Wilmington Trust Investment Management (WTIM) is headquartered in the Delaware city it takes its name from. The firm also has offices in Atlanta, Georgia; Baltimore, Maryland; Buffalo, New York and Williamsport, Pennsylvania.
WTIM employs a large team of advisors, many of whom are also broker-dealer representatives. This means that when selling securities, these brokers are not required to uphold the fiduciary standard of putting clients’ interests first. Instead, they are obligated only to make suitable recommendations. When wearing their advisor hat, though, they are required to act as fiduciaries.
Wilmington Trust Investment Management Background
WTIM was founded in 2005. It’s a wholly owned subsidiary of Wilmington Trust Corporation, which is owned by M&T Bank Corporation. (M&T, by the way, stands for Manufacturers and Traders.) The parent company is a publicly-traded bank holding company whose ticker symbol is MTB.
Being part of a large bank, WTIM is affiliated with a number other financial services companies. They include: Wilmington Trust Investment Advisors, Inc.; M&T Securities, Inc.; Manufacturers and Traders and Trust Company (M&T Bank); Wilmington Funds Management Corporation and Wilmington Trust Company.
Wilmington Trust Investment Management Client Types and Minimum Account Sizes
Less than five of WTIM’s individual clients have a high net worth. The rest, less affluent individual clients number 12,643, according to recent Securities and Exchange Commission (SEC) data. The firm also works with private investment funds (whose investors are not included these numbers).
The minimum for separately managed accounts (SMAs) is $3,000,000. The firm's Separate Account Strategy carries a minimum of $100,000,000. Other accounts and strategies may have separate minimums.
Services Offered by Wilmington Trust Investment Management
As just noted, WTIM offers investment management through two wrap programs. The Investment Advantage program is currently closed to new clients. The open Portfolio Architect program offers an array of investment strategies, ranging from conservative to aggressive.
WTIM also advises four private investment funds, collectively called the Rodney Square Private Funds. They each require a $250,000 minimum investment.
Wilmington Trust Investment Management Investing Philosophy
When evaluating securities, the firm may use fundamental, technical and quantitative forms of analysis. For the private funds, it may engage the services of third-party money managers. M&T Bank’s investment committee sets the overall strategy for asset allocations of WTIM’s wrap fee programs. As noted before, these programs offer strategies that run the gamut, from conservative to aggressive. Generally, assets are invested in exchange-traded products, mutual funds, individual securities, closed-end funds and/or model portfolios.
Fees Under Wilmington Trust Investment Management
Wrap fees are a percentage of assets under management (AUM). In the separately managed account program, they follow this tiered schedule:
|Annual Wrap Fees for the Portfolio Architect Program|
The firm's Separate Account Strategy charges an annual fee of 0.25% of AUM. Fees payable to WTIM through the Rodney Square Private Funds are detailed separately through the documents of each individual account. As you can see, fees vary significantly depending on the type of account you have open with WTIM.
What to Watch Out For
Wilmington Trust Investment Management has a clean legal and regulatory record in the eyes of the SEC.
WTIM advisors do not offer financial planning. If you need help with estate planning or other non-securities-related advice, this firm may not be a good fit.
Also, some advisors are also brokers. If you are working with an advisor who has dual roles, make sure you know which hat they are wearing when making a recommendation. Brokers have a lower “suitability” requirement while advisors must work in clients’ best interests.
Opening an Account With Wilmington Trust Investment Management
If you're interested in working with Wilmington Trust Investment Management, go ahead and reach out over the phone to get in touch most easily. You can also visit the firm in person or reach out via its website.
All information is accurate as of the writing of this article.
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