After 50 years in business as a community financial institution, Dallas-based Benchmark Bank is breaking into the wealth management business.
The move is symbolic of a growing trend among the nation’s banks. According to a 2014 survey by American Banker, roughly a quarter of U.S. banks are gearing up to offer wealth management services in the next two years.
The onus is a simple one. In an attempt to both grow revenue sources and leverage the scale of existing client bases, quite naturally banks are seeking a larger slice of the wealth management pie. And that presents a golden opportunity for many advisers to bring their experience to bear and find a new place to call home.
For Benchmark Bank, it has meant forming Benchmark Private Wealth Management, or BPWM for short, in April 2014. BPWM is a wholly owned subsidiary of the bank and is regulated by the Texas State Securities Board as a registered investment adviser.