Local wealth management offices consolidate
ALBANY A large wealth management firm has consolidated its Schenectady and Albany offices, moving them into a new Albany building.
RBC Wealth Management had a presence at 461 Clinton St. in Schenectady for more than three decades, with about eight employees working out of the local office before the Dec. 3 move. The firm also had an office at 677 Broadway in Albany, where 12 employees worked since 2005. Now, employees from both offices are working out of a new building at 455 Patroon Creek Blvd.
“With most businesses that have multiple locations in a similar proximity, from an overhead cost perspective, consolidation is not unheard of,” said Thomas Brockley, who ran the former Albany office and now runs the new one. “The combination of efforts was an accounting decision by RBC Wealth Management, U.S. It wasn’t a local decision.”
RBC Wealth Management is one of the largest full-service investment, advisory and wealth management firms in the nation. It has locations across the United States and internationally.
It made sense for the two offices to consolidate, said Brockley, because the firm was looking to expand in the market.
The firm will occupy about 11,000 square feet of space in the new building, which was developed last summer by the owner of its former Albany office — Columbia Development Companies. RBC Capital Markets, another business unit of RBC that has 70 offices around the world, is also moving its local office into the building. Combined, there are about 30 employees working out of the new, centralized space.
“The space itself is an upgrade, compared to the size at our other locations,” said Brockley. “We probably increased our square footage by 25 to 30 percent.”
One perk of the move is its centralized location to RBC’s clientele, even if it means Schenectady is losing a longtime local business.
“I know cities hate to lose businesses, but part of the reason why we moved to this location was because our client base and employees are from all over the Capital Region,” said Brockley. “I’ve had conversations with all of the folks from the Schenectady office about the pros and the cons and where we might move. Once U.S. decided on the consolidation, they gave us some local decision-making on where to go.”