Enhancing Wealth Management Services
Orange County Bancorp, Inc., the parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, recently announced an exciting strategic realignment within its internal divisions. This move is intended to elevate its wealth management services by adapting to meet the changing needs of clients. The asset management segment, Hudson Valley Investment Advisors, along with trust and private banking offerings, will now collectively operate under the name Orange Wealth Management.
Leadership and Vision
Leading this transformation is Senior Vice President David P. Dineen, appointed as Managing Director of Wealth Management. Dineen brings a wealth of experience, having effectively managed the bank's trust and private banking divisions since joining in February 2022. His extensive background in banking and wealth management, with over three decades of experience, has equipped him well for this pivotal role.
“Our clients often focus on expanding their businesses, sometimes to the detriment of their personal financial goals,” stated Dineen. “By merging our core divisions into one cohesive unit, we can deliver a comprehensive wealth management solution that seamlessly combines investment advice, estate planning, and personal banking.” Dineen's firm belief in this collaborative approach aligns perfectly with the bank's tagline: ‘Guiding your business, Growing your wealth.’
Client-Centric Services
Orange Wealth Management is set to offer an array of personalized services that promise to cater to individual client needs. Here are some features that clients can look forward to:
Personalized Attention
Clients will have direct access to their dedicated advisor team via phone or in-person meetings, ensuring that their unique financial situations and aspirations are understood and addressed.
Enhanced Convenience
The service includes a comprehensive suite of wealth management solutions, combining traditional customer service with innovative technology to enhance the client experience.
Seamless Integration
This new structure provides a unified experience by integrating personal and business banking with wealth management services, moving away from the traditional isolated approach common in the industry today.
Expanding Services and Future Opportunities
Michael Gilfeather, President and CEO of Orange Bank & Trust Co., expressed his enthusiasm for Dineen's leadership in this initiative, emphasizing the invaluable experience he brings to the team. As Gilfeather noted, “Many of those in the top 10% of wealth holders built their fortunes through their businesses, aligning perfectly with our mission to serve entrepreneurs.”
This initiative also positions the bank to seize the unprecedented opportunity presented by the 'Great Wealth Transfer', anticipated to involve the transfer of over $80 trillion in assets. By focusing on high-net-worth individuals and their families, Orange County Bancorp aims to increase its share of wallet significantly in the market.
The Company acquired Hudson Valley Investment Advisors in 2012 when it managed approximately $465 million in assets. Today, HVIA has seen tremendous growth, boasting over $1.7 billion in assets under management, serving individual and institutional investors. This growth trajectory contributes to a consistent fee-based revenue stream that complements the traditional income from commercial banking operations.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. operates as the parent entity of Orange Bank & Trust Co. and Hudson Valley Investment Advisors. Established over 125 years ago, Orange Bank & Trust Co. has grown to possess approximately $2.5 billion in total assets, fueled by an enduring commitment to innovation and community service. Hudson Valley Investment Advisors, established in 1996, was acquired by the Company in 2012 and is a Registered Investment Advisor located in Goshen, N.Y.
Frequently Asked Questions
What is the significance of the strategic realignment?
The strategic realignment aims to enhance client wealth management services by integrating various banking solutions under Orange Wealth Management.
Who leads the newly formed Orange Wealth Management?
David P. Dineen is the Managing Director leading Orange Wealth Management, bringing extensive experience in banking and wealth management to the role.
How will clients benefit from the new structure?
Clients will receive personalized attention, enhanced convenience, and seamless integration of services, combining personal and business banking in a cohesive manner.
What growth has Hudson Valley Investment Advisors experienced?
Since its acquisition in 2012, HVIA has grown from $465 million to over $1.7 billion in assets under management, enhancing the company's revenue streams.
Why is this initiative timely for the company?
The realignment positions the company to capitalize on the anticipated 'Great Wealth Transfer' of over $80 trillion, targeting high-net-worth individuals and families.
