Should I Use the Financial Advisor Through My Bank? (2024)

Many banks offer financial advisory services alongside traditional banking services. The convenience, alongside offers like free checking, make it a tempting offer. But should you use the financial advisor through your bank? Here’s what you need to know about working with a financial advisor through your bank, and if that’s the best option.

Financial Advice Through a Bank - What to Consider

Banks offer critical financial services, but that industry wasn’t designed to provide investment advice and other financial advisory services. While many banks do offer these services, they’ve been added on to their original offerings - and often come with a much steeper price tag.

You also have to consider if an advisor through your bank is afiduciary.A fiduciary is an individual who acts in the best interest of a particular person or beneficiary. Financial advisors who work through a bank may not be a fiduciary - meaning, they can (and are often encouraged) to offer you financial advice that’s in the best interest of the bank, not necessarily what’s the best option for your investment.

With an advisor through a bank, there always exists that uncertainty about their conflict of interest - how can you be sure that your advisor is offering you the best advice for you, and not just the advice that benefits the bank the most?

Financial Advice from a Greater Midwest Financial Group Financial Advisor

A financial advisor is someone who offers advice on both your short-term finances and long-term finances. They can help you plan where to save money, how to invest your money and what types of accounts to open.

The benefit of choosing a financial advisor that isn’t affiliated with a bank is you remove that conflict of interest, as well as better rates for those services.Every financial advisorat Greater Midwest Financial Group is a fiduciary, anda Five Star Wealth Manager.

Work with our experienced financial advisors and get the chance to:

• Explore the amount of risk you should take for returns you can potentially expect
• Ease the transition during pre- and post-retirement years
• Plan for the future - no matter what’s in store
• Manage and grow your assets
• Invest wisely and strategically
• Plan for college, retirement, elder care and other major life expenses

You can depend on GMFG to offer the best advice for your situation, to maximize your investments and return.

Greater Midwest Financial Group is a financial advisory firm serving St. Paul, Minneapolis, and the wider Twin Cities area. We specialize in wealth management, retirement planning, asset management, and other personal finance needs.