BMO Financial Group has recruited three private banking professionals from BNY Wealth to anchor a new Dallas-based team focused on ultra-high-net-worth clients, the bank confirmed this week. The hires—Megan Steinbach as wealth advisor and director, Chris Gold as managing director, and Daniel Patterson as portfolio manager—all previously worked together at Northern Trust and BNY. Their move underscores BMO's strategy to deepen its footprint in one of America's fastest-growing wealth hubs.
Dallas now ranks as the seventh-fastest-growing wealth market in the United States and 12th globally, according to a Henley & Partners study covering 2014 to 2024. The city's millionaire population expanded 85% over that decade, reaching an estimated 72,400 residents with at least $1 million in net assets. Dallas also counts 16 billionaires and 135 centi-millionaires—individuals worth $100 million or more—among its residents, the report found.
BMO's new team will collaborate with the bank's existing commercial bankers in North Texas, offering clients integrated advice spanning investment management, private banking, estate planning, and credit solutions. The approach aims to connect business owners' corporate and personal financial strategies through a single advisory relationship, rather than siloed teams. Michele Havens, head of U.S. wealth management at BMO, said in a statement: "Dallas represents a dynamic and growing wealth market. By investing in top talent and deep local expertise, we are strengthening our ability to deliver advice-led solutions for clients with increasingly complex needs."
The Canadian lender already maintains a capital markets office in Houston and a growing commercial banking operation across Dallas-Fort Worth. Adding dedicated wealth capabilities allows BMO to support clients across the full arc of their financial lives, from running an operating business to planning multigenerational wealth transfers, the bank said.
BMO is not alone in betting on North Texas. Morgan Stanley is weighing a $1.3 billion office tower in Uptown Dallas that could bring as many as 4,800 jobs, after the Dallas City Council approved an $18.5 million incentive package to help secure the project. JPMorgan Chase now employs more people in Texas than in New York—more than 31,500 in the Lone Star State as of September 2025, according to one estimate. New trading venues have followed the talent: NYSE Texas launched as a fully electronic equities exchange in 2025, and Nasdaq's Texas operation went live in March 2026, cementing Dallas as a listings hub.
The financial-sector build-out mirrors a broader corporate migration. Charles Schwab and Yum! Brands are among the high-profile companies that have relocated to North Texas from out of state in recent years. The cost of living in San Francisco runs roughly 60% higher than in Dallas, a gap that has made the city an increasingly attractive alternative for both firms and the executives who lead them.
For advisors serving wealthy families, the Dallas boom presents both opportunity and competition. As BMO and other wirehouses expand their local teams, RIAs and independent broker-dealers may need to differentiate on service depth and niche expertise. The trend also echoes moves seen elsewhere: Corient's acquisition of Letus Private Office similarly targeted ultra-wealthy clients across borders.
BMO's hires come amid a broader push by wirehouses to capture a larger share of the ultra-high-net-worth market. The bank's new Dallas team will focus on customized strategies for families looking to preserve and grow assets across generations—a segment that increasingly demands sophisticated estate planning, liquidity management, and alternative investments. As advisor demand for alternatives shifts, private banking teams are positioning themselves to offer direct access to private equity, real assets, and structured credit.
