A study of US national and regional banks finds that only 20 per cent of affluent individuals would consider their primary bank as the place to go for wealth management services and products, suggesting these organizations are missing a big opportunity.

The findings come from a report, dubbed Investor Brand Builder™, an annual Cogent Reports™ study by Market Strategies International.

"Aspiring banks should focus on IRAs as the path to moving traditional banking customers into their wealth management businesses,” Julia Johnston-Ketterer, senior director at Market Strategies and author of the report, said. “With nearly one in five affluent investors open to considering their primary bank for an IRA focusing on IRAs over other traditional wealth management products would be an easier sell.”

Mike Berinato, vice president at Market Strategies and head of the firm’s banking sector, added: “Banks have an uphill battle proving their wealth management expertise to investors, even to their customers whom they have a significant relationship with.” 

The report that the top banks considered for an IRA among primary bank users were 1, Citibank; 2, Huntington Bank; 3, Ally Bank; 4, Bank of America and 5, Sun Trust.