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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Summary
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
Associate Director
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Chayce Horton
Associate Director
Chayce is an Associate Director in the Wealth Management practice and is the lead author of the annual High-Net-Worth and Ultra-High-Net-Worth Markets report. He also helps lead the annual Private Banks and Bank Trust Companies report as well as the quarterly Cerulli Advisor Edge. Chayce specializes in research and consulting related to high-net-worth investors and advisory firms, including multi-family offices, RIAs, broker/dealers, private banks, and trust companies, as well as the asset management providers that serve these investors and intermediaries.
Prior to joining Cerulli, Chayce worked in enterprise data governance, geopolitical research, and commercial 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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