Once a client is impressed with the services provided, the survey also found it’s difficult for other private banks to lure them away. Many respondents said they were unlikely to switch providers or would wait until they became dissatisfied with their current provider before they considered another bank. Also, before moving accounts, investors typically want some type of reassurance in the way of referrals or reviews for the new provider.
As for that curated trip to a mountaintop spa in Bali? Very tempting…but only 4% of those surveyed said they would move banks to get better perks.
Rick Calero is head of banking and lending at BNY Mellon Wealth Management.