In search of retirement advice, Americans are increasingly reaching out to banks. That’s the finding of two national surveys recently conducted by Hearts & Wallets.
Based on approximately 9,000 responses, the researchers found that 43 percent of Americans now to turn to banks as their main source for retirement advice, an increase of 2 percent from a year earlier. Specifically, Bank of America is now the primary channel for retirement planning for 48 percent of its customers, a huge leap from just 27 percent in 2010. However, the rise of banks in this area has come at the expense of the traditional leader in the retirement space, Fidelity.
Banks are also becoming more one-stop shops that offer checking, mortgages and other products. Again, this has hurt self-service brokers and full-service firms in the affluent/high-net-worth market.