Banks evolving wealth management business models to drive more profitable growth, deliver 'best thinking'According to John Yackel, senior vice president of Sales, Distribution and Relationship Management for Prudential Wealth Management Solutions, many bank wealth management departments are moving away from fragmented advisor bases and proprietary product menus and instead are focusing more on delivering a consistent client experience in order to drive more profitable growth.
A new report by Prudential notes that bank wealth management departments are opening their investment platforms to more asset managers and encouraging their advisors to use these centralized portals. "Firms have made commitments to deliver their distinct investment advice across their client base," says Yackel. "By leveraging centralized resources, adopting consistent processes and monitoring customization, firms are delivering their 'best thinking' in managing client portfolios."
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Wealth Management Solutions is a division of Prudential Investments LLC, Newark, NJ, a Prudential Financial company.