Wachovia Corp., making a pitch to the tech-savvy and the rich, is set to become the latest to offer online account aggregation for high-net-worth individuals.

The service, to be called MyNetWorth, is to become available early next year, though initially it will pull together only information from a customer's accounts at Wachovia.

The Winston-Salem, N.C., banking company said the service is the first step in an Internet strategy that will ultimately give high-net-worth clients access to all their banking, brokerage, and investment management accounts, including non-Wachovia accounts, as well as online account statements and investment advice.

The idea is to gather all of a client's financial data in one place so the private banker can get a better sense of how to advise the customer. Wachovia said the service will also let customers designate which outside financial advisers - tax consultants, lawyers, or family members, for example - can have access to the information.

Account aggregation for the high-net-worth market has caught on in the last year as banks and brokerages try to find new ways to appeal to the growing ranks of the young affluent.

Chase Manhattan Corp. is also developing aggregation capabilities. It announced an agreement Tuesday with Kinexus, a New York Internet firm that will supply behind-the-scenes daily account information updates for Chase. Kinexus is performing similar services for Wachovia.

When it was known as Witan Group, Kinexus operated a Web site, YourWitan.com. The company specializes in creating aggregation capabilities for wealthy people and their financial advisers.

A number of private banks and brokerages have begun offering similar capabilities since last year. In March, J.P. Morgan & Co.'s private banking division introduced MorganOnline, an Internet account aggregation, investment planning, brokerage, and portfolio management service for the affluent.

Citigroup Inc. is offering all its customers access to MyCiti.com, which pulls together information from other financial institutions and many of the services and products under the Citigroup umbrella: credit cards, insurance, Salomon Smith Barney investment products, Primerica personal financial planning tools, and CitiFinancial loans.

Investment banks such as Morgan Stanley Dean Witter & Co. and Merrill Lynch & Co. have started online brokerage capabilities. These traditional companies are facing competition from Internet-only aggregators, including MyCFO.com.

Consultants said account aggregation for the high-net-worth market is growing in popularity as the technology improves and as financial institutions recognize the value of giving their advisers better information on their private clients.

"It's kind of the mini-wave," said Peter Carroll, a consultant at Oliver Wyman & Co. Account aggregation "will up the ante on providing real, holistic advice," he said. "Right now that isn't being done."


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