DUE DILIGENCE: Private Banks Encouraged to Eat Your Lunch

Looking for the sweet spot? You will likely find it among a group McKinsey & Company is calling the Core Millionaires, the 4.2 million households in the U.S. with between $1 million and $10 million in assets.

Looking for the sweet spot? You will likely find it among a group McKinsey & Company is calling the Core Millionaires, the 4.2 million households in the U.S. with between $1 million and $10 million in assets. In fact, this group compares favorably to those with even more riches—the ultra-high-net-worth, those with $10 million or more in assets. McKinsey says core millionaires will generate close to two-thirds of asset growth in wealth management and nearly 80 percent of all net new revenue growth by 2015. They also deliver revenue margins that are two to three times the average for the UHNW, and at a lower cost...

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(Read more from Features Editor, Kristen French on her blog, Due Diligence.)

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