Mr. Babbitt brings over 46 years of experience in the trust industry and is a leader focused on building a business with a goal of profitability and client service, increasing sales and revenue in the ever-expanding market of providing trust services to banks, investment management firms, and broker/dealer organizations.
Prior to joining Alvarez and Marsal, Mr. Babbitt served as National Sales Manager of the Professional Trustee Alliance Business at Comerica Bank & Trust N.A. At Comerica, Mr. Babbitt leveraged his vast experience in fiduciary and trust business development to lead the Alliance Business to increasing its total assets from $4.6 billion to $10 billion and total revenue from $25 million to more than $54 million over his tenure. He also negotiated an increase in the number of Alliance partners from 7 to 17 in order to increase the opportunities for growth.
Mr. Babbitt joined Comerica from Smith & Barney, and later Citi / Smith Barney, where he spent 13 years in trust management positions. As a Regional Trust Sales Manager and the President of the Smith Barney Private Trust Bank of Michigan, he helped organize and develop Smith Barney Personal Trust, which later became Citigroup Trust. Mr. Babbitt was subsequently promoted to National Sales Manager at Citigroup Trust, where his team was able to adapt, refine and implement the product specialist sales model at Smith Barney to increase its sales production and improve the quality and profitability of the business.
Before his tenure at Smith & Barney, Mr. Babbitt spent three years at Roney & Co. (now Raymond James & Associates) where he developed and initiated personal trust services. He negotiated for and received regulatory approval from multiple states where Roney & Co. provided brokerage services, and also negotiated the contract with a local Michigan bank to provide fiduciary oversight to support the business model. Mr. Babbitt built the foundation of his experience in the fiduciary industry for 24 years at American National Bank& Trust Company and Michigan National Bank. He built extensive experience in personal trust administration and sales, and ultimately managed trust offices for Michigan National Bank in four locations where he increased efficiency in administration while creating and growing a sales culture.