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Evolved into powerhouses appealing to producers and wealthy clients, top bank programs offer bank advisors and clients the full array of investment choices.
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The Bank Perspective
A growing number of
wirehouse advisors are
showing more interest in
bank brokerage programs
today.
www.willis-consulting.com
The primary appeal, of
course, is access to clients
and the ability to grow
assets under management.
www.willis-consulting.com
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.
www.willis-consulting.com
Top bank programs now
offer advisors and clients
the full array of investment
choices.
www.willis-consulting.com
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
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.
Successful bank advisors have taken the proper
steps to become trusted members of their bank team.
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Other Differences
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
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.
www.willis-consulting.com
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.
www.willis-consulting.com
If growing your business is
more important than receiving
the largest transitional package,
then I encourage you to explore
the bank brokerage space.
Willis Consulting, Inc.
Corporate Headquarters
719 Yarmouth Road, Suite 203
Palos Verdes Estates, CA 90274
310-373-7400
info@willis-consulting.com
Los Angeles Corporate Headquarters
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Willis Consulting, Inc.
15051 N Kierland Blvd, Suite 210
Scottsdale AZ 85254
480-361-9490
info@willis-consulting.com
Scottsdale Office
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Willis Consulting, Inc.
244 5th Avenue, Suite 1855
New York NY 10001
212-726-2041info@willis-consulting.com
New York Office
www.willis-consulting.com
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