Truist is betting that mass affluent clients want a human advisor attached to their banking app, not a replacement for one, with an expanded advice-led offering aimed at the segment every bank is currently fighting over.
Truist Premier targets clients with at least $100,000 in assets, bundling premium banking benefits, personalized financial planning, digital tools and access to a Truist Investment Services advisor. Clients with $250,000 or more get comprehensive plan-centered guidance, and Premier clients who also run a small business get planning support that spans both sides of their finances.
Why it matters
Truist is not guessing at the gap it is filling. Research the bank ran with Morning Consult found that nearly all mass affluent consumers believe financial planning helps them reach their goals, yet only 53 percent currently work with a professional advisor. That is the addressable market for every bank chasing this segment right now, and Truist is choosing to close it with people, not just an app.
The insight
“Financial advice has never been more accessible, but clients still value partnership and a personalized plan,” said Truist Chief Consumer and Small Business Banking Officer Donta Wilson. The bet embedded in that statement cuts against the industry’s default assumption that self-service tools are what mass affluent clients want next. While much of digital banking has moved toward full self-service products, Truist is wagering that the segment with the most assets to protect is also the segment least willing to manage that complexity alone, and is pricing its retention strategy around a human relationship rather than a better interface. That is a different wager than the infrastructure-first bets other financial institutions have been making this month, and it will show up first in retention numbers, not account growth.
Source: Truist
