U.S. Private Banks & Trust Companies 2021
Competing with Technology
Evaluate Opportunities in the Private Bank and Trust Channel
- Evaluate the implications of increased consolidation and M&A among banks
- Explore private bank and trust channel sizing and marketshare projections
- Analyze advisory fees, services, and technology offered by bank wealth managers
- Track changes in banks’ portfolio construction processes, use of models, and managed accounts platforms
- Understand how banks are modernizing their advisory platforms to enhance the client experience
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Drew O'Hearn, CFP
Senior Director, Account Management
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Summary
The annual private bank and trust report evaluates the continued developments in private banks, trust departments, and non-depository trust companies. Research includes current and projected marketshare, portfolio construction and product trends, services, technology, advisory fees, and platforms.
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A Note from the Author
Banks Dial Up Technology Investment
Asher Cheses
Director
Bio →
Asher Cheses
Director
Asher is a member of Cerulli’s Wealth Management practice, specializing in trends that impact high-end advisory firms and high-net-worth investors. In his role, Asher is responsible for leading various strategic consulting engagements within the wealth management practice, focusing on multi-family offices, RIAs, private banks, and trust companies.
Prior to joining Cerulli, Asher worked as an Investment Analyst at a Boston-based multi-family office, where he conducted fund due diligence and portfolio analysis for high-net-worth investors.
Full biography here.
The increased prioritization of technology is a trend we have witnessed over the past several years in the bank channel; however, the latest edition of the Private Bank and Trust report captures demand and spend at levels previously unseen. Private bank and trust executives’ top-two strategic initiatives in 2021 are better supporting advisors with technology (61%) and implementing digital capabilities to improve client experiences (52%). As part of Cerulli’s report this year, we were able to quantify the technology solutions that are high on the priority list for banks and group them into improving advisor productivity and improving the client experience. Here they are, broken down:
Increasing Advisor Productivity:
- Account aggregation (79%)
- Financial planning (72%)
- CRM tools (67%)
Improving the Client Experience:
- E-signature capabilities (75%)
- Client portal (70%)
- Digital tools for advisor-client interactions (67%).
In addition to providing an in-depth overview of the dynamics causing banks to evaluate their technology offerings, this report sizes the private bank and trust market, assessing marketshare leaders and AUM growth; evaluates evolving client expectations; and assesses disruptive forces driving change. Understand what is needed to compete in the U.S. private bank and trust market today and what it will take to maintain a competitive advantage tomorrow with our deep insight on the industry.
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