bank advisors
DESCRIPTION
Evolved into powerhouses appealing to producers and wealthy clients, top bank programs offer bank advisors and clients the full array of investment choices.TRANSCRIPT
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The Bank Perspective
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A growing number of
wirehouse advisors are
showing more interest in
bank brokerage programs
today.
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The primary appeal, of
course, is access to clients
and the ability to grow
assets under management.
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However, the culture in a
bank is certainly different
than your standard
wirehouse branch.
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The question becomes which is best suited
for you?
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Platforms were often limited,
and advisor/client relationships
tended not to run deep.
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But in the last decade, many bank programs have evolved into
powerhouses that appeal to prominent producers and wealthy clients.
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Top bank programs now
offer advisors and clients
the full array of investment
choices.
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Fully armed, they are encouraged to offer
planning and holistic fee-based solutions.
These are not your father’s bank programs.
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Successful bank programs help their financial
advisors to grow assets at warp speed.
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Advisors must constantly wage marketing campaigns to connect with
qualified prospects and work to convert prospects to clients.
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Trust and the Marketing Advantage
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Marketing is time consuming, expensive and, for
many, simply unpleasant.
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On the other hand, most advisors enjoy working with qualified
prospects and are generally confident they can close their fair share.
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Successful bank advisors are referred prospects by a variety of their bank
partners such as mortgage specialists, tellers, commercial lenders and
private bankers.
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Successful bank advisors have taken the proper
steps to become trusted members of their bank team.
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Other Differences
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Banks tend to be more structured environments
than wirehouses.
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Bank-based advisors are usually expected to be
on the job for specific hours each day.
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Banks have relatively heavy client foot traffic, and advisors
need to be ready to receive a referral or client on demand.
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It is important to be more conservative if you wish
to thrive in a bank environment.
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Fancy cars and high fashion might be popular at your wirehouse, but
such extravagances tend to be a turn-off at the bank.
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A Path to Growth
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If your primary goal is to make more money
immediately, banks are probably not for you.
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However, if you are more interested in growing your business,
then affiliating with a quality bank program might be a good path.
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If growth is not an issue, you may be best served to stay at a wirehouse,
but those who need help growing should consider a bank program.
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If growing your business is
more important than receiving
the largest transitional package,
then I encourage you to explore
the bank brokerage space.
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Willis Consulting, Inc.
Corporate Headquarters
719 Yarmouth Road, Suite 203
Palos Verdes Estates, CA 90274
310-373-7400
Los Angeles Corporate Headquarters
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Willis Consulting, Inc.
15051 N Kierland Blvd, Suite 210
Scottsdale AZ 85254
480-361-9490
Scottsdale Office
www.willis-consulting.com
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Willis Consulting, Inc.
244 5th Avenue, Suite 1855
New York NY 10001
New York Office
www.willis-consulting.com