Webster Private Bank last month announced Christopher J. O’Connell as its new senior vice president, senior private banker and regional market executive for Rhode Island and Massachusetts.
O’Connell, based out of Webster’s Boston office at 100 Franklin St., is now responsible for building out a local private banking team and fostering growth of the private banking industry in the region.
He spoke with Providence Business News about his new position with Webster Bank.
PBN: Tell our readers a little bit about you, your professional background and how you ended up where you are?
O’CONNELL: So, I’ve been in the financial services industry for about 21 years now and I started out after I spent six years in the army. I went right into business development and made the transition into financial services through the insurance route working with Mass Mutual. I built a practice around the insurance business and made a transition into the high-net worth space in investment with Boston Private Bank, which was 14 years ago. That brought me into the high-net worth and investment area and I joined Webster bank just a few weeks ago. I’m thrilled to be here and for the opportunity to be in the two markets of Boston and Providence where there is a tremendous amount of opportunity.
PBN: Reflecting on more than two decades in wealth management, what still surprises you about the industry?
O’CONNELL: Well, I think what surprises me is the number of firms that are in the business of wealth management and the number that keep cropping up with all the new companies that’re coming into the business. I think there’s been a consolidation of the bigger firms and you have a splintering effect with the smaller firms that start up as a part of the fall out of those bigger companies. I chose Webster Bank because they had a history of 80 years of being in the banking business and having a very, very significant history of offering the private banking services.
PBN: You’re familiar with the Boston and Massachusetts markets, where does Rhode Island fit into the expansion of Webster’s Private Bank?
O’CONNELL: Webster has had a history in the Providence market and private banking is not new to the bank. It’s actually private banking operation in Boston that is the newer offering for Webster Bank, so I’m participating in getting involved in a storied history – if you will – around private banking in the Providence area. But I think where Webster Bank and the types of people that they’ve hired around the private bank, like Doug Scala in Providence, are really examples of how committed they are to these market places. Doug’s counterpart in Boston, Paul Mollica, has a similar reputation in the community. I think the private bank, which has been in Providence and operating there for a while, has a great team with great reputation and the Providence market will continue to be a great market.
PBN: How is the increasing volume of retiring baby boomers affecting private banking?
O’CONNELL: I think that not only with the transfer of wealth from what’s known as ‘The Greatest Generation’ to the Baby Boomers … there’s a tremendous opportunity for planning. That could be philanthropic planning, retirement planning or succession planning for their businesses. Webster has a very, very strong history in planning for its high-net worth clients. Going through that process builds a great relationship with the families that you’re dealing with. I think we have the ability to handle very complex family situations for many generations to come.
PBN: In your experience working with different financial institutions, what would you say sets Webster apart in terms of Private Banking or otherwise?
O’CONNELL: What drew me to Webster was clearly the people that work at Webster and who are in leadership positions at Webster. I feel in the private baking business you need to have culture that makes these individuals and their families very comfortable and Webster has this very nurturing way about that, that I saw through the interviewing process. I think they care and that kind of nurturing and caring attitude carries over to the clients that they serve, so I wanted to be a part of the nurturing affect and its employees and clients. I think the bank has it right and that its people are really well-taken care of so they will then deliver a service that’s exceptional and uncommon in the marketplace.
