I am eager to get a closer look at PNC’s new online tool, Wealth Insight, which the bank will launch on September 19 for clients who hold US$1 million or more in assets. While other banks are focused on building online tools and apps for their mass-market clients and the young, PNC stands out with an exclusive online tool for high-net-worth clients. Many high-net-worth wealth management services are defined by face-to-face, white-glove service delivered by a team of experts. While these clients have traditionally been able to access balance information and statements through a website, online personal financial management capabilities for … Continue Reading →

While the full impact of the financial reform bill on the wealth management industry remains unknown, the proposal with the greatest potential impact would establish a uniform fiduciary duty for brokers, dealers, and investment advisors. The reform bill may also indirectly impact the wealth management arm of the largest U.S. banks. The estimated decrease in banking revenues combined with regulatory-related expenses (e.g., FDIC fund contribution) may lead large banks to focus on growing revenues through additional services, potentially in wealth management lines of business. The final proposal on the fiduciary standard that is expected to become law requires the SEC … Continue Reading →

Whether financial advisors like it or not, the advice they provide should be their central value proposition. Advisors who focus solely on investment product sales without providing valuable advice backed by comprehensive needs analysis will become extinct. This is no longer just a corporate mandate, but a client-driven one. Only a couple of years ago, prior to the financial crisis, advisors who refused to embrace the new advice-driven model might have received a slap on the wrist from their manager for failing to complete their required number of financial plans. Today, their loss is likely to be more tangible, through … Continue Reading →