New BNY Mellon Wealth Management Survey Finds Over Half of HNW Americans Prefer Wealth Creation Over Concierge Services

New findings from a BNY Mellon Wealth Management Private Banking Study suggest that concierge services aren’t enough to lure wealthy clients to new banking providers.

New York, Oct. 20, 2021 – New findings from a BNY Mellon Wealth Management Private Banking Study suggest that concierge services aren’t enough to lure wealthy clients to new banking providers. Along with these offerings, what makes wealthy individuals become long-term clients? Having a dedicated private banker (41%), attractive interest rates (36%), and current technology (27%) were voted most important. But it turns out there is a difference between what people say is important – and what will realistically make them leave their bank for a new one.

These days, many banks and institutions try to cut through the noise of competition by offering extras and perks, ranging from concerts, curated vacations, and celebrity experiences to exclusive access at top events. According to the study, those perks can tip the scale only if all other banking services offered are at a satisfactory level.

These and other findings originated from a survey of 300 wealthy individuals with at least five million dollars in total assets, conducted in partnership with Brown Yardley Research. What else motivates this group to choose one provider over another? Complimentary access to premium benefits (12%), generous rewards programs (13%), concierge services (12%) and travel perks (11%) were the top four, meaning that across 15 attributes measured, the aforementioned ones account for 48% impact on driving likelihood to consider.  

“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 give to their biggest corporate clients,” says Rick Calero, head of banking and lending at BNY Mellon Wealth Management.

Many clients – 11% – are unlikely to switch providers until they feel dissatisfaction with their current ones, the survey results showed. When private banks use their services to secure wealth, not much can take away the client’s attention.  

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

Making money for a client is the ultimate differentiator. Once a client is satisfied with the financial service provided, it’s incredibly difficult to lure them away.

About the BNY Mellon Wealth Management 2021 Private Banking Study Methodology
BNY Mellon Wealth Management’s 2021 Private Banking Study partnered with Brown Yardley Research and was conducted Jan. 27 – Feb. 14, 2021. It assesses the preferences of ultra-high-net worth clients within the wealth management landscape, including demographic trends, client behavior and services used to provide insights, context and benchmarks. The blind study provides analytics and observations on private banking preferences for 300 individuals, all over the age of 18, who are decision makers involved in household financial decisions with at least five million dollars in total assets during 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 business enterprises, planned giving programs, and endowments and foundations. It has $307 billion in total client assets as of September 30, 2021, and an extensive network of offices in the U.S. and internationally. BNY Mellon Wealth Management, which delivers leading wealth advice across investments, banking, custody, and wealth and estate planning, conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. A division of Wealth Management, BNY Mellon Investor Solutions includes the firm’s institutional multi-asset solutions business. For more information, visit or follow us on Twitter @BNYMellonWealth.

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    This press release is qualified for issuance in the U.S. only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Wealth Management to members of the financial press and media and the information contained herein should not be construed as investment advice.  Past performance is not a guide to future performance.  A BNY Mellon Company.