1. technology and computing

open CommuniCation:
Third-party Marketers
resource guide
exploring the Bank Advisor/TpM Relationship
A SUPPLEMENT TO
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The
TRUTH
about bank brokerage.
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H
Keeping
the Lines of
Communication...
There are many factors that affect the strength of a
bank/TPM partnership. We examine the current state of
that relationship and suggest paths to improvement.
Open
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When it comes to the relationship between banks and their third-party
marketers (TPMs), the good news is that most program managers and
bank advisors—four out of five queried—seem to be content enough
that they are not contemplating changing partners. The bad news is that
one in five is thinking about making a change, and that many bank reps
have criticisms of some aspect of their TPM relationship.
How satisfied are you
with your TPM’s problem
resolution abilities?
Very
Satisfied
45%
Somewhat
Satisfied
Somewhat
Dissatisfied
8%
12%
Have you considered
switching TPMs recently?
WhatSatisfied
the survey found was that in each area of inquiry, the majority of
Somewhat
60%
responding reps said
they were very satisfied or somewhat satisfied with their
Satisfied
TPM’s performance,29%
while between 11% and 38% said they were very dissatisfied or somewhat dissatisfied.
ar
m
pl
fri
Somewhat
Very
Looking
at specific
areas of
Dissatisfied
Dissatisfied
the survey, TPM product offerings fared the best,
4% saying they were very satisfied and 29% saying they
with 60% of 7%
respondents
wereHow
at least
somewhat
likely
are you satisfied. Only 7% said they were very dissatisfied with
to changeand
TPMs
the offerings,
theinremaining 4% noted they were somewhat dissatisfied.
the next year or two?
ba
de
to
wh
tra
re
Also relatively strong were reps’ opinions about their TPM’s compliance
services (85% positive, 15% negative); problem resolution abilities (80%
Very
Unlikely
positive, 20% negative);
processing operations (80% positive, 20% negative);
59% (80% positive, 20% negative); technology platform (76%
training and support
Somewhat
Unlikely
positive, 24% negative); and sales support (75% positive, 25% negative).
NO
80%
18%
YES
The biggest area with room for improvement was recruiting, with 21% of
respondents saying their TPM was very unhelpful with recruiting efforts and
Very Likely
another Somewhat
17% saying their TPM was somewhat unhelpful. Just over a quarter
Likely
7%
of the group
16% said their TPM was very helpful, with the largest group, 37%,
characterizing
TPM
How satisfied
areassistance with recruiting as somewhat helpful.
20%
How satisfied are
you with your TPM’s
training and support?
you with your TPM’s
pr
th
pr
Somewhat
Satisfied
43%
Very
Satisfied
37%
43%
A4
32%
Very
Dissatisfied 4
14436_BIC_TPMsupplement_TP.indd
ad
re
It sales
is difficult
to know exactly how these responses—in addition to financial
support?
considerations such as fee splits between parties—might play out in terms
of a decision by a bank to keep its current TPM or move to another provider.
Somewhat
Satisfied
Very
Satisfied
On
op
im
sim
Very
35%
Very
Dissatisfied
InHow
Junesatisfied
of this are
year, Bank Investment Consultant asked readers to share
theiryou
thoughts
on TPM’s
their TPMs’ services on topics such as product offerings,
with your
product
offerings?
sales support, technology and problem resolution. Eighty-two bank reps took
time out of their busy schedules to answer multiple-choice and open-ended
questions.
Somewhat
Dissatisfied
7%
13%
Somewhat
Dissatisfied
10%
Very
Dissatisfied
15%
How satisfied are
8/18/10
2:19:47 PM
are
ngs,
ook
ded
of
heir
at-
est,
hey
ith
.
nce
0%
ve);
6%
of
and
ter
%,
cial
ms
der.
In the technology platform arena, some
respondents called for more upgrades and
more user-friendly systems.
One thing is certain, however, a move can cause numerous disruptions to bank
operations, bank reps and especially bank customers. Resolving problems and
improving the relationship between the bank and its TPM may in the end be a
simpler and more satisfying solution.
In that regard, some of the suggestions in the survey are instructive. In the
area of recruiting support, for example, a number of respondents suggested
more prescreening of the candidates offered to the bank. In the technology
platform arena, some respondents called for more upgrades and more userfriendly systems.
On the question of problem resolution, which is a critical piece of the TPM/
bank relationship, the most common suggestions for improvement were having
How satisfied
areresponding
you
designated go-to people, having more and better-trained
staff and
with your TPM’s problem
to problems or questions from bank reps more quickly. “Have a team of people
resolution abilities?
who own the problem, rather than passing the buck all the time,” said one frustrated respondent. Another rep said that TPMs “could do a better job of letting
reps and program managers know where they go for different problems.”
Somewhat
How satisfied are
you with your TPM’s
product offerings?
Very
Satisfied
Satisfied
Very
Satisfied
face-to-face 35%
time, as
In terms of training, reps said they’d like more
well as
additional online learning opportunities. One rep noted45%
that “more sale-related
revenue-producing ideas” would be beneficial.
60%
Somewhat
Satisfied
29%
Somewhat
Over the next several pages, we offer additional survey findings,
and Dissatisfied
discuss
Very
8%
Dissatisfied
practical tips and strategies from advisors and TPM executives
to help improve
the relationship and better understand the reasons that lead to12%
banks changing
providers. n
Very
Dissatisfied
7%
A5
Very
Unlikely
NO
80%
5
4%
How likely are you
to change TPMs in
the next year or two?
Have you considered
switching TPMs recently?
14436_BIC_TPMsupplement_TP.indd
Somewhat
Dissatisfied
Somewhat
Unlikely
YES
20%
18%
59%
8/18/10
2:19:48 PM
Changing
Third-Party
Marketers
Harold Baker, the assistant vice president and manager for Clearfield Bank & Trust in Clearfield, a small
town located in central Pennsylvania, knows a lot about changing broker-dealers. When he and other bank
officers decided a year ago that it was time to make a switch, Baker says he wanted to make sure things went
better than they did in one of the earlier switches he participated in at another institution.
“We had a big problem with that one,” he recalls, “because there was a timing issue between when the
final statements went out to clients from the old TPM and when the new initial statements went out from the
new company.” He explains, with a wry laugh, “You see, the old firm’s statements all said the clients had an
account balance of zero. And they weren’t getting their new statements for several days. I’m telling you, I had
people coming into the office ashen-faced thinking they’d lost everything they had! I was making calls late
into the evening that day to my clients, so people wouldn’t be going to bed thinking they were penniless!”
Esse
Preparation is Critical
Clearly, says Baker, preparation is the key when a
bank decides to jump ship and move to a new
TPM. “The big thing is communication,” says an
executive with one large brokerage who has been
involved in a number of such changeovers at banks.
“You don’t want your financial advisors to be unhappy
or confused, and you don’t want to surprise your
clients, the bank customers. Especially in a down
market like we’re in right now, when people have to
open a new account. You can easily lose them.”
ENS
you
Plea
sale
of o
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A D V E R T I S E M E N T
Building a successful financial institution investment program with
INVEST Financial Corporation
is
I
easy.
n the current economic environment, financial institutions are facing tight profit
margins and looking to add fee-based
services to achieve growth. A bank or
credit union’s investment program enhances the
overall value proposition of the institution and
can be an important component of boosting revenue. But in order to really thrive, the program
must be efficient and deliver a quality service
experience for clients. For broker-dealers serving banks and credit unions, helping institutions
build successful investment programs involves
three main components: Innovative, integrated
technology; practice management solutions to
help advisers grow their business; and a service
experience that supports the unique challenges
of the financial institution environment.
As mature financial programs accumulate
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more demanding as customers’ needs grow more
complex and regulatory concerns increase. A
robust technology platform is the foundation of
today’s most successful brokerage programs and
the key to elevating customer service.
A broker-dealer’s back office system and front
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reps to focus on client interaction, it also facilitates compliance reviews, reduces processing time
for customers, and makes the entire investment
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tools and resources must be easy for reps to use
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Helping reps learn to use technology is a critical aspect of management support, but it’s really
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Steve Dowden
President and CEO
INVEST FINANCIAL CORPORATION
from the parent organization down to the individual branch level. All must be integrated into
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member finra, sipc
www.investfinancial.com | 8745 Henderson road • suite 300 | tampa, fl | 33634 | 800-245-4732
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2:19:52 PM
fied are you
TPM’s problem
abilities?
How satisfied are
you with your TPM’s
product offerings?
Changing
continued
Somewhat
Satisfied
Very
Satisfied
35%
60%
Somewhat
Satisfied
29%
Very
atisfied
Somewhat
Dissatisfied
Very
Dissatisfied
8%
12%
7%
Somewhat
Dissatisfied
4%
How likely are you
to change TPMs in
the next year or two?
onsidered
TPMs recently?
Very
Unlikely
Somewhat
Unlikely
18%
YES
59%
How satisfied
are you
with your TPM’s problem
resolution abilities?
20%
Very Likely
SomewhatSomewhat
Likely
Satisfied
7%
Very
Satisfied
16% 35%
45%
How
satisfied are
you with your TPM’s
sales support?
fied are
our TPM’s
nd support?
Somewhat
Satisfied
43%
Very
atisfied
13%
Very
Dissatisfied
Somewhat
Somewhat
Dissatisfied
There can be a lot to explain. Some
products—annuities or mutual funds
offered by the former TPM for
example—may no longer be available
through the new provider, so people
with those particular investments need
to be taken care of. If the new TPM
uses a different clearing operation than
the old one, the repapering process can
be even more complicated.
At the same time, the very need to
communicate with clients can be an
opportunity. Paul Vitiello, a financial
advisor at the Honesdale National
satisfied bank
are in HonesBank, aHow
community
you
with
your
TPM’s
dale, Pa., says the repapering proproduct offerings?
cess done during his bank’s recent
conversion from Uvest to PrimeVest,
while “cumbersome at times,” gave
Very
Satisfied
him an excuse
to go over all his clients’
60%was Somewhat
accounts. “This
especially useful
Satisfied
with the smaller account holders,” he
29%
says. “The ones with maybe no more
than $3,000 invested.”
Very
Dissatisfied
8%
Somewhat
Dissatisfied
4%find people
Sometimes, he 7%
says, he’d
43%
who hadHow
onlylikely
$600areinyou
their accounts
Very
Have
you
considered
to
change
TPMs
in
and
had
not
been
doing
anything
with
Satisfied
switching TPMs recently?
the
next
year
or
two?
the money. These clients were being
32%
Somewhat
Dissatisfiedcharged inactivity fees of $35 by Uvest.
Somewhat
10% “Often we’d agree they
Very might be better
Dissatisfied
Very
Unlikely
7%
off
moving
that
money
into a CD,” he
Dissatisfied
NO
59%
15%
says. Other times, he’d find clients with
Somewhat
80%
Unlikely
How satisfied are
inactive accounts holding $2,000 to
18%
YES
you with your TPM’s
$3,000, and he’d ask them why they
20%
technology platform?
weren’t doing anything with the money.
Veryend
Likely
“You know, Somewhat
very often they
up deLikely
7%
Somewhat
ciding
they
want
to
invest
more
when
Satisfied
16%
you talk with them!”
38%
Satisfied
12%
Very
Satisfied
38%
How satisfied are
you with your TPM’s
training and support?
How satisfied are
you with your TPM’s
For his
part,
Ray Ceccotti, senior
sales
support?
Somewhat
Dissatisfied
vice president for retail banking at
Honesdale, says, Somewhat
“We actually picked
Satisfied
up some old customers
during the pro43%
cess of conversion.” He says there were
Very
Satisfied
inevitably issues
that came up, “but we
13%
Somewhat
Very
Satisfied
Dissatisfied
Very
11% Satisfied 43%
37%
32%
Somewhat
Dissatisfied
Very
Dissatisfied
7%
13%
14436_BIC_TPMsupplement_TP.indd
A10
talked everything through as we went.”
In the end, the conversion, which took
about 90 days to complete, cost roughly $10,000, with PrimeVest agreeing
to absorb most of that amount.
W
“There’s a lot of pre-transition work
that needs to be done by the bank and
the two TPMs,” says Dan Mallard,
director of strategy and consulting at
Raymond James. “And you need a lot
of communication. The more everyone
involved knows, the better.” Another
key to a successful transition is “full
cooperation” between both TPMs. “I
think for the most part, everyone does
that,” he says.
B
T
R
th
ap
te
se
or
Prime Considerations
Paul Werlin, principal at Human
Capital Resources, in St. Petersburg,
Fla., says there are three things a bank
needs to think about when considering a change in TPM. “First you have
the actual work that will be involved
to get it done, and what it will cost
you. Second is the impact on your reps,
because they are going to have to learn
a new system and new products. Third
is the impact on your customers, who
are going to be worried that you’re
changing because of some problem.”
is
pr
or
D
at
m
pr
pa
al
a
Werlin say that no matter how
seamless it all might look during the
planning stage, “a change of TPMs
is going to be disruptive. You want
to make sure that the payback for
converting is worth the disruption.”
TPM
pr
H
pe
w
This statement may explain why
our survey found that, despite some
level of dissatisfaction with some aspects of the bank/TPM relationship
reported by respondents, only one in
five reps polled said they had considered switching TPMs recently. n
Somewhat
Dissatisfied
10%
Very
Dissatisfied
15%
10
How satisfied are
you with your TPM’s
8/18/10
2:19:52 PM
t.”
ok
ghng
ork
nd
rd,
at
lot
ne
her
ull
“I
oes
an
rg,
nk
erave
ed
ost
ps,
arn
ird
ho
’re
”
ow
he
Ms
ant
for
hy
me
aship
in
id-
W
Why
Banks End Their
Third-Party Marketer
Relationships
There are many reasons banks might drop
their TPMs, but the three most common ones
appear to be price, a desire to gain improved
technology or dissatisfaction with the level of
service, whether it’s problem solving, training
or recruiting new advisors.
“I’d say the main reasons banks come to us
is because they’re looking to get a broader
product array and more experienced talent,
or to strengthen recurrent revenue,” says
Dan Mallard, director of strategy and consulting
at Raymond James. “And I’d have to say the
main reason they leave us is when it’s all about
price. Someone else may be promising a lower
payout, or the bank may feel they’re not using
all our products—but frankly we don’t see
a lot of people dropping us.”
“The revenue split between the bank and
TPM is a big issue,” agrees Paul Werlin,
principal at St. Petersburg, Fla.-based
Human Capital Resources. “A couple of
percentage points more revenue either
way can make a big difference.”
Reduced Services
Another issue, says Werlin, is service. “I’m hearing
more and more complaints that TPMs, because of the
current economic environment, have made cutbacks
in their personnel. They’re providing less service and
are slower about fixing problems, answering questions
from bank advisors, etc.” Valerie Seyfert, president
and CEO of CUSO Financial Services and Sorrento
Pacific Financial agrees. “Right now, a lot of moves
by banks to new TPMs are happening because of the
changes taking place in the broker-dealer community,
such as going public, reductions in staff and services
and so on. When a company changes ownership, or
begins to operate in a different way, a bank may say,
‘Hey, this isn’t a good match for us anymore.’”
A11
14436_BIC_TPMsupplement_TP.indd
11
8/18/10
2:19:55 PM
in
Ove
exp
To a
advi
to c
mee
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investMent proFessionals, inC.
A DV E R T O R I A L
Over the next 20 years, baby boomers are
expected to transfer trillions in wealth to their heirs.
To attract these assets to their practice, financial
advisors must develop more effective strategies
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prospects so that the advisor is top-of-mind when
a need arises. From marketing strategies for
building quality prospect lists to a fully-stocked
Marketing Library of topical articles, our resources
boost advisor productivity. IPI also works with our
bank partners to build their brands and prestige in
the community, further driving prospects to your
doorstep. Our strategies are market neutral – they
are as effective in small town America as they are
in larger metropolitan areas.
Forward-thinking bank financial advisors can
compete more effectively by partnering with
Investment Professionals, Inc. (IPI) in a collaborative
investment program. Based on shared objectives
and rewards, working alongside IPI can put your
practice on a path to sustainable success.
Founded in 1992, IPI is a private, Texas-based
financial planning, asset management, and risk
mitigation firm with $4.2 billion under management
and 45,000 clients nationwide. IPI is a leading
provider of on-site bank investment programs and
currently partners with more than 130 financial
institutions with assets ranging from $35 million
to over $7 billion. IPI also operates three retail
branches in Texas. In seven American Brokerage
Consultants’ Studies of Bank Brokerage and Retail
Investment Services over 12 years from 19972009, bank executives nationwide (cumulatively
and over) cast over 2,200 votes in favor of IPI. In
2008 IPI was voted the Most Highly Rated Bank
Brokerage Firm for an unprecedented fourth time.1
In addition to being one of the fastest-growing
companies in San Antonio,2 IPI has been named
one of the Best Companies to Work for in Texas for
three years in a row.3
keys to suCCess:
turnkey MarketinG proGraMs
tment
tment
omers
gal or
s, Inc.
ank or
study
ultants
2,024
tment
ay not
Retail
nd has
annual
: 2009
nalysis
ls, Inc.
8/2/10 11:51 AM
IPI continues to excel in the bank brokerage industry
in Marketing Effectiveness, Marketing Expertise,
Marketing Materials and Marketing Scope. IPI
was ranked No. 1 in all four marketing categories
in American Brokerage Consultants’ (ABC) 2008
survey of 261 bankers nationwide. Our approach
is about building turnkey marketing programs,
testing them and coaching financial advisors in
how to use them for maximum effectiveness.
BIC_AD_REV.indd 2
14436_BIC_TPMsupplement_TP.indd
keys to suCCess:
FinanCial advisor traininG,
CoaChinG and 360° support
In the 2008 ABC study IPI received a No. 1 grade
for Quality & Effectiveness of Sales Management
– an achievement tied to our focus on addressing
individual financial advisor challenges. And for the
third year in a row IPI was ranked No. 1 in Quality
of Training (please source) – a result related to
the substantial resources we allocate to this key
function.
In the first year of each bank investment program,
we spend over $32,000 on average training a new
financial advisor to do business using IPI’s proven
approach to success. Advisors attend a three-day
training session in our San Antonio headquarters
and participate in our StartRight program. Both
start-ups and replacement programs benefit from
the solid foundation we establish during the first
90 days of a new program. In addition to our
regular schedule of ongoing training in weekly and
monthly modules, IPI principals travel to conduct
special advisor trainings on-site.
Our ability to help advisors boost revenues is
linked to our unique focus on and affinity with
community banks and their customers. According
to Scott A. Barnes, IPI’s Founder, “Our business
grew up building profitable investment programs
for community banks – with IPI team members who
also grew up in smaller community environments.
This is how we’ve developed the insights, methods
and relationships that have propelled IPI to a
record of acclaim rivaling any broker-dealer in our
industry.”
8/2/10 11:51 AM
13
8/18/10
2:19:56 PM
7%
Likely
16%
How satisfied are
you with your TPM’s
training and support?
How satisfied are
you with your TPM’s
sales support?
Somewhat
Satisfied
Somewhat
Satisfied
Very
Satisfied
43%
37%
Very
Dissatisfied
WHY
Very
continued
Satisfied
43%
32%
Somewhat
Dissatisfied
B
H
s
Somewhat
Dissatisfied
10%
Very
Dissatisfied
7%
13%
15%
How satisfied are
you with your TPM’s
technology platform?
Somewhat
Satisfied
Very
Satisfied
38%
38%
Somewhat
Dissatisfied
13%
Very
Dissatisfied
11%
One way the changes show up, she
says, is in reduced service. “A bank
may have had a person at their
TPM that the program manager
and the reps related to well, and
then suddenly that person’s gone. Or
there may have been things that had
been promised to them and suddenly
those services are no longer provided or have gotten worse.”
Cutbacks in staffing and level of
services at TPMs are felt most at
smaller banks. According to one
executive at a TPM firm, TPMs are
looking for the advantages of scale,
and often see the smaller banks that
have only a handful of advisors as
not profitable, so they tend to reduce
their services to those institutions.
Better Technology
An additional reason banks move
to another TPM, says Seyfert, is
improved technology. “If a bank’s
program is growing, it may be a good
reason to move,” she says. “Investment services may represent a small
percentage of a bank’s customers,
but that means that there is a lot of
upside potential, and the easier it is
to reach everyone the better.”
For Harold Baker, assistant vice
president at Clearfield Bank & Trust
in Clearfield, Pa., all three of these
reasons figured into the decision to
change TPMs. “The first issue was
finances,” he says. “I felt we weren’t
satisfied
receiving an adequateHow
payout
for theare you
with your TPM’s problem
work we were doing with our existresolution abilities?
ing TPM. In addition, it seemed like
their service was deteriorating. Every time we called, we’d get a new
Somewhat
Very know Satisfied
person, and he or she didn’t
all
Satisfied
35%
the answers to our questions. Plus
45%
their internal relationships person
would take days to answer an email
Somewhat
or return a call. Finally I felt that
Dissatisfied
Very
the technology could be better.
They
8%
Dissatisfied
were still using a lot of paper.” 12%
Baker says in doing his due diligence
you at
considered
about the switch, heHave
looked
10
switching TPMs recently?
broker-dealers and had face-to-face
meetings with six, before settling on
Sorrento Financial Services. He says
the firm offered a goodNOfee split,
great service and a web-based
80%system
with customer records online. “Our
YES
costs are probably 20% to 25% lower
20%
now, and we’re making about 10%
to 12% more from the investment
side than we were with the old TPM,”
he says.
How satisfied are
“It’s actually a good
to beTPM’s
you time
with your
shopping for a new TPM,”
says
training
andone
support?
executive in the industry who has
worked at both broker-dealers and
Somewhat
Satisfied
banks. “It’s gotten very competitive
43%
out there, and TPMs Very
are offering
Satisfied
a lot to capture new clients.” He adds
37%
that with products and services becoming increasingly “commoditized,”
Somewhat
Dissatisfied
banks are freer to negotiate on price,
Very
7%
which he says “is very much aDissatisfied
matter
13%
for negotiation.” n
H
y
p
H
y
t
H
t
t
Somewhat
Unlikely
18%
H
y
s
How satisfied are
you with your TPM
technology platfor
Somewhat
Satisfied
A14
Very
Satisfied
38%
38%
14436_BIC_TPMsupplement_TP.indd
14
8/18/10
2:19:56 PM
Very
Dissat
Somewhat
Satisfied
Very
Satisfied
Very
Satisfied
35%
45%
60%
Somewhat
Satisfied
29%
Somewhat
Dissatisfied
Very
Dissatisfied
Very
Dissatisfied
8%
12%
7%
Somewhat
Dissatisfied
4%
Best Practices
How likely are you
to change TPMs in
the next year or two?
Have you considered
switching TPMs recently?
Very
Unlikely
for Banks
&Third-Party Marketers
59%
NO
heare you
M’s problem
tilities?
ke
vw
omewhat
atisfied
all
35%
us
on
ail
Somewhat
at
Dissatisfied
Very
ey
8%
fied
How satisfied are
you 80%
with your TPM’s
product offerings?
Somewhat
Unlikely
18%
YES
20%
What creates a durable working relationship between a bank and its TPM?
Here’sSomewhat
what peopleVery
on Likely
both sides of the equation have to say:
Very
Satisfied
Likely
60%
16%
Somewhat
Satisfied
Communication is key. The consensus among the program managers, TPM
How satisfied are
executives and bank advisors interviewed seems to be that chief among virtues
you with your TPM’s
on sales
the list
of best practices is communication. “This is critical,” says Paul
support?
Werlin, principal at Human Capital Resources, in St. Petersburg, Fla. He says
this is especially true in today’s post-crisis environment, with short staffing
everywhere.Somewhat
“TPMs
don’t have a lot of bodies working with the banks to explain
Satisfied
the services they
provide,
so a lot of banks don’t even know what’s available to
43%
them Very
and their customers. Those TPMs that do the best job of explaining what
Satisfied
value they are providing do the best job of hanging on to their clients.”
How satisfied are
29%
you with your TPM’s
training and support?
Somewhat
Very
Dissatisfied
Dissatisfied
Somewhat
4%
7%
Satisfied
2%
ce
sidered
10
Ms recently?
ce
on
ys
it,
m
ur
YES
er
20%
%
nt
,”
How
likely 43%
are you
Very
to Satisfied
change TPMs in
the37%
next year or two?
Very
Unlikely
Very
Dissatisfied
59%
13%
Somewhat
Unlikely
7%
bank or reps want, they shouldn’t say they can. They should also talk about what
they’re doing when they’re trying to solve a problem,” says Werlin.
Very Likely
7%
16%
How satisfied are
you with your TPM’s
sales support?
Somewhat
Satisfied
Give every bank client equally good service.
Very
Satisfied
38%
Very
Satisfied
Somewhat
Dissatisfied
10%
15%
Create a strong culture of cross-selling and teamwork. By having a
strong cross-selling process in place, banks can maximize referrals of customers
to their financial advisors.
Find a good fit. “We see some banks and TPMs that are very highly auto-
mated and self-service, and others that are highly personal,” says PrimeVest
President and CEO Catherine Bonneau. “Things work best when those cultures
match.” n
How satisfied are
you with your TPM’s
technology platform?
Somewhat
Satisfied
A15
38%
Somewhat
Dissatisfied
14436_BIC_TPMsupplement_TP.indd
13%
Very
Dissatisfied
Somewhat
Have knowledgeable
people in charge at the bank, and top-quality
Dissatisfied
financial industry well,” says Dan Mallard, director of strategy and
consulting at Raymond James. “And you need to have the best financial advi11%
sors possible.”
43%
Very
Dissatisfied
38%
are ignored.
Very
knows the
Dissatisfied
32%
3%
A big complaint among
38%
smaller banks is that TPMs focus only on top customers, while smaller banks
reps. “You
13%need someone in the role of program manager at the bank who
Somewhat
Satisfied
Very
Satisfied
Somewhat
How satisfied are
you with your TPM’s
Don’t overpromise or under-deliver. “If a TPM can’t do something the
technology platform?
Somewhat
Likely
as
nd
mewhat
tisfied
ve
3%
ng
ds
e,”
Somewhat
Dissatisfied
ce,
Very
7%
fied
er
32%
But even within banks there
can be communication problems. Things work best,
Dissatisfied
says one executive at a brokerage
house with long experience in the banking
10%
Very have good internal communication between their banksector, when banks
Dissatisfied
ing and investment sides. “In many banks, there’s not much communication
15%
between the bank managers, lending officers and financial advisors,” he says.
Somewhat
Dissatisfied
18%
are
rbeTPM’s
ne
support?
7%
15
8/18/10
2:19:57 PM
She wore several
\´ka-r ts\
hisfinger.
win was
on her
e
Everyone said
the result of
Think all broker-dealers sound alike?
You’ll like our well-defined difference: we speak Financial Institution.
Just because a broker-dealer says they offer wealth management services doesn’t mean they’re talking about what
your financial institution is looking for. What you hear isn’t always what you get.
Our multi-faceted approach to wealth management encompasses holistic financial planning, insurance and advisory
services to help you grow the relationships your clients have with your institution. Plus, we cultivate seasoned
financial professionals and develop new investment advisors to drive deeper engagement with your clients.
To talk with someone fluent in your language who can help you grow your program’s success, contact
Sean Casey at 800.245.0467, ext. 65014. You won’t just like what you hear; you’ll like what we mean.
© 2010 PrimeVest Financial Services Inc.
But at PrimeVest, we speak Financial Institution. With more than 25 years devoted to building investment programs
in financial institutions, it’s our native tongue.
W e a lt h M a n ag e M e n t
advIsorY
Insurance
We speak Financial Institution.
PrimeVest Financial Services Inc. is a registered broker-dealer. 400 First Street South, St. Cloud, MN 56301
14436_BIC_TPMsupplement_TP.indd
10_0581_Karets_8.5x11.indd 1
16
brokerage
For use with financial professionals only.
8/18/10
2:19:57 PM
7/15/10 10:10 AM