What was once available to Bank of the Wests wealthiest customers is now available to customers of more modest means. The San Francisco-based regional bank extended portfolio management and asset allocation services to clients with $50,000 in investable assets. The services offered through the banks Investment Advisory Solutions platform were previously only available to the banks trust clients.
The move is part of a wider strategy to extend in-house capabilities to other clients within the bank, said John Morris, head of Investment Solutions for Bank of the Wests Wealth Management Group. It also represents a shift in the banks brokerage unit from transaction-based to advisory, fee-based business, Morris said.
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