Retail banking clients like receiving financial advice from their primary institution, even though few of them express interest in the services, a new study suggests.

Banks and third-party firms eager to solve the longtime riddle of how to convert savings or checking account holders into wealth management clients might look to the seemingly paradoxical findings of J.D. Power’s 2021 U.S. Retail Banking Advice Satisfaction Study, which the market research firm released on June 24. The results come as wealth managers increasingly compete for business as outsourced service providers to banks and credit unions.

Despite attempts by banks spanning decades of trying to “gain wallet share” among account holders through any number of products and services, experts say they still often struggle to figure out wealth management. The survey offers some signs of optimism that the banks could be starting to make progress: Overall customer satisfaction among retail clients soars by 229 points, on average, out of a 1,000-point scale when they receive advice or guidance that meets their needs. At least 52% of retail banking clients receiving the tips reported that the institutions met their needs, and 69% acted on the advice or guidance.

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