When it comes to cross selling investment products to the affluent, banks in the United States have experienced limited success compared to Canadian banks.
According to a new Aite Group report, banks' brokerage arms have suffered from weak brand recognition in the investment world and challenging client acquisition practices through the branch channel.
Banks must also now contend with their clients' increasing preference for viewing and managing their investments online and the resulting loss of investment assets to online brokerage firms. Aite found that while many banks provide self-directed investment services, these are not on par with those of online brokerages.
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