Here's a broker's eye view, from Registered Rep magazine.
Private banks offer more sophisticated service, catering to the customer rather than "pushing product."As the Registered Rep article illustrates, the battle for wealth-management business can be intramural. In this case it was Schwab vs. Schwab's U.S. Trust unit.
Private banks and trust companies offer in-house expertise in trusts and estates and high-end tax advice.
“They are able to manage all aspects of trust accounts in-house, an increasingly important fact with the aging boomer population.”
And, "at the end of the day, it's also partly marketing. Private banks, quite simply, are chi-chi."
Anybody care to share other examples of brokers and trust new-business people duking it out to gain or keep a client?
1 comment:
Many so called trust companies deny investment or tax advice, thereby making them little more than holding and distributorships, which, of course, violates the "trust" obligation. Doesn't that make them little more than brokers in disguise?
Post a Comment