Waterbury, CT-based Webster
Bank is planning to launch a new private banking office in Greenwich, CT within
the fourth quarter to serve the “millionaire next door,” Family Wealth Report can confirm.

The “millionaire next
door” refers to the high net worth market which falls “just below the threshold
of the industry leaders,” Glenn MacInnes, Webster executive vice president and chief
financial officer, said at the Deutsche Bank 2012 Global Financial Services
Investor Conference earlier this week.

Sarah Barr, vice president of external communication, explained to this publication that a “millionaire next door” customer is “someone who is part of our daily lives” – they may own a successful business chain, for example.

It is understood that,
at present, Webster has over 50 private banking staff with seven relationship
managers working in regional teams across New York, Connecticut, Rhode Island
and Massachusetts.