At the Barclays Global Financial Services Conference, executives from Bank of America and Wells Fargo highlighted the continued importance of leveraging wealth advisors to expand consumer banking relationships.

As reported by AdvisorHub, Alastair Borthwick, Chief Financial Officer of Bank of America, told attendees that cross-selling efforts at the Merrill Lynch brokerage unit remain a strong driver of growth. Roughly 60 percent of Merrill clients already maintain a banking relationship with Bank of America. According to AdvisorHub, Borthwick noted that the firm still sees "substantial opportunity to grow," stressing that linking brokerage clients with banking services helps "put a fortress around" customers, making them more loyal and driving profitability.

Mike Santomassimo, Chief Financial Officer of Wells Fargo, echoed similar themes during his remarks at the conference. With a prior asset cap now lifted, Wells Fargo views wealth management as a growth opportunity. Santomassimo underscored that when banking clients add wealth management services, they typically bring 50 percent more deposits and loans to the bank on average, according to AdvisorHub.

He highlighted the role of Wells Fargo's branch-based advisors, who often receive referrals from bank customers and, in turn, refer clients back to the bank. Wells also maintains a private client group, an independent broker-dealer network, and custody services for registered investment advisory firms. Earlier this year, Santomassimo confirmed that Wells had "reintroduced incentive plans" and set hiring ambitions across wealth channels. He pointed to efforts to increase referrals and capture a greater share of clients' financial relationships, noting that the bank remains focused on addressing its "under-penetrated side of the wallet."

As reported by AdvisorHub, both institutions made clear that cross-selling remains central to their long-term wealth management strategies, with banking executives viewing integrated client relationships as a driver of profitability, retention, and overall growth.

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