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If managing your finances feels overwhelming but hiring a financial advisor is out of reach, you may have more options than you think. Many banks now offer personal financial services that can provide a convenient alternative for those seeking guidance without the high costs.

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Some banks offer a variety of personal financial services similar to what you might find from independent financial advisors or insurance brokers, without the additional fees. But is it worth consolidating your financial needs under one banking roof?

According to Brian Pillmore, founder of VisBanking, there are several key reasons why choosing a bank with personal financial services could be beneficial, but also some potential pitfalls to watch for.

One of the most compelling reasons to choose a bank that offers personal financial services is convenience.

“Reducing the number of providers you have is good,” Palmore said. “It’s a question of consolidation versus disintegration. Do you want one less app on your phone, one less website to go to and one less login to manage?”

For many people, having their mortgage, bill pay and insurance services handled through the same bank simplifies everything and makes it easier to pay bills on time and save money.

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Some banks even go beyond traditional financial offerings and provide services that consumers may not even realize are available, Pillmore explained.

“There’s a regional bank in Tulsa, Oklahoma, that’s delivering travel agent services,” Pillmore said. “They send an email to their account holders saying, ‘Hey, if you have over $10,000 in deposits, you get these special travel offers.’”

Additional services of this kind might help you choose between banks, as well.

Another great reason to look for a bank with these services is if you can’t afford an independent financial advisor.

“I think that reason of not being able to afford [a financial advisor] is probably where most Americans sit,” Pillmore said. “But they have to be wary of becoming the product.”

That is, consumers should be aware of the bank’s motivation. Unlike fiduciary financial advisors, who are legally obligated to put a client’s best interests first, bank representatives may be incentivized to promote specific products that generate revenue for the institution.

Some banks also offer paycheck advances, often without interest, which can be helpful for consumers who need money before payday but who don’t want to amass any credit card debt.

“They know how much you get paid each week or month, and they’re going to put that money into your account a few days early,” Pillmore said.

The only downside is that such a service could make it harder to switch banks, because you’d have to go without your paycheck for another three or five days.

Because your bank already has access to your transaction histories, it could be in a unique position to customize financial recommendations specific to you. However, Pillmore warned that some banks fail to take full advantage of this data.

“They should be able to recommend better things, but that’s very idealistic,” he said. “Banks are lazy, and sometimes they don’t always use the data that’s right in front of them.”

For instance, he described a scenario where a bank notices a customer has paid off their mortgage. Instead of letting that financial milestone go unnoticed, the bank could proactively offer a home equity loan or financing options for a second property.

While there are advantages to consolidating financial services under one bank, there are also risks.

“The downside is that you find you’re not getting the best of breed,” Pillmore said. “If you have five financial services that you use, maybe one is good, but the rest are mediocre. Whereas if you go to different providers, you can find the best provider in each area.”

Additionally, he suggested that consumers should assess whether the financial advice they receive from a bank is truly in their best interest or if it’s what’s most profitable for the institution.

“They’re not selling you a complete bill of goods, but they’re also not a fiduciary,” he said. “They have an incentive to recommend products that make the bank money.”

Before consolidating financial services with one bank, consumers should weigh the trade-offs, compare offerings at several banks and ensure that the advice they receive aligns with their financial goals.

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This article originally appeared on GOBankingRates.com: 5 Reasons To Pick a Bank That Offers Personal Financial Services

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