Your Bank’s Wealth Management Services Can Grow Your Assets — Here’s How
Written by
Yaël Bizouati-Kennedy
Edited by
Levi Leidy
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Wealth management services offered by banks are generally reserved for high-net-worth individuals. While the minimum amount of investable assets varies by bank or institution, it’s typically at least in the hundreds of thousands of dollars — if not millions. These services encompass a wide range of financial planning, such as retirement, investment, taxes or accounting. In other words, these services help you grow your wealth.
Now, for mainstream consumers to get services and products normally reserved for high-net-worth customers it pays to speak up and ask for them, said Bobbi Rebell, CFP and personal finance expert at CardRates.com.
“Be your own best advocate,” said Rebell. “For example, even if they don’t have the minimum balance, the consumer can point to their long history with the financial institution as a qualification for a higher status and the benefits that come with that.”
Rebell added that these individuals should also make sure they are fully aware of the services they are already entitled to because many people don’t use services they already qualify for simply because they are not advertised.
Here are services that can help you grow your assets, according to experts.
Check Different Savings Options Available
One of the best things you can do to leverage your bank’s wealth management resources is to gain a full understanding of all their product offerings and financial services, said Erika Kullberg, attorney, personal finance expert and founder of Erika.com.
To start, check out their different savings vessels to see which can offer you the best savings rates.
As Kullberg noted, some banks provide customers with access to traditional or high-yield savings accounts, money market accounts and certificates of deposit (CDs).
“While you take your time researching and making a long-term financial plan to grow your assets, keep your cash safe in whichever savings vehicle can help you grow your cash the fastest,” she said. “Often this is a CD, but that also makes your money less accessible. You need to balance growth with liquidity.”
Look At Investment and Brokerage Accounts
As Cliff Ambrose, FRC, founder and wealth manager at Apex Wealth noted, leveraging your bank’s wealth management services can be a powerful way to grow your assets and achieve your financial goals.
For instance, he said, banks offer a range of tools and products designed to enhance various aspects of your financial life.
These can include investment accounts such as individual retirement accounts (IRAs) and brokerage accounts, which can provide tax advantages and access to diverse investment opportunities.
“Utilizing these accounts effectively can help you build wealth over time through disciplined investing,” said Ambrose.
Financial Planning Services
Another way to grow your assets is to use your bank’s financial planning services, which typically include personalized advice on budgeting, saving and investing.
In turn, working with a financial advisor can help you develop a tailored plan based on your goals, risk tolerance and time horizon, said Ambrose.
“Additionally, banks provide access to specialized investment products like mutual funds, exchange-traded funds (ETFs) and managed portfolios, which can help diversify your investments and reduce risk,” he added.
Now, whether you follow the advisor’s advice or not, getting an assessment of your finances is always beneficial.
“It is easy to have blind spots to our financial weaknesses and sunk costs that someone else may be able to pick out and bring up,” according to Stephen Kates, CFP, principal financial analyst at Annuity.org.
Use Your Bank’s Apps
Using tools and apps that help you name your goals — along with the exact dollar amounts you want and when you want them — is critical, some financial experts noted.
“Many human beings haven’t been as concrete as they could be about what they want to accomplish with their money, which can have unintended consequences,” said Michael Liersch, head of advice and planning at Wells Fargo.
For example, these can help you assess how much you want to give to your children in life, and after.
As he noted, in the past, articulating your goals was a manual process, which was often reserved for those with a team of professionals. Now, financial institutions such as Wells Fargo offer helpful tools — including LifeSync in the mobile app, which was first made available to wealth management clients in April 2023, then to all customers as of November 2023 due to popular demand, Liersch said.
Artificial Intelligence (AI) Tools
The good news is that because technology is advancing, especially AI, consumers now can have access to tools and products that were previously available primarily to high-net-worth individuals, noted Rebell.
For example, she said that AI algorithms can analyze consumer data to personalize advice and product offerings such as loan options and different investment strategies based on risk profile, priorities, life stage, debt load and other relevant factors.
“In some cases, they can customize banking products as well by doing things like analyzing a consumer’s transaction history, or behavior tracking,” she said.
AI can also help banks look at customer profiles and adjust the interest rate they offer to them if they qualify, or offer products that make sense for their current life goals and priorities.
More From GOBankingRates
