Wednesday, October 03, 2007

White Glove Service for “Ordinary Millionaires”?

From the Boston office of Hill, Holliday, Connors, Cosmopulos comes a new ad campaign for Bank of America's wealth management unit, which now includes U.S. Trust.
[T]he new campaign is anchored by two themes: “the new face of wealth” and “wealth management for today’s wealth.” It aims to capitalize on the shifts over the last 15 years that have created not just a class of ultrawealthy investors, with hundreds of millions or billions of dollars, but also a rapidly expanding class of ordinary millionaires.
• • •
The ads, aimed at individuals with at least $3 million to invest, revolve around the idea of self-made money — as opposed to inherited wealth — and are imbued with . . . “the core values of nostalgia for family and friendship.”
Coincidentally, Hill Holliday's New York office produces the "Working Wealth" campaign for the Smith Barney wing of Citigroup. That campaign seems aimed at even more ordinary Boomer millionaires, those with $1 million to $3 million to invest.

Close to three million individual Americans are thought to have at least $1 million in investable assets. There are an estimated nine million "millionaire households."

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