Banks are trying to get customers back into branches by rebranding them as “advice centres,” but Canadians aren’t exactly on board. Scotiabank is getting rid of tellers at certain branches and switching to “advice services only.” Instead of handling day-to-day tasks like deposits or bill payments, staff will focus on selling financial products like mutual funds. This shift comes as more people do their banking online, prompting banks to rethink what physical branches should be for. The goal? To turn them into hubs for financial planning and investment advice. Even though Canadians don’t visit branches as much, a recent KPMG survey found that 65% of Canadians don’t want their local branch to become advice-only. “It would eliminate the primary reasons they physically head into a branch,” said Dan Resnick, a KPMG partner, in a statement. If you do find yourself in an advice centre, be cautious — you’ll only want to take guidance from a fiduciary, who has to focus on the best interests of their clients.
