Pursuing a specific demographic is a smart way for West Coast lenders to gain a foothold in New York, according to Wayne Cutler, a managing director at the financial services consulting firm Novantas.
New York wealth management is “made up of many micro markets,” Cutler says. He recommends that banks tap into these small groups by using a targeted approach that he compares to fly-fishing.
“In Manhattan, you don’t just go after Manhattan — you go after the Upper East Side,” he says. “Otherwise, you’re competing in such a crowded market already.”
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