HNW advertising roars back

No matter what you’ve heard, the recession is over when it comes to prospecting for millionaires.

So says The Trust Advisor Blog, in an interesting roundup of the current advertising executions by private banks and wealth managers.  I particularly appreciated the justification for the expensive ad buys:

Figure one back cover of the New York Times magazine costs around $100,000. With a $10 million account minimum and roughly a 1% management fee, if Bessemer reels in even one new account and holds it for just one year, the ad buy breaks even.