The wealth management landscape may be primed for a shake-up as a number of revenue-hungry banks plan to enter the business.
Roughly a quarter of banks are gearing up to offer wealth management services within the next two years, according to a survey of 200 bank executives and senior banking professionals conducted this spring by American Banker and SourceMedia Research. The wave of interest in wealth management comes as banks hunt for new ways to generate profits in a low-interest rate environment and to hang on to customers when interest rates rise and competition heats up.
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