Stavis, Margolis Advisory Services Rebrands Under BBVA
Houston-based Stavis, Margolis Advisory Services, an estate planner for retirees is changing its name to BBVA Wealth Solutions. And while the name change is new, the ownership is not: BBVA Compass acquired the registered investment advisory firm in 2005. Rick Terry, BBVA Wealth Solutions chief executive officer says: "It is important for our clients to know that we have the financial strength of a worldwide company behind us, enabling us to offer local expertise coupled with global capabilities." While BBVA Compass is a Sunbelt-based financial institution, the BBVA Group (BBVA) is actually headquartered in Northern Spain. Its American commercial retail banking branches are primarily located in Texas, as well as Arizona, California, Florida and a handful of other states. In 3Q09, BBVA earned €4.2 billion in net attributable profit and boosted its core capital to 8%. Write to Jacob Gaffney. The author holds no relevant investments.