An increasing number of private banks and trust companies are expanding services that cater to older customers, including senior living community evaluations, help obtaining in-home care, and home sales management. Wells Fargo, for example, has expanded its private-bank Elder Services program by 30 new regions this year – bringing its total reach to 67 markets nationwide.
While most banks traditionally have provided estate-planning services, more are now branching out into other senior-focused services, says a Wall Street Journal report. Not only do such strategies bring in additional revenue for the banks, they also help them forge relationships with the adult children who often take part in the process.
“Beyond any short-term gains, the services are a way for banks to deepen ties with a family’s younger generations, who otherwise are considered much less likely to stay loyal to a specific financial institution in the long run,” reports the Journal.
In another example of banks expanding services to seniors: Merrill Lynch this year launched an initiative called “Stand Ready” to help customers organize documents, care instructions, etc., should they become incapacitated. This service is through the Merrill Lynch “family-office” group, however, which focuses only on bank’s wealthiest customers.
Here’s a look at how other banks are doing business with seniors and their family members, according to The Wall Street Journal:
- Broadspire Care Management, which contracts with bank trust departments and wealth-management firms to provide geriatric-care management, says it has seen referrals rise 10-12 percent for the past three years.
- Bessemer Trust has expanded its focus on its “health advisory” services in recent years, and Northern Trust has increased its training in the family dynamics involved in long-distance caregiving.
- Wells Fargo’s Elder Services charges up to 2 percent per year in total fees on a $1 million minimum.
Read The Wall Street Journal article, “Beyond Estate Planning: Bankers Tackle Elder Care.”
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