Are You Prepared for Competition?

Morrow, Edwin P.
November 2001
Journal of Financial Planning;Nov2001, Vol. 14 Issue 11, p38
Academic Journal
The article focuses on competition in financial planning in the United States. Banks are now reaching out to offer mutual funds, annuities and life insurance. Only a few offer advisory services, but the trend is growing because advice is being viewed as preparatory to making product sales. With a substantial customer base and lending authority, banks have a market entree for financial advice. Now fighting off the image of poor investment performance and a carriage trade mentality, a trust department could leverage the bank's customer base. Most provide only estate planning advice and frequently this is limited. A trust department could be an ally or a competitor. Started as a hybrid of trust departments with a special focus on corporate executive needs, they are now broadening the scope of services and trying to offer more options to a larger and more diverse portion of the community. One typical offer is the promise of personal financial planning. Credit unions have a strong location and primary opportunity to get the first crack at the consumer's dollar, and they are constantly motivated to expand their services to include financial planning.


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