In our fast-paced society, convenience reigns supreme. People are less happy with places that only offer one product or service, and "one-stop shopping" places are becoming more popular because they save people time and effort.
Many types of businesses have changed because of the convenience trend, and financial services are no exception. In the past, people went to their local bank branches to cash checks and make deposits, which was enough for them. Customers expect more from their bank relationships today. They want their local bank to help them manage all of their financial activities in an effective way.
Banks of all sizes, from large national institutions to small local banks, now offer a wide range of financial services and products, such as annuities, life insurance, and financial planning. Customers can get these services at the same easy-to-use place where they have been doing their regular banking for years.
Most banks offer some kind of financial planning and investment services, but the depth of these programmes varies greatly from one bank to the next. Customers should carefully look at what their bank has to offer and decide if they are getting the help they need and deserve. Many institutions say they want to give customers more power, but they don't actively reach out to customers and give them the help they need.
Investors in the U.S. retirement market face a number of big financial problems. Rising health care costs, shrinking Social Security benefits, and people living longer mean that many people are at risk of running out of money in retirement. Also, most Americans aren't doing what they need to do to make sure they have a secure financial future. Financial institutions should work with their customers to make them aware of these risks and give them good ways to deal with them.
Financial advisors are setting up offices in bank branches more than ever, and banks are hiring experienced professionals. A growing number of banks offer the expert advice and full range of services that customers want today. If your current bank doesn't offer what you need, it might be time to find a new one that can meet all of your financial needs.
Investment Centers of America, Inc. (ICA), which is a member of the NASD, SIPC, and is a Registered Investment Advisor, has been a leader in offering investment and insurance products through banks that are not related to it since 1985. The securities and insurance products sold by ICA and affiliated insurance agencies may lose value, are not backed by a bank, and are not covered by the FDIC.
