Banks, Credit Unions Growing Advisory Practices
Research found that 71% of banks and 76% of credit unions reported repurposing branches as advisory hubs.
Banks and credit unions are shifting toward relationship-based, advice-models, often featuring advisory hub concepts, according to research by advisory and accounting firm Wipfli LLP.
In the last three years, according to Wipfli’s “State of the Banking Industry” report, 49% of surveyed banks reported adding wealth advisory services to their offerings and 39% reported adding automated investing or robo advisers. Wipfli’s “State of the Credit Union Industry” report found that 59% of surveyed credit unions added wealth advisory services and 44% added automated investing or robo advisers.
“The strategy shift is straightforward: Stop leading with products and start leading with outcomes, then support that advice with the right products and digital tools,” Wipfli Partner Anna Kooi, who leads the company’s financial services practice, wrote in an email.
After surveying 345 financial institution executives for the banking industry report, Wipfli’s expectations for 2026 include continued growth; more in-depth implementation of artificial intelligence; and branch strategies shifting their focus to advisory from transactional. Similarly, among the 100 credit union executives surveyed, confidence in the market remained high, and top strategic priorities included incorporating data analytics and artificial intelligence, along with increasing wealth advisory services.
Advisory Outlook for Banks and Credit Unions
Of surveyed credit union executives, 62% told Wipfli they plan to open new branches in 2026, and 52% said they plan to repurpose existing locations. Among the respondents planning to repurpose branches, 76% said they were transitioning locations into advisory hubs.
However, for these unions, the increase in advisory offerings is not a trend expected only for 2026.
Over the past three years, 66% of credit union respondents reported adding services related to financial well-being, and 59% reported adding wealth advisory services.
“The advice theme itself isn’t new, but the difference now is execution,” Kooi wrote. “Institutions are redesigning roles, incentives and customer journeys to make advisory services repeatable and measurable.”
Among banking survey respondents, 61% reported adding services related to financial well-being in the last three years, along with 49% who added wealth advisory services.
Banks are focusing on upping their offerings in 2026 as well: 55% of respondents said they plan to repurpose existing locations. Among these respondents, 71% said they were transitioning their locations into advisory hubs.
AI in the Future
Both banks and credit unions are prioritizing AI and digitization in the next 12 months.
When banking executives were asked to identify their most important strategies for the next year, the two most common responses were: data analytics/AI (73%) and improving digital engagement (64%).
For credit union executives, improving digital member engagement and support ranked first (64%), and data analytics and AI ranked second (62%).
However, while AI adoption among banks and credit unions is accelerating, both reports found the adoption far from universal. While 51% of banking executives said their institutions were actively implementing AI, only 16% said they had implemented an enterprise-wide roadmap for AI, including governance frameworks and a plan for measurable business impact.
As for credit union respondents, 66% said their institutions were actively implementing AI solutions, yet—just like banks—only 16% reported having an enterprise-wide roadmap.