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We are excited to share with you that Eastern Bank and Cambridge Trust recently completed our merger. The wealth management practices of Cambridge Trust and Eastern Bank have joined forces under Cambridge Trust Wealth Management. On August 30, 2024, we will begin to transition your wealth relationship. The transition will be complete on September 3, 2024. 

You can expect to see and interact with the same wealth managers and advisors you’ve come to know. To make the transition to Cambridge Trust Wealth Management as easy as possible, we have mailed you materials created especially for Eastern Bank Wealth Management clients, which are also provided below under Important Documents.

Throughout each step, we are here to assist you before, during, and after the upcoming transition. We hope you will reach out with any questions you have. On behalf of the entire wealth management team, welcome.


William J Walsh signature

William J. Walsh, CFP®
Massachusetts President
Cambridge Trust Wealth Management,
A Division of Eastern Bank


Jeffrey Smith signature

Jeffrey Smith, CFP®
Executive Vice President
Head of Wealth Management
Cambridge Trust Wealth Management,
A Division of Eastern Bank


Our Wealth Management Team


Important Documents


Key Dates

Early - Mid August

  • You will receive a Welcome Kit from Cambridge Trust Wealth Management
  • Eastern Portfolio™ users will receive via email their new login credentials to access accounts via Total Wealth, Cambridge Trust’s online wealth platform

Friday, August 30, 2024

  • Eastern Bank Wealth Management will begin to transition to Cambridge Trust Wealth Management

September 3, 2024

  • Eastern Bank Wealth Management becomes Cambridge Trust Wealth Management
  • Eastern Portfolio users should use their new credentials to login to the Total Wealth platform at cambridgetrust.com and download the Cambridge Trust Wealth App

NOTE: Eastern Portfolio will remain available until September 30, 2024 to access or download important information and statements.


What You Need to Know

Account DetailsTransition Information
Eastern Portfolio™ Users
  • Access to Eastern Portfolio will end on September 30, 2024.
  • It is recommended that you download any important account information or reports using the ‘File Downloads’ feature prior to September 30, 2024.
  • Your Eastern Portfolio account will be moved to Total Wealth, and you will be set up with new login credentials.
  • Your new Total Wealth login credentials will be emailed to you by late August.
  • Please refer to the enclosed Total Wealth User Guide for additional information.
Electronic Statements
  • As of September 3, 2024, new wealth management electronic statements will be accessed on the new system, Total Wealth. 
  • Please download copies of historical electronic statements prior to September 30, 2024, as access to Eastern Portfolio will no longer be available. If you would like historical statements after this date, you will need to request a copy from your Relationship Manager.
Fees
  • Eastern Bank Wealth Management currently processes fiduciary and investment management fees on a mid-month cycle. Following the transition, all fee processing will move to a month-end cycle.
New Accounts
  • After August 2, 2024, all new wealth management accounts will be opened on the Cambridge Trust Wealth Management platform.
Statement Dates
  • Statements will change from reporting settlement date to trade date upon completion of the transition. If a settlement date is required, you will need to contact your Relationship Manager prior to August 30, 2024.
Trading
  • Trading will be limited August 26, 2024 – August 30, 2024.
Tax Documentation
  • Upon completion of the transition, all future tax documentation will be available in the Total Wealth platform in addition to being mailed.
Year-to-Date Account Information
  • The year-to-date information on your statement from Cambridge Trust Wealth Management will reflect activity as of September 1, 2024. It will not back date to January 1, 2024. If you would like historical information, please contact your Relationship Manager.
Closing Accounts
  • Clients choosing to close their Eastern Bank Wealth Management account must notify their Relationship Manager prior to August 19, 2024. No account transfers will be allowed August 19, 2024 – August 30, 2024. All account transfer requests will be processed following conversion completion, September 3, 2024.


Frequently Asked Questions

The merger between Eastern Bank and Cambridge Trust creates the opportunity for two banks with a shared commitment to the communities we serve to come together. The combined bank will operate under the Eastern Bank brand and offer all customers more robust banking capabilities with access to more than 100 banking locations across eastern Massachusetts and southern and coastal New Hampshire. As part of this merger, the wealth management practices of Cambridge Trust and Eastern Bank will also join forces under Cambridge Trust Wealth Management, a Division of Eastern Bank brand.

Cambridge Trust has been serving clients since its founding in Cambridge, Massachusetts in 1890. Like Eastern Bank Wealth Management, the company focuses on building individual client relationships on a truly personal level. Together, we are a stronger and more powerful organization comprised of experienced and highly skilled professionals offering both individual and institutional clients comprehensive wealth management services including investment management, financial planning, fiduciary and trust services, and a robust online account access portal – Total Wealth.

Yes. You will continue to work with your current Relationship Manager who now will have access to an
expanded team of investment, planning and trust professionals, who are credentialed and experienced.
The new wealth management division will be headquartered at 125 High Street in Boston’s Financial District. Additional wealth management offices are in Manchester, Portsmouth and Concord, New Hampshire and Southport, Connecticut.

Jeffrey Smith, head of Cambridge Trust’s Wealth Management division, will lead the newly combined Eastern Bank and Cambridge Trust Wealth Management division of Eastern Bank. Bill Walsh will lead Wealth Management in Massachusetts for the combined teams, bringing his depth of experience from Eastern Bank to the combined organization.

Yes. Account numbers are not changing.

Yes. You will continue to own the same investments as you do today. As always, your Relationship Manager continually manages your account to ensure your portfolio is on target to achieve stated investment objectives.

No. Your fee will remain the same. What will change is the timing of when your fees are charged to your account. Eastern Bank Wealth Management currently processes fiduciary and investment management fees on a mid-month cycle. Following the transition, all fee processing will move to a month-end cycle.

The transition of your account from Eastern Bank Wealth Management to Cambridge Trust Wealth Management will occur over the weekend starting Friday, August 30, and will be completed when we open for business on Tuesday, September 3, following Labor Day.

Access to Eastern Portfolio™ will end on Monday, September 30th at 5 PM. If you are currently on the online Eastern Portfolio™ platform, your portfolio information will transfer to the Cambridge Trust Total Wealth platform. You will receive new login credentials prior to September 3, 2024. If you have any questions or need assistance, contact your Relationship Manager, or visit the Total Wealth Management Resource Center at www.cambridgetrust.com/totalwealthresourcecenter.

No. We recommend you use the “File Downloads” feature in Eastern Portfolio™ to download your account information/reports before Monday, September 30, 2024.

Yes. Upon the transition of your Eastern Bank Wealth Management account to Cambridge Trust Wealth Management, you will be receiving a new statement that will include year-to-date account information. Included in your Welcome Kit is a Guide to Reading Your Cambridge Trust Account Statement. As always, your Relationship Manager is available should you have any questions.

No. We recommend that clients who are currently receiving electronic statements to download their statement before Monday, September 30, 2024, as no historical statements will be available in Total Wealth. Your Relationship Manager can also provide you a copy.

Yes. You have the option to opt-out of paper delivery in favor of viewing your statement online in Total Wealth. You will receive an email notification when the statements become available. If you already opted for electronic statements with Eastern Bank Wealth Management, this option will continue without you needing to take any action.

Going forward, Cambridge Trust Wealth Management will be mailing your annual account tax reporting. If you choose to enroll in Cambridge Trust’s online portal, Total Wealth, your tax information can be found in the Documents tab.