Your Bank’s Wealth Management Services Can Grow Your Assets — Here’s How

Yaël Bizouati-Kennedy   Tue, September 10, 2024  GOBankingRates

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.

https://news.yahoo.com/news/finance/news/bank-wealth-management-services-grow-150059799.html