The news: Citizens Bank will add at least five private wealth teams this year and increase its private banking offices from seven to 12 by the end of 2026, per BankingDive.

The target markets include Menlo Park and Laurel Village, CA, West Palm Beach, FL, and Greenwich, CT. Citizens seeks clients with a $5 million net worth and investable assets of $2 million.

Trendspotting: Banks’ plans to capture affluent consumers come in two flavors—private bank services for high-net-worth and ultra-high-net-worth individuals and digital investing tools for the emerging affluent that are paired with some human financial advice to act as a pipeline to more sophisticated and more profitable banking services.

• U.S. Bank and investment advisory firm Edward Jones announced co-branded checking account and credit card products and a consolidated digital experience for investing and banking.
• In February, PNC launched Premier Client, an integrated banking and investing service for emerging- and mass-affluent consumers. The latter typically holds $100,000–$1 million in liquid assets.
• JPMorgan Chase and Truist are building or redesigning branches to appeal to wealthy consumers. JPMorgan is converting branches for its Private Client services, which start for consumers with $750,000 or more in liquid assets.

Implications for banks: Banks should acknowledge continuum of wealth in their strategies for serving customers, which means offering a variety of retail banking and investing services. The types of services should be a bespoke, higher-touch experience with advice tailored to complex financial needs.

As customer wealth increases, engagement changes from a sophisticated retail experience to one that’s centered around a trusted human advisor. Services for the emerging affluent, like self-directed and automated investing, become bespoke advisory services. Services for the highest-net-worth consumers fall under private wealth. Banks without tiered services should consider the money left on the table when all customers are served in the same way.