also served as a founding member of myCFO, an integrated wealth management firm started by a number of well-known Silicon Valley technology executives.

Marshall also joins Boston Private from Citi Private Bank where he was a director in the global family office group and led business development and program management for the North American family office team. Prior to joining Citi Private Bank, Marshall was a member of the UHNW and family office practice at Credit Suisse and managed client relationships as a relationship manager.

Since coming aboard as CEO, DeChellis has completely overhauled the senior leadership team, mostly by bringing in former colleagues he used to work with at Credit Suisse.

The shakeup first began last December when DeChellis hired Paul Simons to fill a newly created role as chief of corporate strategy and development. It continued when Boston Private hired Maura Almy in February as its new chief operating and platform officer.

But perhaps the biggest change occurred when longtime Boston Private executives David Kaye, CEO of Boston Private’s corporate clients group, and Corey Griffin, CEO of Boston Private’s wealth management group, resigned from the company earlier this month. At that time, Simons was made president of private banking, wealth and trust at the bank.

DeChellis made it clear that change could be coming, particularly through technology, on his first-ever earnings call with Boston Private earlier this year.

“Technology can play a huge role in streamlining a lot of activities for clients,” he said at the time. “Some of those technologies can improve our client experience. So we’re definitely going to be focused on how we improve growth looking at the front end of the business where I think there’s a lot of opportunity.”

Boston Private Adds Two Citigroup Executives

by Bram Berkowitz time to read: 2 min