Bank employees who sell these more complex products are a different breed from traditional tellers and platform officers. To offer a mutual fund or an annuity,the employee must pass certain tests and be licensed to sell securities. Some banks pay their investment consultants by the commissions they generate, as do regular full-service brokers. Other banks pay these specialists a flat salary, hoping to convince customers that the salespeople are not under pressure to sell.

In many cases, however, this new breed of banker has been recruited from the brokerage business and brings the same aggressive salesmanship for which brokers are known. If a bank offers a full line of banking, investment, insurance, and financial planning products and services, you might give it a try. It is certainly convenient to funnel most or all of your financial transactions through one institution, which can give you a complete monthly statement of where you stand. Many banks today also offer an automated telephone system or a home banking connection that can tell you how much your funds are worth, what checks have cleared, when your CD matures, how much interest you must pay on your loan, and so forth. Whether you can find a properly qualified financial advisor at a bank is questionable. Many bankers have not had the training to understand or explain complex investment products that can fluctuate in value sharply. Bankers often think more about the safety of their depositors’ money than about earning higher returns by taking more risk.

Still, you may find a young banker who has received enough training, either inside or outside the bank, to help you plan your finances and choose investments. When you interview such a person, find out their background, and learn whether they plan to work at the bank for a while. You don’t want to develop a relationship with someone who sees his or her bank job as a stepping stone to a more lucrative career as a stock broker, for instance.