Bank Advisors

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.


However, the culture in a

bank is certainly different

than your standard

wirehouse branch.


The question becomes which is best suited

for you?


Platforms were often limited,

and advisor/client relationships

tended not to run deep.


But in the last decade, many bank programs have evolved into

powerhouses that appeal to prominent producers and wealthy clients.


Top bank programs now

offer advisors and clients

the full array of investment

choices.


Fully armed, they are encouraged to offer

planning and holistic fee-based solutions.

These are not your father’s bank programs.


Successful bank programs help their financial

advisors to grow assets at warp speed.


Advisors must constantly wage marketing campaigns to connect with

qualified prospects and work to convert prospects to clients.


Trust and the Marketing Advantage

Marketing is time consuming, expensive and, for

many, simply unpleasant.


On the other hand, most advisors enjoy working with qualified

prospects and are generally confident they can close their fair share.


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.


Other Differences

Banks tend to be more structured environments

than wirehouses.


Bank-based advisors are usually expected to be

on the job for specific hours each day.


Banks have relatively heavy client foot traffic, and advisors

need to be ready to receive a referral or client on demand.


It is important to be more conservative if you wish

to thrive in a bank environment.


Fancy cars and high fashion might be popular at your wirehouse, but

such extravagances tend to be a turn-off at the bank.


A Path to Growth

If your primary goal is to make more money

immediately, banks are probably not for you.


However, if you are more interested in growing your business,

then affiliating with a quality bank program might be a good path.


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.


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

[email protected]

Los Angeles Corporate Headquarters



15051 N Kierland Blvd, Suite 210

Scottsdale AZ 85254

480-361-9490

[email protected]

Scottsdale Office



244 5th Avenue, Suite 1855

New York NY 10001

[email protected]

New York Office


Date post:	22-Jan-2015
Category:	Economy & Finance
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Bank Advisors

Economy & Finance