U.S. Private Banks & Trust Companies 2023

Adapting Service Models

Evaluate Opportunities in the Private Bank and Trust Channel

  • Understand how banks are adapting advisory models to compete for client assets
  • Evaluate developments in banks’ investment management functions
  • Track changes in banks’ portfolio construction processes, use of models, and managed accounts platforms


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Report US Private Banks and Trust Companies 2020 Detail

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Drew O'Hearn, CFP

Drew O'Hearn, CFP

Senior Director, Account Management


Evaluate marketshare, business development strategies, portfolio construction, and changing demographics and client demands affecting private banks, trust departments, and non-depository trust companies.

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A Note from the Author

Segmentation Strategies Are More Important Than Ever

Chayce Horton

Chayce Horton

Senior Analyst

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Chayce Horton

Chayce Horton

Senior Analyst

Chayce is a member of the Wealth Management team at Cerulli and contributes primarily to the U.S. Private Banks and Trust Companies and U.S. High-Net-Worth and Ultra-High-Net-Worth Markets annual reports. His analysis covers the wealth and asset management industries that serve high-net-worth (HNW) investors and families. Chayce also provides analyst support to strategic consulting projects in the wealth management space and contributes to The Cerulli Edge series.

Previously, Chayce has experience working in enterprise data governance, government affairs, and business banking at multiple global financial institutions.

Full biography here.

As targeting high-net-worth (HNW) and ultra-high-net worth (UHNW) clients becomes pivotal for success in the wealth management industry, many banks have sought to grow their services aimed at these households while maintaining traditional mass-affluent-focused business units. This dynamic has created difficulties for firms without defined segmentation strategies. As service demands continue to increase, especially among HNW clientele, banks must learn how to refine and segment their services across the board.

Despite this increased need, nearly one-quarter (23%) of banks have no notable operational distinction in how they serve clients of different wealth demographics, while another one-third (32%) only have two unique segmentations.

As banks increase their adoption of segmentation strategies, asset managers and other third parties will play an important role, but they must recognize that decision makers and sales processes will shift as a result.

Overall, as demographic shifts, service demand increases, and competitive dynamics put greater pressure on banks to refine their services for clients and find new avenues for profitability, banks will need to consider the benefits of a defined client segmentation strategy.

Leverage Cerulli’s report, U.S. Private Banks and Trust Companies 2023: Adapting Service Models, to gain insight into the products and services banks will need to grow and retain wealth.


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