One Stop Wealth Management Services for NJ Banks
The wealth management industry has grown steadily in the United States, with assets under management projected to reach $92.53 trillion this year, according to research website Statista. The company also projects that assets under management will grow at a modest 2.37% through 2029.
Retirement-minded individuals in New Jersey are fortunate to have many choices when seeking professional management guidance for their investment portfolios. Options range from boutique mom-and-pop brokers and Certified Financial Planners to large institutions like Charles Schwab and Fidelity. Even CPA firms have jumped into wealth management services. And of course, one needs to look no further than their full-service bank to find a trusted advisor.
Many of the top wealth advisors are affiliated with firms that are also subsidiaries of banks. For example, according to Barron’s Magazine, the top wealth management firms for 2025 include teams from Morgan Stanley Private Wealth Management, Merrill Wealth Management, Ameriprise Financial, and UBS Private Wealth Management, to name a few of the top 10.
From a relationship perspective, it makes sense. Banks already play a routine financial role in our everyday lives – from loans, lines of credit, and savings to mortgages and more. Providing wealth management services seems a natural fit.
“Beacon Trust is a full-service wealth management offering,” notes Zoie Silver, CFP, managing director and chief of staff at Beacon Trust. “Being a subsidiary of Provident Bank gives us many advantages for our clients.”
“We provide services for all stages of life,” adds Mike Reilly, senior vice president, program manager/director of investment services for Kearny Investment Services, a division of Kearny Savings Bank. “We help clients understand key financial topics like education savings, retirement preparation, and options that may help with tax efficiency and legacy planning, focusing on how financial products can support their overall goals.”
Reilly explains that as a registered representative, the institution can offer services around financial guidance, mutual funds, exchange-traded funds, bonds, treasuries, annuities, and life insurance.
Under the Wealth Management Umbrella
“The investment advisory representatives in our office can offer services such as managed accounts, retirement planning, and our online Investpath services,” Reilly says.
Beacon Trust’s Silver notes, “We offer investment management, financial planning, tax planning and preparation, trust and estate services. However, we are also able to offer banking and insurance services through Provident Bank, an integrated service some competitors are not able to offer.”
Typical Clients
“Our typical client is approaching retirement or has recently retired,” Silver says. “They’ve accumulated at least $500,000 in investable assets, with most in the $1 million to $10 million range. However, we also have clients who have accumulated more than that.”
Silver adds that Beacon Trust clients range from small business owners to working professionals who are going through different events that they need guidance on. “We’ve worked with multigenerational families, too. Many of our clients are mature working people who have accumulated wealth over their lifetimes and are ready to have some professional guidance as they enter into this next phase of their lives. They realize that they can benefit from professional management,” Silver says.
“The average age of our clients is 64 years old,” confirms Kearny’s Reilly, who notes that the institution serves clients across a broad spectrum of wealth accumulation. “We have clients with net worth ranging from $50,000 to millions; however, on average, our clients have a net worth between $500,000 to $1,000,000. We pride ourselves on speaking to anyone, regardless of net worth,” he says.
Client Needs
“Many of our clients reach out when they have questions about their financial situation, especially regarding older retirement accounts they haven’t reviewed in years,” explains Reilly. “Often, these accounts have remained unchanged since they were first opened, and clients may not be sure if their current investment mix still aligns with their financial goals. We frequently speak with individuals who don’t have a dedicated financial professional and may feel uncomfortable speaking to someone from the company’s 800 number.”
Beacon Trust clients also reach out when life-changing events are in the wind. “Sometimes, it’s somebody who is selling a business. We work with many small business owners. This is a time when we help provide guidance for them. For others, it is when they decide to plan for their children or grandchildren. It’s all about life-changing events, not just retirement,” Silver notes.