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• W221550609 abstract "Passage of the Gramm-LeachBliley Act holds out the ability for community banks to broaden their offerings to better meet the demands of the typical American consumer's increasingly sophisticated financial palate. This comes at a time when many people will experience some wealth event--inheritances, retirement fund rollovers, proceeds from the sale of businesses, funds from the sale of options, etc. -- and need assistance. In a session at ABA's recent National Conference for Community Bankers, three community bankers described their approaches to wealth management. All three used tools available to their particular state-chartered institutions prior to passage of Gramm-Leach-Bliley. However, bankers seeking to frame a strategy in the wake of the new law will find these case studies helpful. Success and adjustments Community banker Dave Hickman would be the first to tell you that success at nontraditional products and services isn't instant. But his bank persevered with its combination of trust and investment services. Many CEOs wouldn't have, says the chairman and CEO of United Bank & Trust, Tecumseh, Mich., they are thinking too short-term and won't start out because it will be a drain on earnings. The oldest part of the United's effort, its trust department, started in 1976 and it was years before it began to turn any profit. However, today $427.5 million-assets United Bank enjoys the fruits of years of beginnings followed by learning and then by adjustments. Today, 45% of the now-combined trust and investment management function's revenues go to the bottom line of the bank, pre-tax. Over the last five years, Hickman says, the bank has grown 32%; by contrast, the trust and investment group has grown nearly that much in each of the five years--for an overall growth rate of 157%. The group presently manages $495 million in customer assets, including 29% in traditional trusts, 41% in investment management accounts, and 27% in employee benefits accounts. As indicated, nothing happened overnight. Originally, the trust and investment functions were separate from each other. Hickman says this resulted in too many missed opportunities, because employees in the two groups weren't communicating. Nowadays, he says, the combined group includes everyone from trust officers to the lobby staff that sell mutual funds and Originally the consumer investment salespeople worked for a third-party provider, but Hickman thought this wasn't satisfactory. Instead, this role was fulfilled by bank employees who also hold licenses through a small broker-dealer that the bank sends its customers' trades through. Compensation practices also needed adjustment along the way, according to Hickman. Our investment representatives weren't doing an adequate job of understanding what the clients' needs were, he explains. Like most of us, they tended to sell those products which brought them the largest commissions. At the time that was fixed annuities. Not too hard, he says, to guess what the bank's biggest seller was given that fact. Hickman thought the bank could do better--and he changed the compensation scheme. Now, sales staff receives the same commission no matter where customer funds are placed. Several factors helped push United's services forward. Hickman notes that the bank's investment managers have racked up a strong record for equity investment. He says the bank also benefited from the consolidations of trust departments of merging large banks in his markets. Their decisions that trusts under a certain level weren't 'worthwhile' meant that they were offering those customers the option of continuing to do business with them by 800 number, says Hickman. Trust customers who wanted the personal touch switched to United, where they could still obtain it. Satisfied clients, says Hickman, make the best referrals. …" @default.
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• W221550609 title "Trust Is out, Wealth Management Is In" @default.
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