The 11 Smartest Things We Heard at BISA 2013
Published March 13, 2013 4:53 PM
|
Updated August 9, 2016 4:22 PM
1 Min Read
Smartest Things Heard at BISA 2013
Bank Investment Consultant spent the past few days at the Bank Insurance and Securities Associations annual conference in Hollywood, Florida. We attended as many sessions as possible and here we have culled the best bits to bring you the most interesting things we heard. We couldnt make it to all the sessions, unfortunately, so let us know what you would add to our list.
Keeping Your Finger on the Pulse
The narrative has changed in the past six months. The online world has begun to detach advice from investments and accounts. Now, the big question has centered on the idea of how financial firms can inject an advisory role into a self-directed account and get paid for it.
Jim Goodwin, president of Riperian
Session: Impact and Importance of the Self-Directed Service Channel
Jim Goodwin, president of Riperian
Session: Impact and Importance of the Self-Directed Service Channel
Stand Out or Stand Down
Few bank executives could state a clear and comprehensive wealth strategy. And most had trouble identifying something about their wealth management efforts that was unique.
Wayne Cutler, managing director at Novantas (citing a study from Novantas and BISA)
Session: Bridging the Organizational Divide—Sharing Success Stories
Wayne Cutler, managing director at Novantas (citing a study from Novantas and BISA)
Session: Bridging the Organizational Divide—Sharing Success Stories
They Love Me, They Love Me Not
Your client breakdown: 21% love you, 22% like you, 38% tolerate you, and 19% dislike you. Help your clients get their house in order (literally). Buy them a fireproof safe for hard copies of all of their important documents and a $12 USB drive for digital copies. This is what will make clients love you, not flowers and cards.
Mark Zinder, trainer and speaker, Mark Zinder and Associates
Session: The Business Model has Changed- Change With It
Mark Zinder, trainer and speaker, Mark Zinder and Associates
Session: The Business Model has Changed- Change With It
Word of Mouth Faster than Ever
Recognize the importance of social media and the spread of information in the digital age.
Treat everyone like your Grandma, if your Grandma had 80,000 Twitter followers. That's how quickly word spreads.
,br>
Jean Chatzky, financial editor at the Today Show
Session:Money Rules To Help Your Clients Manage Retirement Income--And the Other Financial Challenges They Face
Tomorrow and Tomorrow and Tomorrow
Saving money is, was and never will be, any fun. It's delayed gratification and we don't like that.
Jean Chatzky, financial editor at the Today Show
Session:Money Rules To Help Your Clients Manage Retirement Income--And the Other Financial Challenges They Face
Subprime Loans Rev Up
I’m always looking for the negative and I see a lot of subprime car loans and the car companies are saying that as long as there is economic expansion, things will be fine. And if not, they can always repossess the cars. That sounds very similar to the run-up to the subprime home loan mess.
Dr. Quincy Krosby, chief market strategist at Prudential Annuities
Session: Insight & Understanding for Today’s Markets
Dr. Quincy Krosby, chief market strategist at Prudential Annuities
Session: Insight & Understanding for Today’s Markets
Start the Tough Conversations
Clients might not bring it up first, but advisors have an opportunity to help people a lot if they can broach the subject. Even though its difficult, people want and need to talk about the costs associated with health care and long term care, she said.
Wendy Boglioli, Olympic swimmer and Genworth spokesperson
Session: Live Financially Sound, Physically Strong
Wendy Boglioli, Olympic swimmer and Genworth spokesperson
Session: Live Financially Sound, Physically Strong
Ask Better Questions
You need to frame your questions just right to get the best information. When you're talking with a woman client, don't ask
what do you do?Instead, ask,Who are the most important people in your lifeandwhat are your responsibilities?
Holly Buchanan, CEO, Buchanan Marketing
Session: Selling Financial Services to Women and Couples
Coming Off the Sidelines
The emerging investor presents an opportunity for bank advisors. According to Fidelity research, the
investor 2.0is increasingly female, Gen X or Y, and often sitting on the market sidelines.
What's more, theinvestor 2.0trusts banks and uses traditional bank products, giving bank advisors a huge advantage.
Alexandra Taussig, Fidelity Investments marketing senior vice president
Session: Strategies for Developing Successful Advisors
Measure Twice, Cut Once
If you can't measure it you, you can't manage it.It's important for advisors to set and track goals.By formulating, writing, tracking and regularly communicating your goals, you have a 95% chance of achieving your goal.
Nathan Bergeland, the founder of SuccessQuest
Session: Referral and Activity Management -If You Can't Measure It, You Can't Manage It!
Just Wait Till Next Year!
Take care of yourself and buy me some time.
Tom Ricketts, chairman of Incapital and chairman of the Chicago Cubs, on his usual response when fans approach him and (after inevitably stating their age) ask for a World Series victory before they die
Session: From Bonds to Baseball
