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• W195139216 abstract "Baby boomers may be the best thing in years for some bank stock prices. ABA's Wealth Management Trust Conference this spring, analyst Gerard Cassidy made the case that the market rewards fee-based banks--banks such as Bank of New York/Mellon that emphasize asset management, trust, custody, other fiduciary services--with higher price/earnings multiples than traditional spread lenders. [GRAPHIC OMITTED] Cassidy, bank analyst managing director for RBC Capital Markets, explained how fee-based banks have latched onto the changing demographics particularly well. In a nutshell, as baby boomers move into their 60s in enormous numbers, the wealth they have amassed or inherited needs managing (Exhibit 1). This is not just a gift for banks, however. Cassidy said that already there is intense competition in the wealth management field from hedge funds, family offices, many other players, but he predicted a shakeout would winnow the field going forward. And even though capital markets' fees have fallen recently, he said, fiduciary business will continue to grow steadily (Exhibit 2, p. 8). After sketching out the favorable scenario for fee-based banks, Cassidy another analyst, Robert Lee, commented on approaches best practices stand out among the banks that operate in these businesses--Northern Trust The Bank of New York/Mellon being two that Cassidy mentioned. Their success, he said, results in large part from superior client service. This, in turn, is a function of technology well-trained people. Fee-based banks invest more in technology than traditional banks, he suggested. Skip the style box Robert Lee, managing director for Keefe, Bruyette & Woods, believes that a solutions-based business model is superior for the financial advisory/asset management business. In contrast to the popular models [grids used for asset allocation risk-return analyses], the solutions approach, said Lee, promotes of assets helps generate more profits from existing customers. A solutions-based model combines various products services to meet a client's objectives. It takes [the focus] away from performance, per se, said Lee, and looks at the client more holistically. Over time, Lee predicted, more more advisory firms will migrate away from the style-box model. you do solutions-based business right, you don't even need architecture, he added, referring to the practice of offering investment products managed by others versus offering proprietary products. [GRAPHIC OMITTED] Lee cited AllianceBernstein's private client business as an example of a solutions-based provider that succeeds with a completely closed (proprietary) architecture. The company has high-margin, extremely sticky, very wealthy individuals as clients, said Lee, is excellent at working with these clients setting objectives. The strategy works for AllianceBernstein, he said, because it has a very broad range of investment capabilities. But Lee emphasized that the model per se isn't the critical success factor. Not all companies can do Alliance does, he said, yet they can succeed using a more open approach. At the end of the day, said Lee, It's really stickiness of assets that drives profitability. If architecture is done properly, he continued, you get very sticky assets. Even if the organization is not earning the whole fee, if it keeps the assets, it will have much better profitability [than if the assets move elsewhere]. Plus, it may not have to carry the whole overhead of an investment staff, all the processing behind it. When I look at a company, said Lee, what I'm looking at are the characteristics of that particular company how they execute on them--and their ability to sustain earnings. …" @default.
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• W195139216 title "Do Fee-Based Services Have an Edge? Two Analysts Give Views on What Creates Value in the World of Trust and Asset Management" @default.
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