Capitalizing on opportunities to serve high-net-worth clients
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Show Notes
Several factors — the growth of the U.S. economy and asset prices, generational transitions and changing values — are reshaping the wealth management and financial advice sectors. More individuals and families are falling into the high-net-worth (investable assets of over $3 million) and ultra-high-net-worth (assets of over $30 million) than ever before. How are banks positioned to capitalize on this evolving marketplace? On the latest episode of the ABA Banking Journal Podcast, ABA's Mark Benskin — a veteran of the wealth management sector with experience at several banks — discusses:
- The structural shift in the wealth management business, including the rise of Registered Investment Advisors that serve HNW and UNHW clients.
- The mix of services — estate planning, tax planning, asset protection and charitable planning — that clients are seeking from their advisors.
- Evolving revenue models for wealth management and the pursuit of scale.
- The strategic question for banks of building versus "renting" infrastructure.
- How banks are positioned to break down institutional silos that hinder full-service client engagement.