How can community banks make wealth management a profitable part of their strategy? At Canandaigua National Bank and Trust in New York, 45% of the bank’s non-interest income — and 15% of the bank’s total revenue — comes from wealth management, says EVP Sam Guerreri on the latest episode of the ABA Banking Journal Podcast, sponsored by Money Concepts International.
Guerreri explains the bank’s strategy for wealth management by embedding it with the core banking business with a focus on holistic financial planning. For example, the bank includes banking officers — retail or commercial — and wealth management staff on client calls and visits.
Guerreri also discusses areas of growth in wealth management, including fee-based investment management accounts, trust and estate planning and insurance to hedge risk, as well as what he sees as a shift away from commission-based activities and proprietary products.
This episode is sponsored by Money Concepts International.
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