While financial optimists have been pointing out that the Dow Jones Industrial Average has returned to pre-9/11 attack levels, steep losses in the last year have dramatically eroded the nest eggs of many near retirement age.

In fact, the Dow, hovering around 9,700 points this week, has lost nearly 15 percent since September 2008, and about 31 percent since its peak at 14,000 points in October 2007.

That has left many people scrambling for wealth management solutions as the value of their retirement savings dwindles, and has made providing such solutions a more important part of the banking industry.

Bob Chapman, president of United Bancorp, which just rolled out two new wealth management and estate planning products in August, said demand for such services are skyrocketing.

"There's no question people got devastated here, especially those thinking about retirement or who had just retired," Chapman said.

The stock market fall "really got people to stop and rethink their financial planning," he said. "There's a big demand."

United's new products include one accessing the TIAA-CREF savings system, and the "United Legacy IRA" that combines the tax benefit of an IRA with the asset control of a traditional trust, according to a bank press release.

Chapman said the wealth management services in demand are not simply finding CDs with the best returns, but more comprehensive solutions.

"It's really sitting down with someone and putting together a financial plan," he said. "It's different for every single person."

United's earning statement for the first half of 2009 shows an increase in interest-bearing deposits of 11 percent, from $580 million to $620 million compared to the same period a year ago.

Bank of Ann Arbor also has seen increased deposits in CDs and money market savings accounts, according to its second-quarter statement.

Freelance reporter Dan Meisler can be reached at danmeisler@gmail.com.