Questions and Answers about IBERIABANK

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What happen to the Iberia Wealth Advisor's offices in Florida (Naples, Fort Lauderdale and West Palm Beach). It seems they were once fully staffed back in 2012 and today they are either closed or have limited coverage?

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Banks come and go

Answered - HRIS Administrator (Current Employee) - Lafayette, LA

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Iberia Wealth Advisors gained a present and trust powers in Florida through the acquisition of the Trust Assets of the Bank of Florida (Fort Lauderdale) in 2012. Immediately after the merger, the Chief Investment Officer (Fort Lauderdale) left the bank and went to Gibraltar Private Bank in Miami because of the inexperience of the Director of Wealth Management (Birmingham, AL) who just came in from Regions bank. Once they replaced the CIO with a talented Senior Portfolio Manager in Fort Lauderdale from who demonstrated a lot of leadership and relationship building skills, Iberia Wealth Advisors then fired the Market President in Fort Lauderdale and the Senior Portfolio Manager in West Palm Beach without any notice in early 2013! Due to no non-compete agreement in place, this resulted in more than half of the accounts under management to go running out the door with the Market President to Fifth Third Bank. Definitely an awkward and expensive and I assume an embarrassing acquisition to profitability. Due to the poor judgement of Director of Wealth Management and Head of Trust, the Jr. Portfolio Manager in Fort Lauderdale resigned and signed on with his mentor over at Gibraltar Bank and took remaining clients with him. The licensed attorney Trust Officer was so disappointed in the change of events that they decided to leave immediately and pursue a better opportunity elsewhere. So in 2013, IWA had a Portfolio Manager in Naples and the Senior Portfolio Manager in Fort Lauderdale along with one other Trust Officer in Fort Lauderdale that was part of the conspiracy of change. In 2014 due to lack of growth and less than a dozen clients in Naples, IWA office they terminated the Portfolio Manager in Naples at Christmas leaving the Senior Portfolio Manager in Fort Lauderdale to travel all over the State of Florida meeting with clients and prospects. Despite the hard work and time commitment to make things better, upper management terminated the Senior Portfolio Manager in Fort Lauderdale. At the same, the remaining Trust Officer decided to resigned leaving two incompetent staff members to answer phones and do literally nothing! Naples still had a BSA Officer and a Business Development Officer. Employees who sit in the offices in Naples, Fort Lauderdale and West Palm Beach are Private Bankers, Business Bankers, and Commercial Lenders and support staff. Please note, upon termination of the Fort Lauderdale Senior Portfolio Manager the Senior Portfolio Manager in Texas resigned and went to another institution because of his dissatisfaction with management. Check out LinkedIn to see the turnover...amazing...

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