HSBC and Citi have both introduced 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 come 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.
These developments reflect a broader trend in the wealth management industry, where advisors are increasingly expected to address clients' lifestyle needs, not just their investment portfolios. For example, a recent Fidelity study found that only 37% of affluent older adults feel at peace with their estate plans, highlighting the need for more holistic advice. Similarly, family balance sheets often harbor hidden concentration risks, which can be exacerbated by a lack of comprehensive planning.
As family offices become more sophisticated, they are also favoring direct deals over hedge funds and private credit, according to recent industry data. This shift is prompting banks like Citi to offer services that go beyond traditional asset management, such as access to vetted specialists in areas like cybersecurity and private aviation.
For advisors, these moves signal an opportunity to differentiate their practices by offering similar value-added services. However, they also underscore the importance of staying abreast of evolving client expectations, particularly among the ultra-wealthy, who are increasingly seeking a seamless integration of their financial and personal lives.
