10.05.23
Should Banks Tailor Services Based on Client Wealth?
by: Sabiq Shahidullah
Wealth management firms should offer services tailored to a client’s net worth, according to a new report by Cerulli Associates. “Banks and other large wealth management firms that can offer distinctly tailored services to specific wealth demographics are able to fine-tune their products, services and overall service delivery and operational models around the needs of a specific client type,” said Chayce Horton, senior analyst at Cerulli. Of bank executives surveyed by Cerulli for the report, 71% said segmentation improves service quality, 47% said it expands their client base and 35% touted greater profitability. Advisors can also provide additional attention to the wealth transfer and estate process of high-net-worth investors, strengthening intergenerational client relationships, Horton said.
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