GSB Announces Wealth Management Expansion

GSB Wealth Management Announces Expanded Capabilities with CTMA Wealth Management

January 28, 2021

GUILFORD, CT — GSB Wealth Management, LLC (GSBWM), a Registered Investment Adviser and wholly owned subsidiary of GSB has acquired the assets of CTMA Wealth Management (CTMA), an East Haven, CT-based Registered Investment Adviser with $198 million of client assets under management. Chris Abely, CTMA’s founder, will become GSB Wealth Management’s Chief Investment Officer.

The acquisition brings CTMA’s financial planning, tax planning, executive benefits, and corporate retirement expertise to GSBWM, helping to better serve clients (individuals, small businesses and credit unions) and opens the door to new capabilities for its parent company, GSB, a CT-based financial institution. “That’s not something we did previously so we’re excited to offer that, and it aligns very well with the commercial banking clients of GSB,” said Ken Russell, President and CEO of GSB Wealth Management. “For the bank itself, it can now broaden and deepen relationships with commercial clients by offering retirement planning.”

“This combination, CTMA, GSB Wealth Management and GSB, leverages a likeminded approach to comprehensively addressing and prioritizing client needs with a dedicated focus on capital appreciation and long-term planning,” said Kyle Eagleson, GSB 1st EVP, Chief Financial Officer. “Further, it generates depth in leadership, expertise, and succession, that, combined with continuous business investment, provides long-term stability for our clients and community.”

In addition to the new expertise and offerings, the larger organization will enhance overall investment management experience for all clients. At its core, according to Russell, this merger will allow the investment team and the investment process to scale for the good of current clients of both GSBWM and CTMA.

“For GSB Wealth Management clients, they gain a highly experienced and credentialed Chief Investment Officer in Chris Abely, and CTMA clients gain the investment depth we have associated with our $250 million in client assets,” Russell said. “CTMA clients gain a larger investment team and GSB Wealth Management clients will benefit from Chris’ leadership.”

CTMA was founded in 2010 by Abely, a Chartered Financial Analyst with three decades of banking, insurance, and investment experience, making him uniquely qualified for the role he will continue to hold as CTMA becomes part of GSB Wealth Management.

“During my career I’ve worked in every aspect of finance,” Chris said. “It’s a passion for me more than it’s a job. I view this as a legacy and I’m excited for what’s ahead. I think we’ll add to the vibrancy of what’s offered.”

Russell said he looks forward to the opportunity to implement new offerings and explore new areas of investment as well as deeper rigor in existing areas of the investment process for the benefit of current and future clients.

“The culture of the firms align as actions are guided by the fiduciary standard and their approach is client centric. This dovetails nicely with the client first approach at GSB, which, enabled by our mutual ownership structure, is not beholden to conflicts of large profits or shareholder demands”, Eagleson said.

GSB Wealth Management LLC acquired the assets of CTMA Wealth Management effective December 31, 2020, bringing GSBWM’s total assets under management to $448 million. Michael Bilotta of Gladstone Associates, LLC served as acquisition advisor to GSWM.


For more information on GSB Wealth Management visit GSBWEALTH.COM.