Bank Investment Consultant articles from October 2003

Bank Investment Consultant archives from October 2003

Bring Back the Club.
October 1, 2003... I'd like your reaction to a marketing idea I'm about to propose. If you think the idea is silly, uneconomic, impractical or illegal - or if you and others are doing it and I'm just not aware of it - please let me know. (Email me at...

Experts on Gen Y: Don't Underestimate Their Investment Needs.
October 1, 2003... A 20-something walks into a bank. What does he want? Free checking? A credit card? Guess again. He may be shopping for retirement investments. Members of Generation Y - the 60 million people born between 1979 and 1994 - are starting to...

Umpqua's New 'Stores' to Offer Investments.
October 1, 2003... Calling traditional banking environments "grossly outdated," Umpqua Bank of Roseburg, Ore., recently announced plans to open seven "stores" in 2004 like the one pictured above. Strand Atkinson Williams and York, the bank's retail brokerage...

October Calendar.
October 1, 2003... Oct. 2-4 Fall Money Management Exposition Investment Management Consultants Association Fairmont Hotel Dallas 303-770-3377 or www.imca.org Oct. 8-9 Legislative, Regulatory and Compliance Symposium...

Funds Fear Damage from Spitzer's Charges: Special from Money Management Executive.
October 1, 2003... New York Attorney General Eliot Spitzer's crackdown on hedge fund trading schemes by four mutual fund companies could wreak havoc on the mutual fund industry's squeaky-clean image. The possibility that fund companies cut deals with arbitrageurs...

State 'Cops' Move to Protect Seniors.
October 1, 2003... State securities regulators are taking steps to thwart investment scams against seniors in an economic climate that has created "a perfect storm" for fraud and abuse by bogus and even bonafide investment advisors. The North American...

Surveys Paint Less Rosy Retirement Picture.
October 1, 2003... Americans are facing retirement with diminished expectations and an emphasis on protecting their assets, two recent studies find. According to a survey conducted for Strong Retirement Plan Services, nearly half of adults currently employed...

New Products.
October 1, 2003... Fidelity Investments has launched five Advisor Freedom Funds, which invest in 13 Advisor Funds and Fidelity Cash Reserves. Four of the funds are managed to target dates in 2010, 2020, 2030 and 2040. They are automatically rebalanced and...

Provider Notes.
October 1, 2003... Ibbotson Associates has launched a marketing services group called Agency Ibbotson. It provides services such as marketing materials development, sales presentations, custom analysis, educational training programs and presentations, and review...

Financial Intelligence: How Provident Securities' Mike Schiess uses his military training to outmaneuver the competition.
October 1, 2003... Mike Schiess trained for a career in military intelligence. Today, he advises clients about stocks, options, bonds and insurance from his base at Cincinnati's Provident Securities. Could there be a connection? "My military training has...

Mike Schiess.
October 1, 2003... AUM: $60 million, up 18% Production: $750,000 est. for 2003 Number of Clients: 1,500, up 22% Licenses, designations: insurance, Series 63, Series 7, CFP Copyright 2003 Thomson Media Inc. All Rights Reserved....

Bank Rep Compensation: Gaining on Non-Bank Reps: A look behind the numbers as the payout and productivity gaps narrow.
October 1, 2003... Like their counterparts at traditional retail securities firms, bank investment consultants have struggled through the long bear market. Last year's compensation figures confirm the pain. Compensation of non-bank registered representatives fell...

Will Banks: Bear Market: If banks can convince clients they are as savvy as brokerage firms, assets may stick when the market revives.
October 1, 2003... As surely as tulips blossom in spring and maples drop their leaves in autumn, financial products wax and wane in popularity with cyclical predictability. Demand for mortgages, for example, increases when interest rates decline. Similarly, when...

Hedge Funds for the Masses?
October 1, 2003... Most bank reps may never create a "collar" for a client's huge stock position or handle the sale of restricted stock. But hedge funds are one high-net-worth product that bank investment consultants may brush up against, if only because more and...

Keeping Reps Compliant: Continuing education expert Russ Foster offers tips on keeping up with the maze of state insurance licensing requirements.
October 1, 2003... The president of Citicorp Investment Services learned the importance of compliance this past June when he was dismissed for failing to keep up with insurance-related continuing education (CE) requirements. As the securities business endures a...

Wealth Management at FirstMerit: Building around a financial plan, relationship managers oversee new services at northeast Ohio bank.
October 1, 2003... George Paidas faced a familiar bank challenge: how to harness disparate banking efforts to better serve affluent clients and thereby improve performance. As head of FirstMerit Wealth Management, Paidas convinced his firm - Akron,...

Financial Planning on the House: Here's how First Tennessee makes no-obligation planning the core of its wealth management offerings.
October 1, 2003... Memphis-based First Tennessee National Corp. sells financial planning in an unusual way - it doesn't. To eliminate any question of conflicts of interest and to put its wealthy customers at ease, the bank provides complementary financial...

A Month in the Life.
October 1, 2003... How does your daily routine compare to that of other bank investment consultants? What can you learn from their stories to help you succeed? To help answer those questions, BIC asked contributor Paul A. Werlin, president of Human Capital...