Everything listed under: Advisors

  • How to Segment Your Delivery Service

    In our recent survey on omni-channel segmentation, 71% of the 47 firms surveyed said that they had already implemented a segmentation strategy to deliver different levels of service to different clients, or that they are discussing one. So what basis are firms using to make segmentation decisions? In our survey, the answer was universally: the size of the client's investment account.Among firms that have implemented a segmentation strategy or are discussing one, 100% reported segmenting base...  Read More...

  • Good News: Financial Planning Activity Increasing in Banks and Credit Unions

    Much has been written about the role of financial planning in the modern investment services firm, including in our three-part series on the subject: The New Importance of Financial Planning. So how has the industry responded? Are advisors preparing more plans than they did previously?This simple question is difficult to answer, because despite the growing importance of financial planning, a majority of firms are unable to report the number of plans their advisors prepared for clients the previo...  Read More...

  • Let's Play Jeopardy: What Are Junior Brokers?

    Bank Brokerage Execs See Associate Advisors as the AnswerParticipants seemed to be channeling Jeopardy as they explained how they were solving various business challenges during the Spring Tuneup meeting of the Kehrer Bielan study group of executives who manage investment services in banks and credit unions.How to ween advisors away from holding on to too many clients?  Give some of the clients to less experienced advisors who are mentored by a senior advisor.How to grow the advisor sales f...  Read More...

  • Catch and Release: Bank Brokerage Firms Struggle to Recruit and Retain Sufficient Numbers of Advisors

    Investment Services Executives Discuss Ways to Improve OnboardingThe number of financial advisors working in banks and credit unions declined by 1.1% in 2016, even as the opportunity in investment services for financial institutions continues to grow, suggesting that the industry is ill-prepared to take advantage of the opportunity. That was one of the key findings shared at Kehrer Bielan's semi-annual study group for executives who manage investment services businesses inside financial inst...  Read More...

  • Amid DoL Uncertainty, Bank Execs Look to Overhaul Advisor Comp

    Inauguration Day is six weeks away, and plenty of uncertainty remains surrounding what action, if any, the incoming administration will take on the Department of Labor's Fiduciary Rule for qualified retirement accounts. But dramatic changes to financial advisor compensation appear likely to occur regardless of what happens to the Rule. Why?   Read More...

  • Advisors' Life Production Up 27% since 2010 in Banks and Credit Unions

    Strong Foundation for Growth under the DoL Fiduciary StandardIn our discussions about DoL readiness with top executives responsible for investment services in financial institutions, it is clear that they plan to focus more on life insurance sales to bolster an expected decline in revenue from commission transactions and lower fees on advisory accounts.  But many are surprised to learn that banks and credit unions have made steady progress in growing their life insurance sales over the past...  Read More...

  • Planning to Sell More Life Insurance?

    Advisors Who Prepare More Financial Plans Produce More Life Insurance RevenueFor decades banks and credit unions have struggled to profitably meet the life insurance needs of their clients.The DoL Fiduciary Standard rule for retirement accounts increases the need to improve life insurance sales, because firms are looking for ways to replace revenue impacted by lower fees and commissions.But selling life insurance just got even harder. Our last Highlighter provided evidence that additional compen...  Read More...

  • Paying More for Life Sales May No Longer Work

    Banks and credit unions have struggled for years to profitably meet the life insurance needs of their clients.Now, the advent of the DoL Fiduciary Standard rule for retirement accounts creates more urgency to improve life insurance sales.  Many product lines are expected to experience fee compression, and a shift to advisory business could result in a short term dip in revenue, so firms are looking for ways to fill the revenue shortfall.The situation appears to be exacerbated by the deterio...  Read More...

  • What Are Referrals Worth?

    Advisors in banks and credit unions enjoy an advantage over other providers of financial advice because they have the support of the branch network and the client referrals branch staff generate. How valuable are these referrals? The market tells us how advisors value them.Kehrer Bielan research on advisor compensation finds that at every level of production advisors based in bank or credit union branches earn a payout that is at least 5 percentage points less than other bank-based advisors who ...  Read More...