According to The Telegraph, Credit Suisse is the first big bank in the UK to create a custom private banking service for homosexuals. Founded by gays, for gays.
Credit Suisse’s service will cover not only deliver standard private banking products but will also provide counsel tailored to this customer base pertaining to civil partnerships, adoption and estate planning.
Stephen Connolly, the chap leading the new Credit Suisse business service, says, “Clients with us have no need to explain their lifestyles or – as we know happens in some cases – almost feel the need to justify the way they choose to live their lives.”
Britain’s average gay man earned a full 20% higher than his heterosexual counterparts, and will frequently have fewer expenses associated with raising a family – thereby becoming a great target for cash management, investment and retirement planning, as well.
It’ll be interesting to see how they do. Merrill Lynch in the UK is dialing back a custom service they established for gays a few years ago, and there have been other similar services across the pond that have gone away because their founders determined that the need for such services had passed.
It may be, in fact, that the service’s core target is well-educated singles, in a fashion, who don’t have children and may or may not be in relationships. We’ll see. The basic insight is that there is still money to be made by finding underserved – and sometimes, well off – populations. As always, their success will come down to prospecting and execution.
No Comments so far
Leave a comment
Leave a comment
Line and paragraph breaks automatic, e-mail address never displayed, HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
