Galan G. Daukas has joined Westerly-based Washington Trust Company as executive vice president. He will lead the bank’s wealth management division and be based in Providence. In this newly created role, Daukas will execute strategy for the bank’s trust and investment area, Phoenix Management and The Weston Financial Group. He has designations as a chartered financial analyst and a certified financial planner. He has bachelor’s degree from Dartmouth College and master’s from Trinity College.
PBN: What will the Weston Financial acquisition bring to the wealth management division?
DAUKAS: Combining with Weston Financial brings broader expertise to our wealth management groups. Weston has particular strength in financial planning and asset allocation services and expertise in third-party investment manager selection.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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PBN: Why choose wealth management services?
DAUKAS: ‘Wealth management’ refers to developing solutions for clients that encompass all aspects of their financial “health.” Historically, many of the services have been provided on an ad hoc basis. Today, clients benefit from having a single quarterback with access to an array of services to provide a coordinated plan.
PBN: What drew you to this niche?
DAUKAS: Wealth management is not merely a niche in banking, but rather a robust profession in its own right. Our affiliation with a banking institution, however, offers advantages over stand-alone asset managers, (like) coupling our financial planning and asset management with the credit and deposit services of the bank.
PBN: How does the economy shape your success?
DAUKAS: While markets of the ’90s were a boon to clients and financial services firms, they also created unhealthy expectations. Subsequent market corrections have increased the value of top-tier investment advice. We believe difficult market environments benefit strong organizations by highlighting our value.
