Northern Trust has thought very carefully about how to communicate with its wealthy clients. In the U.S., it says it has people within a 45 minute drive of 50 percent of all of the millionaire households.
It advertises on NPR, CNBC, the Wall Street Journal, and local newspapers.
Now it might start “friending” people on Facebook.
“We had a client earlier this year who asked if we could be a friend to their child on (her) Facebook page because the child is a beneficiary of a trust that we manage and they said what better way to get to know my child when they’re awfully remote than to do this through the Facebook page?” said Lee Woolley, President of Northern Trust Bank’s Personal Financial Services division in Boston.
The family said Facebook would be a great way to communicate with the next generation of heirs before they inherit the family fortune.
Of course the 20 year-old daughter would have to accept the invitation for it all to work out.
Woolley told the Reuters Global Wealth Management Summit his firm had said “no” in the near term, but was interested.