Albany Business Review: Why more Albany banks are building out wealth management teams


"Pioneer wants to grow its wealth management division to $1 billion in assets under management in the next few years.

As of January, the Colonie-based bank and financial institution had $770 million in assets under management. That's more than twice what the organization managed in 2018 and about 25 times more than in 2015, when its assets under management were roughly $30 million.

Jesse Tomczak, Pioneer's chief banking officer, said that growth is expected to continue in an effort to diversify Pioneer's income streams."

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