New BNY Mellon Wealth Management Survey Finds More Than Half of Wealthy Americans Prefer The Ability To Preserve And Protect Their Wealth Over Concierge Services And Lifestyle Gifts


NEW YORK, 20 October 2021 / PRNewswire / – New findings from a BNY Mellon Wealth Management Private Banking study suggest that concierge services are not enough to attract high net worth clients to new banking providers. Along with these offers, what makes wealthy people turn into long-term customers? Having a dedicated private banker (41%), attractive interest rates (36%) and current technology (27%) were voted the most important. But it turns out there’s a difference between what people say is important – and what will realistically push them out of their bank for a new one.

Nowadays, many banks and institutions try to cut the noise of the competition by offering extras and perks, ranging from concerts, organized vacations and celebrity experiences to exclusive access to major events. According to the study, these advantages can only tip the balance if all other banking services offered are at a satisfactory level.

These and other findings come from a survey of 300 wealthy people with at least five million dollars in total assets, conducted in partnership with Brown Yardley Research. What else motivates this group to choose one supplier over another? Free access to premium perks (12%), generous rewards programs (13%), concierge services (12%), and travel perks (11%) were the top four, meaning that out of 15 attributes measured, those mentioned above represent 48% impact on the probability of driving to be considered.

“Our approach to concierge services is less about lifestyle extras and more about giving each client the kind of financial analysis and solutions that investment banks offer their larger corporate clients,” said Rick calero, Head of Banking and Credit at BNY Mellon Wealth Management.

Many customers – 11% – are unlikely to switch suppliers until they are dissatisfied with their current supplier, the survey results showed. When private banks use their services to secure their wealth, little can distract the customer.

“Turning an account into a lifelong relationship requires premium service that trumps all others: the ability to help a client preserve and protect their wealth to be successful when they least expect it is the key. ultimate concierge service, ”added Calero. “This high level of service, combined with BNY Mellon Wealth Management’s Active Wealth Management approach, gives us a formula that integrates all facets of our clients’ assets, including investment, borrowing, spending, managing taxes and costs and protecting what they have. Active Wealth offers a holistic approach to helping our clients achieve their long-term financial goals. “

Making money for a customer is the ultimate differentiator. Once a client is happy with the financial service provided, it is incredibly difficult to attract them.

About the methodology of the BNY Mellon Wealth Management 2021 Private Banking study
BNY Mellon Wealth Management’s 2021 Private Banking Study in partnership with Brown Yardley Research and was conducted January 27February 14, 2021. It assesses the preferences of high net worth clients in the wealth management landscape, including demographic trends, client behavior and the services used to provide information, context and referrals. The blind study provides analysis and observations on the private banking preferences of 300 people, all over the age of 18, who are decision makers involved in household financial decisions with at least five million dollars in total assets in calendar year 2021. The margin of error is +/- 6 percentage points at the 95% confidence level.

About BNY Mellon Wealth Management
For more than two centuries, BNY Mellon Wealth Management has provided services to financially successful individuals and families, their family offices and businesses, planned giving programs, as well as endowments and foundations. It has $ 307 billion in client assets as of September 30, 2021 and an extensive network of offices in the United States and abroad. BNY Mellon Wealth Management, which provides leading wealth management advice in the areas of investments, banking, custody and wealth and estate planning, operates through various operating subsidiaries of The Bank of New York Mellon Corporation. A division of Wealth Management, BNY Mellon Investor Solutions comprises the Company’s institutional multi-asset solutions business. For more information, visit or follow us on Twitter @BNYMellonWealth.

This press release is permitted for publication in the United States only and for informational purposes only. It does not constitute an offer or solicitation of or approval of any securities or investment services in any jurisdiction or under circumstances in which such offer or solicitation is illegal or unauthorized. This press release is being issued by BNY Mellon Wealth Management to members of the press and financial media and the information it contains should not be construed as investment advice. Past performance is no guarantee of future performance. A BNY Mellon company.

Media contact:
Katrina Eddie
[email protected]

SOURCE BNY Mellon Wealth Management

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