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Article: Wealth management: worth a second look? market forces and competitive trends suggest that this specialized business may give a needed boost to bottom lines strained by shrinking net interest margins.(TRUST/WEALTH MANAGEMENT)
- Article from:
- ABA Banking Journal
- Article date:
- March 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Say somebody told you that they had a business that would generate fees of 1% of assets, and that the pool of assets, even if you didn't add to it, was likely to grow, on average, by 8% a year. And further, that you could charge a fee for providing a careful and professional financial plan, and that with that plan in hand, customers would, more often than not, happily turn over their assets to you to manage, adding to that pool you already have. Would you say that such a proposition was (a) too good be true? (b) obviously a slick Wall Street deal? or (c) sounds pretty good?
The business just described is quite legit, and is working very nicely for a 207-year-old ...