Pittsburgh-based bank expands offering to emerging, mass affluent clients

Pittsburgh-based PNC Bank said its PNC Wealth Management division has developed a new offering tailored to the needs of the emerging and mass affluent.

The new service, PNC Premier Client, would provide customers holding more than $100,000 in investments at the bank with a high-touch, high-end banking and investment experience to meet their increasingly sophisticated needs. The product will include a more holistic financial solution and offer clients more personal access to the bank’s network of affluent bankers and financial advisors.

” As our clients’ financial situations become increasingly complex, the next phase of our approach is to address these evolving needs,” Rich Guerrini, president and CEO of PNC Wealth Management, said. “PNC Wealth Management is committed to offering Premier Clients an integrated experience — combining expert guidance, personalized service, advanced technology and a comprehensive portfolio of products — to support their success at every stage of their financial journey.”

The new offering will provide affluent clients with a dedicated, integrated team of a personal banker and financial advisor working together to help clients meet their financial goals. Premier Clients will also be given concierge service through a servicing team, and comprehensive access to products and solutions that will meet affluent clients’ needs. The bank said it would also be transforming 200 existing branches into Premier Branches to elevate the hospitality at the branches to the Premier Client experience with sleek, modern looks and high-end client amenities.

“As we look across our Retail client base, as well as at the broader demographics of our markets, it’s clear there is demand for a more tailored, high-touch approach to supporting the comprehensive financial needs of the emerging affluent,” Alex Overstrom, head of PNC Retail Banking, said. “Premier Client is our answer to that need, bringing the capabilities and service model traditionally associated with a high-net-worth provider to these clients – delivering a $3 million experience to those with $300,000.”

The bank said its research shows that there are more than 26 million “mass affluent” households in the United States.