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Many banks now offerpersonal financialservices that can provide a convenient alternative for those seeking guidance without the high costs.
But is it worth consolidating your financial needs under one banking roof?
Reducing the number of providers you have is good, Palmore said.
Its a question of consolidation versus disintegration.
Theres a regional bank in Tulsa, Oklahoma, thats delivering travel agent services, Pillmore said.
Additional services of this kind might help you choose between banks, as well.
But they have to be wary of becoming the product.
That is, consumers should be aware of the banks motivation.
However, Pillmore warned that some banks fail to take full advantage of this data.
They should be able to recommend better things, but thats very idealistic, he said.
Banks are lazy, and sometimes they dont always use the data thats right in front of them.
For instance, he described a scenario where a bank notices a customer has paid off their mortgage.
The downside is that you find youre not getting the best of breed, Pillmore said.
Theyre not selling you a complete bill of goods, but theyre also not a fiduciary, he said.
They have an incentive to recommend products that make the bank money.
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