Personalized service and a keen understanding of client needs are what set private bankers apart from their competition.
WSFS Bank shines in the world of private banking, delivering tailored services that fit the unique needs of its affluent clients.
Founded in 1832, WSFS Bank has earned its reputation by providing a diverse range of financial services, with a significant emphasis on private banking. Its private banking sector stands out, not just because of the comprehensive services it offers, but also due to the high level of personalization it brings to each client.
“Our competition always wants to talk about investments first,” said John Ventura, WSFS Bank’s Senior Private Banking Relationship Manager who possesses more than 15 years of experience in the field. “When we meet with potential clients, we talk about planning. They find value in that. Anyone can invest your money for you. Planning, however, is key.”
WSFS Bank provides an integrated suite of services under its private wealth management umbrella, including investment management, trust services, estate planning, and specialized financing solutions. Its focus is not just on wealth accumulation, but also wealth preservation and transition — a holistic approach that truly serves the needs of affluent clients.
Depending on the complexity of a client’s planning needs, a team of two to four advisors may be assigned to work with each client. The team may include a Private Banking Relationship Manager, a Wealth Advisor, an Investment Advisor, and a Trust Specialist.
“Would you rather have a team of experts or a jack of all trades who doesn’t necessarily specialize in any area?” Ventura said about the competition. “Our expertise and holistic approach allow us to offer valuable guidance and advice, helping clients make the most-informed decisions about their finances.”
The WSFS team’s strategy is simple, yet effective. They start by understanding their client’s financial situation, goals, and risk tolerance. Using this information, they then create and execute a tailored financial strategy. But it’s not a one-time process. The strategies are reviewed and revised regularly to align with the evolving needs and market dynamics.
WSFS Bank’s personalized approach extends beyond financial planning. It is known for its dedicated private banking relationship managers, professionals who guide clients through their financial journey. The relationship managers not only provide expert advice, but they also serve as the single point of contact for clients, coordinating with other financial advisors, lawyers, or tax professionals to ensure a cohesive wealth management strategy.
“What makes us an attractive option is our fee structure,” said Ventura. “We don’t earn commissions, and our pricing is very competitive in the industry. Plus, we cap the number of clients our advisors work with, so our efforts are concentrated.”
WSFS Bank’s acquisition of Bryn Mawr Trust in early 2022 also heralded a new era for the nearly-200-year-old institution.
“Bryn Mawr Trust has been providing wealth management and other financial services in the area for over 130 years,” said Ventura. “It had $4.9 billion in corporate assets and $20 billion in wealth assets under management and assets under administration when we merged.”
The private banking sector of WSFS Bank thrives on the technology front as well. Its digital banking solutions offer clients the ability to access and manage their accounts whenever they want, wherever they are. This feature, coupled with high-tech security measures, ensures both convenience and security for clients.
WSFS Bank’s community-drive approach also sets it apart. The bank understands that financial success isn’t just about individual prosperity, but also about making a positive impact on the community. The bank encourages and supports clients to make a difference through philanthropy and socially responsible investing.