Bank Investment Consultant articles from June 2003

Bank Investment Consultant archives from June 2003

The Challenges Ahead.
June 1, 2003... Imagine going online to trace your roots and discovering a long-lost relative who turns out to be remarkably familiar to your own family. I've been basking in that "I'm-among-kin" feeling over the past few weeks as I edited this issue of Bank...

Nationwide Enters SMA Arena.
June 1, 2003... Nationwide Financial is entering the separately managed account arena with a program known as Best of America Advisory Services. The fee-based program features mutual fund model portfolios through the Advisor Mutual Fund Series, SMA...

Q&R Forms Alliance with Horizon.
June 1, 2003... FleetBoston Financial has formed an alliance with Horizon Banks of Boulder, Colo., under which Quick & Reilly personal financial consultants will be based at four Horizon branches and offer comprehensive brokerage services and investments. ...

Mellon to Buy HNW Arden Group.
June 1, 2003... Mellon Financial Corp., pushing aggressively into the wealth management market, is buying the Atlanta-based Arden Group, a privately held investment management firm for high-net-worth individuals and institutions. Terms of the deal,...

Broker-Dealer Profits Drop Again.
June 1, 2003... Reflecting the continuing harsh investment environment, community-based financial institutions that provide securities brokerage saw another difficult month in February, the latest month for which figures are available. According to the...

Banks Refocus on Platform Sales.
June 1, 2003... Human Capital Resources, a St.Petersburg, Fla.-based consulting firm, says an aggressive bank-based platform program can earn as much as 50% of total retail investment sales revenue. "Utilizing part-time bank employees to sell mutual funds...

Pax Fund Helps Iraq.
June 1, 2003... Pax World Balanced Fund, a socially responsible mutual fund, is providing investors with an option to invest in the rebuilding of Iraq. Investors can make a voluntary contribution - of 5%, 25%, 50% or100% of capital gains and-or dividends -...

People On The Move.
June 1, 2003... Chris Rasmussen, president of Pacific Northwest Bank in Seattle, Wash., has assumed management responsibility for insurance and investment products across the entire organization. Barbara E. Casey has been appointed regional president in...

Survey: Reps Would Leave Retail Brokerage.
June 1, 2003... Times are tough in brokerage land. But are they tough enough to give up on the allure of commission- and fee-based business and seek the security of a salaried back-office job? That seems to be the case for many, according to a survey in...

Bank Brief.
June 1, 2003... Fulton Financial Advisors, bank partner of PrimeVest Financial Services, won the 2002 Community-based Bank Program of the Year from the Bank Insurance & Securities Association. Key factors considered were productivity of registered...

Regional Banks Seen as Ripe for SMAs.
June 1, 2003... Managed account providers are targeting midsize regional banks as a promising distribution channel for their fee-based products. "Mid-sized banks are ready to offer a variety of fee-based solutions," said Bill Crager, an executive vice...

Product Provider Notes.
June 1, 2003... Jackson National Life Insurance Co. recorded more than $1.63 billion in annuity sales during the first quarter of 2003, a 71% increase over the same period last year. Annuity sales successively increased each month during the quarter. Despite...

New Products.
June 1, 2003... Fidelity Investments is expanding the number of investment options in its Premium 401(k) program, a suite of employer-sponsored plans offered by third-party financial advisers to small- and mid-sized companies ine mutual fund options were added...

SunTrust Tries New Team Structure: A branch in Williamsburg tries a revolutionary approach to bank broker compensation.
June 1, 2003... Early this year, John Geraghty was given the green light to change the compensation structure of a five-member sales and financial management team in the bucolic, but hypercompetitive, Williamsburg, Va., market. Geraghty, an executive vice...

Ex-Wirehouse Brokers Blossom at Banks: While they wouldn't trade the big brokerage firm experience, the transferees are glad they switched.
June 1, 2003... There was a time, not so long ago, when wirehouse brokers considered bank reps second-class financial advisors and pushers of packaged products. Today, many of those wirehouse brokers are no longer sneering at their bank counterparts -...

The Top 10 Bank Brokerages.
June 1, 2003... As the market got tough for investors, investors got tough with their assets. Throughout 2002, they headed to banks in droves, seeking safety in CDs and annuities. Not surprisingly, bank broker-dealers benefited from the migration, earning...

Top 10 Bank Investment Programs in 2002.
June 1, 2003... (dollars in millions) (part 1 of 2) Investment Non-interest Bank Bank Assets Income** Income Bank of America $565,382.00 $686.00...

A Trust Dream Goes Live: For years, Brent L. Clifton wanted to create a trust department at his Indiana community bank. Here's how he did it.
June 1, 2003... Grabill Bank CEO Brent L. Clifton is clearly a patient man. His brainchild, a trust department for his $420-million-asset community bank in Grabill, Ind., soon will open its doors after more than a decade on the drawing board. But its slow...

At a Glance: Grabill Bank.
June 1, 2003... 2002 AUM: $10 million, up 5% Total Gross Dealer Commission: $375,000, up 33% Client Number: 850, up 31% Series 7 reps: 2 Series 6 reps: 1 Copyright 2003 Thomson Media Inc. All Rights Reserved....

Salem Five: A New Take on Brokerage: Here's how a feisty product innovator is tackling the world of retail securities.
June 1, 2003... Many banks offer brokerage products as a service to their customers. Some establish brokerage as a full-fledged business line. Fewer make brokerage a core competency. But Joseph M. Gibbons goes further. Gibbons, president and CEO of Salem...

Salem Five Cents Savings.
June 1, 2003... AUM: $320 million Reps: 7 Branches: 11 Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.bankinvestmentmktg.com

Lydian Trusts Open Approach: Revamped wealth management unit offers objective advice to community banks and trust companies.
June 1, 2003... When CMS Financial Services became Lydian Wealth Management, the change was more than cosmetic. Florida's Lydian Trust, parent of the Rockville, Md.-based subsidiary that offers investment consulting and wealth management services to...

Managing Managed Accounts: Banks need new tools when customers move to fee-based accounts. Here's where to look for help.
June 1, 2003... Guiding customers into fee-based money management accounts seems like a smart move for bank investment consultants. But how do you segue into fee-based business? The chief challenge is keeping track of investor account data. Wirehouses,...

Proprietary VAs Await Market Return: Banks and insurers aggressively pushed proprietary funds for joint-venture VAs in 2001. Will they again?
June 1, 2003... While not at the top of the mutual fund heap at the moment, bank proprietary funds were included in one-third of all bank-sold variable annuities just a few years ago. Could the good times return? Industry analysts say they could, as soon as...

Single-Premium Life Dominates Sales: New carriers are flocking to this growing category, which offers an opportunity to increase wallet share.
June 1, 2003... Saales of single-premium life insurance (SPL) through banks grew by more than 150% from 2000 to 2002, accounting for virtually all the increase in total insurance sales through banks during that period. According to Kenneth Kehrer...

Innovation Gives Competitive Edge: Increasing flexibility and productivity to better serve your customers.
June 1, 2003... Despite the sagging economy and protracted bear market, leaders in the financial industry recognize the competitive advantage of offering leading-edge technology, allowing investment advisers to minimize the time spent on operational tasks in...

Financial Profiles, Inc.
June 1, 2003... Bill Overman, Ph.D., Chief Technology Officer Financial Profiles, Inc. offers a suite of integrated financial software solutions that gives users a simple and efficient way of analyzing their clients' financial situations, including reports...

LPL Financial Services.
June 1, 2003... Esther Stearns, Chief Information Officer Over the past six years, Linsco-Private Ledger (LPL Financial Services) has invested more than $145 million in state-of-the-art systems to support our representatives. Our technology is designed to...

Miningham & Oellerich.
June 1, 2003... Jamie Rzucek, Marketing Manager and Sales Support Miningham & Oellerich (M&O) is a recognized securities software leader in the Financial Services Industry and has been in business for over 25 years. During that time, the industry has...

Raymond James Financial Services, Inc.
June 1, 2003... Tim O'Rourke, Senior VP and Director of Business Development Spending $75 million annually, Raymond James sets the industry standard with its commitment to superior technology for its Financial Advisors and their clients. With an IT Group...

Round Hill Securties, Inc.
June 1, 2003... Michael S. Fahy, Vice President of Technology The increased focus on Anti-Money Laundering has presented reps with yet another challenge, and Round Hill Securities, Inc. offers the technology, resources and training to meet that challenge....

Fixing Your Portfolio: With the importance of diversification harshly reaffirmed, investors welcome the prospect of single-digit returns.
June 1, 2003... While the bulls were running wild throughout the Nineties, many dismissed bonds as boring investment vehicles, scoffing at lowly single-digit returns. A core holding for virtually all adviser-overseen portfolios and an essential element of...

Fidelity Advisor Strategic Income Fund.
June 1, 2003... William Eigen, portfolio manager Investment Outlook As manager of Fidelity Advisor Strategic Income Fund, I have been bullish on high-yield bonds, as valuations have remained attractive relative to historical norms, and extremely low...

Pioneer Strategic Income Fund.
June 1, 2003... Ken Taubes, Director, Fixed-Income Investment Investment Outlook The uncertainty surrounding the soft economy and the war in Iraq are the overriding factors affecting U.S. fixed income markets. US Treasuries are trading at expensive...

Branches as the Mass Affluent Answer?: Surveys show that customers with less than $1 million in assets are underserved. Use your branches to reach them.
June 1, 2003... Bank branches could be your wealth management solution. While cheaper and faster channels have replaced or de-emphasized many branch functions, the potential of the branch in the world of wealth management is greater than ever. And the...