Many banks are looking to fee-based businesses like wealth management to help them develop new revenue streams, according to Fidelity Institutional's Bank Wealth Management Study.
In a survey of 140 senior bank executives, Fidelity found that more than half of them expect their wealth management practices to grow 25 percent or more in the next five years. Wealth managers are registered investment advisors that help individuals plan for retirement.
A handful of banks already have built up their wealth management businesses. Fidelity refers to them as Pacesetters because wealth management is estimated to make up 35 percent of their revenue in the next five years.
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