PNC Bank 2012 Annual Report Download - page 7

CAPTURE MORE OF OUR CUSTOMERS’ INVESTABLE ASSETS.
We estimate that our current customers
have $1.9 trillion in personal investable assets,
but our percentage share of those dollars is
in the single digits, reflecting the fragmented
nature of this industry. With the long-term
goal of doubling the size of our investment and
retirement business, we plan to have annual
conversations with each of our customers.
At a time when many banks are looking to
the mass market, affluent, high net worth
and institutional markets as a source to
increase fee income, we believe PNC’s
highly collaborative culture gives us an
edge as referrals are one of our strengths.
For example, referral sales to our Asset
Management Group last year were up
more than 39 percent compared to 2011,
reflecting strong referral activity from Retail
and Corporate & Institutional Banking. This
helped to produce an increase in total net
inflows, bringing discretionary assets under
management to $112 billion at year-end 2012.
This year, we are looking to expand those
efforts. All of our client-facing employees now
have specific goals in support of our investing
and retirement initiative.
Our open architecture along with our
consultative approach is designed to provide
customers with solutions based on their
individualized needs. It’s our position that this
approach helps to drive our excellent levels of
client retention.
Recognizing that some clients like to manage
aspects of their portfolio on their own, last year
we established the PNC Investment Center and
we introduced brokerage capabilities for our
high net worth customers.
PNC Wealth Insight® was honored by both CIO
and InformationWeek magazines in 2012 as
an innovation that delivers a competitive
advantage. This tool allows wealth management
customers to aggregate their assets – even
those not managed by PNC – and view them
based on how they think about their money.
Given our culture, product and service
capabilities and larger customer base, we feel
this represents another opportunity to diversify
our revenue stream.
Moises Almonte (right), a senior relationship manager in Wealth Management, meets with Mark Nobile
(center), chief operating officer, and Ed Maier, president, of the Susquehanna Brewing Co., a family-owned
craft brewery located in northeastern Pennsylvania.