Webster Bank is rolling out the welcome mat for the consumer it calls the “millionaire next door” with plans for a new private bank office in Greenwich, Conn. in the fourth quarter.
Glenn MacInnes, executive vice president and CFO of Webster Financial Corp., announced the new office on Tuesday at the Deutsche Bank 2012 Global Financial Services Investor Conference. “Webster Private Bank is focused on the segment of the high-net-worth market that is just below the threshold of the industry leaders,” MacInnes said at the conference. He noted this is a key area of the bank’s strategic growth.
A “millionaire next door” customer can be anyone who has reached the $1 million milestone through hard work, owning a business, or launching a successful start-up, Sarah Barr, vice president of External Communications for Webster Bank, said in an e-mail statement. These millionaires next door “are people who are a part of our lives,” she said.
Webster now has more 50 people in private banking and seven relationship managers who work in regional teams throughout New York, Connecticut, Rhode Island and Massachusetts, providing investment management, financial planning, trust and estate, and other services.
“We expect to grow this business rapidly by providing objective advice coupled with local full-relationship banking and investment services to our relatively affluent client base,” MacInnes said.
Webster Bank is based in Waterbury, Conn., and has $19 billion in assets.