Wealth Management

Wealth management refers to a collection of services that help affluent people manage their money and use it effectively. Many high-wealth individuals have complex financial obligations, and our services are here to ensure you understand how to allocate funds to meet them. The PeoplesBank Wealth Management team can work with you to address concerns like tax burdens, portfolio diversification, and inheritance allotments.

Plan Your Future With People You Know.

PeoplesBank is your local solution for Pennsylvania and Maryland wealth management services. We are committed to providing a full spectrum of trust, investment and financial solutions to help you achieve your dreams and goals.

As some of the top financial advisors in Pennsylvania and Maryland, our professionals are ready to meet with you personally and offer full access to quality investments, investment management services and estate administrative services.

Our team was recently recognized as a Top Performer for 2021 by Pohl Consulting, a national consulting firm, in their annual report TrustCompare. This report measures the overall performance of over 100 trust firms nationally in regard to a wide range of criteria. The PeoplesBank Wealth Management team qualified as a top performer among these organizations based on their five-year averages in both growth and profitability.

Our Wealth Management Services

Our wealth management services have assisted the communities in Central Pennsylvania and Northern Maryland since the mid-1800s. We’re not just bankers in areas like York and Lancaster, Pennsylvania, and Baltimore, Maryland — we’re part of the neighborhood, and we’re proud to help our neighbors secure their futures financially.

When you come to PeoplesBank for wealth management, we take your trust in us seriously, and we’ll do everything we can to make sure our services satisfy all your needs. Our signature preferred financial solutions will help you make the most of your net worth. Take a look at some of the things we can do for you.

Private Banking

Get the most secure resources to manage your estate when you use private banking. We’ll provide a personal private banker with expertise in all areas of credit and loan fulfillment to guide you through the many benefits of private banking, such as:

  • Premier, signature and specialized lines of credit
  • Fixed-rate term loans
  • Private reserve checking
  • Preferred certificates of deposit

Trust and Estate Administration

An estate refers to everything you own, from your home to antique jewelry you want to pass down through your family. Having a trust is a great way to divide your estate among family members and friends. Ensuring that your loved ones receive parts of your estate when something happens to you is something no one wants to think about. That’s why our trust services take care of everything — just tell us how you want your estate distributed and forget about it. We’ll make sure everything is arranged when the time comes.

Investments and Portfolio Management

One way to continue building your estate is by investing in it. Having a diverse investment portfolio can keep your estate secure, but only if it’s done properly. A PeoplesBank brokerage account will help you invest with confidence. At PeoplesBank, we’ll take your financial goals into account and create a customized solution to protect and continue to grow your finances. Connect with PeoplesBank for an investment advisor Pennsylvania and Maryland residents trust.

Retirement Preparation and IRAs

Preparing for retirement is an exciting but confusing task for most people. It takes you one step closer to living comfortably after leaving the workforce, but the volume of information and consideration involved can make it feel overwhelming without expert guidance. We’ll help you understand what you should know about preparing for retirement, such as how to open a Private Reserve Account (PRA) or an Individual Retirement Account (IRA) if you don’t have one already.

Other Services

This is just the beginning of all we can offer you. When you visit us to start managing your wealth better, we’ll take you through the comprehensive list of our financial planning services, which include:

  • Power of Attorney services
  • Brokerage services
  • Bill paying and enhanced 1099 reporting
  • Online and mobile banking options
  • PeoplesBank debit cards with direct deposit and overdraft protection

Table with various information

Frequently Asked Questions

At PeoplesBank, we’re committed to providing the insight and service you need to take control of your finances. Read the following frequently asked questions to better understand how you can benefit from wealth management services from experienced financial advisors.

1. What Is Wealth Management in Banking?

Wealth management is a type of investment advisory that combines numerous financial services into one plan. When you begin a wealth management program, you’ll receive an assessment of your current financial assets so you and your advisor can begin planning for your future. Beyond your current financial situation, your wealth management plan will consider factors like your anticipated needs, goals and risk tolerance.

Some of the most common wealth management services include financial planning, investment management, tax planning and estate planning. Each of these services will work toward a goal or numerous goals you set with your advisor. Most individuals pursue wealth management with goals like maximizing income, securing or managing retirement income, passing earnings to the next generation or reducing taxes and fees.

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2. What Do Financial Advisors Do?

A financial advisor is an individual with whom you work when you begin a wealth management plan. Your financial advisor will guide your wealth management accounts and update you on your goal progress.

Financial advisors differ from other financial service providers in that they offer comprehensive service. As you navigate your financial situation, you’ll find some companies or contractors exclusively offer financial insight while others focus solely on executing financial strategies. A financial advisor is capable of both informing your strategy and providing the services that put it into motion.

When you work with a financial planner, they will analyze your financial situation, collaborate with you on developing a set of goals and design a set of strategies that work toward them. Financial advisors are capable of guiding you through retirement planning, estate planning, tax planning, saving, investing, debt management, securing insurance coverage and more.

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3. Should I Get a Financial Advisor?

If you’re contemplating a financial decision, working with a financial advisor is always advisable.

Planning and executing a wealth management strategy takes a lot of work, and it takes experience to get the results you want to see. If you’re like many investors, you have more than enough on your schedule to fill your days. You’re better off using your time and energy in other aspects of your life rather than learning the ins and outs of complex financial issues.

Even if you are a financial expert, receiving an outside perspective on your situation can help you develop and enact successful strategies.

Whether you’re a movie or financial guru, there are numerous ways you can benefit from partnering with a financial advisor. Your consultant can help you:

  • Optimize your savings strategy.
  • Reduce your tax season bill.
  • Obtain reliable, affordable life insurance.
  • Organize your financial accounts.
  • Balance investments to offset risk.

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4. When Should I Get a Financial Advisor?

A financial advisor will give you an objective assessment of your situation and ways forward. We recommend pursuing wealth management when you are interested in furthering your understanding of your financial situation and the options available to you.

There are numerous situations where you can benefit from a financial advisor’s wealth management services. You should consult a financial advisor before making major decisions or undergoing a significant life change. Financial advisors can also help you organize your finances and give you peace of mind if you’re feeling overwhelmed.

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5. When to Start Looking for a Financial Advisor

Here are some times when starting or updating your wealth management strategy with a financial advisor is most critical:

  • Retirement: Establish a long-term savings plan or determine how you’ll manage your funds during retirement.
  • Buying a property: Build the funds you need for a down payment and manage life with a mortgage.
  • Investing a significant amount of money: Start and manage a short-term or long-term portfolio according to your risk tolerance.
  • Receiving an inheritance: Allocate inheritance funds to safe, profitable investments.
  • Navigating taxes: Reduce your overall payment while avoiding fees.
  • Divorce or remarriage: Separate or join your funds and assets.
  • Sending a child to college: Plan or execute a plan to save for college, make tuition payments or repay student loans.

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6. How Do I Choose a Financial Advisor?

Moving forward with wealth management services is a wise decision as long as you choose the right financial advisor. There are a few elements to consider that differentiate the best financial advisors from others. It’s important to research and speak with potential financial advisors before choosing. The following areas are important to consider:

  • The type of advisor: Between traditional advisors, online advisors and robo-advisor services, you have plenty of options. Traditional and online advisors are the most reliable for large accounts.
  • The services you need: Make sure the advisor has the range of services to meet your needs. Remember that some offer only consultation or execution. PeoplesBank offers both.
  • Your budget and the advisor’s rates: Choose an advisor who can maximize your finances while allowing you to retain more of your return.
  • The advisor’s fee structure: Determine which fee structure you feel comfortable with and choose an advisor willing to accommodate.
  • Your financial goals: Confirm that the potential advisor has a track record of helping clients with goals similar to yours.

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7. What Should I Look for in a Financial Advisor?

Some financial advisors rise above the competition to provide the best wealth management services for high-net-worth individuals. At PeoplesBank, we’re confident that every member of our financial advisor team has what it takes to improve your financial situation. Choose a financial advisor with:

  • Certifications: Reputable advisors carry certain designations that they’ve obtained through years of study and rigorous exams. Choose a certified public accountant (CPA), personal finance specialist (PFS) or certified financial planner (CFP).
  • Experience: Experience goes a long way in the financial world. Choose an advisor with the experience to execute traditional strategies and adapt as new trends emerge.
  • Diverse offerings: The ideal consultant offers a wide range of services so that you can capitalize on the most lucrative aspects of your financial situation.
  • An inviting personality: The hard skills are important, but so is having a good relationship with your advisor. PeoplesBank has friendly advisors who live in work in your area. Our advisors care about helping members of their community like you achieve long-term financial stability and freedom.

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8. Where Can I Find a Financial Advisor?

There are a few places to look if you need a financial advisor. Robo-advisors and online advisors are available over the Internet, but many investors value a face-to-face relationship with their consultant. Research independent consultants and prominent financial institutions in your area to find consultants with ample resources and a reputation you can trust.

9. When Should I Switch Financial Advisors?

Whether you’ve been with your financial advisor for decades or you only recently signed on, you may eventually want to move on to someone else. There are a few reasons why you’d consider changing financial advisors. Poor communication is one of the most prominent. Communication can make or break the level of trust and confidence you have in your financial advisor.

If your current consultant fails to communicate thoroughly or in a timely fashion, you should take your business elsewhere. A seamless relationship between advisor and consultant is vital. Feeling uncomfortable communicating with your advisor is an equally valid reason to leave. PeoplesBank’s local advisors proudly maintain open, honest relationships with clients.

Beyond communication, you should switch advisors if yours fails to produce the results you’d like to see. A good advisor should be full of actionable ideas for how you can improve your financial situation, and those ideas should lead to measurable change. If your portfolio consistently underperforms compared to the current markets, you should look for a fresh perspective.

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10. How Do I Switch Financial Advisors?

If you’re considering leaving your financial advisor and wondering how to switch to a new one, you’ll want to take a few steps to save time and protect your money.

First, read your contract’s fine print and talk to your advisor to see if you can leave without paying a termination fee or penalty. Then, obtain your financial records from the old advisor and transfer them to the new advisor. Federal law requires advisors to transfer all records when you switch firms.

Hoping to avoid an uncomfortable situation? Your next financial advisor can obtain closure for you. After confirming that you can leave without a substantial fee for transferring, ask your new advisor to gather any records and assets from the prior consultant on your behalf.

PeoplesBank is Central Pennsylvania and Northern Maryland’s premier source for financial advisory and wealth management services. Switch to us to work with a friendly local advisor and see the goal progress you expect.

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Learn More About Financial Planning

It’s never too early or too late to begin learning about achieving financial success through high-net-worth banking later in life. PeoplesBank has a local wealth advisor in Central Pennsylvania and Northern Maryland who will help you understand the process. Visit our Financial Learning Center to view our interactive playlist on preparing for retirement. You’ll learn more about retirement planning, estate planning and the FIRE lifestyle in short, easy-to-understand modules.

If you’re ready to secure your future, connect with PeoplesBank today. Our financial advisors in York and Lancaster, Pennsylvania, and Baltimore, Maryland, will prepare you for whatever retirement has waiting for you.

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