Bank Investment Consultant articles from July 2008

Bank Investment Consultant archives from July 2008

Selling Advice.
July 1, 2008... Bank customers are so frequently described as boring-conservative, unsophisticated, etc.-that it's no wonder banks lead the financial services industry in fixed annuity sales. These products offer a predictable return, are guaranteed not to...

Annuities Get Hung Up On "What If".
July 1, 2008... The big crisis facing those nearing retirement these days is the fear that their savings won't last until they pass on. For those fortunate enough not to have that worry, there is a second concern: That they will spend every penny and won't...

Most Gains Come After Retirement.
July 1, 2008... Investment returns earned during retirement play a critical role in providing retirement income, Russell Investments claims in its 10/30/60 Rule report, issued on May 27. The report challenges conventional wisdom that most retirement income is...

SPIA of Destiny.
July 1, 2008... Adding a single payment immediate annuity to a mutual fund portfolio increases the probability that the portfolio will meet a client's retirement income needs. WITHDRAWALS FROM MUTUAL FUNDS ONLY ADDING SPIA TO THE MIX ...

Fixed Annuity Sales Continue to Soar.
July 1, 2008... Sales of fixed-income annuities hit $18.8 billion in the first quarter of 2008, an increase of 35.2% over the first quarter last year and 7.2% higher than the fourth quarter, according to Beacon Research's Fixed Annuity Premium Study, released...

Trust Providers Broaden Advisory Services.
July 1, 2008... Financial services firms are making it easier for their investment advisors to address a broader array of clients' trust needs, ranging from estate planning to philanthropic giving. In late May, Pershing, the Jersey City, N.J., unit of Bank...

Winners Online.
July 1, 2008... If you haven't spent some time on bankinvesetmentconsultant.com, check it out. Several of this year's BIC Top 20 Program Managers have joined the discussion boards to talk directly with the editors and are offering to talk with you about their...

GOLDEN GLOBE: A falling dollar send many investors overseas where they have been rewarded by handsome returns. Is the party over?
July 1, 2008... In 2005, the Wheaton, Ill., exchange-traded fund sponsor Invesco PowerShares launched the first ETF based on water. It tracked the Palisades Water Index of U.S. water companies. The ETF did pretty well, says William Belden, managing director at...

Value Play: Huntington's Scott Frush uses exchange-traded funds exclusively to keep costs low and client satisfaction high.
July 1, 2008... Not many bank advisors use exchange-traded funds (ETFs). When they do, it's usually just to complement mutual funds and annuities. But Scott Frush, an independent-advisor-turned-bank-rep plans to establish his book using only ETFs to build...

Buying Talent: Competition between banks for top wealth managers continues unabated, despite skyrocketing hiring costs.
July 1, 2008... Financial services firms continue to battle against one another for wealth management talent even though hefty salaries are crimping profits. Mindy Diamond, president of search firm Diamond Consultants in Chester, N.J., says that there are...

Riding the SURF: Using the Strategic Unconscious Rapport Formula seals the deal quickly and predictably.
July 1, 2008... April's article, "Rapid Rapport" generated so many questions about how to follow the Strategic Unconscious Rapport Formula (SURF) that I decided to use this column to delve into more detail. Occasionally we have a first client meeting,...

The Commodity Question: Bank advisors tend to shy away from the hot and volatile sector, but there may be a good reason to get in the game-a little.
July 1, 2008... Over the past two years, oil prices have soared more than 200%, from $40 a barrel to $139 a barrel. At least one analyst, Goldman Sachs' Arjun Murti, is predicting a further increase, to $200 a barrel. Gold, over the same two-year period, has...

Why ETNs?: Exchange-traded notes are debt instruments created to access specialized markets. Who's buying them and what you should know.
July 1, 2008... You're still getting used to exchange-traded funds (ETFs), when the investment banks hand you a new product to grapple with: exchange-traded notes (ETNs). While both share similar acronyms and trade like stocks, they're fundamentally...

New Products.
July 1, 2008... MUTUAL FUNDS WaterHealth International; Environment Protection Group; Global Easy Water Products Pvt. Acumen Fund (212) 566-8821 www.acumenfund.org Dollar Bull 2.5x Fund Direxion Funds (800) 851-0511...

And to My Dear Woofy...: These days, estate planning can include family pets. Helping clients care for their furry loved ones can bind them closer to you.
July 1, 2008... Don't scoff. Oprah Winfrey just left $30 million to her dogs. Like many people who didn't have children she considers her pets her "babies" and heirs. And pet trusts are not just for the likes of Leona Helmsley, who left $12 million to her...

Profitable Partnerships: Wachovia's strategy for breaking down silos and bringing financial advisors into the fold.(Company overview)
July 1, 2008... One plus one equals three. No, it's not fuzzy math or a recipe for cooking the books. It's how Wachovia looks at partnerships within our company. We know that our financial advisors are much stronger working with partners in other...

Cash in the Cow State.
July 1, 2008... BIC: What new or unique opportunities are there in your territory? Martinson: We're changing from manufacturing to a professional demographic, especially in medicine. We have three major healthcare centers, and that brings in higher wages...