Only 19% of retail bank customers say they are interested in receiving financial advice from their bank, but 69% who receive advice act on it.
That’s one of the key takeaways from J.D. Power’s annual survey of U.S. retail banking advice, which found that bank customers are stressed.
Just 49% of retail bank customers could be classified as financially healthy, according to the survey, while 11% fall into the overextended category. Another 13% could be considered stressed and 27% as vulnerable. Just 38% of bank customers pass a basic financial literacy test, J.D. Power said in a release.
Bank of America ranked highest in customer satisfaction with retail banking advice with a score of 673, while Citibank, at 640, ranked second. The industry average is 631.
“Even though customers may not think to seek financial advice from their bank, they tend to respond extremely well when that advice is proactively offered,” said Paul McAdam, the company’s senior director of banking intelligence.
“The White House has extremely strict ethical guidelines with respect to issues like this,” said Press Secretary Karoline Leavitt.
Just how much does it cost for a financial advice exec to stay out of prison?
The advisor both prices FSK's private loans and gets paid on those prices, the suit claims
The proposal would end decades of paper-first delivery rules, but keeps a paper opt-out and draws early praise from fund and annuity industry groups.
The Trump accounts are “generationally changing” and bring financial literacy to youth, said IRS chief Frank Bisignano.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
