How To Make the Most of Your Bank’s Investment Services

If you’re exploring ways to grow your wealth , it’s important to consider all your options — especially when it comes to investing . And while you might think banks are just for storing cash and paying bills, some offer much more.

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Many banks provide investment services that could help you multiply your money while offering the convenience of managing your banking and investing in one place. Exploring what your bank offers and how it can help you reach your goals could be the key to taking your finances to the next level .

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What Investment Services Do Banks Offer?

Dennis Shirshikov, head of growth at Summer , said that banks typically offer a range of investment services — including mutual funds, retirement accounts and advisory services — that are tailored to help clients manage their investments.

“Mutual funds, for example, allow individuals to invest in a diversified portfolio of stocks, bonds or other securities, which can mitigate risk while providing growth opportunities over time,” he explained. “Retirement accounts, such as IRAs, often come with tax advantages that can enhance wealth accumulation by deferring taxes on investment gains until withdrawal. Advisory services offered by banks can provide personalized financial advice, helping clients to align their investment strategies with their long-term wealth goals.”

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How To Determine Which Bank Investment Services To Use

Shirshikov said if you want to determine the best fit when it comes to bank investment services, you should start by clearly defining your financial goals and understanding your risk tolerance.

“For example, someone with a high risk tolerance and a long-term investment horizon might benefit from investing in equity-heavy mutual funds, which offer the potential for higher returns,” he explained. “On the other hand, a more conservative investor nearing retirement might prioritize stability and opt for a diversified portfolio with a significant allocation to bonds or other fixed-income securities.”

Shirshikov said that banks often provide tools, such as risk assessment questionnaires, and access to financial advisors who can help clients understand their risk profiles and recommend suitable investment options.

Bank Investment Services vs. Other Services

You might wonder why you should use a bank’s investment services over other options, such as hiring a financial planner, broker or investment advisor.

According to Shirshikov, one of the primary advantages of using a bank’s investment services is the convenience of having multiple financial services under one roof. He explained that this integrated approach allows for easier management of finances — from checking accounts to investment portfolios — that can simplify tracking and decision-making.

“Additionally, banks often offer competitive fees, especially for clients who bundle multiple services, and may provide access to exclusive investment products or services not available through independent brokers,” Shirshikov added. “Moreover, the trust and security associated with well-established banks can be reassuring for clients who prefer a more conservative approach to managing their wealth.”

But that doesn’t mean you shouldn’t perform your own due diligence.

What To Know Before Using Bank’s Investment Services

Shirshikov said that if you’re considering bank investment services, you should be mindful of fees and potential conflicts of interest.

“While banks offer convenience, some may also charge higher fees or push proprietary products that may not always be the best fit for the client’s needs,” he explained. “It’s essential to ask about all fees upfront and to compare the bank’s offerings with those of independent advisors or brokerage accounts to ensure they are getting the best value. Additionally, clients should regularly review their investment performance and make adjustments as needed to stay aligned with their financial goals.”

Check to see if your bank adheres to the fiduciary standard when it comes to helping clients manage their investments. The fiduciary standard means that the bank will always act in your best interest, putting your goals ahead of its own.

This article originally appeared on GOBankingRates.com : How To Make the Most of Your Bank’s Investment Services