New Customer Segment: Wealth Management Sees Ups and Downs

Bank Technology News, December, 2001 by David Rountree

If customer relationship management (CRM) has continued to attract investment by banks in 2001 despite a sputtering economy, few would argue that "wealth management" places a close second. "Wealth management is certainly a theme I would want to hit on for 2001," says Mark Sievewright, president and chief executive officer of TowerGroup.

"It is an area that really has emerged in 2001, and this goes back to the increasing importance of fee income, or non-interest income."

Today, Sievewright says, banks are recognizing that they must look down market somewhat to capitalize on the potential for fee-based advisory services.

"Wealth is very concentrated in the United States," he says. "At the high end, you're targeting an extremely small pool. You have to begin...

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