Being able to transition less advised clients into more collaborative relationships is an ever-present challenge for banks. However, according to the latest Cerulli Edge—U.S. Retail Investor Edition, there is ample opportunity to grow comprehensive advice relationships among Self-Directed investors.

While Self-Directed investors may use brokerages or robo-advisors to manage their investments, when it comes to their primary providers, many still look to the bank that houses their checking and savings accounts. According to the new Cerulli Affluent Investor Tracker, 58% of investors who use a bank deposit provider are Self-Directed in some form, while 42% are Prospects seeking greater advice relationships.

“Effectively transitioning depository clients to more advised services within a bank will require proactive engagement by trained financial advisors and planners, including offering free consultations over the phone or in person for those with significant banking assets to position themselves as a competitive option for future advice needs,” says John McKenna, research analyst.

Cerulli’s research finds that investors place a premium on having a person they can talk to through their platform of choice whenever they have questions. In the Self-Directed and Prospect segments, a majority of respondents say being able to ask specific questions about their financial situations is the most important aspect of having a human advisor.

Full-service firms have emphasized the importance of allowing Self-Directed clients access to call with questions. This has led to increased attention to building call centers at which trained financial professionals are on hand to answer investment questions and arrange follow-ups that could lead to more comprehensive advice relationships.

“While some investors will remain Self-Directed, firms that offer consultative services can help investors see the types of in-person or online offerings available from their firm, even if for a nominal fee,” says McKenna. “These initial points of contact are essential for full-service providers with brokerage or online investment platforms that cater to mass-affluent clients, as this group has the potential to become long-term advice clients,” he concludes.