Your bank's investment department, not your regular branch, manages these accounts
Investment accounts held at a bank are managed by the bank's investment or wealth management division, not by the tellers or personal bankers at your branch. The people who can perform maintenance on your account — making changes to holdings, adjusting settings, moving money between investments — depend on your account type, the size of your assets, and what specific action you need done.
For most people with smaller accounts, a registered investment representative (also called a financial advisor or investment advisor) at the bank handles routine maintenance. These are employees who have passed licensing exams (usually the Series 7 or Series 65) and can buy, sell, and manage securities on your behalf. For larger accounts or more complex needs, a wealth manager or portfolio manager takes over — these are advisors with more experience and often higher licensing levels.
You can also perform many maintenance tasks yourself through the bank's online platform or mobile app, depending on what your account allows. Some actions — like adding a beneficiary, changing investment allocations, or requesting a distribution — you can do without talking to anyone. Others require a licensed person to execute.
Key Takeaways
- Registered investment representatives at your bank's investment division can buy and sell securities and make most routine changes to your account.
- Wealth managers and portfolio managers handle larger accounts or more complex investment strategies, and they have higher credentials than basic investment representatives.
- You can perform many maintenance tasks yourself through online banking, including rebalancing allocations and requesting distributions, depending on your account type.
- Some actions — like adding a power of attorney or changing ownership — require a licensed person and often additional documentation.
- If your account is held at a brokerage subsidiary of the bank rather than the bank itself, the rules and who can help you may differ slightly.
What counts as investment account maintenance
Investment account maintenance covers a range of routine actions. Buying or selling individual stocks, bonds, or mutual funds. Rebalancing your portfolio — shifting money from one investment to another to maintain your target allocation. Requesting a distribution or withdrawal. Adding or removing a beneficiary. Changing your investment strategy or risk profile. Setting up automatic contributions or dividend reinvestment.
It also includes administrative changes: updating your address, adding a joint owner, setting up a power of attorney, or changing how statements are delivered. Some of these are purely administrative and can be done by any bank employee. Others involve securities and require a licensed person.
Registered investment representatives and what they can do
A registered investment representative is a bank employee who has passed the Series 7 exam (General Securities Representative Exam) or the Series 65 exam (Uniform Investment Adviser Law Exam), or both. These licenses are issued by the Financial Industry Regulatory Authority (FINRA) and allow the person to buy and sell securities and give investment information on behalf of the bank.
Most routine account maintenance goes through a registered representative. They can execute trades, adjust your asset allocation, set up automatic investments, and discuss your investment goals. They can also answer questions about your holdings and explain how fees work. If you call your bank's investment line or visit the investment desk at a branch, you are usually speaking to or being routed to a registered representative.
A registered representative works under supervision. They cannot make changes to your account without your instruction, and their activity is monitored by the bank's compliance department. They also have limits on what they can advise you to do — they must recommend investments that are suitable for your situation, and they must disclose conflicts of interest if the bank earns more from one product than another.
Wealth managers and portfolio managers for larger accounts
If your account is large enough — typically $250,000 or more, though this varies by bank — you may be assigned a wealth manager or portfolio manager. These are senior advisors who often have additional credentials beyond the Series 7 or 65, such as the Chartered Financial Analyst (CFA) designation or a Certified Financial Planner (CFP) credential.
A wealth manager typically handles not just your investment account but your overall financial picture: retirement planning, tax strategy, estate planning, insurance needs. A portfolio manager focuses specifically on managing your investments and may have discretionary authority — meaning they can buy and sell securities on your behalf without asking permission for each trade, as long as they stay within the investment strategy you have agreed to.
Wealth managers and portfolio managers usually have direct relationships with their clients and are assigned to you rather than assigned on a call-by-call basis. They perform the same maintenance tasks as registered representatives but often with more strategic input and personalized attention.
What you can do yourself through online and mobile banking
Most banks allow you to perform certain maintenance tasks directly through their website or app without speaking to anyone. You can typically view your holdings, check balances, and see transaction history. You can usually request a distribution or withdrawal, set up automatic contributions, and change how you receive statements.
Many banks also let you rebalance your portfolio yourself — moving money between your existing investments to adjust your allocation. Some allow you to add or remove beneficiaries. The exact capabilities depend on your bank and your account type.
What you usually cannot do online is buy or sell individual securities if you do not already have a brokerage account set up. If your investment account is a managed account where the bank handles all trading, you cannot execute trades yourself — a registered representative must do that. If your account is a self-directed brokerage account, you can trade directly through the platform without needing a representative.
Actions that require a licensed person
Certain maintenance tasks must be performed by a licensed investment representative or higher. Buying or selling individual stocks, bonds, or other securities requires a licensed person to execute the trade. Setting up a power of attorney over your account requires a licensed person to verify your identity and document the arrangement. Adding a joint owner or changing the account registration (from individual to joint, for example) usually requires a licensed person and often requires notarized paperwork.
Changing your investment strategy significantly — moving from a conservative allocation to an aggressive one, for example — should involve a licensed person who can assess whether the new strategy is suitable for your situation. Requesting a large distribution or liquidating a significant portion of your account may require a licensed person to confirm your identity and may support you understand any tax implications.
If you want to set up a trust as the owner of your account, or if you want to name a trust as your beneficiary, a licensed person must be involved, and you will likely need to provide a copy of the trust document.
How to reach the right person for what you need
Start by calling the investment services line on the back of your account statement or on your bank's website. Explain what you need done. If it is a straightforward administrative change, you may be routed to a customer service representative who can handle it. If it involves securities or requires suitability assessment, you will be transferred to a registered investment representative.
If you have a wealth manager or portfolio manager assigned to your account, you can contact them directly — their number should be in your account documents or on your statement. For very large accounts or complex situations, ask to speak to a senior advisor or portfolio manager rather than a general representative.
If you are not sure whether you need a licensed person for what you want to do, ask the customer service representative. They can tell you whether the task can be done online, by a customer service representative, or requires a registered investment representative. There is no penalty for asking — it is part of their job to route you correctly.
Frequently Asked Questions
Can a family member or friend make changes to my investment account?
Only if you have given them power of attorney or added them as a joint owner. A power of attorney must be set up through a licensed representative and usually requires notarized paperwork. A joint owner has full access to the account. Without one of these arrangements, the bank will not allow anyone but you to make changes.
What if I want to move my account to a different bank?
Contact the investment department at your new bank and ask them to initiate a transfer. They will send paperwork to your current bank requesting that your holdings be moved. A registered representative at your current bank will process the transfer request. The process usually takes five to ten business days, depending on the types of investments you hold.
Do I need to pay extra to talk to a wealth manager instead of a regular representative?
Not necessarily. Wealth management services are often included if your account meets the minimum balance. Some banks charge a separate advisory fee (usually a percentage of assets under management), while others include it in their standard fees. Ask your bank what their wealth management fees are before you request to be assigned a manager.
Can a bank employee make changes to my account without my permission?
No. A registered representative can only execute trades or make changes that you have explicitly requested. If you suspect unauthorized activity, contact your bank when ready and review your account statements carefully. Banks are required to investigate unauthorized transactions.
What happens if my registered representative leaves the bank?
Your account will be reassigned to another representative or to a general investment services team. You will be notified of the change. You can request a specific representative if you have worked with someone else at the bank, or you can ask to be assigned to a wealth manager if your account is large enough.