Retail banking clients like receiving financial advice from their primary institution, even though few of them express interest in the services, a new study suggests.
Banks and third-party firms eager to solve the longtime riddle of how to convert savings or checking account holders into wealth management clients might look to the seemingly paradoxical findings of J.D. Power’s 2021 U.S. Retail Banking Advice Satisfaction Study, which the market research firm released on June 24. The results come as wealth managers increasingly compete for business as outsourced service providers to banks and credit unions.
