Future profits for bank advisers will have to come primarily from the higher-net-worth segments as market dynamics push business upstream. However, the bank channel, as a whole, has been terrible at servicing HNW segments.

Everyone begins with 100% of their assets in a bank or credit union. However, the wealthier a customer gets, the more likely their assets will leave the institution and go elsewhere. Why are we letting this happen? As a channel, we must get better at attracting and retaining HNW assets.

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