PNC Launches Mass Affluent Division

Core Insights - PNC Wealth Management is launching PNC Premier Client to attract mass-affluent investors at the early stages of their financial lives [2][3] - The initiative includes hiring 300 to 500 new financial advisors and bankers to support this effort [2] - PNC plans to upgrade 200 existing branches into "premier branches" by 2027, targeting clients with assets starting at approximately $100,000 [3] Company Strategy - The new service model aims to provide a high-touch approach to meet the comprehensive financial needs of emerging affluent clients, offering a $3 million experience to those with $300,000 [3] - PNC's high-net-worth clients will continue to be served by the PNC Private Bank division, ensuring a distinction in service levels [3] Market Context - Other wealth managers, such as Charles Schwab and J.P. Morgan Chase, are also expanding their physical presence to capture retail clients, indicating a trend in the industry [4][5] - PNC's internal research highlights over 26 million "mass affluent" households in the U.S. that may not be receiving adequate attention from the wealth management sector [6]