PNC Wealth Management, the advisory arm of PNC Bank, has launched a new initiative designed to attract emerging and mass-affluent investors at earlier stages of their financial lives, according to Wealth Management.
The bank introduced "PNC Premier Client," a program that integrates financial advisors into retail branches to better serve clients with assets beginning at approximately $100,000. PNC plans to hire between 300 and 500 financial advisors and bankers to support the rollout, a spokesperson confirmed to Wealth Management.
As part of the strategy, PNC will convert 200 existing locations into "premier branches" by 2027. These redesigned offices will feature upgraded aesthetics and enhanced amenities aimed at delivering what the firm describes as a high-touch experience typically reserved for higher-net-worth households. Alex Overstrom, head of PNC Retail Banking, stated that the program intends to bring a high-net-worth service model to emerging affluent clients. PNC Private Bank will continue to serve traditional high-net-worth clients, according to Wealth Management.
PNC's initiative reflects a broader industry trend. Wealth Management reported that other firms have expanded brick-and-mortar wealth offerings to drive organic growth. Charles Schwab announced plans to open 16 new branches and expand or relocate 25 additional locations, along with hiring 400 branch-related employees. J.P. Morgan Chase & Co. also deployed private client bankers into dozens of branches to serve clients with several million dollars in assets.
PNC Bank, headquartered in Pittsburgh, operates approximately 2,300 branches and manages about $560 billion in assets, according to Wealth Management. Under the Premier Client model, mass-affluent households will receive coordinated services that include financial planning across savings, borrowing, spending, insurance, and investments. Clients will work with both a personal banker and a financial advisor through what PNC describes as a concierge-style approach.
PNC cited internal research indicating that more than 26 million mass-affluent households in the United States may not receive focused attention from wealth management providers. Wealth Management also referenced April data from Cerulli & Associates showing that total U.S. household financial wealth exceeded $90 trillion at the end of 2024, representing a 16 percent increase from the prior year.
However, Cerulli's data show that wealth growth has concentrated primarily among high-net-worth households with at least $5 million in financial assets. The consultancy found that the mass-affluent segment, defined as households with $500,000 to $2 million in assets, has experienced declining market share as wealth concentrates at the top, according to Wealth Management.
Through its Premier Client strategy, PNC aims to compete more aggressively for this segment by combining retail banking access with integrated wealth advisory services.
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