Bank Investment Consultant articles from July 2004

Bank Investment Consultant archives from July 2004

One Great Opportunity.
July 1, 2004... Okay, let me come right out and say it: If banks don't seize the challenge represented by the retirement income market, they will have blown the biggest investment-related opportunity that ever fell into their lap. As BIC Managing Editor...

Big Banks Paying More for Brokerage Talent.
July 1, 2004... In the battle for retail investment assets, banks are continuing to look more and more like their brokerage firm rivals in terms of the carrots they dangle to recruit and retain financial advisors. Indeed, the largest banks are practically...

SEC Loosens Gramm-Leach-Bliley Proposal.
July 1, 2004... The Securities and Exchange Commission has softened its stance on bank activities that would qualify under its broker definition in its proposal to implement provisions of the Gramm-Leach-Bliley Act of 1999. The new proposal contains 11...

Pru Unit Aims Managed Account Products at Banks.
July 1, 2004... Prudential Investments says it hopes to attract new assets by outsourcing an "a la carte" menu of managed account services to midsize banks, private banks, and trust companies. The Newark, N.J., investment services arm of the giant insurer...

Calendar.
July 1, 2004... Sept. 12-14 Marketing Conference American Bankers Association Scottsdale, Ariz. 1-800-BANKERS or www.aba.com Oct. 17-19 Investments and Life & Health Insurance Workshop Bank Insurance and Securities Association,...

Product News.
July 1, 2004... Cohen & Steers Capital Management has launched its Utility Fund. It offers four share classes, and is available for a minimum initial investment of $1,000. Operating expenses range from 1.5% to 2.15%. (800) 330-7348 or www.cohenandsteers.com....

Tools and Resources.
July 1, 2004... Bloomberg Press has introduced 22 Keys to Sales Success: How to Make It Big in Financial Services, by James M. Benson and Paul Karasik. Ideas offered include sample scripts to overcome objections and improve closing ratios. (800) 869-1231 or...

Composition of Full-Time Rep Compensation Structures.
July 1, 2004... Large Institutions 2003 2000 1998 1996 Salary Only 4% 0% 1% 3% Base Salary plus Incentives 48% 21% 34% 37% Draw vs. Commissions 36% 65% 64% ...

Opportunity Knocks at MidSouth: Consultant David Mire wanted to work at the bank - so he figured out a way to make it happen.
July 1, 2004... After 11 years as an insurance agent in Lafayette, La., David Mire was looking for a new opportunity. He decided he wanted to work at MidSouth as a full-service broker. While the then $97 million community bank did not offer investment services...

At A Glance.
July 1, 2004... 2002 AUM: approx $59 million 2003 AUM: approx $70 million 2003 production: $60,000 (as an independent) Licenses: Series 7,6,63,24, Life, Health, Variable Annuity licenses Copyright 2004 Thomson Media Inc. All Rights Reserved....

Bridging the Retirement Income Gap: While banks and brokers focus on asset accumulation, a huge opportunity awaits in the management of retirement asset distributions.
July 1, 2004... Americans and their financial advisors have a lot to learn about the need for retirement income. We all know that, as a nation, we are terrible savers - personal saving as a percentage of disposable personal income was just 1.9% in March - but...

Fidelity Includes Banks in its New Retirement Thrust.
July 1, 2004... Fidelity Investments is matching its just-launched Retirement Income Advantage - a new product that helps retirees plan, manage and administer their assets - with a campaign to get its bank clients up to speed with its new model. "The...

Inside the Huntington Team: The bank's hybrid model strives to eliminate internal competition. Here's how it works.
July 1, 2004... At Huntington Bancshares Inc., the $30 billion Columbus, Ohio-based bank with 330 branches across its home state, Michigan, West Virginia, Indiana and Kentucky, teamwork is the name of the game. And at Huntington, names are important. The...

A Banking Metric to Watch: Same store sales growth reveals the long-term winners and losers in the banking business.
July 1, 2004... That single metric should you look at to gauge how your bank is faring against the competition? You could do worse than same-store sales growth. That's the conclusion that the folks at First Manhattan Consulting Group came to after studying the...

Advertiser Index.
July 1, 2004... Bank Insurance & Securities Association 23 CFP Board of Standards 21 Classified & Tech Tools 38, 39 Financial Profiles 15 Jackson National Life ...

Michigan Reps Move to Fees.
July 1, 2004... This month, BIC heads to Michigan, where Steven Campbell, manager of Bank One Securities' Midwest region, and Mike Tafelski, retail investment officer and financial advisor in National City Bank's Ten Mile/Meadowbrook branch near Detroit,...