Northern Trust Bank was founded in 1889 by reputable banker Byron Laflin Smith with the goal of serving the city’s affluent individuals and organizations. Northern Trust went on to create a series of ‘firsts’ for their industry, including an employee life insurance plan in 1912, a pension plan in 1913 and electronic check processing. By 1969 North Trust had expanded internationally with a London office, making them the first Illinois-chartered financial institution to open a branch outside the United States. Today, Northern Trust Corporation operates as the largest administrator of offshore private equity funds in Europe, and is one of the world’s leading providers of institutional index management services. Internationally, Northern Trust is one of the leaders when it comes to delivering to corporations, institutions and affluent individuals services such as investment management, asset and fund administration, fiduciary and banking solutions. To date, Northern Trust has $107 billion in banking assets, $6.1 trillion in assets under custody and $960 billion in assets under management.
- Asset management
- Asset servicing
- Wealth management
- Customized service
- 24/7 online access
Northern Trust has three areas of specialty for its wealthy clients. They are:
- Asset Management
- Asset Services
- Wealth Management
Northern Trust's Asset Management helps clients to custom-design a sophisticated investment strategy to achieve their goals by:
- proactive expert advice
- a broad array of capabilities
- latest technology
Northern Trust's two vehicles for goal achievement are:
- Goals Driven Investing
- Brokerage Services
For clients seeking a single hosted solution that provides straight-through-processing, cost-effective applications, added efficiency and productivity in a fully menu-driven environment, Northern Trust offers Asset Servicing through Trust Portal.
These services include:
- Banking and Treasury Management
- Global Custody
- Securities Lending
- Correspondent Services
Northern Trust also offers a variety of wealth management services to help client's address every aspect of their wealth management needs.
- Private Banking
- Business Banking
- Trust and Estate
- Wealth Planning
- Family Office services
Northern Trust prides itself on centering its services around each client's individual needs. They provide clients with a customizable and expansive package of information reporting, image delivery and transaction initiation services.
Northern Trust takes the time to fully understand their clients' business challenges and goals, helping them to develop integrated strategies and singular solutions, including:
- Creative business credit solutions for debt financing and commercial lending
- Cash management solutions to help accelerate receivables and manage payments
- Deposit accounts designed to grow a client's business
- International services to help clients move money globally
24/7 Online access
Another highlight is Northern Trust's 24/7 online platform -which offers individual and business clients a way to access their accounts 24 hours a day, 7 days a week.
- Advanced technologies allow each client to:
- Customize reports based on combinations of individual accounts, product types or transaction types
- View loan summary and transaction information in a simple, efficient interface
- Provide a single initiation point for debit and/or credit transfers
- Access daily positive pay exception information and instant on-line access to images of daily exception items
- Stop payment requests on a real-time basis
- View lockbox information reporting at the deposit, batch or float detail level and access of up to seven years of check and document images
Limited Customer Base
Northern Trust is a company that only services very high net-worth wealthy individuals and families. It is not a commercial bank that offers personal checking accounts, savings accounts and CDs. It only offers wealth and asset management.
The Bottom Line
For 125 years, Northern Trust has worked with wealthy clients to create customized solutions based on their unique set of circumstances. As global markets have grown more fast-paced and complex, North Trust has continued to establish new offices and develop new products and services to meet clients' changing needs. Northern Trust has transformed traditional online 24/7 banking into a broad online wealth management suite for all client accounts in one convenient place. The non-wealthy need not apply.