Many banks want to expand their investment, trust, and credit businesses with the nation's wealthier consumers. One indication is a recent trend to merge private banking and trust units in order to better serve the upscale customer. Of course, the growth in wealth accumulation, generational transfer, and investment has been unprecedented so there is a real growth opportunity for the banks.
But is the banking sector really serious about capturing a larger share of the upscale market? If so, banks have a particular problem that must be addressed - well-to-do individuals don't think banks do a very good job as providers of investment services.