“May the best man win” seemed to be the sentiment from Bill Rankin, CEO of Houston-based Kanaly Trust, in addressing the recent entry of New York competitor Bessemer Trust into Houston’s wealth management market.
Bessemer, which touts the same core principles as Kanaly, brings the heft of a well-established national footprint. Its entry comes at a time when competition already is heating up for wealth managers in Houston, and the challenges they face in differentiating their brand and services are increasingly complex. For instance, estate planners like Kanaly and Bessemer have to differentiate themselves from the many breeds of wealth management firms in the market, as well as stand apart from those that occupy the same wheelhouse…
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