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By focusing more on advice and less on product, banks can regain their traditional role as trusted advisors to investors.
As cost pressures intensify, many banks can no longer afford the luxury of offering proprietary mutual funds.
While banks can achieve significant gains selling investment and insurance products, they must offer customers real value.
Personal financial profiles can help jump-start relationships, but only when a variety of other conditions are met.
Though no longer glamorous, account aggregation still may have a future in supporting wealth management applications.
To retain high-net-worth clients, banks need to offer a wider range of non-proprietary products.