Bank executives are kicking their wealth management businesses into high gear.
In a study of 140 senior executives released Wednesday, Fidelity Institutional found that more than half (55%) expect to boost revenue from their wealth management practices 25% or more in the next five years. Nearly one-third (31%) those having made the most progress in developing their wealth management businesses and identified in the report as pacesettersanticipate that wealth management will contribute 35% to total bank revenue in five years time.
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