The American Bankers Association has endorsed Money Concepts International Inc., a Palm Beach Gardens, Fla., wealth management and financial planning firm, for use by the group's members.
Money Concepts provides a business model designed to help banks enhance customer relationships, attract customers, increase income, and add a new profit center while bringing off-balance-sheet assets under management.
The Corporation for American Banking, an arm of the American Bankers Association, conducted a review of Money Concepts, evaluating factors such as product functionality, customer service, and management strength and bank client feedback.
Money Concepts was previously endorsed by America's Community Bankers, which merged with the ABA in December. The ABA said Monday that it will continue offering the program to its members.
Founded in 1979, Money Concepts provides a turnkey business model in which the banks retain ownership of assets. It also provides independent and nonproprietary products, an integrated technology platform, and staff training and education through its Money Concepts University. It has more than 700 offices globally.
