Bank Investment Consultant articles from November 2006

Bank Investment Consultant archives from November 2006

Talking Turkey.
November 1, 2006... I know it's a bit early, but Happy Holidays! They're a time of giving, of family, of togetherness, and no one gets tired of wishing them on one another. That's why the holiday season is such a boon for advisors - it's the one time of year when...

Florida Rule Threatens Bank Insurance Sales.
November 1, 2006... A Florida senate bill, SB 1912, could hamper banks' ability to sell insurance in that state unless regulators block its passage, according to the legal counsel for the Bank Insurance and Securities Association. SB 1912, which went into...

Annuity Providers: The Magic Number.
November 1, 2006... How many annuity providers are enough? A report, conducted by Kehrer-LIMRA for ING U.S. Financial Services, found that a typical large bank has selling agreements with 21 different providers, although the numbers vary from as few as five to as...

Growth in Fund and Annuity Sales.
November 1, 2006... Banks' overall sales of mutual funds and annuities climbed higher in the first half of 2006, compared with the same period in 2005, according to Oct. 3 Federal Reserve data culled by Michael White & Associates in Radnor, Penn. Midsize banks...

Brokerage Marketing Dollars Drop.
November 1, 2006... Bank marketing budgets peaked at $10.6 billion last year, after hovering around $10.5 billion for the past two years, but investment, insurance and trust departments aren't going to see much of that, according to the American Bankers...

Banks Spur SMA Growth.
November 1, 2006... Part of the rapid growth in the separately managed accounts (SMAs) market can be attributed to the arrival of banks and trusts at the party. That market has grown 20% a year since 2003, according to the Money Management Institute. Part of...

UBS Buys Key Bank's McDonald.
November 1, 2006... In our September cover story, "Failure to Merge," we explored the difficulties of banks buying and integrating brokerages. KeyCorp, Key Bank's parent which acquired regional broker-dealer McDonald Investments in 1998, was a notable example....

Small Business, Challenge: It's not enough to have financial expertise-entrepreneurs need advisors who understand their specific businesses and pressures.(Company overview)
November 1, 2006... After years of being wallflowers to bankers, small businesses have become the belles of the ball. From the big cities to the suburbs and countryside, bank reps are grappling with how to get in front of small-business owners and become their...

Training the Trainers: To boost business, advisors must learn how to coach and mentor their platform reps.
November 1, 2006... When PNC Bank introduced platform reps to its investment program five years ago, senior financial consultant Chris Battistone was taken aback. Investment advisors were the only licensed people in the branches, and the prospect of entry-level...

Helping a Client Get Off the Fence: Two advisors tackle the same hypothetical small-business client.
November 1, 2006... THE CLIENT: Bob Weiderman, 52, is married with three grown children (26, 28 and 31 years old-all college grads). He lives in Akron, Ohio, where he owns a $3 million fencing business and employs 20 workers. He earns $150,000 per year and holds a...

Crafting a Proposal: By taking the time to uncover clients' true needs, advisors can create a package of products from which everyone wins.
November 1, 2006... As the baby boom generation starts hitting retirement age, bank reps, who used to be able to satisfy most clients by recommending a nice mutual fund or annuity, are now finding that they need something much more elaborate: a carefully developed...

Preparing for the Onslaught: NASD is targeting bank branches. What will they be looking for?
November 1, 2006... Regulators, flush with fresh government funding, are going after bank branches. That was the word at the Bank Insurance and Securities Association's conference in September. "Regulators are going for the branches again," says Kevin Maas, vice...

Getting Ready.
November 1, 2006... * If a regulator starts poking around in your branch, notify a compliance officer right away. * Train advisors, branch managers and their staff about what they should and shouldn't say if a regulator starts asking questions. *...

Selling Yourself: Create a value statement that is meaningful to the client.
November 1, 2006... Whether you call it a value statement, a personal commercial or a mission statement, positioning your business the correct way in the first few minutes of the sales process can make a significant difference in the tone of the entire client...

Taking Care of Business.
November 1, 2006... BIC: What unique opportunities do you have in your territory? Geygan: For a community bank, we have a large share of our market. We have a very good management core that knows how to address small-business needs and we have a loyal client...