The wealth management division that is owned by Walton family-owned Arvest Bank of Fayetteville has changed its name.
Arvest Asset Management is now called Arvest Wealth Management. The rebranding took effect Jan. 1.
The name change, according to a company news release, reflects Arvest’s desire to have a name that better illustrates its lines of business — investments, retirement planning, insurance products and trust services — to customers.
The new name won’t have any impact on day-to-day operations.
“Our new name reflects our commitment to work in our clients’ best interest to help them build, manage and protect wealth with sound investment strategies,” AWM president and CEO Jim King said in the news release.
AWM, headquartered in Lowell, has more than 280 employees, and, as of Sept. 1, had approximately $9.2 billion in assets under management in its trust, insurance and brokerage businesses. AWM operates through Arvest Bank’s network of 16 locally managed banks in Arkansas, Oklahoma, Missouri and Kansas.
AWM offers advice to customers in three lines of business:
• Arvest Trust Co., with more than 3,100 customers and about $3.1 billion in assets under management;
• Arvest Investments Inc., a wholly owned subsidiary of the bank with about 30,000 customers and $5.6 billion in assets under management; and
• Arvest Insurance Co., also a wholly owned subsidiary with more than 1,500 customers and about $450 million in assets under management.