Business Transformation | 08.25.26

Truist Doubles Down on Wealth-Transfer Opportunity

by: Caitlin Mullen

Truist Financial is expanding its focus on mass-affluent customers, investing in personalized advice, artificial intelligence, digital financial planning, rewards and additional premier advisors. The bank has increased premier-advisor hiring by about 35% from a year earlier, while deposits generated per advisor rose 23% year over year in the second quarter. Customers with at least $250,000 in combined deposits and investments can access digital financial planning and advisor support. Truist sees significant potential from the expected transfer of Baby Boomer wealth, estimating $600 billion in deposits and $2 trillion in investments could shift institutions. The bank says mass-affluent clients have substantially higher lifetime value and can become future wealth-management customers. Truist in July said Bank of America veteran Shimna Sameer would lead its wealth management division, beginning in October. Meanwhile, Mike Lyons, formerly PNC’s president and Fiserv’s CEO, took the CEO reins at Truist earlier this week.

Read the full article on Banking Dive