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Better Wealth Retention Starts With Checking

Looking to retain more wealth deposits? Look no further than the primary checking account. Wealth clients with both checking and rate-based products – savings, money market savings and/or retail CDs – are 15% more likely to stick around on average than those without checking (see chart).  

Total Wealth Customer Retention By Relationship | Rolling 3-Month Average

Having the checking relationship makes wealth deposits far stickier.

Wealth advisors generally focus on a client’s investments as “someday” money. But with today’s higher rates on wealth savings accounts and retail CDs, they’ve been competing more and more for the less-distant “tomorrow” money. That can get expensive without a client’s checking relationship – the “today” money – because those clients are more likely to chase rate elsewhere.   

One way to lower overall deposit costs is to start with a recommendation from the advisor to consolidate primary banking with investments. This approach carries a far lower acquisition cost than the marketing, offers and promotions often required to win retail deposits, and once secured, that combined relationship pays dividends down the road in demonstrably better retention.  

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