Academic journal article ABA Banking Journal

Wealth Management Tips

Academic journal article ABA Banking Journal

Wealth Management Tips

Article excerpt

Has your bank been looking into wealth management as a new source of fee income?

Bank of the West has been adding resources to its Wealth Management Group in the belief that the current economic climate and demographic trends offer significant opportunity for traditional banks. ABABJ contributing editor Melanie Scarborough spoke with Carolyn Paul, senior vice-president and regional manager, and a 25-year veteran of the financial advisory business. (The $60 billion-assets bank, based in San Francisco, is a unit of BNP Paribas.)

Q. How do you attract clients?

We have a couple of strategies. For one, we have a great base of clients who already are bank customers, so they're open to hearing about the bank's wealth management services. We work closely with the company's private bankers, branch managers, and commercial loan officers who can refer customers.

In addition, the folks on our team are active in the community. They're in places where they can meet potential wealth management clients. …

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