The Wall Street Journal recently reported how private banks and trust companies are helping older clients sort out medical bills, hire in home care, or even manage the sale of a home. Now, US Banker is reporting how the services are one which Wells Fargo is increasingly committed.
According to the article, Wells Fargo & Co.’s private bank has rolled out the service in about 40 places along the Eastern Seaboard. It now has 67 such sites in the Wells-Wachovia Corp. footprint.
The service, available to private bank clients, aims to help older people maintain their independence and quality of life. It combines wealth management with assistance on everything from the death of a spouse to mobility and health challenges. Keith Klovee-Smith, the national manager for Wells, tells US Banker the company sees great potential in the offering as demand likely rise because the number of Americans older than 60 will double in the next 20 to 30 years, he said.
“Wells Fargo prides itself on serving customers across their entire lifetime,” said Klovee-Smith. “This is a way to follow through with that commitment.”
Apparently, not many banking companies see the same value in packaging private banking with elder services. Harris Private Bank, in Chicago, offer similar services, but it is not clear that any other U.S. bank does.
“This is something that should be considered by most players in the private banking space,” said Alois Pirker, a senior analyst at Aite Group. “Wells is ahead of the curve.”