Bank Investment Consultant articles from July 2003

Bank Investment Consultant archives from July 2003

The Bankers' Message.
July 1, 2003... When the mutual fund industry gathered for its annual meeting in Washington in late May, the mood among attendees was one of defensiveness. Feeling the heat from regulators, investors and the press for not doing more to avert the bubble, some...

New Anti-Money-Laundering Rules Pose Special Problems for Bank Reps, Say U.S.A. Patriot Act Experts.
July 1, 2003... The cross-selling nirvana that was supposed to follow the demise of Glass-Steagall may be delayed in arriving thanks to new customer identification procedures required by the U.S.A. Patriot Act. As "financial institutions," both banks and...

First Quarter Better at Bank BDs.
July 1, 2003... Sales force productivity and revenues at bank broker-dealers increased during the year's first quarter, according to the Bank Insurance and Securities Association. The average Series 7 bank investment sales representative produced an...

BB&T Insurance Deal.
July 1, 2003... BB&T Insurance Services has agreed to buy Stharco Inc., the parent of Kingsport Development Co. Insurance Inc. in Tennessee. By making the purchase, the BB&T Corp. unit would enter the Tri-Cities market of northeast Tennessee. Kingsport is...

KPMG Offers Banks Expertise on Demand.
July 1, 2003... In a departure from its long-standing business model, KPMG, the giant accounting and consulting firm, is encouraging banks and other financial intermediaries to tap into its expertise on an as-needed basis. Financial Advisor Resources, a...

New Products.
July 1, 2003... Nationwide Financial has begun selling separately managed accounts through the bank channel. Matt Riebel, president of Financial Institutions Distributors Agency, the Nationwide division that distributes through banks, said his company will...

Bank Briefs.
July 1, 2003... Wells Fargo Bank again topped Speer & Associates' competition for the best Small Business Internet Survey. Runners up included Bancolombia and FleetBoston. Progress in small business Internet development remains slow as much of the effort to...

Product Provider Notes.
July 1, 2003... Pioneer Investments, acquired by UniCredito Italiano in October 2000, said that its strategy of realigning and expanding its sales force has proven effective. Pioneer's sales have increased by 50% annually over the past two calendar years,...

Wachovia Team Re-engineers Service: With a focus on planning, a North Carolina group downplays product selling.
July 1, 2003... Every Tuesday over the last several weeks, most members of the 19-person brokerage team at Wachovia Bank's Greensboro, N.C., office were busy doing the same thing. Were they selling? Calling clients? Handling paperwork? No. They were...

Team at a Glance.
July 1, 2003... Clients: 900 (150 per relationship manager) Credentials: 1 JD, 2 CFP, 1 CPA, 4 CPFA, 4 MBA, 1 CLU, 7 Series 7 Assets under management: 643 Licenses: $2.25 billion, including trust and investment management, but not brokerage. ...

Facing The Fee-Based Future: As banks seek more fee-based business, reps have to prepare themselves.
July 1, 2003... Banks' shift to fee-based business can appear glacial, both in terms of speed and inevitability. But that inexorable movement is prompting a change in the way bank investment sales managers hire reps. More than ever, banks are looking for...

New Directions In Training: Today's focus is less on products and more on clients.
July 1, 2003... In the annals of bank training, it may have been a first Last year, an expert from the State Department's protocol school - a professional whose full-time job is to make sure American diplomats don't commit a faux pas over foie gras - showed...

Credit Union BD Gains Strength: Packing a $1.2 billion punch, XCU Capital claims to be the rival of any broker-dealer.
July 1, 2003... What do you get when nine credit unions come together to buy a broker-dealer? You get XCU Capital, a rapidly growing broker-dealer with 50,000 clients, $1.2 billion in assets under management, almost 90 consultants and an active timetable for...

Want More Business from Entrepreneurs? Listen to What They're Saying: Here's what six successful small businessmen want from a financial relationship. Can you meet their needs?
July 1, 2003... They're the clients every bank investment program would love to serve: young, successful entrepreneurs. They have money, complex financial needs, and a willingness to buy products and services that will help them attain their personal and...

New Service Will Speed Policy Processing: DTCC - the securities industry's processing utility - is bringing new efficiency to the sale of life insurance.
July 1, 2003... By fall, banks that sell insurance should be able to use a Web-based portal that will help their consultants more easily and quickly complete the mounds of paperwork required to close a life insurance sale. The service, from the Depository...

Time to Look at Long-Term Care?: Credit unions and banks have an edge in marketing LTC policies, says specialist.
July 1, 2003... Long-term care insurance may be a difficult sell. But brokers at banks and credit unions have an advantage over their colleagues at wirehouses or independent broker-dealers who typically try to incorporate long-term care insurance into a...

Meeting Clients' Needs Profitably: Wealth Management strategies benefit advisers and clients.
July 1, 2003... In January 2002, On Wall Street Magazine published a survey of more than 4,000 brokers who focused on individual clients, to determine what their optimal business model was. The survey, conducted by Russ Alan Prince of Prince & Associates (a...

Certified Financial Planner Board of Standards, Inc.
July 1, 2003... Rick Adkins, CFP(r), Chair, Board of Governors As a professional regulatory organization, CFP Board fosters professional standards in personal financial planning so that the public values, has access to and benefits from competent and...

Financial Profiles, Inc.
July 1, 2003... Ron Smith, Vice President of Business Analysis There are many software tools available to enable advisors to create financial plans and strategies for their clients. There are also many tools available for the consumer to begin their own...

Jackson National Life Insurance Company.
July 1, 2003... The Future of Wealth Management Five short years ago everyone assumed the Internet would mark the end of the broker. Fortunately for brokers, that never happened. Once again, the services of brokers are in demand. Advisors are finding,...

LPL Financial Services.
July 1, 2003... Herb Morgan, Senior Vice President, Advisory Sales & Marketing Fee-based asset management, a long-term approach to financial planning, is an integral part of the wealth management process. With LPL's fee-based platforms, advisers have the...

Mutual Service Corporation.
July 1, 2003... Robert A. Valente, CFPE, Registered Principal and President of RAV Financial Services in Beachwood, Ohio, has built his practice by servicing professional individuals with a net worth of between $1 and $10 million. For the past 15 years, his...

North American Company for Life and Health Insurance.
July 1, 2003... Robert Pape, Sales Director, Financial Institutions, NACOLAH of New York "Despite the economic downturn and the fall of equity markets, the nationally noted projection that a wealth transfer of at least $41 trillion will take place in the...

The Phoenix Companies, Inc.
July 1, 2003... Jim Polhemus, Senior Vice President, Bank Distribution At The Phoenix Companies, Inc. we singularly focus our resources on meeting the needs of the high net worth and their financial advisors. We do this through specialized life insurance,...

Achieving International Exposure: Foreign investments offer diversification and opportunity, along with risk.
July 1, 2003... As the global economy becomes more and more entwined, and the U.S. share of the world's stock and bond markets narrows as more and more developing nations industrialize, the conventional wisdom of international investments serving as a...

Eaton Vance Worldwide Health Sciences Fund.
July 1, 2003... Samuel D. Isaly has been active in health care investing since 1968 and is the founding principal of OrbiMed Advisors LLC, investment adviser to the Fund. Investment Outlook: Mark McClellan continues to provide strong leadership at the...

Fidelity Advisor Diversified International Fund.
July 1, 2003... William Bower, portfolio manager Investment Outlook: As portfolio manager of Fidelity Advisor Diversified International Fund, I employ a bottom-up, research-driven investment process that focuses equally on fundamentals, valuation, and...

Pioneer Emerging Markets Fund.
July 1, 2003... Mark Madden, manager of the fund since its inception in 1994, has over 18 years of investment experience and directs Pioneer's global emerging markets team. Investment Outlook There are two central reasons to own emerging markets...

Five Common Estate Planning Mistakes*: * And how you can help your clients avoid them.
July 1, 2003... An estimated $40 trillion will be transferred to succeeding generations over the next two decades. Yet whenever I hear that staggering figure, I can't help but think about how many of those trillions of dollars will be lost due to estate...