Which banks are favored by rich investors?

Enlarge Photo

Wells Fargo tied with Bank of America as the most preferred banks, each with 16 percent of the investors with a net worth between $5 million and $25 million using them as their primary institutions.

Antrenise Cole

Reporter- Birmingham Business Journal

Email  |  Twitter  |  Google+

What banks do high net worth investors prefer to use as their primary bank?

That's what Spectrem Group, a Lake Forest, Ill.-based research firm, studied in its annual examination of adviser usage among affluent investors nationwide.

Wells Fargo tied with Bank of America as the most preferred banks, each with 16 percent of the investors with a net worth between $5 million and $25 million using them as their primary institutions.

In third place was JPMorgan Chase with 11 percent of the ultra high net worth investors, followed by Citibank with 4 percent.

PNC tied at No. 5 with Suntrust and U.S. Bank, each holding 2 percent of the total.

Segmented by age, Wells Fargo had 20 percent of the investors under the age of 48, and PNC and JP Morgan Chase each garnered 15 percent of the investors between the ages of 48 and 54. Among investors over the age of 64, Bank of America had 18 percent of the ultra high net worth investors.

Antrenise Cole covers banking, finance, small business lending, venture capital, accounting and law for the Birmingham Business Journal. Click here to follow her on Twitter.