Advisers Say Business Is Stable Despite Rates

Northwest Arkansas banks are competing for deposits with higher rates, but is the environment biting into the wealth management business?
“It hasn’t affected my business at all,” said Jim Hall, branch manager of an Edward Jones office in Springdale. “Our [certificate of deposit] rates are very competitive, but wealth management doesn’t involve a lot of CDs. CDs are things people make when they’re fearful or skittish.”
Hall did admit that higher rates are probably having a small effect on the whole wealth management business, though he thinks rates are artificially high.
Jim Wood, vice president and branch manager of Morgan Stanley in Fayetteville, said all in all, bank rates are higher than he can offer, but there are usually gimmicks attached.
Besides, Morgan Stanely can offer a customer FDIC-insured CDs under a single account even if funds exceed the usual $100,000 limit at most banks, he said.