GLOBAL 2016: Focus on young and less affluent is key to growth
A large number of banks have the desire to grow their investments business in the USA. In order to achieve this feat, banks should focus on the younger and less affluent segment of consumers. The key will be to help these individuals with more modest levels of assets grow into the higher stratums of affluence over time. The most desirable affluent consumers have created long-standing sticky relationships that seldom switch their primary provider. By developing strong, high-touch relationships early on banks have the propensity to build share of wallet and obtain a larger share of the investments business.