Drawing on 31 years of experience across Wall Street, banking, and independent advisory, EP Wealth Vice President and Advisor Michael R. Chechel, Jr. explores what it’s like to work with a financial advisor at an independent Registered Investment Adviser and how investors can evaluate which approach fits their needs. 

Choosing Between Independent Advisors and Bank Advisors: What to Consider

Over my 31-year career in financial services, I’ve worked across the major advisory models—from a large Wall Street brokerage firm to a national bank.

However, after more than two decades as an independent financial advisor, I’ve found that the independent model provides greater flexibility in how I support my clients. The level of personalization, the flexibility of the tools, and the ability to look at a client's full financial picture are things I didn't have to nearly the same degree in other settings.

In this blog, I want to share what I've observed from the inside about where the models differ, and why the independent wealth management approach may be worth considering for clients whose needs have outgrown what a bank can typically offer.

What Prompts Clients to Explore an Independent Firm

When prospective clients come to me after working with a bank's wealth management services, I often hear a similar set of frustrations. These aren't necessarily reflections of the individual advisor they were working with. There are many talented, high-quality advisors at banks. But the structure and incentives of the bank model can shape the client’s experience in ways that leave some people wanting more.

Here are common concerns I hear:

• Limited personalization. In larger institutions, advisors may work within broader frameworks designed to serve a wide range of clients which may not always align with individuals seeking a more customized experience.
• Changes in Advisory Relationships. Clients tell me they didn't always know who their advisor was, or that the person they'd been working with had moved on and been replaced by someone unfamiliar with their situation. For some clients, frequent transitions can make it more difficult to maintain long-term relationships.
• Product-driven recommendations. Large financial institutions operate within structured platforms and business models that can shape the products, services and solutions available to advisors and clients. Some clients express a preference for advisory relationships that they feel are more personalized to their individual circumstances.
• Segmented services. When a client's needs extend beyond investments into areas like tax planning or estate review, the bank model often routes them to a separate department. That can create situations where one hand isn't talking to the other, and the client is left trying to connect the dots themselves.

These are the kinds of experiences that lead people to start exploring whether a different model might serve them better. 

6 Things to Consider When Evaluating an Advisor

The differences between independent firms and banks show up across several areas. Here are the ones I find are the most important to clients.

1. A Holistic, "Personal CFO" Approach

When I work with a client, I treat their financial situation as if it were my own business. I think of myself as a CFO for that client — someone who has their arms around the full picture, from how they're accumulating wealth today to how they'll generate income in retirement to how their estate is structured for the next generation.

This holistic approach is one way independent advisory firms may differ. At EP Wealth, we can look across financial planning, retirement planning, tax strategy, and estate planning as a coordinated whole.

At a bank, those services may exist, but they tend to live in separate departments. I know what can happen when a bank client gets passed between departments and the two sides aren't communicating effectively. The result can be gaps, delays, and recommendations that don't fully account for the client's broader circumstances.

At an independent firm, the coordination happens more naturally. If a client's situation calls for input from our estate planning attorney, in my experience, I can walk down the hallway, make the introduction, and the three of us can sit together to work through it. That kind of direct, in-person collaboration is harder to replicate when services are spread across disconnected departments at a big banking institution.

2. The Fiduciary Standard

As a registered investment advisory (RIA) firm, EP Wealth operates fully under the fiduciary standard. That means we are legally obligated to act in the client's best interest and to fully disclose any conflicts of interest. We operate on a fee based advisory model.

Depending on the services being provided, professionals at banks and other financial institutions may operate under a different regulatory framework and standard of care. The models can differ in areas such as compensation structure and the scope of services offered. For clients evaluating advisory relationships, understanding those differences can be an important part of determining what aligns with their preferences and needs. 

3. Greater Investment Flexibility

I like to say that as independents, we can offer a broad range of investment options. We're not limited to proprietary products or a short list of in-house options. That flexibility allows us to build highly customized portfolios tailored to a client's individual circumstances, risk profile, and goals.

At banks, portfolios can feel more standardized, built from a set menu rather than designed from scratch. Independent firms have more freedom to bring in tools like direct indexing and other vehicles that can help address specific needs, particularly around tax management. When a client has a concentrated stock position, or is navigating a large capital gain from a business sale, having access to a broader set of solutions can make a meaningful difference in how the situation is approached.

4. Integrated Tax and Estate Planning

This is one of the most tangible differences I see between the two models. At EP Wealth, we have tax and estate planning professionals as part of our team. That means we can coordinate investment decisions, tax strategy, and estate planning in a way that's truly integrated rather than siloed.

For example, before making changes to a client's portfolio, we can consult directly with a CPA to understand the tax ramifications. If a client needs their trust reviewed or restated, one of our estate planning professionals can provide an evaluation and, if needed, draft updated documents. The client knows who they're working with, and all of the professionals involved are in communication with one another.

This level of integration is especially valuable in complex situations like Roth conversions, required minimum distribution planning, or capital gains exposure from a business sale. These are areas where investment decisions and tax decisions are deeply interconnected, and making a change on one side without reviewing the other can create problems. Having a CPA review and approve the approach before we move forward gives both me and the client additional insight and help support informed decision-making.

5. Preparedness for Life Events

Selling a business, receiving an inheritance, navigating a divorce, transitioning into retirement, dealing with the loss of a loved one — these are moments that can trigger a complete re-evaluation of a client's finances. They require coordinated attention across multiple areas: investment management, tax planning, estate review, income strategy.

At an independent firm like EP Wealth, handling these life events is part of how we manage client relationships. We may have already been planning for some of these moments well in advance. For instance, if we know a client intends to sell their business, we can start working on how to soften the capital gains exposure before the sale takes place.

6. Deeper, Long-Term Client Relationships

One of the things I value most about being an independent financial advisor is the depth of the relationships I'm able to build with clients. These aren't transactional interactions, they're long-term partnerships that often span generations.

I'll share one example that I think captures this well. One of my clients — rest in peace — was Santa Claus. Every holiday season for more than a decade, he would dress up in full costume and come to our office. We'd bring in a reindeer. We'd invite clients to bring their kids and grandkids. It became a tradition that meant a great deal to our community of clients and to us.

More broadly, I work hard to build relationships that extend across a client's family, including with grandparents, parents, and children. It's a continuous relationship with a single accountable advisor and a consistent team. When the same person has been guiding your financial life for years and genuinely knows your family, your goals, and your values, it can support more personalized conversations and planning discussions.

After 31 years in this industry, the independent model is where I've found the most fulfillment. I treasure the relationships I have with my clients. They're special people, and the privilege of working alongside them through life's biggest moments is something I don't take for granted.

Life Events That Call for Coordinated Planning 

These moments require coordinated attention across investments, tax planning, estate review, and income strategy.

• Selling a business
• Receiving an inheritance
• Divorce
• Retirement transition
• Loss of a loved one

When a Bank May Be a Good Fit

I want to be straightforward about this: banks do have strengths, and for some clients, the bank model may be the right choice.

Clients who value integrated banking and lending capabilities — the ability to coordinate investments alongside mortgages, lines of credit, and other banking services under one roof — may find the bank model convenient and effective. Large regional and national banks also offer global resources and an institutional footprint that can be helpful for clients with international needs. And there's a practical convenience factor: if a situation comes up, you can walk into a local branch and get in-person support.

The choice comes down to priorities. If scale and convenience are most important to you, a bank can serve that well. If flexibility, personalization, and deeply integrated planning are higher on your list, an independent firm may be worth exploring.

Questions to Ask a Prospective Advisor 

Questions to Ask When Evaluating Your Options

If you're currently working with a bank and considering whether an independent firm might be a better fit, I'd encourage you to step back and evaluate the relationship beyond just investment performance. Consider whether you're getting the level of personalization, transparency, and proactive advice your financial situation calls for.

From there, some questions worth asking a prospective advisor include:

• How do you get paid, and are there any incentives tied to specific products or platforms?
• Does your firm operate under a fiduciary standard at all times, or does the standard vary depending on the service?
• Are investment recommendations limited to in-house products, or can you access a broader range of options?
• How are tax planning, retirement planning, and estate planning integrated into the advisory process?
• Will I have a single, consistent advisor who knows my situation, or will I be handed off between departments?
  

Finding the Right Fit for Your Financial Life

The right advisory model depends on your circumstances, your priorities, and the level of guidance you're looking for. Both banks and independent firms can serve clients well, and there are capable advisors in every advisory channel.

What I can share, after three decades of experience across Wall Street, banking, and independent advisory, is that the independent model is where I've been able to do my best work for clients. It's where I've had the freedom to take a truly holistic view, the tools to address complex situations, and the ability to build lasting relationships grounded in trust and accountability.

If you're interested in exploring whether an independent advisory approach might be a fit for your financial goals, EP Wealth's financial advisors are here to help.

We welcome the opportunity to learn about your situation and discuss how we can support you.

Disclosures:

• References to fiduciary obligations are provided for general educational purposes only and are not intended to guarantee any specific outcome, level of service, or investment result.
• Employees of EP Wealth Advisors, LLC ("EPWA") that have a Juris Doctorate ("JD") are not practicing attorneys nor do they engage in the practice of law. EPWA also employes individuals that have earned their CPA Our review is limited to and in association credentials. The professionals are not engaged in the business of accounting or providing tax services to all clients. Tax services and advise will only be delivered by qualified employees and only to clients who have engaged us for this specific service.
• Request an appointment with an EP Wealth Advisor when you have a minimum of $500,000 in investable assets – which includes qualified retirement plans (IRA, Roth IRA, 401(k), taxable brokerage, cash (savings / checking) and CDs. Investable assets do not include your home, vehicles, or collectibles.
• EP Wealth Advisors, LLC. is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the advisor has attained a particular level of skill or ability.
• Hiring a qualified advisor and/or financial planner does not guarantee investment success, and does not ensure that a client or prospective client will experience a higher level of performance or results. No guaranty or warranty is made that any direct or implied results or projections being represented here will be met or sustained.
• The need for a financial advisor or financial planner and/or the type of services required are specific to the uniqueness of each individual’s circumstances. There is no guarantee or warrantee that the services offered by EP Wealth Advisors, LLC will satisfy your specific financial services requirements. Services offered by other advisors may align more to your specific needs.