How quickly is wealth management changing? Consider this: Only two years ago, Wealthfront CEO Andy Rachleff unveiled his firm’s
At that time, this convergence of banking and financial planning
“Many advisors have downplayed the importance of banking services or have buried their heads in the sand,” says associate editor Sean Allocca. “As financial services firms dive deeper into traditional wealth management, advisors will have to think seriously about adding new tools — especially banking services — to keep up with the industry at large,” Allocca is co-author of our feature,
Clients are already asking their advisors for high-yield savings accounts, personal lending, insurance and mortgages. “Expect in a year’s time to see new banking products offered by the biggest wealth companies; Schwab leaders have already publicly stated their plans to do so,” says Suleman Din, the content lead for Financial Planning conferences and the story's other co-author. “The independent that’s not part of the companies building these platforms will certainly have to adapt to stay competitive.”
Firms’ ability to offer a suite of banking services has evolved from idea to actuality in just a few years. Clients are ready. Are you?
