The Benefits of Using Your Bank’s Financial Advisor
Written by
Martin Dasko
Edited by
Ashleigh Ray
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Based on the most recent data from the FDIC’s Household Survey, the use of bank tellers was down to 21% as most banking consumers have adapted to online or mobile options for handling their financial transactions. And according to Statista, the number of mobile banking customers at JPMorgan Chase tripled from 2013 to 2023, with mobile users reaching 53.8 million.
These recent trends show that many banking consumers are managing their financial needs online and rarely, if ever, visiting a local branch. With so much available to you within your bank’s app or on their website, it might seem like there isn’t anything you could do at a branch that you couldn’t do from the comfort of your couch.
But there’s one resource you may be forgetting: your bank’s financial advisor. Keep reading to explore how using a financial advisor from your bank can benefit your finances in ways you hadn’t considered.
They Can Spell Out Your Investment Options
According to Dave Crittendon, the director of private banking at UMB Bank, your bank’s financial advisor “can provide opportunities for you to grow with the bank so when you’re ready, you can open investment accounts, meet with trust and fiduciary partners or discuss how you could financially prepare for the next generation.”
He added, “Your bank’s financial advisor will also have access to a full suite of specialized bank products and services that may come with competitive rates.”
As a banking client, you may not always have time to review the investment options available to you, but the advisor from your local branch can help you out here. It’s important to be aware of all of the investment products you have access to so that you can make the most informed decision possible for your unique situation.
They Simplify Your Banking Needs
Crittendon also pointed out how your bank’s financial advisor can be your one-stop shop for all your banking needs. They can help you manage your finances as well as suggest tools and banking options that fit your needs.
“They bring tailored deposit and lending solutions to the table so you can achieve your banking goals,” Crittendon added.
Whether you just joined your bank or you’ve been with them for years, chances are that you’re not familiar with all of the different account types.
He said, “Keep in mind that using your bank gives you the full financial picture, which can also help meet your goals, implement tax strategies and more to save you money.”
They Provide Tailored Advice
As Crittendon explained, “Bank financial advisors collaborate with their clients and build a relationship to support them as they navigate family dynamics or impactful financial decisions.”
He continued, adding, “With years of experience and banking knowledge, financial advisors can look ahead and guide clients through different financial situations that may arise.”
“It’s essential to thoroughly understand your financial situation and educate yourself on available options, ” said Dr. David Tuyo, CEO and president of University Credit Union.
“Focus on accounts that align with your financial goals, offering benefits such as higher interest rates, lower fees and the necessary flexibility.”
When your lifestyle changes — like when you get married, have kids or move up in your career — it’s likely your financial goals will change too. The strategies that worked in your 20s probably won’t apply in your 30s and 40s.
Unfortunately, there isn’t a one-size-fits-all solution for banking and personal finance since we all have unique goals and situations. And while there’s an abundance of information available on social media regarding investing and money management, the advice isn’t always applicable to your situation.
This is why it’s a good idea to work with your bank’s financial advisor so you can get advice specific to your circumstances. They can help you make a well-informed decision by presenting all of the options available to you so that you’re not confused about your financial planning.
“It’s not about rigidly dividing your money into specific accounts but rather about maximizing your funds based on your financial goals and situation,” added Tuyo.
The goal is to find the financial tools that will benefit you most, so you can be confident in how you’re allocating your funds.
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