5 Ways To Use a Bank’s Financial Planning Services To Build Wealth, According To Experts
Written by
J. Arky
Edited by
Ashleigh Ray
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A naive way of thinking about banks is that you leave your money with them and then access it when you desire. If you get a little bit of interest along the way, hey, that’s not bad.
The smarter way to think of banks is as a partner who is ready to make sure the seeds you plant with them grow and blossom to the fullest they can be. Of course, the green you are growing isn’t a garden — it’s your money.
There are a few methods customers can utilize at their local banks to build up wealth. It all starts by researching and getting in touch with your bank’s financial planning services. From there, you can work together to draw up a plan of action that sees your money grow.
GOBankingRates asked a few experts about the best ways to use a bank’s financial services to build wealth.
Automotive Savings
You can deposit your paycheck and then try to remember to move some funds over into savings. Or you can have your savings automated, just by talking with your financial planner at your local branch.
“One often overlooked method for building wealth through your bank’s financial planning services is automating your savings,” said Lissa Poirot, Joy Wallet’s head of content. “This might sound simple, but the power of consistency cannot be overstated.”
Gates Little, the president and CEO of altLINE The Southern Bank Company, agreed, saying, “Setting up automatic transfers from your checking to your savings account can help you stay on track.”
“By setting up automatic transfers from your checking account to a high-yield savings account or an investment account, you ensure that a portion of your income is regularly saved or invested without having to think about it,” Poirot continued.
“What makes this strategy particularly effective is that it removes the temptation to spend that money. It’s out of sight and out of mind, growing quietly in the background. Many people underestimate how quickly these small, regular contributions can add up, especially when combined with compound interest or returns from investments.”
Cash Flow Monitoring
“I’ve always believed that your bank can be more than just a place to store your money — it can be a real partner in building your wealth,” said Crispin O’Toole-Bateman, the founder of Funding Plus.
“There are a few smart ways to make the most of the services banks offer that not everyone thinks about.”
One thing that O’Toole-Bateman said he often suggests is that customers ask their banks to assist them in keeping an eye on cash flow.
“Most banks have tools that help you see where your money is going,” he explained.
“I’ve worked with clients who, by just taking a closer look, managed to free up some extra cash each month. That little bit extra can be redirected into investments that grow steadily over time.”
Setting Up Growth Accounts
For Gates, that includes creating high-interest savings accounts and diversified investment options for customers.
“These accounts grow your money faster than traditional savings accounts, and are often linked to no-fee structures, maximizing your earnings,” said Gates.
“High-yield savings and CDs provide stability with solid returns for conservative clients,” echoed Vincent Cerniglia, the CEO of Noreast Capital. “For those wanting growth, a customized investment portfolio of stocks, bonds and mutual funds aligned with goals can gain over 15% annually.”
For diversified investment options, Gates suggested that putting your savings in low-risk investment options such as CDs, bonds or money market accounts can provide you higher returns than a traditional savings account.
Debt Consolidation
If you are struggling to get out of debt, you can use their financial planning services to not just get out of the red but soar far into the black.
“By consolidating high-interest debts with help from your bank, you can save a lot on interest,” said O’Toole-Bateman.
“I’ve seen people use those savings to jump into new investment opportunities like buying property or starting their own business — moves that really pay off in the long run.”
Retirement Planning
Diversifying an investment portfolio option is something the financial planning services at your bank can take care of, especially if you are aiming to retire soon.
Gates said, “Diversifying your portfolio between stocks, bonds and other assets can optimize growth while minimizing risk.”
And he said the same goes for tax-advantaged accounts.
“Setting up a tax-advantaged retirement account like an IRA or 401(k) can boost your retirement savings by reducing your taxable income today and letting your investments grow tax-free or tax-deferred,” Gates continued.
For retirement planning, O’Toole-Bateman recommended looking into options like health savings accounts (HSAs).
“They come with some great tax perks that can give your retirement savings a nice boost,” added O’Toole-Bateman.
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