Banks need to shape up in order to better compete with online brokerage firms for mass affluent clients, according to a new report from independent research and advisory firm Aite Group.

Current bank strategies are falling short in luring the mass affluent customer, or clients with investment assets between the $100,000 and $1 million range, according to the report. That has resulted in North American banks holding just 15% of mass affluent investors’ non-qualified investment holdings. While those banks suffered net outflows in 2009, online brokers gained 1% in market share from banks and wirehouses.

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