Truist expands wealth inheritance opportunities, deepens focus on mass affluent clients

Truist has recently significantly increased its efforts to expand its mass-affluent business, including offering premium services with a lower entry threshold than large bank competitors.

The super-regional bank's chief consumer and small business banking officer, Dontá Wilson, said in an interview that the bank has invested more in capabilities and service enhancements for its "Premier" client segment, aiming to attract new customers and deepen existing relationships.

Specific initiatives include: enhancing personalized experiences through data analytics and artificial intelligence, strengthening the rewards program, and adding more Premier advisors in branches. Truist made the announcement on Tuesday, August 25, 2026.

Meanwhile, Truist expanded its digital financial planning capabilities, allowing Premier clients with combined deposits and investments of $250,000 to initiate the financial planning process and set goals. Advisors can view this information and proactively contact clients. The bank plans to further expand access to digital planning tools in the future.

Truist, headquartered in Charlotte, North Carolina, has accelerated its hiring pace, with the number of Premier advisors recruited up about 35% from a year ago. A year ago, the bank revealed plans to expand its mass-affluent business and open new branches in high-growth markets. Truist did not disclose the specific number of its Premier advisors.

Wilson said artificial intelligence is collecting customer input and guiding bank staff to direct customers to the right service path, whether it be a financial advisor, a Premier banking specialist, or another point of contact.

Wilson said these efforts are already showing results. According to Truist's earnings presentation, deposit production per Premier advisor grew 23% year-over-year in the second quarter, and financial planning volume led by Premier advisors grew 9%. During the same period, average consumer and small business banking deposits grew 2% year-over-year to $217 billion.

The bank, with $556 billion in assets, did not disclose the specific amount invested in this expansion strategy, but Wilson said it is an ongoing investment. In addition to serving customers already identified as Premier, the bank also hopes to bring other bank customers into the Premier customer pool.

These potential customers include those who already have accounts at Truist but hold more assets at other institutions, or those who are entirely new customers. As the wealth transfer of the baby boomer generation begins, "when the transfer happens, 70% of asset inheritors switch financial institutions," Wilson said.

Wilson estimates this opportunity involves approximately $600 billion in deposits and approximately $2 trillion in investments.

Wilson noted that this opportunity is particularly attractive to the bank because the lifetime value of mass-affluent customers is six times that of average customers. As these customers' assets grow, they could also become an important source for the bank's wealth management business.

"When we look at all our investments in consumer and small business banking, the goal is to guide everyone toward the Premier path," Wilson said.

Wilson said the bank is expanding the Premier rewards program beyond interest rates and discounts. He cited as an example that customers can attend and be hosted at the Truist Championship, an annual golf event held in Charlotte, which is one of the broader reward concepts the bank is developing.

Of course, Truist is not the only bank pursuing the affluent customer business. Large bank peers such as Wells Fargo and PNC have also expressed interest in expanding this business.

Wilson believes Truist's uniqueness lies in the fact that customers can access some financial education tools when they have $100,000 in assets, and are assigned a dedicated advisor when they reach $250,000. Many competitors require customers to have millions of dollars in assets at the bank before they can receive a combination of advisor services and self-service support.

Wilson also mentioned the bank's virtual assistant, Truist Assist, where customers can press a button to connect with a human if they need assistance during the process.

"We are making these steps easier because customers can start digitally first, and then we supplement with human service," Wilson said.

In the competition for mass-affluent customers, Wilson believes the winner "will be determined by who can integrate the best model to serve customers."

Truist's emphasis on advisory services, whether through human or digital channels, is key to the bank's quest to "deliver the model better than other banks."

Last month, Truist announced that Bank of America veteran Shimna Sameer will take charge of its wealth management division starting in October. Additionally, former PNC president and former Fiserv CEO Mike Lyons will officially assume the role of Truist CEO next week.

"They will help us accelerate growth," Wilson said.