AIG’s Treasury Department has deep trading relationships with many of the world’s leading financial institutions. Over the years, we have collaborated with their team to meet strategic centers of influence at private banks, wealth management firms and multifamily offices—all of which serve ultra-high net worth clients.
The most promising business development opportunity resulting from this collaboration involves BNY Mellon. We are working with the bank’s wealth management practice to offer customized insurance and risk management solutions to family office clients.
Establishing an insurance partnership with a bank is no easy feat. Over the past two years, we refined the related processes and workflows and on-boarded two important producers—HUB International and Crystal and Co.—to advise and convert leads into AIG clients. Due to positive feedback from the wealth managers participating in the program, BNY Mellon is expanding the AIG Private Client Group offering to a broader segment of high net worth clients with at least $20 million in assets under management, which they refer to as “Core” accounts. There are 28 Core locations throughout the country that will be introduced to the program over the course of 2017 and 2018.
To more effectively support this expansion, we’ve shifted the management of our partnership from our home office in New York to our U.S. regional offices. This transition enables a higher degree of comfort for the BNY Mellon wealth managers through personal relationships; adds value to our national producers regionally; and offers an opportunity for joint events and marketing activities.
If you are curious as to how the program is working in your region or territory, please reach out to your regional marketing manager or Alex Horowitz.