Local resident Alma Banuelos has been promoted and will now head two complementary trust businesses at RBC Wealth Management-U.S. and City National Bank, it has been announced. She is based in City National’s Los Angeles headquarters and reports to Michael Pagano, executive vice president of City National’s Private Banking Division.
Banuelos is responsible for leading RBC’s state-chartered Delaware trust company and the nationally chartered City National trust business. Together, these groups administer significant assets for clients of City National Bank, RBC Wealth Management-U.S. and several other prominent wealth management firms. The groups have expertise in real estate trust management, special needs trust administration and estate settlement. City National partners with individual trustees to deliver the full range of trust services.
“Our trust capabilities fill an essential need for our clients, so it’s important that we provide them with expert advice and exceptional service,” Pagano said. “Alma’s leadership will help us do more of that, particularly as we grow and expand our resources.”
“We’re extremely pleased to have Alma leading our trust groups and helping us further our commitment to serving families,” said Michael Armstrong, chief executive of RBC Wealth Management-U.S. in Minneapolis. “Alma’s experience and leadership skills will help the two grow together, encourage collaboration and leverage our capabilities across both platforms.”
Banuelos has more than 25 years of experience providing trust services to wealthy families. Before joining City National, she served as a Southern California trust executive for U.S. Trust. Banuelos earned her bachelor’s degree in business administration from the University of La Verne. She also holds a Certified Trust Financial Advisor designation.
“I am thrilled to be part of this business that’s in growth mode,” Banuelos said. “It is a wonderful opportunity to grow it and compete with the larger institutions.”
She has served as a board member of the Pasadena Children’s Guild and the Wellness Community (now renamed the Cancer Support Community) and also is a member of the Holy Family Finance Committee. Alma, her husband, Mark, and daughter, Brooke, live locally.