HSBC and Citi have both rolled out new offerings this month aimed at capturing a larger share of the affluent and ultra-wealthy client base, as major banks race to broaden their relationships with customers beyond traditional portfolio management.
On Friday, HSBC announced an enhanced Premier banking offering in the United States, adding capabilities across wealth, health, travel and international services for customers it describes as increasingly managing their financial lives across borders.
The bank said affluent customers represent roughly 40% of global wealth, and its own research found that four in 10 international investors plan to maintain or increase their US exposure over the next year.
Racquel Oden, HSBC's head of international wealth and premier banking and private banking in the US, said customers are "traveling, investing, raising families and pursuing opportunities around the world" and want their wealth to support that mobility.
The Premier update includes new digital tools in HSBC's US mobile app that let customers open a self-directed brokerage account, view portfolio holdings and trade mutual funds in real time, alongside complimentary telemedicine access, travel benefits and foreign exchange perks with no HSBC fees on international transfers.
Citi, meanwhile, launched a separate initiative earlier this month called The Specialist Collection from Citi Wealth, a curated network connecting North American family office clients with vetted providers across seven areas, including cybersecurity, executive search, private aviation and health and wellness advisory.
Dawn Nordberg, Citi Wealth's head of integrated client solutions, said family office clients are "increasingly looking for guidance that extends beyond wealth management" and that Citi sees its role as a connector to trusted specialists. Citi said it receives no compensation for the referrals and clients remain responsible for selecting their own providers.
The moves comes as global ultra-high-net-worth wealth grew 9.7% year-over-year in 2025, outpacing the broader high-net-worth segment for a second consecutive year, according to Capgemini's latest world wealth report, which also found the global millionaire population climbed to 25.3 million individuals.
That growth has intensified competition among wealth managers, and it has coincided with a documented pivot toward lifestyle and concierge-style services rather than investment management alone, according to Bain & Company research on global luxury spending.
Family offices in particular have become a priority battleground. J.P. Morgan's first Global Family Office Report in 2024, gathered from a survey of 190 family offices globally with an average net worth of $1.4 billion, found nearly 80% of respondents already use external advisors and roughly a quarter had experienced a cybersecurity breach or financial fraud.
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