Small to Medium Sized Banks

Goals

To establish how small to medium-sized banks communicate and target high net worth audiences.

Early Findings

Wells Fargo

  • As one of the oldest and well-known medium-sized banks in the United States, Wells Fargo offers private banking services to the high net worth clientele. This has helped retain and attract new account holders with bank balances above a certain threshold.
  • Wells Fargo offers more personalized services for a $1 million account balance minimum clientele. Private banking services for high-end customers are communicated through a contract form that is filled out with the assistance of a bank representative.
  • Wells Fargo also attracts and retains its ultra-high net worth clientele through Visa Signature invitation via private banking, which attracts three points per dollar spent on travel, in addition to other perks such as dinner and additional points for all purchases. The more a customer spends, the more the perks extend, with no annual fee.
  • Communication channels at Wells Fargo range from email to direct mail and short text messaging as well as phone calls, depending on the rank of clientele.
  • Chase

  • At Chase, high net worth audiences also known as private clients are entitled to wealth management perks from JPMorgan through services such as financial advice, mutual funds, annuities, college planning, and security-based lending services among others.
  • Communication and messaging to high-end clientele are through phone calls or face to face communication, where a private client-advisor takes place. Some communications for private clientele include access to the bank’s global strategy and solution teams.
  • Through the Chase Sapphire Reserve Card, private clients are provided various perks such as an annual $300 travel credit, in addition to bonus points through Chase Sapphire Preferred card, for travel and dining perks around the world.
  • Through the Chase Private Client Service, Chase manages to attract and retain high net worth audiences by providing a dedicated Private Client Advisor to help with, not only planning but also executing investments.

Proposed next steps:

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