Arvest Bank’s wealth management division has grown its assets under management, surpassing the $14 billion mark as of the end of 2020.
As of Dec. 31, 2020, Arvest Wealth Management had approximately $14.4 billion under management. Arvest Wealth Management also reported having $69 million in revenues during 2020.
The division’s assets under management rose by more than $1 billon in 2020. According to its 2019 end-of-year report, Arvest Wealth Management had $13.2 billion under management, amounting to an increase of $1.2 billion in the past year.
Revenues remained roughly the same from 2019 to 2020. The company reported $69.6 million in revenues in 2019 compared to $69 million in 2020.
“2020 was a year when the value of ‘advice’ was on full display,” Arvest Wealth Management president and CEO Jim King said in a statement. “COVID-19 caught the world by surprise and sent shockwaves through the financial markets. Our investment and trust advisors embraced a rapid rollout of new communications technology and provided their customers with much-needed guidance.
Arvest Wealth Management is a subsidiary of Arvest Bank, which operates in four states, including Arkansas, Oklahoma, Missouri and Kansas. The subsidiary provides wealth management services, trust services and insurance products.